Since the beginning of this year, the enthusiasm of institutions to participate in the fixed increase of listed companies has continued to heat up, and a number of listed companies’ fixed increase shares have been raised by institutions. Among the gold rush institutions, there are many private placement figures such as Gao Yi and Jinglin. According to the data, Gao Yi and Jinglin doubled their floating profits in some stock fixed increase projects. This year, the floating profit probability of private placement participating in fixed value-added projects is about 90%, which means that some private placement still have floating losses.
more than 200 private equity companies participate in fixed growth
Recently, “naimao” Inner Mongolia Yili Industrial Group Co.Ltd(600887) disclosed the latest fixed increase: the issuance price was 37.89 yuan / share, with a total fund-raising of 12.047 billion yuan, which is the sixth largest fixed increase fund-raising scale in the A-share market this year. Hillhouse’s Liren investment was allocated nearly 700 million yuan and Gaoyi was allocated nearly 400 million yuan.
Since this year, private placement institutions have frequently appeared in the list of fixed growth allocated to listed companies, and the enthusiasm of private placement to participate in fixed growth is high. According to the data of the third-party platform, as of December 13, at least 202 securities private placement managers participated in the fixed increase of the A-share market this year, with a total allocation amount of 38.322 billion yuan.
Among them, Chongyang strategy participated in the fixed increase of S.F.Holding Co.Ltd(002352) and Quectel Wireless Solutions Co.Ltd(603236) two listed companies, with an allocation amount of up to 4.074 billion yuan, ranking first among private institutions; Jinglin assets participated in the fixed increase of 10 listed companies such as Chongqing Fuling Zhacai Group Co.Ltd(002507) , Shenzhen Ellassay Fashion Co.Ltd(603808) , Beijing Jingyuntong Technology Co.Ltd(601908) , with a cumulative allocation amount of 2.926 billion yuan; Gao Yi asset participated in the fixed increase of 9 listed companies such as Shanghai Baolong Automotive Corporation(603197) , Broadex Technologies Co.Ltd(300548) , Guangzhou Grg Metrology&Test Co.Ltd(002967) this year, with a cumulative allocation amount of 2.705 billion yuan.
In addition, the private placement allocation amount of Southern Tianchen, times Renaissance and Ningbo ningju also exceeded 1 billion yuan. In terms of the number of securities participating in the fixed increase, Ningbo ningju participated in more times, participated in the fixed increase of 34 stocks during the year, and platinum gentry investment also participated in the fixed increase of 31 listed companies.
some fixed increases have floating losses
Since this year, under the structural market with intensified differentiation, the difficulty of investment has greatly increased. The minimum issuing reserve price of fixed increase shares can reach 80% of the average price of the company’s shares 20 trading days before the pricing benchmark date, and “20% discount” to buy shares has also become a way for many private institutions to obtain excess returns.
From the discount premium rate of individual stocks, the latest share price of Shanghai Baolong Automotive Corporation(603197) participated by Gao Yi assets has risen by nearly 155% compared with the additional issue price; The Shanxi Meijin Energy Co.Ltd(000723) participated by Jinglin assets also increased by more than 170% compared with the additional issuance price; At present, the premium rate of yuanuniverse concept stock Hengxin Shambala Culture Co.Ltd(300081) relative to the additional offering price is as high as 125%, and the floating profit of Ningbo ningju involved in it has doubled.
Many private equity institutions have obtained rich returns or floating profits by participating in fixed growth, but some fixed growth still have floating losses. For example, on February 9, Bgi Genomics Co.Ltd(300676) with the participation of Hillhouse’s Liren investment, the additional offer price was 145.00 yuan / share, and the latest closing price of the stock was 93.20 yuan, down 35.72% from the issue price. Lilen investment was allocated 3.4695 million shares, with a total floating loss of about 180 million yuan.
For the fixed increase issued by BOE on August 19, the additional issue price was 5.57 yuan / share, and the latest closing price was 5.08 yuan. Gao Yi asset temporarily suffered a floating loss of 53 million yuan in the fixed increase project.
According to the data of the third-party platform, according to incomplete statistics, the ratio of floating profit obtained by private equity participating in fixed increase projects compared with the additional issue price this year is about 90%, which means that some institutions still have floating losses even if they buy shares at a “20% discount”.
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(China Securities Journal)
