Since this year, more than 100 listed companies have disclosed fixed growth plans, with a considerable increase over the previous two years, but the institutional participation enthusiasm is not high, and the subscription amount of public funds has decreased by nearly 60% year-on-year. According to statistics, in the past six months, the average rate of return of a single project has reached 5.5%, and the “winning rate” of discount shares has significantly outperformed the Shanghai and Shenzhen index in the same period, but the fixed increase is not a “winning” project, and the decline of the share price of individual projects has plunged the fund into floating losses.
According to the industry insiders’ index, at present, some funds continue to flow into the fixed growth market, pushing up the fixed growth discount rate and downward. In this context, investors should reduce the yield expectation of fixed growth strategy.
fixed growth financing after years is cold
After the new regulation of fixed increase, the thicker safety cushion, shorter lock-in period and lower participation threshold have improved the yield and capital turnover rate of participation in fixed increase. In the context of market volatility, fixed increase project investment with the advantage of issuing discount has become a new direction for many public fund managers to optimize the composition of fund portfolio.
Taking Fu Jian Anjoy Foods Co.Ltd(603345) as an example, on March 12, the company announced the results of the non-public offering. The price of this offering was 116.08 yuan per share, the number of shares issued was 48.88 million, and the total amount of funds raised was about 5.7 billion yuan. In terms of public offering, China Merchants Fund, Hongde fund, Harvest Fund, CAITONG fund, Wells Fargo fund, South Fund, China Europe Fund and Hua’an fund were allocated, and most institutions were allocated more than 300 million yuan.
As of March 26, a total of 133 listed companies had disclosed the fixed growth plan for the first time in the year, and planned to raise a total of 174.2 billion yuan, Luxshare Precision Industry Co.Ltd(002475) and Xinjiang Daqo New Energy Co.Ltd(688303) both exceeded 10 billion, compared with 63 and 72 companies respectively in the same period last year and the previous year, and both the number of companies and the amount of funds to be raised increased significantly.
since the beginning of the year, the market has had a poor start in recent years. Why did the fixed increase plan hit a new high? Insiders said that A-share listed companies have a variety of financing channels. In a bull market, they often issue convertible bonds or allotments, but when the market goes down, only fixed increase financing can attract institutional investors
However, the fixed increase financing of listed companies is “applauded but not popular”, which is cold at the fundraising end at the time of A-share fluctuations. According to the issuance date, the number and amount of companies that will eventually land after the year have fallen sharply, and the actual fund-raising amount is only 78.144 billion yuan, half of that in the same period last year. The enthusiasm for the participation of public funds has also been greatly reduced. 187 funds (the same fund participates in the combined calculation of multiple companies) invested a total of 6.466 billion yuan, down nearly 60% from 15.287 billion yuan in the same period last year. In addition, there are companies such as Shanghai Xuerong Biotechnology Co.Ltd(300511) , Ucloud Technology Co.Ltd(688158) -w, Shenzhen Forms Syntron Information Co.Ltd(300468) , Guangdong Tecsun Science & Technology Co.Ltd(002908) and Double Medical Technology Inc(002901) whose financing limit is even less than half of the fixed increase plan.
several projects have considerable benefits
After the new regulations on fixed growth, the lock-in period for institutions to participate in fixed growth has been shortened from 18 months to 6 months. Therefore, the time has been extended to 6 months. In the data included in the statistics (individual companies did not disclose the fixed growth price), the average rate of return of stocks participating in fixed growth has reached 5.5% in the past six months. The data seems ordinary, but compared with the same period, the Shanghai index (- 11.81%) and the Shenzhen index (- 16.09%) have considerable excess returns.
faced with the opportunity to buy shares at a discount, top flow fund managers are naturally willing to sell. For example, the wake of the waking of the rich nation’s bounty of the rich nation’s natural bounbounbounbounbounbounbounbounback from the wake of the waking of the waking of the waking of the waking of the waking of the waking of the rich. A-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-that’s the Poten Environment Group Co.Ltd(603603) Starpower Semiconductor Ltd(603290) 290290 andother companies
In terms of yield, Synthesis Electronic Technology Co.Ltd(300479) ‘s share price has the highest increase compared with the fixed increase price. Under the wave of digital currency speculation at the beginning of this year, the increase in more than ten trading days has nearly doubled, and the current floating profit of the fixed increase project has reached 125.93%; Secondly, Lanzhou Ls Heavy Equipment Co.Ltd(603169) , Tecon Biology Co.Ltd(002100) and Yunnan Aluminium Co.Ltd(000807) increased by more than 50%. It is worth mentioning that among the four companies with considerable growth, CAITONG fund, which is good at digging gold in the fixed growth market, participated in and made a lot of profits.
In terms of the absolute amount of income, the most “earn” money is the Ninestar Corporation(002180) fixed increase of China EU value wise selection return and China EU emerging value held and participated in by Yuan Weide in one year. On December 20 last year, Ninestar Corporation(002180) disclosed that 156 million shares were issued and the total amount of funds raised was about 5 billion yuan, which was mainly used to acquire Bento electronics and R & D and industrialization projects of high-performance and high security laser printers. The event attracted many top Chinese investors and gathered China’s top asset management institutions such as Ruiyuan fund, Gaoyi assets and e fund. The China Europe Fund was allocated a total of 700 million yuan, which is the institution with the highest allocation amount. The two funds managed by Yuan Weide invested 450 million yuan and 140 million yuan respectively. The current share price of the company is 44.08 yuan, up more than 37% from the fixed increase cost of 32.11 yuan. The floating profit of Yuan Weide’s two funds reached 168 million yuan and 52.18 million yuan respectively.
fixed increase investment also needs to be cautious
Although the cost of participating in the fixed increase has a considerable discount compared with ordinary investors, it is not sure to make a profit without losing, and even the share price of the company has halved after the company’s high-point financing. According to statistics, about 40% of listed companies’ current share prices are lower than the fixed increase price, of which Zhejiang Dingli Machinery Co.Ltd(603338) and Sunwoda Electronic Co.Ltd(300207) have also fallen by more than 30%, and Yonyou Network Technology Co.Ltd(600588) , Chaozhou Three-Circle(Group) Co.Ltd(300408) and S.F.Holding Co.Ltd(002352) and other companies have also fallen by more than 20%. Many fund products raised by the head can not escape “stepping on the thunder”. The maximum floating loss of a single fund is more than 80 million yuan.
Industry insiders concluded that this year’s fixed growth market believes that the first is that the overall scale is expected to be the same as last year; Second, new investors increased and discounts narrowed; Third, the market uncertainty has increased and the market profit-making effect has weakened as a whole.
How will the future market of fixed growth go? CAITONG Fund said that from the current project reserves, the supply of projects that have passed the meeting / obtained approval is stable, slightly lower than that in the same period last year. In 2021, the market bidding issuance scale was about 630 billion yuan. At present, the market has made plans and the scale of projects to be issued is about 500 billion yuan. It is expected that the bidding projects will still maintain the rhythm of high-frequency issuance in the first half of the year. Although there are many fixed growth projects of white horse shares in the fixed growth market in 2022, the overall market value is still dominated by small and medium-sized market value. In the market environment of growth style or non dominance, it tests the investment and research strength of fixed growth investment managers.
from the demand side, due to the obvious profit-making effect of the fixed growth strategy and the decline of the yield of some “fixed income +” strategies in the past two years, some funds continue to flow into the fixed growth market, pushing up the fixed growth discount rate downward. Under this background, investors should lower their expectation of the yield of the fixed growth strategy
