As the second anniversary of the implementation of the new refinancing regulations approaches, the financing market continues to be active and large-scale fund-raising is frequent.
On the evening of February 8, Suzhou Ta&A Ultra Clean Technology Co.Ltd(300390) threw out a fixed increase plan of 4.6 billion yuan, mainly investing in lithium hydroxide related projects and expanding lithium chemical business.
According to the statistics of Securities Daily, as of February 9, the refinancing scale of A-share listed companies has reached 112.6 billion yuan this year (including additional issuance, allotment and convertible bonds). Among them, the private placement raised 53.4 billion yuan and the convertible bond raised 56.6 billion yuan.
From the perspective of the scale of fixed growth this year, according to the listing date, among the 36 listed companies implementing the fixed growth plan, Jiangsu Eastern Shenghong Co.Ltd(000301) ranks first with the fund-raising amount of about 12.3 billion yuan, Yonyou Network Technology Co.Ltd(600588) ranks second with the fund-raising amount of nearly 5.3 billion yuan, and the fund-raising amount of China Suntien Green Energy Corporation Limited(600956) also exceeds 4 billion yuan. In terms of industry distribution, the companies implementing the fixed growth plan are mainly concentrated in three major industries: computer, electronics and mechanical equipment, with four companies in each industry.
At the same time, convertible bond financing is good this year, which is mainly due to the large amount of financing of individual companies, and the follow-up development remains to be seen. Among the 56.6 billion yuan of convertible bonds raised this year, the issuance scale of Societe Generale convertible bonds reached 50 billion yuan, accounting for nearly 90%.
\u3000\u3000 “Benefiting from the advantages of low purchase threshold, flexible transaction and relatively low risk, convertible bond, an important way of repeated financing, has developed rapidly in recent years. Judging from the situation last year, the convertible bond market has ushered in a good development market, and the market conversion premium rate has increased significantly. Considering that the conversion premium rate in the convertible bond market last year has been at a high level, and the allocation cost performance has been reduced, this year’s convertible bond market The performance of the secondary market may not be as good as last year. Accordingly, the issuance of bonds in the primary market may also be affected. ” A macro bond analyst of a small and medium-sized securities firm told the reporter of Securities Daily.
After the issuance of the new refinancing regulations in February 2020, the refinancing market has developed rapidly and increased as the mainstream fund-raising method. According to the data, the refinancing scale in 2020 and 2021 was 1.13 trillion yuan and 1.23 trillion yuan respectively, with a year-on-year increase of 19.2% and 8.7% respectively. In terms of the proportion of fixed growth scale, the data in 2020 and 2021 are 73.4% and 73.7% respectively.
According to Yin Zhongyu, assistant general manager of securities of the Federal Reserve, the preference for fixed increase is mainly due to the relaxation of the conditions under the new refinancing regulations, the adjustment of the pricing and locking mechanism of non-public offering of shares, and the change of the issuance price from not less than 10% to 20% of the average price of the company’s shares in the 20 trading days before the pricing benchmark date. The relatively low threshold of capital raising and share allotment has become one of the main reasons.
According to the listed sector, the main board company is still the main force of fixed increase fund-raising. Data show that among the above 36 companies, there are 23 companies from the main board, 12 companies on the gem and one company on the science and innovation board.
The reporter noted that three listed companies including Northland have issued fixed growth plans on the Beijing stock exchange, two of which have been accepted and are expected to be completed within the year.
“The financing needs of some listed companies of the Beijing stock exchange are urgent, and this year may become the refinancing year of the Beijing stock exchange.” Zhou Yunnan, founder of Beijing Nanshan investment, told the Securities Daily that since the establishment of the first selection layer, 32 companies of the Beijing stock exchange have been in the past one and a half years since the initial public offering. When entering the selection layer, many companies do not have much amount of public offering financing, and there is an urgent need for refinancing due to the needs of development, This concentrated outbreak of demand determines that this year may be the great year of refinancing of the Beijing stock exchange. “It is suggested to further improve the approval system, simplify the approval process and speed up the approval speed, so as to improve the refinancing efficiency of the Beijing stock exchange and promote the high-quality development of listed companies.”
In the 2022 system work conference held by the CSRC, it stressed to highlight “steady growth” and continuously improve the high-quality development capacity of the service economy. We will continue to normalize IPO and refinancing. Industry experts believe that under the normal situation, the steady growth of the refinancing market has become a trend, and the position of fixed growth in refinancing will continue to improve.
Yin Zhongyu predicted that the share of fixed growth in the refinancing structure will continue to rise this year to consolidate its mainstream position. Among them, the number of lock price issuance may increase steadily. This issuance method can help enterprises introduce strategic investors, which will play an important role in the mixed reform of state-owned enterprises and the upstream and downstream integration of the industry. In addition, the polarization of the fixed growth market may become more and more obvious. The fixed increase of high-quality companies will be sought after by the market, while the issuance difficulty of small cap companies with poor quality will further increase.
