The fines of 29 private-equity firms that violate the rules and regulations are worth 360 million yuan

category:Finance
 The fines of 29 private-equity firms that violate the rules and regulations are worth 360 million yuan


According to the reporters understanding, before the opening of the Cosco board on the 22nd, the overallotment shares in private equity have been frozen in advance.

According to a super-asset-scale purchase data obtained by Chinese journalists of securities firms, 58.6353 million shares were overallocated by private equity. If calculated at todays closing price, the total float earnings will exceed 360 million yuan. Among them, China Tongs floating earnings amount to 240 million, which will be donated to public welfare organizations after liquidation.

Thanks to the surge of the first batch of listed SCB stocks, many private-equity SCB products have made a lot of money, so it can be said that the scenery is infinite, and the new strategy of private-equity has become hot all of a sudden.

However, private equity holds that under the market-oriented inquiry mechanism, making new investments does not mean absolute returns, and the key to long-term returns lies in stock selection.

The excess allotment is frozen ahead of schedule and has been transferred.

It is noteworthy that while private placement is punished by the association, all the excess shares in the hands are confiscated.

Private placement disclosed to Chinese journalists of securities firms that their oversubscribed shares had already gone through the formalities of transfer. The oversubscribed shares would be transferred to the main underwriter according to the purchase price. The main underwriter would sell the oversubscribed shares in the secondary market, and the proceeds of the oversubscribed shares would be donated to public welfare institutions.

Before Kechuang board was launched, the overallocated shares in our hands were frozen in advance. Today, the overallotment of shares in the hands of the transfer formalities. From this punishment, we have learned a lesson, and will strictly follow the rules in the future. A private solicitor in Shenzhen who was fined told reporters.

According to the reporters understanding, last week, the China Securities Association sent a letter to securities dealers to check the data of private placement of new excess quotas. Ultimately, the association compares the size of products and the number of purchases that are privately offered, freezing the excess. It has to be said that the response and action of this regulation is extremely rapid.

Overallocated shares floated 360 million yuan

On the 22nd, Kechuang board opened the market up sharply, both the stock growth rate and turnover rate exceeded market expectations, which also made participating in offline beating new institutions profitable. Obviously, private equity overallocated shares also showed a large floating profit.

According to a super-asset-scale purchase data obtained by Chinese journalists of securities firms, 24 of the 25 science and technology start-ups, in addition to Android Technology, have been oversubscribed by private equity funds, totaling 58.635 million shares. The overallotment shares will be transferred to securities firms according to the purchase price, with a total transfer amount of 411 million yuan.

Among them, the largest number of oversubscribed shares is China Tongtong, with more than 55 million shares. If calculated at the closing price of $1.020 on the 24th, the current float has exceeded $240 million. In addition, the surplus of 23 other companies totaled more than 360 million yuan, which will be donated to public welfare organizations after liquidation.

Reporters learned from the main underwriters that, on the whole, because of the small size of the overall overquota of private equity, even many companies have only a few hundred shares, so the pressure on the market will be very small.

Half of private offerings and over-subscription of products

A total of 29 private equity firms, involving 139 products, were listed in the restricted list.

According to the published results of offline distribution, 56 private investors participated in the bidding of SKEM, involving about 290 products. That is, almost half of the private equity and products are over-subscribed.

Why is there a large-scale fund over-subscription phenomenon? According to the new rules, C-type investors do not need to pay in advance or freeze new funds to participate in making new funds under the network. Therefore, in order to obtain more quotas and improve the winning rate, many private equity firms have to purchase more than their actual assets.

The person in charge said that private equity funds are different from public funds and insurance funds. As long as they have earnings, they will get a performance commission, so they have the motivation to do so.

Take forestry park investment as an example, the new stock market value allocated to forestry park investment is the highest, at 299 million yuan. If the illegal part is not frozen, the profit on the 22nd day will reach 300 million yuan. If you sell it all, you can get 60 million yuan if you take a 20% performance commission. Shenzhen private equity said.

Industry insiders said that the illegal over-subscription phenomenon was quickly punished by supervision, which sounded the alarm for private equity funds. In the future, regulation will focus on this violation, and some experts even suggest using entity funds to subscribe to eliminate private placement loopholes.

Private placement: does not mean absolute profit

Thanks to the surge of the first batch of listed STB stocks, many private-equity STB products have made a lot of money, so it can be said that the scenery is infinite, and the new strategy of private-equity has become hot all of a sudden, which has aroused great concern of investors.

According to the reporters understanding, many private-equity firms have recently made great efforts to promote new products. Due to the outstanding performance of the first batch of new products, some products of less than 60 million scale have begun to seek funds for joint issuance, and some private-equity firms have even taken advantage of public offerings to fight for new products.

Yang Ling of Xingshi Investment believes that in the past, because of the strict 23 times P/E ratio restriction on the issuance of new shares, Daxin was regarded as a risk-free return. However, under the market-oriented inquiry mechanism, new or does not mean absolute revenue. From the experience of 2009 to 2012 (A shares are quoted through market in this period), 84% of the companies listed on the first day, that is, more than 730 companies closed at a higher price than the offering price.

However, with the passage of time, stock prices gradually returned to normal: after five trading days, the proportion of companies whose closing price was higher than the issuing price dropped to 79%; after 10 trading days, it dropped to 75%, and then fell to 69% in three months; after one year, only 54% of the companiesshare prices were still higher than the issuing price. This means that under the market-oriented inquiry situation, after one year of market transactions, nearly half of the companies have broken out. Therefore, relying solely on new products does not mean high returns. The key to long-term returns is stock selection.

Source: Liu Song_NBJ9949, China Responsible Editor of Securities Dealers