A-share financing: the fund comes from three channels: corporate bond financing

category:Finance
 A-share financing: the fund comes from three channels: corporate bond financing


According to the first financial reporter, the funds for listed companies to purchase financial management mainly come from three aspects: one is the idle funds after raising, which are raised from stocks or bonds (corporate bonds, deliverable bonds or convertible bonds); the other is their own funds; and the third is the idle funds of subsidiaries. The first two are the main sources of financing.

On the evening of the 14th, Jinneng technology said in the announcement that it had purchased 160 million financial products from Qingdao Development Zone Branch of industrial and Commercial Bank of China using temporarily idle convertible bonds to raise funds.

The head of an investment banking business told reporters that buying wealth management is a short-term liquidity management tool for listed companies, aiming to reduce capital costs, which is a way to strengthen cooperation with loan banks.

Listed companies love financing

The trend of listed companies to buy wealth management began in 2014, when the availability of funds was high and low, making the arbitrage chain of low-cost funds wealth management products stable.

According to the statistics of Dongfang wealth choice, 1929 listed companies have made financial purchase since the beginning of the year. According to the statistics of accumulated financial management times, among them, Hang Seng electronics, Bohai ferry, Jack shares, Jiangsu Guotai, Hengrui medicine, Xiantan shares, Denghai seed industry and Jinlong automobile are the top eight listed companies, and the accumulated financial management times are more than 200 times, including 541 times for Hang Seng Electronics, 475 times for Bohai ferry, ranking first and second in financial management frequency.

Statistics show that there are 639 financial management companies in one time, 207 in two times and 67 in three times, accounting for 47.3% of all listed companies participating in financial management, nearly half of them.

Most of the financing funds come from the listed funds. For example, one month after its listing, China comms, a newly listed science and technology innovation board company, announced that it planned to use temporary idle raised funds of no more than 4 billion yuan (inclusive) for cash management; when fangbang shares raised no more than 1 billion yuan, it would put forward temporary idle raised funds of no more than 900 million yuan for cash management.

For example, raising funds to build a production line is a gradual investment process, such as three years. In this process, banks will basically actively market to listed companies, put accounts in bank custody, and sell financial management to listed companies. In order to have a good credit relationship with the bank, we are also willing to cooperate. The head of the investment banking business.

According to the statistics of accumulated financial management amount, Xingrui technology, Hisense Electric Appliance, China Shenhua, OPP lighting, Hengrui medicine, Yangyuan beverage, Jiangsu Guotai and Midea ranked in the top eight groups from high to low. Specifically, China Shenhua Group and Midea Group have only one financing time in these listed companies, but the amount is very large. For example, Chinas Shenhua Group is 40 billion, and Midea Group is 35 billion.

Top 10 of A-share listed companies in terms of accumulated financial management amount

Generally speaking, for the consideration of security, listed companies tend to choose principal guaranteed income products. For example, China Shenhuas 40 billion financial products choose principal guaranteed financial products; Midea Group also choose low-risk investment financial products; Suning e-buys two, one of which is 18 billion yuan invested in financial products; 10 billion yuan invested in principal guaranteed financial products discovered by commercial banks and other financial institutions; BOE As 17 billion yuan invested in low-risk, medium and short-term principal guaranteed financial products and principal guaranteed financial products Structured deposit product, the type of financial product is principal guaranteed floating income type.

At the same time, the first financial reporter also noted that for the general breakeven products, the expected annual yield is mostly below 5%, and few are more than 5%.

For example, China Unicom, a newly listed science and technology innovation board company, has invested 8 billion financial funds into four investment products, including structured deposits, large amount certificates of deposit and investment products with guaranteed capital. The investment period is 180 days and 360 days; the expected annual rate of return is 3.5% - 3.85%; for example, the expected annual rate of return is 1.05% - 4.3% for the breakeven floating financial products of China Guanghe.

First hand debt issuance and first hand financial management

In addition to Principal Guaranteed bank financing, trust plans are also favored by listed companies.

Recently, Deutsche wellness announced that it signed a purchase contract with Bohai trust to invest 420 million of its own funds in the Bohai trust? Cash treasure cash management collective fund trust plan.

Incomplete statistics show that listed companies such as Golden Mantis, Beihua Co., Ltd., Fuchun environmental protection Co., Ltd., Zhongyuan media, yaxia Co., Ltd., Minsheng Holding Co., Ltd., Zhongdi investment, Caixin Development Co., Ltd., leap earth Co., Ltd., Tengda Construction Co., Ltd., Huaye Capital Co., Ltd., Hangzhou Jiebai Co., Ltd. have conducted financial management through trust plans this year.

Some of the listed companies I have contact with are still of great interest. For example, some liquor listed companies prefer to buy trust products. A Beijing trust business person told the first financial reporter.

I asked some listed companies whether to buy high-quality trust plans? They are willing to buy, on the one hand, because of the need for cash reserves. The investment banking people also said.

The first financial reporter noted that even if there are a large number of financial funds in industries such as real estate, they will issue bonds for financing.

For example, a real estate listed company issued a corporate bond with a scale of 1 billion in June, with a term of 5 years and an interest rate of 4.35%. So far this year, the financial management amount of the listed company is 5 billion.

For example, real estate is a cash flow sensitive industry, with the primary focus on capital scale. When issuing bonds, the financing cost should be considered. If the future cost is considered to go up, the funds will be collected in advance. And their financial management is often short-term, now there is no good project until there is a good project in the future, you can withdraw at any time. The chief strategy officer of a securities firm in Beijing told the first financial reporter.

Generally speaking, the period of purchasing and financing of listed companies is basically less than one year; on the trend, it is closely related to the change of entity financing difficulty.

This year, the fund is relatively loose. If the fund-raising cost is relatively low, you can reserve bullets first. For example, real estate enterprises reserve a number of low-cost funds, which is still relatively advantageous. People in the investment banking business agree.

China Merchants Securities also said that the scale of low-level private enterprises to buy financing is quite large, one may be the lack of project investment with considerable income, and the second may be the low return of investment projects, which is not as good as rolling investment financing products.

Source: First Financial Editor: Guo Chenqi, nbj9931