On January 11, Longi Green Energy Technology Co.Ltd(601012) issued the announcement on the issuance results of convertible bonds “long 22 convertible bonds”.
The results showed that about 11.3 million investors participated in the subscription of “long 22 convertible bonds”, and the number of subscription reached a new high in the past two years. At the same time, many investors have given up their subscription. The investor gave up 50252 subscriptions and the amount of subscription was about 50 million yuan. This is the largest amount of repurchasing among the four convertible bonds issued this year, and the amount of repurchasing of the other three is no more than 10 million yuan.
The Chinese reporter of securities companies noted that many research reports of securities companies are generally optimistic about the subscription value of “long 22 convertible bonds”, and believe that the increase on the first day of listing may be about 30%, so it is recommended to actively apply for the purchase. Historical data show that since last year, convertible bonds generally rose on the first day of listing.
the number of subscribers reached a new high in two years
The announcement shows that the number of subscribers of “long 22 convertible bonds” is 11.3 million. The reporter found that the number of subscribers was the highest in the past two years.
Since 2020, 341 convertible bonds have been issued. Among them, the number of subscribers is announced in the issuance results of some convertible bonds. Among all the convertible bonds that announced the number of subscribers, “long 22 convertible bonds” ranked first with 11.3 million people. The second is Borui convertible bonds, which were subscribed by 11.21 million people. More than 10 million subscribers have 15 convertible bonds.
Although there are many investors applying for the purchase, there are also many abandonments. The purchase abandonment amount of more than 50 million yuan is not small, which is the highest among the four convertible bonds issued this year. In terms of the amount of abandonment, for a longer time, among the 122 convertible bonds issued since 2021, the amount of abandonment of “long 22 convertible bonds” ranks sixth.
The reporter noted that before the formal subscription, many securities companies reported that they were optimistic about this convertible bond.
Haitong Securities Company Limited(600837) said that the issuance scale of “long 22 convertible bonds” is 7 billion yuan, the term is 6 years, the main credit rating is AAA, and the debt credit rating is AAA. The initial parity of convertible bonds is 104.30 yuan (calculated according to the closing price on December 31), the bottom debt is 91.37 yuan, and the pure debt is ytm1 810%。 The revised terms (15-30,85%), redemption terms (15-30,130%) and resale terms (30,70%). On the whole, the bond bottom protection is good, and the terms maintain the mainstream mode. In terms of subscription, we expect the winning rate to be about 0.019% – 0.025% and the listing price to be about 137-140 yuan. It is considered that the risk of breaking the listing of convertible bonds is small without significant fluctuations in the stock price, and the primary subscription proposal is actively concerned.
Haitong Securities Company Limited(600837) said that the company is the largest monocrystalline silicon wafer and module manufacturing enterprise in the world. It is mainly engaged in the R & D, production and sales of monocrystalline silicon rods and silicon wafers, and provides products and system solutions for the development of photovoltaic centralized ground power stations and distributed roofs. Among them, monocrystalline silicon rods, silicon wafers, monocrystalline cells and components are the core manufacturing business of the company. In recent years, due to the decline in capacity utilization, the company has actively adjusted the pace of capacity release and expansion. The company began to implement the vertical integration strategy at the end of 2014 and completed a major strategic transformation from a silicon wafer professional manufacturer to a single crystal integrated solution provider. According to pvinfolink quoted in the 21st semi annual report, the company’s component shipments in the first half of 2021 continue to maintain the first position in the industry. In the case of lack of silicon materials in the whole industry, the company locked in silicon materials by signing a long order to effectively ensure the supply of raw materials. At the same time, the company laid out a new track, entered the BIPV and hydrogen energy market, always maintained high-intensity R & D investment, and promoted industrial upgrading with scientific and technological innovation. In terms of positive shares, the company’s valuation (pe-ttm) is at a high position in recent three years, and there is no lifting pressure in the short term.
Tianfeng Securities Co.Ltd(601162) said that the company’s industry is photovoltaic equipment (Shenwan class III). From the perspective of valuation, as of the closing on December 31, 2021, the company’s PE (TTM) was 47.85 times, higher than the average level of the same industry among the 10 peer enterprises with similar income, and the market value was 466.597 billion yuan, higher than the average level of the same industry. As of December 31, 2021, the positive stock of the company has increased by 31.19% this year, the industry index has increased by 54.89% in the same period, wandequan a has increased by 9.17%, the volatility in the past 100 years is 56.58%, and the stock elasticity is high. At present, the proportion of equity pledge of the company is 1.90%, and the pledge risk is low. “Long 22 convertible bonds” are large in scale, with high debt bottom protection and parity higher than the face value. The market may give a 44% premium. It is estimated that the listing price is about 150 yuan. It is suggested to actively participate in the subscription of new bonds.
Guoyuan Securities Company Limited(000728) said that the price center of the convertible bond is expected to be 130.5 yuan after it is listed. With reference to Trina Solar convertible bonds of similar industries and similar ratings (rated AA, scale 5.252 billion yuan, parity 156.21 yuan, corresponding to convertible bond price 177.33 yuan, conversion premium rate 13.52%), Jingke convertible bonds (rated AA, scale 2.297 billion yuan, parity 156.23 yuan, corresponding to convertible bond price 180.23, conversion premium rate 15.36%). To sum up, it is estimated that the conversion premium rate on the first day of listing is between 24% – 32%, the price is 129.33-137.67 yuan and the price is 130.5 yuan.
abandoned purchase of more than 50 million yuan
The Chinese reporter of the securities firm noted that the abandonment amount of convertible bonds is related to the issuance scale of convertible bonds. The larger the issuance scale, the more the amount of abandonment may be. The scale of the Bank of Shanghai convertible bonds issued in January 2021 was 20 billion yuan, and the amount of abandonment was 576 million yuan, which was also the convertible bond with the largest amount of abandonment in recent two years. By the end of 2021, the issuance scale of Societe Generale convertible bonds was 50 billion yuan and the amount of abandonment was 390 million yuan. The issuing scale of BOC Hangzhou convertible bonds was 15 billion yuan, and the amount of abandonment was 121 million yuan.
historical data show that the average increase on the first day of the recent listing of convertible bonds is about 30%.
Huisheng convertible bonds were listed on January 7, with an increase of 30% on the first day. Perle convertible bonds were listed on January 4, with an increase of 38.27% on the first day.
abandoning subscription may be blacklisted
The announcement shows that the successful investors shall ensure that their capital account has sufficient subscription funds. If the investor’s subscription funds are insufficient, the insufficient part shall be deemed as abandoning the subscription. The part that online investors give up subscription shall be subject to the actual shortage of funds, and the minimum unit is 1 hand. The part that investors give up subscription shall be underwritten by the joint lead underwriter.
If an investor has won the lottery three times in a row but failed to pay in full within 12 months, it shall not participate in the subscription of new shares, convertible bonds and exchangeable bonds within 6 months (calculated as 180 natural days, including the next day) from the next day when CSDCC Shanghai branch receives the abandonment declaration. The number of times of abandonment of subscription shall be calculated according to the number of times of new shares, convertible bonds and exchangeable bonds actually abandoned by the investor.
The situation of abandoning subscription shall be judged by the investor as a unit. The number of times of abandonment of subscription shall be calculated according to the cumulative number of new shares, depositary receipts, convertible bonds and exchangeable bonds actually abandoned by the investor; If an investor holds multiple securities accounts and abandons subscription in any one of its securities accounts, the number of times of abandonment shall be calculated cumulatively. Disqualification and cancellation of securities accounts are also included in the statistics.
