Under the continuous adjustment of a shares, the fixed increase projects of listed companies are cold.
According to the data, as of March 31, the fixed increase (non-public offering of shares) of 78 A-share listed companies broke, that is, the latest closing price of the secondary market was lower than the fixed increase price.
In this regard, Hu Bo, the manager of Rongzhi investment fund under private placement paipai.com, told the Securities Daily: “the overall market fluctuated greatly this year, the main indexes have been adjusted to a certain extent, and there has been a general decline at the individual stock level. Such market performance has indeed affected the performance of some fixed growth stocks, resulting in the breaking of some fixed growth stocks.”
In addition, in the first quarter of this year, the number of successful projects and fund-raising amount decreased significantly year-on-year. According to the data, from January to March, a total of 55 listed companies successfully issued fixed value-added shares, involving a fund-raising amount of more than 79.9 billion yuan; In the same period last year, 108 listed companies successfully issued fixed value-added shares, involving a fund-raising amount of more than 176.7 billion yuan.
“at present, the enthusiasm for fixed growth will be affected by the market to a certain extent, and then decrease. However, there is little room for the overall market to continue to decline. Therefore, participating in fixed growth in this position often has a higher cost performance, because participating in fixed growth can enjoy a certain discount, which is equivalent to another heavy safety cushion.” Hu Po told reporters.
35 listed companies with fixed increase and discount rate exceeding 10%
According to the data, 44 listed companies have broken down after the listing of fixed increase shares since this year, among which Ling Yun Industrial Corporation Limited(600480) , Ucloud Technology Co.Ltd(688158) and other listed companies broke down on the same day after the listing of fixed increase shares.
On March 26, Ling Yun Industrial Corporation Limited(600480) released the announcement of non-public development bank stock issuance results and changes in share capital, which showed that the company’s issuing price was 8.99 yuan / share, and the company completed the registration procedures of new shares in this non-public offering on March 24. On March 24, the closing price of Ling Yun Industrial Corporation Limited(600480) was 8.87 yuan / share. As of the closing on March 31, Ling Yun Industrial Corporation Limited(600480) closing price was 8.63 yuan / share.
In addition, the reporter obtained through data statistics that as of March 31, the closing prices of 35 listed companies fell by 10% compared with the fixed increase price.
For example, Zhejiang Dingli Machinery Co.Ltd(603338) this January issued the announcement on the results of non-public development bank stock issuance and share changes. The total amount raised by the company is RMB 1.59 billion / fixed share. However, as of the closing on March 31, the closing price of Zhejiang Dingli Machinery Co.Ltd(603338) was 44.89 yuan / share, down about 37.56% from the issue price.
Crystal Clear Electronic Material Co.Ltd(300655) also faces a similar situation Crystal Clear Electronic Material Co.Ltd(300655) on January 27 this year, it issued the announcement of gem issuing shares to specific objects through simple procedures. The fixed issuance price of this time is 41.48 yuan / share, and the total amount of funds raised is 240 million yuan. As of March 31, the closing price of Crystal Clear Electronic Material Co.Ltd(300655) was 30.62 yuan / share, down 26% from the issue price of fixed increase.
Jiang Xiaofei, founding partner of Dayan capital, told reporters that the breaking rate of fixed increase in recent half a year is much higher than the average value of the past two years, especially the popular “new semi army” (new energy, semiconductor and military industry) track, with a breaking rate of 60%
“on the one hand, their previous increases were relatively large, and the price fell down this year with the adjustment of market style. On the other hand, the discount of popular stocks is usually relatively low, and the discount income of some popular stocks is less than 10%.” Jiang Xiaofei told reporters that since the beginning of this year, the number of fixed increase shares issued and the amount of fund-raising have decreased year-on-year, mainly due to the correction of the stock market after the Spring Festival, especially the high breaking rate of growth style, which has affected the subscription mood of some investors. At the same time, the downward stock price has led to the low discount of the base price and insufficient attraction.
46 listed companies press the “termination key” at a fixed increase
At the same time, some listed companies gave up fixed growth projects. Data show that since this year, a total of 8 listed companies have expired fixed increase projects, and 38 listed companies have terminated the implementation of fixed increase projects. The fixed increase of the 46 listed companies involved a fund-raising amount of more than 50 billion yuan.
For example, Jiangsu Sanfame Polyester Material Co.Ltd(600370) march 29 announced that the 14th meeting of the 10th board of directors was held on March 26, and the proposal on terminating the company’s non-public development and issuance of A-Shares in 2021 was considered and adopted. Before that, the company plans to issue non-public shares to no more than 35 specific investors, including the controlling shareholder Jiangsu Sanfame Polyester Material Co.Ltd(600370) Group Co., Ltd., and the scale of funds raised shall not exceed RMB 4.5 billion. With regard to the termination of the above matters, Jiangsu Sanfame Polyester Material Co.Ltd(600370) said that due to changes in the market environment and comprehensive consideration of the company’s actual situation and business development plan, after full communication and careful analysis with all relevant parties, the company decided to terminate the non-public issuance of A-Shares and planned to apply for the public issuance of A-share convertible corporate bonds.
Eight listed companies, including Shenzhen Neptunus Bioengineering Co.Ltd(000078) , Staidson(Beijing) Biopharmaceuticals Co.Ltd(300204) , Jiajiayue Group Co.Ltd(603708) , Shenzhen Kexin Communication Technologies Co.Ltd(300565) and others, announced the expiration of non-public offering. According to the reporter’s combing, these above-mentioned companies failed to complete the non-public offering within 12 months after obtaining the approval of the CSRC. Among them, changes in the capital market environment and issuance timing are important factors leading to the failure of fixed growth.
Hu Po, manager of Rongzhi investment fund of private placement paipai.com, told reporters: “The invalidation or termination of the fixed increase plan of listed companies has a lot to do with the current market environment. When the market callback increases, the overall cost performance of the original fixed increase plan decreases significantly and its attraction decreases significantly, so it is more difficult to implement. Under the current circumstances, it may be a more appropriate plan to modify the fixed increase plan, but it may be easier to issue successfully after the overall sentiment of the market is warmer.”
