Abstract The economic warming of the directional increase in the tide of the Spring River plumbing duck prophet. On July 28th, the A-share market hit a new high for the year. The prophetic capital in the secondary market of the stock market has seen the rhythm of China's macroeconomic recovery. In the primary market, listed companies frequently implement orientation...
Directional increase in the economy Spring River plumbing duck prophet. On July 28th, the A-share market hit a new high for the year. The prophetic capital in the secondary market of the stock market has seen the rhythm of China's macroeconomic recovery.
In the primary market, listed companies frequently implement private placements, non-public offering of shares to specific investors, and acquisition of high-quality assets. Behind the strategic investors of listed companies are optimistic about the future growth of listed companies. As of the end of this month, there are thirteen or four companies participating in private placements in Henan listed companies.
This has injected confidence into the recovery of the A-share market.
It is understood that the "Refinancing Management Measures" promulgated by the CSRC stipulates that private placement refers to the non-public issuance of shares by a listed company to a few qualified investors who meet the requirements. The requirement is that the number of issues to be issued should not exceed 10, and the issue price must not be lower than 90% of the market price of the first 20 transactions will be announced within 12 months of the issuance of the shares (within 36 months after becoming a controlling shareholder or having actual control rights after the subscription).
The reporters do not fully calculate the recent implementation or completion of private placement of listed companies are Yu Diamond (300064), Tongda (002560), Yueneng Holdings (001896), Yannian (002225), Zhongyuan Special Steel (002423), Hanwei Electronics (300007), New Open Source (300109), Luoyang Glass (600876), Tailong Pharmaceutical (600222), Yellow River Cyclone (600172), Yutong Bus (600066), Dadi Media (000719), etc.
On July 15, Yu Diamond (300064) announced that the company plans to add 80 million micron diamond production lines to no more than 5 targets. The net proceeds raised will not exceed 325.01 million yuan for an annual output of 350 million meters. Diamond line expansion project and supplementary liquidity.
Boost performance and share new asset returns
The implementation of private placements by listed companies is often sought after in the secondary market. It has been observed that after the implementation of the fixed increase and resumption of trading, the secondary market tends to have a pulsed rise.
“Because private placement does not require tradable shareholders to make purchases, and the acquisition of new assets and the development of new businesses will help the company's performance to continue to grow, which will become an important driving force for future stock price increases, while some shareholdings are large and the holding period is long. The entry of strategic investors will also help improve corporate governance," said Xiao Yuhang, an independent securities analyst.
"Positive private placement has at least three advantages. The high-quality assets placed by listed companies in the private placement may bring obvious effects to the company's performance growth and increase earnings per share. The private placement will help to introduce strategic investors who are optimistic about the company's continued growth. It lays a solid foundation for the company's long-term development; the private placement has changed the stock price pressure brought by the previous issuance or allotment, and often has a certain premium to the secondary market price, which is also conducive to increasing the confidence of investors in the secondary market. â€
However, listed companies choose different timings for private placements, and their intentions are different. "We are now targeting additional issuances, the first consideration is the demand for performance growth." On July 27th, a representative of a listed company's securities did not rumor the company's purpose.
The reporter observed that at least a large number of listed companies chose to issue additional positions at this time, which is the main reason for boosting performance.
On July 15, Linzhou Heavy Machinery (002535) released the 2014 half-year performance forecast amendment announcement that the net profit attributable to shareholders of listed companies from January to June 2014 decreased by 20% to 40% compared with the same period of the previous year.
Similar to Linzhou Heavy Machinery, Tongda shares also suffered a decline in the first half of the year. On July 15, Tongda Shares (002560) announced the revised performance announcement from January to June 2014, and its profit decreased by 0% to 30% compared with the same period of the previous year.
On July 15, Yu Diamond (300064) announced that it expects net profit for the first half of the year to be 31.260 million yuan to 43.389 million yuan, down 30% to 50% year-on-year; the main reason is that financial expenses and management expenses have increased compared with the same period of last year. , has a certain impact on net profit. At the same time, due to the reduction in government subsidies, the net profit attributable to shareholders of listed companies is relatively small.
"In the period of macroeconomic recovery, there is still a big advantage, that is, the asset valuation is relatively low, and the listed company will acquire new assets at this time, and its future earnings will be even greater." Xiao Yuhang believes.
The reporter found that Hanwei Electronics (300007) announced that the company's revenue in the first half of the year increased by 20% to 45% compared with the same period of the previous year. The announcement stated that during the reporting period, the company paid more attention to the coordination of business scale and development quality, and achieved initial results in strategic adjustment and marketing mechanism reform. What really brings the company's performance growth is the “performance consolidated statement†after the increase, and the person close to Hanwei Electronics told the reporter.
Private placement has become the main way for listed companies to grow.
"Now, listed companies implement major asset restructuring, except for normal fundraising, tender offer and other tools, most of which are done by private placement. This kind of tool that integrates superior capital and high-quality resources is most favored by listed companies." Xiao Yuhang said .
The most important purpose of listed companies to adopt the private placement tool is to consolidate the main business, extend the industrial chain, and enhance the profit growth point.
In fact, among the listed companies that have participated in the increase, there are many companies that implement a fixed increase in the extension of the industrial chain.
Consolidate the main business and extend the industrial chain
a powerful tool for the transformation of the main business
Private placement is also a powerful tool for the expansion and transformation of listed companies' main businesses. Hanwei Electronics is a typical case of fixed increase.
On May 14, Hanwei Electronics announced the acquisition of assets. The company plans to acquire 80% equity of Jiayuan Environmental Protection Co., Ltd. (referred to as Jiayuan Environmental Protection) and its subsidiary, Shenyang Jinjian Digital City Software, by way of issuing shares and paying cash. The remaining 48.91% equity of the company (referred to as Shenyang Jinjian).
According to the plan, the 80% equity transaction price of Jiayuan Environmental Protection Co., Ltd. was 440 million yuan. The company paid the consideration of 320 million yuan by way of shares and paid the consideration of 120 million yuan in cash. Shenyang Jinjian's 48.91% share transaction price totaled 64.4 million yuan, of which 34.4 million yuan was paid by share method and 30 million yuan was paid in cash. The price of the above issued shares is 15.53 yuan / share, and the number of shares to be issued is 22,802,300 shares.
In the payment of cash, Hanwei Electronics also did not take out the real money from its own pockets. It was the private placement of shares in the form of private placement, which realized the cash replenishment of the acquired assets. According to the company, the company raised no more than 168 million yuan in matching funds to other not more than 10 specific investors.
After this acquisition, the main business of Hanwei Electronics has entered the environmental pollution control industry from a manufacturer engaged in the research and production of gas sensors, achieving the expansion and transformation of the main business.
According to reports, Jiayuan Environmental Protection is mainly committed to improving the comprehensive utilization of resources, promoting energy conservation and emission reduction and developing a circular economy. It is currently the leading provider of exhaust gas treatment systems and wastewater wastewater treatment systems.
The transformation of Luoyang Glass's main business is also inseparable.
Luoyang Glass has been suspended since June 30, and its announcement states that it is planning major events. Prior to this, the company's controlling shareholder, China National Building Materials Group, promised to integrate Luoyang Glass as a platform through a series of business and asset restructuring to comprehensively solve the Company's and its subsidiaries Longxin Glass, Fangxing Technology and Zhonglian Glass. The existence of inter-bank competition. At the same time, China National Building Material Group also announced to the market that “the company will be stripped of the ordinary float glass business from the company through practical business and asset restructuring.†Obviously, after Luoyang Glass, which is mainly engaged in float glass, has divested its main business, the transformation of its main business has become a reality.
"Luoyang Glass has to realize the transformation of the main business, put in new business assets, and adopt the method of increasing the number of controlling shareholders. It is a predictable way."
Implemented or completed private placement of listed companies since 2014
Company name announcement time to increase the scale of funds
Yu Diamond (300064) July 15th 325 million
Tongda shares (002560) July 23, 4733.33 million
Henan Energy Holdings (001896) April 8, 2.092 billion
Yanai shares (002225) June 18, 552.7 billion
Zhongyuan Special Steel (002423) April 30, 300 million
Hanwei Electronics (300007) May 14th 504 million
New open source (300109) suspended on June 16
Luoyang Glass (600876) suspended on June 30
Tailong Pharmaceutical (600222) 400 million on April 4
The Yellow River Cyclone (600172) on June 17th, 1.067 billion
Yutong Bus (600066) on May 22, 4.26 billion
Dadi Media (000719) on June 19, 3.944 billion
(According to incomplete statistics)
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