After the implementation of the new refinancing regulations, listed companies actively issued fixed growth plans, and some securities companies invested in shares. However, due to the complex market environment this year, with the arrival of the lifting of the ban period, the phenomenon of fixed increase “breaking” has led some securities companies to face the risk of investment losses.
Data show that from April 25 to 29, a total of 8 listed companies entered the lifting period of fixed increase and restricted shares. Among them, 5 listed companies including Troy Information Technology Co.Ltd(300366) , Alpha Group(002292) etc. have participated in the fixed value-added projects.
It is noteworthy that a number of securities companies are facing a situation of failure in participating in fixed growth projects of their peers. In October last year, Citic Securities Company Limited(600030) , Shenwan Hongyuan Group Co.Ltd(000166) , China Galaxy Securities Co.Ltd(601881) , Everbright Securities Company Limited(601788) participated in the fixed increase of Dongxing Securities Corporation Limited(601198) at a fixed increase price of 9.47 yuan / share, with a total cost of about 1.238 billion yuan. The relevant restricted shares were lifted on April 22. As of the end of the lock-in period, the four securities companies had accumulated floating losses of more than 100 million yuan.
On April 15, Guolian Securities Co.Ltd(601456) of the restricted shares also entered the lifting period. Last year, six securities companies, including China Galaxy Securities Co.Ltd(601881) , Everbright Securities Company Limited(601788) , China International Capital Corporation Limited(601995) , Haitong Securities Company Limited(600837) , Xiangcai securities, Guotai Junan Securities Co.Ltd(601211) and Guotai Junan Securities Co.Ltd(601211) participated in the fixed increase of 172 million shares of Guolian Securities Co.Ltd(601456) at a fixed increase price of 11.22 yuan / share. As of the end date of the lock-in period, the six securities companies had a total floating loss of 6.8916 million yuan.
Compared with buying directly in the secondary market, fixed growth has become one of the investment paths for securities companies to take shares in listed companies because of its advantages of discount issuance. The new regulations on refinancing will change the fixed increase price from 10% to 20% of the average price of the company’s shares 20 trading days before the pricing benchmark date. At the same time, the lock period for investors such as securities companies to subscribe for shares will be shortened to 6 months, and they can be sold in the secondary market after the ban is lifted.
This year’s fixed value-added market failed to bring expected benefits to securities companies, but securities companies are still enthusiastic about the layout of fixed value-added market. According to the incomplete statistics of China stock market news choice, since this year, about 22 securities companies and their asset management companies have participated in the fixed increase of 42 listed companies, with a cumulative subscription amount of about 8.3 billion yuan.
Among them, Guotai Junan Securities Co.Ltd(601211) participated in the fixed increase of 12 listed companies, with a cumulative cost of about 1.334 billion yuan China International Capital Corporation Limited(601995) participated in the fixed increase of 11 listed companies, with a cumulative cost of about 1.251 billion yuan. In addition, Citic Securities Company Limited(600030) , Gf Securities Co.Ltd(000776) , Shenwan Hongyuan Group Co.Ltd(000166) the total amount of funds used to subscribe for fixed additional shares of listed companies also exceeded 500 million yuan.
Securities companies still prefer to “get together” when participating in the fixed growth of listed companies. Since this year, fixed value-added projects of 14 listed companies have attracted more than three securities companies at the same time. Among them, Jiangsu Shentong Valve Co.Ltd(002438) attracted five securities companies including China Galaxy Securities Co.Ltd(601881) , China Securities Co.Ltd(601066) , Dongxing Securities Corporation Limited(601198) , Haitong Securities Company Limited(600837) , Citic Securities Company Limited(600030) Shennan Circuits Co.Ltd(002916) , Guizhou Panjiang Refined Coal Co.Ltd(600395) , Lbx Pharmacy Chain Joint Stock Company(603883) , Baotailong New Materials Co.Ltd(601011) and other four listed companies attracted four securities companies to participate in the fixed increase.
According to the data, according to the statistics of the listing date of fixed increase shares, as of April 22, among the fixed increase projects listed by listed companies during the year, the average decline of the latest share price compared with the issuance price of fixed increase was 9.34%, and the median decline was 10.36%. Among them, the latest share prices of 9 companies increased by more than 10% compared with the fixed issue price. The stock market fluctuated sharply this year, and even the fixed value-added projects issued at a discount also brought heavy losses to the investors involved. So far, the latest share prices of 51 listed companies have fallen below the fixed issue price, accounting for 68%. Among them, there are 38 companies whose share prices have fallen by more than 10%.
The latest share price of Jiangsu Shentong Valve Co.Ltd(002438) which was subscribed by five securities companies at the same time has fallen 17.46% compared with the fixed additional offering price. In addition, the latest share prices of Shennan Circuits Co.Ltd(002916) and Lbx Pharmacy Chain Joint Stock Company(603883) also fell 9.88% and 26.59% respectively compared with the fixed issue price, and the share prices of Guizhou Panjiang Refined Coal Co.Ltd(600395) and Baotailong New Materials Co.Ltd(601011) performed strongly, rising 12.64% and 7.54% respectively compared with the fixed issue price.
