Current investment tips:
Last week, the full raising rate and benchmark discount rate of bidding projects both fell month on month. On the listing announcement day, there were four fixed increase projects last week, which were flat month on month, with a total fund-raising amount of 16.055 billion yuan, an increase of 543.17% month on month. Three of them were bidding projects, but only two were fully raised, with the full raising rate decreasing by 33.33pct to 66.67% month on month, and the fund-raising rate decreasing by 9.28pct to 90.72% month on month.
The benchmark discount rate of the three bidding projects announced last week was 7.71%, down 11.93pct month on month, of which Wuhan Ligong Guangke Co.Ltd(300557) was close to the benchmark price, with a discount rate of only 0.67%, and the non bidding projects were priced according to the 20% base price. From the perspective of market price discount rate, the average discount rate of the issuance price of the three bidding projects relative to the closing price on the issuance date was 13.74%, down 2.06 PCT month on month The discount rate of Guangdong Wanlima Industry Co.Ltd(300591) market price is 19.86%.
The ban on fixed increase projects will be lifted this week, with more than 50% floating profit. This week, 15 fixed increase projects will be lifted for the first time, including 8 floating profits, accounting for 53.33%, a decrease of 13.33 PCT month on month Based on the closing price on April 15, the lifting funds totaled 21.992 billion yuan, down 18.28% month on month. The average value of floating absolute rate of return and floating excess rate of return of 12 bidding projects are 2.82% and 17.17% respectively.
The pace of the meeting slowed down last week, and the average upside down range narrowed month on month. Last week, the development Audit Committee approved 2 cases (including 1 case of bidding), with a month on month decrease of 4 cases; The CSRC approved 7 cases (including 6 cases of bidding), with an increase of 1 case month on month. There are 119 projects to be issued approved by the CSRC and the CSRC, including 6 projects with upside down issuance price / reserve price, an increase of 3 cases month on month, the proportion of upside down companies increased by 1.76pct to 4.20% month on month, and the average upside down range decreased by 2.23pct to 12.13% month on month.
The number of new projects increased significantly last week: Fujian Kuncai Material Technology Co.Ltd(603826) fixed increase and expansion of titanium dioxide production capacity, Asia-Potash International Investment (Guangzhou) Co.Ltd(000893) merger and acquisition to expand the reserve of potash resources. Last week, 21 fixed increase projects of 18 companies were added, with a significant increase of 15 month on month; The pre disclosed fund-raising amount was 18.428 billion yuan, an increase of 300.57% month on month. Of which Fujian Kuncai Material Technology Co.Ltd(603826) plans to raise no more than 3.85 billion yuan for the Shanghai Pudong Development Bank Co.Ltd(600000) T / a titanium dioxide project of Zhengtai new material and supplement working capital. The products to be expanded in the investment project raised by this issuance include Shanghai Pudong Development Bank Co.Ltd(600000) T / a titanium dioxide and Shanghai Pudong Development Bank Co.Ltd(600000) T / a iron oxide, which will help to break through the technical blockade and monopoly of foreign titanium dioxide by chlorination method. At the same time, it will quickly improve the technical margin and expand the production capacity, meet the gap of market demand for high-end products and improve the company’s market share Asia-Potash International Investment (Guangzhou) Co.Ltd(000893) plans to purchase 56% equity of agricultural potassium resources and raise supporting funds. Through this transaction, the listed company will obtain high-quality potash minerals in Pengxia nongbo mine section connected with the existing Dongtai mine section, which is conducive to the company to further expand the reserve of potash resources, more effectively coordinate the use of mining and beneficiation devices and public facilities, save operation and management costs, and enhance the company’s sustainable development ability and core competitiveness.
Several companies collectively reduced the amount of fund-raising slightly and Changchun Faway Automobile Components Co.Ltd(600742) adjusted the upper and lower limits of the number of issues. Last week, there were 6 fixed increase plans revised by 6 companies, with an increase of 5 month on month. Among them, Chahua Modern Housewares Co.Ltd(603615) (project financing), Wuxi Nce Power Co.Ltd(605111) (project financing), Jiangsu Xiuqiang Glasswork Co.Ltd(300160) (project financing), Profit Cultural & Creative Group Co.Ltd(300640) (project financing) reduced the total amount of fund-raising by 5.00%, 2.21%, 0.54% and 0.40% to 380 million yuan, 1418 million yuan, 924 million yuan and 134 million yuan respectively Changchun Faway Automobile Components Co.Ltd(600742) (project financing) raised the upper limit of issuance by 1.40% to 2035543 million shares, and increased the lower limit of issuance to 578355 million shares.
Zhejiang Wolwo Bio-Pharmaceutical Co.Ltd(300357) approval expires, and Haimo Technologies Group Corp(300084) change of control is not approved. Last week, six fixed growth plans of six companies stopped implementation, with a month on month balance Zhejiang Wolwo Bio-Pharmaceutical Co.Ltd(300357) (project financing) due to changes in market environment and other factors, the issuance fails to be completed within the validity period of the approval document, and the approval expires automatically Haimo Technologies Group Corp(300084) (supplementary working capital) because the change of control has not been approved by the state owned assets supervision and Administration Commission of Gansu Provincial People’s government for a long time, and the purpose of the contract cannot be realized, it is decided to propose to Gansu Guokai to cancel the share transfer agreement, voting right entrustment agreement and supplementary agreement to voting right entrustment agreement signed due to the change of control.
Risk tips: the review progress of fixed increase is less than expected, the stock price fluctuation in the secondary market, the adjustment of issuance system, etc
