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600435股吧_结构化产品参与定增难过关(2014-08-05)

600435股吧

600435股吧——台湾股市

  今年以来,一种特殊的定增方式在a股市场大行其道。The related parties represented by the executives of listed companies become the subscribers of their own fixed increase shares through structured asset management plan products.This operation method directly binds the interests of senior executives and other aspects of listed companies with the stock price trend, causing great concern of all parties in the market.
  However, the reporter of “daily economic news” learned that due to some hidden dangers in the participation of structured products in fixed increase, this kind of “ingenious” refinancing plan may not come true in the end.

  Senior executives’ participation in fixed income increase
  It is a common thing for listed companies to refinance through non-public issuance of additional shares in A-share market.The subscribers are usually fund companies, securities companies and so on.However, since the beginning of this year, a new share of capital has also become a regular structured asset management product.

600435股吧——广发证券下载

  In June this year, snowman shares (002639, closing price:14.60 yuan) disclosed the plan for non-public offering of shares.The company plans to issue 40 million shares at a price of 10.84 yuan per share, and the fund raised is no more than 434 million yuan, which is planned to be used for the assembly of refrigeration compressor condensing units, supporting projects and supplementary working capital.The “payer” of this refinancing of snowman shares is the snowman Wanjia asset management plan managed by Wanjia Fund Management Co., Ltd.

  According to the plan, the fund of the snowman Wanjia asset management plan consists of two parts, of which the A-level investors are external non affiliated investors, with a contribution of about 75%; the other part comes from Lin Rujie, the controlling shareholder of snowman shares and also the chairman of the company, as well as shareholders Chen Sheng, Chen Cunzhong, Zhao Jianguang, Zheng Zhishu and Fujian Yingke venture capital, accounting for about 25% of the contribution.
  A person in the industry said that in this asset management product, it is agreed that class a investors will enjoy stable returns, while class B investors will bear the risks and returns brought about by stock price fluctuations.In other words, if the stock prices of related companies continue to rise, the biggest beneficiaries are the executives of companies participating in asset management products and other related parties.

600435股吧——002265西仪股份

  It should be pointed out that in the fixed increase scheme launched by listed companies, it is not a case that the senior management’s indirect participation mode similar to the Yeti Wanjia asset management plan appears among the subscribers.据《每日经济新闻》记者不完全统计,类似的资产管理计划也出现在此前披露的成智(000990,收盘价14.20元)、西王食品(000639,收盘价15.28元)、章子道(002069,收盘价15.70元)等公司的定增计划中。
  公司的一些计划经过修改后获得批准

  上市公司高管及其他关联方通过资产管理计划参与固定增发,被业界称为“另类激励”和“杠杆增发”,这使得股价走势与上市公司其他各方的利益直接挂钩。因此,上周末,西王食品调整定增方案引起多方关注。

600435股吧——个税草案

  在今年5月披露的计划中,西王食品非公开发行4410万股,东方基金同意以其资产管理计划认购上述全部股份。不过,上周末,西王食品发布公告称,此前与东方基金签署的非公开A股认购协议终止,东王集团全资子公司山东永华投资将改为认购全部增发股份。
  对于修改原因,西王食品在公告中披露,是因为中国证监会对非公开发行股票认购人的相关规定进行了调整,原方案已不符合最新政策法规。

  值得一提的是,作为最早提出结构化资产管理产品参与定增计划的公司之一,成智股份早在今年7月就调整了增发计划,主要包括富国成智资产管理计划的利息分配方式调整,认购增发股份,取消杠杆结构。不久,成智股份发布公告称,公司非公开发行a股股票的申请获得中国证监会核准。

  一些相关公司可能会修改该计划
  西王食品与诚志股份巧合调整增发方案,自然引发结构性产品可能成为上市公司再融资障碍的讨论。

  在今年7月召开的中国证监会新闻发布会上,中国证监会新闻发言人邓戈表示,结构性资产管理产品的权利和义务比较复杂。上市公司大股东、董事、高级管理人员参与的资产管理产品认购非公开发行股票后,如何适用于短线交易、内幕交易等,市场操纵和高管持股变动以及信息披露等相关法律法规,如何在发行方案等相关文件中提前明确各方的权利义务,涉及到对诸多法律规范的理解和适用。对于这些新问题、新现象,我们需要认真研究,合理规范。目前,尚未对此类申请发出批准文件。但当时证监会并未明确表示,不允许结构性产品参与上市公司定增计划。
  “其实是因为新闻发布会上提到的内容”,记者在与西王食品一位高级经理沟通时,他告诉记者,修改定增认购人的目的是为了保证问题的顺利实施。同时,当记者了解到目前的SEO计划进展和雪人股份时,一位公司内部人士透露,公司近期可能会调整SEO计划。

  然而,在《每日经济新闻》记者与部分上市公司的沟通过程中,一位公司高管却坦言,“这不是一个很明确的规定,但已经是一个默认的规定了。”。
  据记者了解,结构性资产管理产品参与上市公司定增已成为推动发行的障碍。为了保证再融资的顺利进行,一些上市公司已经开始修改方案。

  有投资者就章子道的增发方案进行了咨询。章子道回复称,关注中国证监会新闻发布会的内容,以及中国证监会批准的与公司计划类似的上市公司非公开发行股票计划的调整。公司将积极稳妥地推进本次非公开发行股票方案,并按照有关法律法规和监管部门的要求实施。具体情况以公司信息披露为准。

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