25 days, 121 companies, 19.5 billion, new regulations loosened, refinancing surge

25 days, 121 companies, 19.5 billion, new regulations loosened, refinancing surge
“This year is expected to be a fixed year.”Some market participants said to the sauna and Yewang.  At present, the “Refinancing New Regulations” has been implemented for more than 20 days. Wind data shows that as of March 9, 121 listed companies have issued refinancing plans, and the total amount of funds raised is expected to be 199.5 billion yuan.Among them, the Ningde era took the top spot with 20 billion yuan.  The lowering of the threshold allows many listed companies with liquidity pressure to pass the blood transfusion in a timely manner.But whether this will lead to an increase in arbitrage space has become a new question.  The new rules for refinancing have been implemented for 25 days. 121 listed companies plan to raise more than RMB 199.4 billion. On the evening of February 14, the CSRC issued the “About Amendment”<上市公司证券发行管理办法>Decision<创业板上市公司证券发行管理暂行办法>Decision<上市公司非公开发行股票实施细则>“(” Refinancing Rules “) shall take effect as of the date of promulgation.  The “New Regulations on Refinancing” has relaxed the restrictions on the refinancing of listed companies.Especially for GEM, the three conditions of asset-liability ratio, continuous profitability and the use of funds raised in the previous period have been significantly relaxed: the condition that the asset-liability ratio of GEM public issuance of securities at the end of the latest period is higher than 45%; the non-public offering of GEM is cancelledThe conditions for the stock to be profitable for two consecutive years; the funds raised from the previous GEM are basically used up, and the use progress and effect are basically consistent with the disclosure situation. The issuance conditions are adjusted to the information disclosure requirements.  In addition, the “Refinancing New Regulations” also significantly eased the restrictions on the number of objects issued, the size of the issuance and the validity period of the approval: the number of objects issued by the main board (small and medium board) and GEM non-public issuance of shares shall be unified from not more than 10 and 5, respectively.Adjusted to no more than 35; the upper limit of the proportion of non-publicly issued shares was adjusted from 20% of the total share capital before this issue to 30%; the validity period of the approval was extended from 6 months to 12 months.  After the release of the “Refinancing New Regulations”, listed companies have started fierce fundraising.Wind data shows that as of March 9, 121 listed companies have issued refinancing plans, and the total amount of funds raised is expected to reach 1994.600 million yuan, the purpose of the raised funds is mainly for project financing and supplementary working capital.  From an industry perspective (in terms of Wind industry statistics), the number of listed companies in the material industry that has issued the largest number of refinancing plans is 25; followed by the capital goods industry, the number of listed companies that have issued refinancing plans is 24;In the technical hardware and equipment industry and software and service industry, 16 and 12 listed companies respectively issued refinancing plans.It is worth mentioning that the banking industry that previously issued large-scale epidemic prevention and control debt is not actively refinancing at the equity level. At present, only one bank of Guiyang Bank has issued a refinancing plan.  From the perspective of individual stocks, the “new king” of the GEM Ningde era took the top spot with 20 billion yuan, Asia Standard Holdings ranked second with 11.9 billion yuan, and Rongsheng Petrochemical and Sanan Optoelectronics respectively scored 8 billion yuan and 7 billion yuan.Column three four.  ”This year is expected to be a fixed year.”Some market participants said to the sauna and Yewang.In this regard, financial commentator Pi Haizhou said that although refinancing is further loosened, both listed companies and strategic investors need to maintain a rational attitude, and more, they still need to pay attention to the fundamentals of listed companies.  If there is no shortage of money, 20 billion yuan will be raised. Ningde Times became the king of this increase. On the evening of February 26th, the leading lithium battery company Ningde Times released a plan to increase the amount of capital to be raised.Among them, 12.5 billion is planned to be invested in three battery projects, 2 billion is planned for energy storage technology research and development, and 5.5 billion is planned to be used to supplement working capital.  The financing scale of up to 20 billion yuan has made the Ningde era reach the top of the fixed increase, but is the Ningde era really short of money?  The 2019 performance report shows that in 2019, Ningde Times achieved operating income of 455.4.6 billion yuan, an increase of 53.81%, the net profit attributable to shareholders of the listed company is 43.5.6 billion yuan, an increase of 28.61%.  The previously published three quarterly report for 2019 shows that Ningde Times achieved operating income of 32.9 billion yuan during the reporting period, a year-on-year increase of 71.7%, net profit attributable to mother 34.6.4 billion yuan, an increase of 45.65%.The growth rate of net operating cash flow was 81.99%, far exceeding the growth rate of net profit, the strong cash flow of the Ningde era is beyond doubt.  At the same time, as the leader of the lithium battery industry, the Ningde era has a say in the industry.The third quarterly report of 2019 shows that the value of cash / operating income received by selling goods and providing services is 1.16, which means that every dollar of income actually received 1.With 16 yuan in cash, the quality of the money back in the Ningde era is very high.  In addition, judging from the financial situation in the third quarter of 2019, the monetary capital of the Ningde era is as high as 333.5.2 billion, only 13 short-term loans.4.1 billion yuan, the company’s short-term solvency is very strong.In the first three quarters of 2019, the operating cost of Ningde Times was 90.74 trillion US dollars, based on this calculation, the current monetary funds of the Ningde era can be maintained for about 3 years.  Since there is no shortage of money, what is the intention of raising huge amounts of funds in the Ningde era?  Judging from the 2019 three quarterly report, the inventory of the Ningde era has surged. As of September 30, 2019, the inventory of the Ningde era was 100.05 trillion, accounting for more than 10% of total assets, compared with 70 on December 31, 2018.The 76 trillion inventory increased by 41.40%.Accompanying this, the potential inventory impairment risk will gradually increase.  More importantly, restructuring, through the supplement of the power battery industry, decreased slightly, and the gross profit margin of the Ningde era also declined year by year. In 2016, 2017, 2018, and January-September 2019, the comprehensive gross profit margin of the Ningde era was 43.70%, 36.29%, 32.79% and 29.08%.  The liquidity pressure is high, and Li Sichen plans to increase blood transfusion. In addition to the Ningde era, which is not short of money, the “Refinancing New Regulations” journal, more or less, let the listed companies with high liquidity pressure find exports.Sichen.  On February 20, Li Sichen’s plan to increase the amount of money was released, and the total amount of funds to be raised did not exceed 15.300 million yuan.Among them, 5.9 trillion is intended for the company ‘s main language project, 7 trillion is intended to repay bank loans, 2.4 trillion is intended to supplement working capital.  In 2017, Lisichen’s performance began to decline, and Lisichen realized net profit attributable to its mother2 that year.3.0 billion, down by 27 every year.66%.In 2018, under the influence of accrued large amount of goodwill impairment, Li Sichen ‘s net profit attributable to her mother can be replaced.9.3 billion, a year-on-year decline of 786.87%.In 2017 and 2018, the net cash flow generated by Lisichen’s operating activities was -1, respectively.6.6 billion yuan and -1.$ 5.2 billion, the highest negative value for two consecutive years.  The 2019 performance forecast shows that the report merged and Li Sichen achieved operating income of 21.6 billion, an increase of 10 in ten years.65%, the net profit attributable to shareholders of listed companies is 3374.810,000 yuan, an annual increase of 102.42%.Although performance turned losses into profit, Li Sichen still faced great debt pressure.  As of September 30, 2019, Li Sichen’s monetary fund balance was 1.8.1 billion, with short-term borrowing of 7.28ppm, bonds payable is 20 million yuan, the number of rigid repayments in one year far exceeds the balance of monetary funds.  The targets of the planned increase of Lisichen include Dou Xin, Ma Xudong, Chen Bang, Ivy Asset Management, Xingquan Fund, CITIC Securities, CICC Assets, CCB Fund, Ruiyuan Fund, Wulian Xierui, XinhongyuInvestment and cloud assets.Among them, Dou Xin is the director and president of Lisichen, holding Lisichen 8.39% of the shares, Dou Xin’s subscription amount is 3.500 million yuan.In addition, Dou Xin holds a 99% stake in Wulian Xierui, and the subscription amount of Wulian Xierui is 80 million yuan.  At least yes, as of February 20, Li Sichen still has a vertical overlap with Dou Xin, with a debt balance of 1.5.4 billion.  Extension: Does the “20% price lock” increase arbitrage space?  In addition to the above-mentioned relaxation projects, the “Refinancing New Regulations” also relaxes the lower pricing limit, pricing base date and lock-in period, and supports listed companies to date strategic investors.  If the board of directors of a listed company decides in advance to determine all the issue targets and is a strategic investor, etc., the pricing base date may be the announcement date of the board resolution, the announcement date of the shareholders’ general meeting resolution or the first day of the issue period;On the trading day, 10% off the average stock price of the company was replaced with 20% off; the lock-in period was shortened from 36 months and 12 months to 18 months and 6 months, respectively, and the relevant restrictions on the reduction rules were not applied.  This has also become the most controversial part of the “Refinancing New Regulations”.Some market participants believe that locking prices + 20% off + halving sales restrictions may significantly increase arbitrage space.  Taking Li Sichen as an example, Sauna and Yewang noticed that the issuance price was set to 12 based on the announcement date of the board’s resolution.03 yuan / share.As of the close of March 6, Li Sichen’s latest sustainable is 19.For 41 yuan, the investor has floated over 60%.Xiangdian shares are more prominent, and its plan for additional issuance disclosed on February 19 shows that the issue price is 5.17 yuan, but as of the close of March 6, its latest price has risen to 13.At 19 yuan, the investor has floated over 155%.  However, some market participants told the sauna that Yewang said that it takes more than two years for investors to make decisions from the board to lock prices to unlock to sell.The willingness to hold the stock of a listed company for two years, especially in such a large Chinese capital market, must not be said that the term is not too short.In fact, the so-called lock-up issuance is also based on the average price of some cycles of stocks. It only discounts 20%, excluding insider trading, manipulation, and irrational rises in the market. The lock-up price is reasonable and obtainedMarket recognized.Thirdly, if the so-called interest transfer really occurs, this is a violation of laws and regulations, and can be determined in accordance with relevant laws and regulations.  In addition, how to identify strategic investors is another problem.  ”Generally speaking, strategic investors should be able to provide: support in R & D and core technology; improve management and operation of the company; related to upstream and downstream industries; and support the company’s procurement and sales channels.”But how to identify?The standard is very vague.”The above market participants said.  Reporter Zhang Yanbin, editor Sun Yong proofreading Liu Baoqing