Out of the trough in 2018 and 2019, after the recovery in 2020 and 2021, the constant growth market in 2022 is warm and ushered in a “good start”. Data show that as of February 8, 37 A-share listed companies have successively issued fixed growth plans (including supporting financing) this year, and it is expected to raise more than 53 billion yuan.
From the perspective of the main body of additional issuance, new economy and Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) companies set off the “main wave” of this round of fixed increase, and there are frequent big plans in emerging fields such as photovoltaic and automobile; From the perspective of raised investment projects, production expansion, replenishment and M & A constitute three “flow directions”. Listed companies either take advantage of the trend with capital or based on the industry; From the issue price point of view, the pricing model based on 20% of the market price has a certain attraction for the introduction of long-term capital. Some lock-in price increases have been warmly “supported” by major shareholders or related parties.
“Supporting scientific and technological innovation is the policy direction, and pursuing scientific and technological innovation is the market orientation. It should be said that using refinancing to improve the company’s scientific and technological innovation strength is the general trend of a shares.” Senior investment bankers told the Shanghai Securities News.
With the second anniversary of the issuance of the new refinancing regulations, it can be seen that the capital “channel” is constantly attracting capital “living water” for the innovative development of the real economy. The flexible and loose policy environment, the demand of fast-growing enterprises, the integration logic of Industrial Synergy and the favor of long-term capital have combined to form a new ecology of a virtuous circle in the capital market.
new energy expansion “beach” future
While expanding production on a large scale and financing on a large scale, in the fixed growth market in 2022, the new energy industry represented by photovoltaic will stride forward with “two legs” of capital and industry.
It is planned to raise 11 billion yuan for the project of high-purity silicon-based materials with an annual output of 100000 tons and supplement working capital. At the beginning of the year, it threw out Xinjiang Daqo New Energy Co.Ltd(688303) of the 10 billion yuan refinancing plan, becoming the “king of fixed growth” so far this year.
It is disclosed that the high-purity silicon-based material project will be constructed and implemented by Inner Mongolia Daquan, a wholly-owned subsidiary of Xinjiang Daqo New Energy Co.Ltd(688303) , in Baotou, Inner Mongolia, in order to better serve downstream customers such as Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) , Shuangliang Co., Ltd. who have distributed production capacity in and around Inner Mongolia. After the completion of the project, Xinjiang Daqo New Energy Co.Ltd(688303) will operate 105000 tons of polysilicon capacity in Shihezi, Xinjiang and 100000 tons of polysilicon capacity in Baotou, Inner Mongolia.
Throughout the strategic territory of Xinjiang Daqo New Energy Co.Ltd(688303) , this 10 billion fixed increase is only a supporting action to accelerate the expansion of production. On January 4, the company announced that it plans to increase the capital of 9.999 billion yuan to Daquan, Inner Mongolia, for the investment, construction and operation of Baotou phase I project “100000 t / a high-purity polysilicon + 1000 t / a semiconductor polysilicon”. In addition to the 33 billion yuan silicon material expansion plan thrown out by the company in December last year, Xinjiang Daqo New Energy Co.Ltd(688303) the investment amount in recent two months has exceeded 46 billion yuan, which can be described as a brave “bet”.
Subsequently, another component leader Risen Energy Co.Ltd(300118) in the photovoltaic industry chain also issued a fixed increase plan in January this year, which plans to raise no more than 5 billion yuan for 5GW n-type ultra-low-carbon high-efficiency heterojunction cell and 10GW high-efficiency Cecep Solar Energy Co.Ltd(000591) module projects, global high-efficiency photovoltaic R & D center projects, and supplement working capital.
Under the development theme of “technological progress” of photovoltaic, the Risen Energy Co.Ltd(300118) of “early taste” heterojunction battery has taken the lead in the laying of the next generation technology route. At present, the company’s single crystal cell conversion efficiency has exceeded 23.36%, TOPCON cell conversion efficiency has exceeded 25%, and heterojunction cell conversion efficiency has exceeded 25.2%.
How to maintain the “first mover advantage”? Continuous investment is the key. Risen Energy Co.Ltd(300118) said that the new high-efficiency heterojunction battery and module production line will reduce the production cost and improve the yield of the next generation technology, and improve the strength of R & D and application.
At the same time, another fund-raising project of the company, the global efficient photovoltaic R & D center, will introduce advanced R & D equipment and excellent technicians to conduct planned and step-by-step research and development on forward-looking topics, form more technical reserves to respond to and lead industry changes, and master the leading products and core technologies with independent intellectual property rights.
It is worth mentioning that Risen Energy Co.Ltd(300118) This fixed increase will adopt the bidding method, and the issuance price will not be lower than 80% of the average trading price of the company’s shares 20 trading days before the pricing benchmark date. In this regard, Lin Haifeng, the actual controller of the company, took the lead and plans to subscribe for 5% to 30% of the total issuance.
The “big cake” of the new energy industry is still attracting more companies to “grab food”. In order to promote the conversion of old and new production capacity, Eging Photovoltaic Technology Co.Ltd(600537) recently announced that it plans to raise no more than 1.302 billion yuan to invest in the construction project of high-efficiency Cecep Solar Energy Co.Ltd(000591) components with an annual output of 5GW in Changzhou, supplement working capital and repay interest bearing liabilities. Chongqing Sokon Industry Group Stock Co.Ltd(601127) also threw out a fixed increase order of more than 7 billion yuan, which was used for electric vehicle development and product platform technology upgrading projects, factory intelligent upgrading and electric drive production line construction projects, user center construction projects and current supplement projects.
major shareholders strive for “win-win”
Combing the fixed growth plan disclosed this year, it can be seen that the major shareholders or their related parties of many listed companies have actively participated and acted with pride. On the issue price, it is more “matched” with the price locking and fixed increase mechanism to stabilize the transaction risk and thicken the capital “safety cushion”.
Due to the decline of pig prices and the rise of feed costs, it is expected that New Hope Liuhe Co.Ltd(000876) will be the first loss after listing in 2021, which is supported by major shareholders. On January 6, New Hope Liuhe Co.Ltd(000876) issued a fixed increase plan, which plans to issue no more than 368 million shares (including this number) in a non-public manner, and the expected fund-raising amount is no more than 4.5 billion yuan, which is “guaranteed” by Nanfang hope, the controlling shareholder of the company.
In terms of the issue price, New Hope Liuhe Co.Ltd(000876) This fixed increase takes the announcement date of the resolution of the board of directors of the company as the pricing base date, and on this basis, the price is reduced by 20%, locking the final issue price at 12.24 yuan / share.
From the perspective of financing background, the pig industry under the “attack” of African swine plague and the downward pig cycle is facing the dual challenges of liquidity and anti risk. For New Hope Liuhe Co.Ltd(000876) , sufficient capital supply is undoubtedly a necessary condition for New Hope Liuhe Co.Ltd(000876) to expand its business scale and improve its operation efficiency.
“After deducting the issuance expenses, it will be used to repay bank debts.” In addition to boosting market confidence, the development of “blood transfusion” for the company has become the direct intention of major shareholders to take charge of fixed growth. New Hope Liuhe Co.Ltd(000876) said that this fixed increase can effectively alleviate the pressure of the company’s cash flow, reduce the asset liability ratio, reduce the loan amount, reduce interest expenditure and improve profitability.
From the perspective of stock price trend, after the release of the fixed increase plan, New Hope Liuhe Co.Ltd(000876) stock price rose to a high of 18.54 yuan in the year, and fell slightly to the latest 15.95 yuan, which still has a certain space between it and the fixed increase issuance price. In the view of market participants, this can be regarded as a “win-win” move between the protection of major shareholders and the replenishment of listed companies.
For Shenyang Machine Tool Co.Ltd(000410) that may be subject to delisting risk warning, the “all inclusive” fixed increase of major shareholders means more “self-help”.
On the evening of January 27, Shenyang Machine Tool Co.Ltd(000410) issued a refinancing plan and planned to issue shares to the controlling shareholder general technology group at a price of 3.94 yuan / share, raising no more than 1.5 billion yuan, all of which will be used for replenishment.
The previous day, Shenyang Machine Tool Co.Ltd(000410) had just released a performance forecast, which predicted a loss of 800 million yuan to 1 billion yuan in 2021. Although the company is gradually restoring its ability to “create blood” after the judicial reorganization in 2019, the cash flow is still in a tight state, and appropriate external “blood transfusion” is imperative. It is reported that the capital increase is a measure to implement the key support policies of SASAC and other departments for the development of machine tool industry. General technology group also hopes to consolidate its position as a major shareholder with the help of this subscription.
In addition, Hongbo Co.Ltd(002229) , China Express Airlines Co.Ltd(002928) , Chengdu Wintrue Holding Co.Ltd(002539) and other fixed increase schemes also have large shareholders or their related parties.
combination of industry and finance to strengthen coordination
As an important means of financing in the capital market, fixed growth has increasingly become a power tool for listed companies to integrate resources and become bigger and stronger.
Take Xiangtan Electric Manufacturing Co.Ltd(600416) as an example, the company issued a fixed increase plan on January 24, which plans to raise no more than 3 billion yuan, of which 862 million yuan is used to acquire 29.98% equity of Xiangdian power, which is “incorporated” into a wholly-owned subsidiary.
What is the position of Xiangdian power in listed companies? Xiangtan Electric Manufacturing Co.Ltd(600416) bluntly “very important”. Statistics show that the predecessor of Xiangdian power is Xiangtan Electric Manufacturing Co.Ltd(600416) Special Electrical Division. Its main business includes military products and civil products. Its core technology mainly includes ship integrated power system technology and special launch technology. Its leading products are in a leading position in China.
In the first three quarters of 2021, Xiangdian power achieved a revenue of 1.256 billion yuan and a net profit of 107 million yuan. Xiangtan Electric Manufacturing Co.Ltd(600416) said that with all the underlying assets included in the platform of listed companies, the business teams of both sides will play a synergistic effect and promote each other, which is conducive to further thickening the net profit of the company and improving the profitability.
When it appears as an “auxiliary tool”, fixed growth is also an important link in the M & A of listed companies. On January 21, Hangzhou Chang Chuan Technology Co.Ltd(300604) disclosed the transaction plan and planned to purchase 97.67% of the total equity of Changyi technology from Hangshi, Lee Heng Lee and Jinggangshan Lecheng in paradise Silicon Valley for a consideration of 274 million yuan. At the same time, it is used to repay the company’s current capital, the company’s target construction and supporting projects, as well as the company’s current capital to be used for the repayment of the company’s own fund-raising and supporting projects.
According to public information, the biggest “highlight” of Changyi technology lies in its main operating asset exis. Its products are mainly turret sorters. Its core business is to design and manufacture appropriate test equipment and solutions for the test departments in the semiconductor and automation industry. Its downstream customers include semiconductor companies such as Broadcom and Xinyuan, as well as riyueyue United Technology and other integrated circuit packaging and testing enterprises.
With this in mind, Hangzhou Chang Chuan Technology Co.Ltd(300604) and exis have a high degree of synergy in products, sales channels and R & D technology. Through this acquisition, Hangzhou Chang Chuan Technology Co.Ltd(300604) can fully cover the products of gravity sorter, translational sorter and turret sorter. On the other hand, the diversified financing channels of listed companies can meet exis’s needs to obtain funds, expand scale and improve production capacity, help it speed up product R & D and business expansion, seize the market opportunity of the sustained and rapid development of the integrated circuit industry and further open the Chinese market.
