In the new refinancing regulations, listed companies introduce strategic investors into non-public offering, mainly enjoying three preferential treatment, one is lock price offering, the other is that the offering price can be reduced by 20% and the third is that the lock-in period can be reduced by half. After the implementation of the new regulations, the enthusiasm of listed companies to increase has exploded.
Pan Xiangdong, chief economist of new era securities, told the Securities Daily that the new regulations defined the requirements of introducing strategic investors into the fixed increase of listed companies, and determined the decision-making procedures, information disclosure requirements and the performance requirements of the recommendation and service institutions. The threshold for the participation of the fixed increase of strategic investors has been greatly raised, and the institutions with the purpose of arbitrage will be blocked Outside.
According to the regulatory requirements, there are five types of qualified war investment in the future: first, PE, VC and other private institutions with advanced technology that can improve the competitiveness of listed companies; second, they can coordinate and complement with listed companies, generally leading enterprises or Unicorn enterprises in the same industry; third, they can hold shares of listed companies for a long time, not limited to 18 months of reduction provisions, etc; Fourth, investors who have strong corporate governance ability and can significantly improve the intrinsic value of listed companies; fifth, institutional investors who can improve the performance of listed companies. Pan Xiangdong said.
Zhang Lei, Executive Committee of Huatai Securities, also told the Securities Daily that the significance of the regulatory action is to prevent the issuance of strategic investors price lock into a short-term arbitrage tool, so as to guide listed companies to establish a long-term development mechanism.
In the new old plan, the CSRC said that listed companies that have not yet submitted refinancing applications to the CSRC within the regulatory Q & a release boundary should comply with the requirements of the new regulations.
If the fixed increase plan is not accepted by the CSRC and does not meet the requirements, the plan must be adjusted. In the future, strategic investors will focus on well-known enterprises with important strategic significance in the upstream and downstream of listed companies, as well as some large professional investment institutions with enabling functions, said Zhang Lei.
Investment bankers expect that only 10% - 20% of the fixed increase plans released by the current introduction of war investment can be accepted by the CSRC, and listed companies or reappearance of batch revision of non-public offering plans.
After the promulgation of the new refinancing regulations, the fixed increase of listed companies has been activated, but the definition of strategic investors has become the key. The regulatory authorities further regulate the introduction of strategic investment by listed companies, make up for the institutional weaknesses, help to avoid the fixed increase of listed companies becoming an arbitrage tool for some institutions, help to promote the listed companies to build a mature fixed increase concept, protect the interests of small and medium-sized investors, and have great significance for the healthy development of the fixed increase market. Pan Xiangdong said.
Source: responsible editor of Securities Daily: Yang qian_nf4425