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【600383股吧】角色转换游刃有余(2014-09-27)


600383股吧——限制稀土出口

  市场依旧是那个市场,公司依旧是那些公司,看什么都跟以前一样,但A股私募的“把戏”很容易改变“观众保障”和“票房毒药”的角色。俗话说“牛市靠定增”。随着股指走势的逆转,今年的定增行情不仅较为活跃,而且整体表现好于同期市场。
  增发热情持续高涨

  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.

600383股吧
  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。

600383股吧——2012牛股

  大股东程定增“带头”

  其中,本年度实施非公开发行的主要关联方为非上市公司股东或主要非上市公司。统计显示,在604只非公开发行股票中,向大股东或其关联方发行股票258只,占比42.72%。其中,41期仅向大股东发行。
  大股东之所以愿意全额出资入股,与其看好定增后的投资项目密切相关。如久奇软件在《关于发行股份、支付现金购买资产及募集配套资金及关联交易的报告》中披露,公司为实现不断深化移动互联网领域布局的战略,收购了易奇联科技,从而提高公司的竞争力和盈利能力。对久奇科技的控股股东久奇科技的发展持乐观态度。为了更好的实现九七科技的重组和配套上市公司的发展战略,九七科技将全力支持。据投行人士分析,无论是法人实体还是自然人,控股股东都认购了全部定增股份,这在很大程度上表明了他们对公司未来的乐观态度。随着公司股价的上涨,特别是业绩进入解禁季后,大股东的价值也会随之上升(表3)。

600383股吧——三十而立

  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.

600383股吧——碳元科技

  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。

  据观察,今年本次定向增发方案公布后,成飞集成、明佳科技、丹佛股份有限公司、万利达等趋势性较强的公司,大多瞄准集团公司整体上市、融资收购其他资产、壳资源重组等发行方案后发行,金城股份等个股走势疲弱,扣除发行费用后,将仅用于补充公司流动资金(表4、表5)。

  另外,需要注意的是,目前由于私募的非信贷审批和非公开性质,很多公司无论其主营业务如何不尽如人意甚至无利可图,一旦发行私募股票,都会引起众多投资者的关注,从而刺激股价,甚至出现暴跌表现出过度的增长和背离现实。近日,江西证监局下发《关于对江西赣峰锂业股份有限公司及相关方发出警告函的决定》的处罚函显示,赣峰锂业在公司实施固定增值期间开始接触并购对象,重组兼并概念深入人心,公司固定增值资金募集完成。董事长李良斌出资4000万元认购204.08万股是董事长增持,对公司发展有信心。在重组兼并的压力下,赣丰锂业迅速崛起,但李良斌在今年7月迅速减持,套现总额超过7000万元。作为原来的控股股东,李良斌先是参与了固定增发,然后又参与了固定增发。

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