As a matter of fact, according to the plan in February, Hillard capital has invested a total of 2.3 billion yuan at a price of 123.56 yuan per share. As a strategic investor, it has become the only subscriber of Carlins shares to be issued this time. After the announcement of the news, Carling opened the bull market, and its share price soared from 160 yuan to above 230 yuan. According to the closing price of 233.2 yuan / share on July 23, the floating profit is about 2 billion yuan. The latest data show that the market value of Carlin is more than 50 billion.
On the evening of July 22, Carlyle issued an announcement to revise the fixed increase plan, which was adjusted from lock price issuance to inquiry issuance, and strategic investors were no longer mentioned. As the first order of the new rules, the market was in uproar when the news of its revision came out.
Carling said that it was mainly due to the changes in the current capital market environment and comprehensive consideration of the companys actual situation, development planning and many other factors. Specifically, there are four aspects of revision
First, adjust the issuing objects and subscription methods.
Before adjustment: Hillhouse capital plans to increase its fixed amount through cash subscription with the funds under its management;
After adjustment: no more than 35 specific investors will subscribe in cash.
Second, adjust the issue price and pricing principles.
Before adjustment: the lock price is 20% off, the pricing benchmark date is the announcement date of the board of directors resolution, and the issue price is 123.56 yuan / share;
After adjustment: the pricing base date is the first day of the issuance period.
Third, adjust the lock-in period.
Lock: 18 months ago;
Fourth, adjust the scale and use of fund-raising.
Before adjustment: no more than 2.311 billion yuan was raised to supplement working capital;
After adjustment: no more than 2.311 billion yuan will be raised for 4 fund raising projects, namely, the expansion project of innovative medicine one-stop service platform of Carlin life science and Technology (Tianjin) Co., Ltd., the construction project of biological macromolecular innovative medicine and preparation R & D and production platform, the construction project of cdmo production base of innovative medicine, and the supplementary working capital.
18 months + 20% off campaign will increase controversy
According to the securities times, securities companies, Chinese reporters learned from the investment banks of securities companies that the 18 months + 20% discount war investment fixed increase mode, except for some projects that have already passed the meeting, most of these projects withdraw materials or modify plans. An industrial capital that used to be a listed companys war investment also confirmed the news to the Chinese reporter of securities times and securities companies.
An investment bank official from East China securities company explained to the reporter that there may be funds fishing in troubled waters as strategic investors, and the fixed increase of 18 months is unfavorable to small and medium shareholders. According to the information disclosed by the CSRC, as of July 16, in addition to the items that have passed the meeting, there are 160 fixed increase projects under examination, among which there is no lack of 18 months + 20% discount battle investment fixed increase. According to wind data statistics, as of the 22nd, there were 55 fixed increase companies for the purpose of introducing strategic investors, all of which are in the stage of board plan or passing shareholders meeting.
In the middle of July, some listed companies withdrew the fixed increase materials. Yaoshi technology released a fixed increase of 18 months + 20% discount in late February, and the issuing object was Xingquan fund. On July 14, the company announced the withdrawal of the materials and issued a new plan for fixed addition, which was a 6-month inquiry issuance, and the issuing object was changed to no more than 35 specific investors.
An institutional investor said that this is not a policy shift or a tightening of policies, but a requirement for strategic investors issued before the strict implementation of supervision. Strategic investors should be worthy of the name and be genuine.
Multi company adjustment of fixed increase plan
In the newly added regulations on February 14 this year, the regulatory authorities released a major gift package and strategic investors were free to choose the pricing benchmark date; the issuance price was changed from 10% to 20%; and the lock-in period was shortened to 18 months.
As the time of holding the board meeting is controllable, the low price can be locked in advance and the safety cushion can be thickened. Strategic investors take the announcement date of the board resolution as the pricing benchmark date is the mainstream choice. In this context, many investors have strong motivation to take advantage of war investment to speculate and arbitrage, and the lock-in period can be shortened.
More than a month after its introduction, the CSRC clarified the definition of war investment and put forward the decision-making procedures required for the introduction of war investment on March 20. That is to say, the strategic investors determined by the board of directors of listed companies refer to those who have strong strategic resources in the same industry or related industries, seek long-term common strategic interests coordinated and complementary with listed companies, are willing to hold a large proportion of shares of listed companies for a long time, and appoint directors to actually participate in corporate governance. It can bring the leading core technology resources at home and abroad to the listed companies; or it can bring the international and domestic leading market, channel, brand and other strategic resources to the listed companies.
In June, the fixed value-added market rose again. A number of listed companies declared the fixed increase projects, and the issuing objects promised to voluntarily extend the lock-in period of 36 months, such as Jiuqiang biology and Zhongcheng shares.
It is worth noting that private equity as a strategic investor or not kill with one stick. Kangchen pharmaceutical and the above-mentioned Yaoshi technology announced the termination of the previous fixed increase on the same day. Kangchen Pharmaceutical Co., Ltd. had previously set an increase of 36 months + 20% discount and issued to Wang Xijuan, one of the companys actual controllers, and the first phase of ESOP. In the new fixed increase plan on July 14, in addition to Wang Xijuan, the issuing object also introduced CBC investment as a strategic investor. It is understood that CBC investment is a wholly-owned subsidiary of Kangqiao capital, and the scheme is still 36 months + 20% discount.
Hillhouse capital scrambles for a share increase
On the evening of July 17, Hillard capital invested about 10 billion yuan into the Ningde era, which became the market bargaining capital for a time. On the following trading day, Ningde era, which was already hovering at a high level, rose sharply again. It once rose by nearly 8% in the session and finally rose by 4.91%. Coincidentally, on the evening of July 12, jiankangyuan announced that it would raise 2.173 billion yuan of capital, which was contracted by hillhood capital. After the announcement, the stock price of jiankangyuan rose continuously. On May 13, kailitai disclosed the plan for non-public offering of shares, confirming that it would issue no more than 58.5 million shares to Temasek sifudon Investment Co., Ltd. and hillhood Capital Management Co., Ltd., among which hillhood capital plans to subscribe 21 million shares, with the issue price of 18.73 yuan per share and the cost of about 393 million yuan. In addition, Hillhouse capital also plans to subscribe for shares of guoci materials and Guanglianda, with subscription amounts of 645 million yuan and 1.5 billion yuan respectively. Among them, guoci materials will be added to the equity investment partnership (limited partnership) of Zhuhai hillock Yicheng. Source: securities companies China editor: Yang Qian_ NF4425
On the evening of July 17, Hillard capital invested about 10 billion yuan into the Ningde era, which became the market bargaining capital for a time. On the following trading day, Ningde era, which was already hovering at a high level, rose sharply again. It once rose by nearly 8% in the session and finally rose by 4.91%. Coincidentally, on the evening of July 12, jiankangyuan announced that it would raise 2.173 billion yuan of capital, which was contracted by hillhood capital. After the announcement, the stock price of jiankangyuan rose continuously.
On May 13, kailitai disclosed the plan for non-public offering of shares, confirming that it would issue no more than 58.5 million shares to Temasek sifudon Investment Co., Ltd. and hillhood Capital Management Co., Ltd., among which hillhood capital plans to subscribe 21 million shares, with the issue price of 18.73 yuan per share and the cost of about 393 million yuan.