At the time of A-share shock adjustment, public funds targeted the fixed growth opportunities of listed companies. According to choice data, 31 listed companies have issued announcements on the results of fixed increase issuance so far this year, and a total of 19 public funds have participated in the fixed increase of 24 companies.
organize a group to “pick up bargains”
According to choice data, as of February 8, 31 listed companies have announced the results of fixed increase issuance this year, including well-known companies such as Western Superconducting Technologies Co.Ltd(688122) , Baoxiniao Holding Co.Ltd(002154) , Avic Jonhon Optronic Technology Co.Ltd(002179) .
Public funds have always been an important participant in the fixed growth market. Data show that since this year, 19 public funds have participated in the fixed increase of listed companies, with a total allocation of 4.643 billion yuan. Recently, Yonyou Network Technology Co.Ltd(600588) , Zhejiang Dingli Machinery Co.Ltd(603338) and other companies have obtained the “group” purchase of the fund company.
For example, Yonyou Network Technology Co.Ltd(600588) announced that the new shares of the company’s non-public offering of A-Shares had gone through the registration and custody procedures on January 26, 2022, and the issuance price was determined to be 31.95 yuan / share, the number of shares issued was 166 million, and the total amount of funds raised was 5.298 billion yuan. Among them, Wanjia fund and e fund participated in the fixed increase issuance of Yonyou Network Technology Co.Ltd(600588) , spending nearly 300 million yuan and 253 million yuan respectively, and were allocated 9.3897 million shares and 7.9186 million shares, with a lock-in period of 6 months.
CAITONG fund has a high enthusiasm for participating in the fixed growth of listed companies. Since this year, it has participated in the fixed growth of 18 listed companies, with a total investment of about 1.5 billion yuan. For example, the number of fixed increase of the public offering participation in China Suntien Green Energy Corporation Limited(600956) is 28041100 shares, and the allocated amount reaches 382 million yuan.
On the whole, public funds participated in fixed growth at the time of market adjustment and achieved good floating profit. According to choice data, as of February 8, among the listed companies participating in the fixed increase by public offering, the secondary market price of 19 companies has realized a premium over the fixed increase price, accounting for nearly 80%. Among them, the premium rates of Jiangsu Lettall Electronic Co.Ltd(603629) , Shenzhen King Explorer Science And Technology Corporation(002917) , Kyland Technology Co.Ltd(300353) reached 33.16%, 28.84% and 23.92% respectively; The premium rate of Zhejiang Southeast Space Frame Co.Ltd(002135) , Yonyou Network Technology Co.Ltd(600588) and other companies exceeds 10%.
Taking Jiangsu Lettall Electronic Co.Ltd(603629) as an example, CAITONG fund and Nord fund participated in the fixed increase of Jiangsu Lettall Electronic Co.Ltd(603629) with an issue price of 17.31 yuan / share and an allocated number of 3038700 shares and 924300 shares respectively. Based on the closing price of 23.05 yuan on Jiangsu Lettall Electronic Co.Ltd(603629) February 8, the book floating profits of CAITONG fund and Nord fund reached 17.4421 million yuan and 5.0355 million yuan respectively.
selected companies
In the view of insiders, the important advantage of participating in the fixed growth of listed companies is that they can buy the shares of listed companies at a price lower than the market price. Generally speaking, the fixed increase price of listed companies is based on the 20% discount of the average price in the 20 trading days before the pricing benchmark date. The secondary market price of fixed increase companies is often higher than the fixed increase price, forming a certain issue discount rate, which brings a better safety cushion for investment.
“Fixed increase investment probability will achieve better positive returns and provide more obvious excess returns.” A fund manager in South China said, however, to participate in fixed growth, we should select high-quality companies. He will screen around three aspects: first, the company’s competitive advantage, pay attention to the company’s core competitiveness in the industry, and the commonly used indicator is the rate of return on capital; Second, for the long-term growth of the company, we need to pay attention to the income and profit growth of the enterprise for many years, find the key factors driving the performance growth, and investigate the sustainability of the performance; Third, it depends on the matching degree between the company’s fundamentals and the fixed increase plan. Whether the company’s fundamentals are solid determines whether there is a foundation for development in the future. The ability of listed companies to implement the fixed increase plan and the investment direction of fixed increase fund-raising are also the focus of the investigation.
From the perspective of market trend, Boshi Fund believes that A-share sentiment has been digested into the trading area with high cost performance, which is expected to open the oversold rebound market. From the rebound direction, investment opportunities are mainly concentrated in the oversold rebound of high boom track and the expected repair of institutional low positions.
