According to wind data, as of September 24, 499 companies in the A-share market have proposed 642 additional issuance plans so far this year.Excluding the plans that are not implemented, not approved by the IEC and not approved by the general meeting of shareholders, it is estimated that 807.233 billion yuan will be raised.At the same time, 215 companies have put their private placement plans into practice, and the total amount of funds actually raised is 412.846 billion yuan.
On the whole, in recent years, the number and scale of additional issues in the fixed value-added market have shown a rapid upward trend.According to the statistics of the implementation of private placement over the years since 2006, the number and scale of private placement have decreased in 2008, which is affected by the subprime crisis.In other years, the number of private placement has always been increasing year by year.In terms of the scale of private placement, it has only decreased in 2013.Since the beginning of this year, with the gradual warming of the market, the activity of private placement has increased again.Up to now, the actual amount of raised funds of 412.846 billion yuan has not only increased by 68.828 billion yuan compared with last year, but also refreshed the annual fixed increase scale in recent years in advance (Table 1). Observation of private placement since this year shows that the growth trend is also reflected in the monthly.In January and February of this year, A-shares issued plans for private placement within a month, with pre raised funds of 36.159 billion yuan and 29.345 billion yuan respectively, and then the scale expanded rapidly.As of August, 118 plans for private placement of listed companies were issued in a single month, with the planned fund-raising scale rising to 163.079 billion yuan.In September, 98 plans for private placement of listed companies have been announced, and the scale of funds to be raised has reached 115.846 billion yuan (Table 2). The rapid expansion of private placement scale is closely related to the policy support for enterprise M & A, especially since the beginning of this year.继今年3月出台《国务院关于进一步优化企业兼并重组市场环境的意见》明确提出简化审批程序、取消部分审批项目下放的要求后，而取消对上市公司重大资产购销置换（构成借壳上市的除外）的审批，新“国九条”也明确提出鼓励市场化兼并重组；7月份，中国证监会还就修改《公司法》向社会征求意见上市公司重大资产重组管理办法。
不过，由于购买能力、交易时机等方面的差异，最终盈利情况却大相径庭。From last year’s situation, the distribution funds of Yili shares, Zhejiang Daily Media and other stocks have made a lot of money, but there are still many institutions locked up because of their participation in the private placement.In particular, some funds participating in the private placement of resource stocks are scarred, which has become the reason why the enthusiasm of institutions participating in the private placement has decreased this year.
Promoting private placement in bull market
With the increasing activity of private placement, the performance of private placement companies in the secondary market has also been widely concerned by investors.Is SEO a “pie” to help rise or a “trap” to push down?Different people have different opinions.As early as in the bear market in 2008, the share prices of Ping An, Sinopec and Shanghai Pudong Development Bank all fell sharply due to the rumors of additional issuance financing.In the market at that time, the “drama” of additional issuance launched by listed companies almost all became “box office poison”.However, with the warming of the market, private placement, which is not optimistic, has become a “hot spot”.Statistics show that, so far this year, the average growth rate of companies issuing private placement plans is 33.79%, while the growth rate of Shanghai stock index in the same period is 10.76%.Among them, 424 companies have won the market this year, accounting for 84.97%.The “drama” of private placement seems to be transformed into “audience protection” again.
However, statistics show that not all the stocks that issued the plan will have a strong performance at the stage, while the stocks such as freiter, Jincheng and TongZhou electronics, which also issued the plan, did not get good returns, but showed a large decline compared with the beginning of the year.
Generally speaking, for small and medium investors, companies with the following characteristics of private placement deserve more attention.The first is that the target of SEO is strategic investors, which is expected to improve the company’s valuation level, and then drive the secondary market share price up; the second is that the target of SEO is group companies, which is expected to be listed as a whole and eliminate related party transactions; the third is that the target of SEO is large shareholders, who subscribe in cash, which shows that the large shareholders have confidence in the development of listed companies; the fourth is to raise funds for investment Fifth, the current market price has fallen below or near the SEO price.After the SEO, the listed companies play a major role in maintaining the interests of the SEO targets.在实施固定增值的过程中，上市公司会推动股价补偿，以利于增发的顺利实施；固定增值完成后，上市公司为了保护增发对象的利益，避免被套牢，也会促进股票价格补偿。