Golden year will be increased? During the year, 28 securities companies participated in the fixed increase of 71 companies

category:Finance
 Golden year will be increased? During the year, 28 securities companies participated in the fixed increase of 71 companies


During the year, 28 securities companies participated in the fixed increase of listed companies

Since the beginning of this year, with the implementation of the new regulations on refinancing, there are obvious signs of recovery in the fixed increase market. Taking the announcement date of additional issuance as the statistical dimension, as of September 30, the total subscription amount of fixed increase of listed companies by allocated institutions has reached 560 billion yuan.

Among them, securities companies are one of the institutional forces participating in the fixed increase subscription of listed companies. Specifically, since this year, 28 securities companies have participated in the fixed increase of Securities for more than 150 times, with a total subscription amount of 17.411 billion yuan.

In terms of the number of securities participating in the fixed increase, CICC participated in the fixed increase of 24 listed companies, which was the largest number of securities companies; China Securities Construction Investment Co., Ltd. participated in the fixed increase of 21 companies, ranking second in the industry; Guotai Junan followed closely and participated in the fixed increase of 18 companies. In addition, CITIC Securities participated in the fixed increase of the number of listed companies is also 18. The number of listed companies that Guoxin Securities participated in the fixed increase was 16.

Source: choice

Foreign securities companies are also actively participating in the fixed increase subscription of listed companies. Merrill Lynch ranked fifth among securities companies with a total subscription of 918 million yuan, followed by JP Morgan Securities with a total subscription amount of 830 million yuan, ranking sixth in the industry.

Listed companies in computer and software industries are favored

Among the more than 150 listed companies participated by the above-mentioned securities companies, the number of listed companies involved was 71. From the industry point of view, the listed companies in the computer and software industries are most favored by securities companies. Among them, the number of Companies in the computer, communication and other electronic equipment manufacturing industries was the largest, with 9 companies; the number of Companies in the software and information technology service industry was also 9; the number of Listed Companies in the chemical raw materials and chemical products manufacturing industry was 6.

In addition, the number of Listed Companies in special equipment manufacturing industry, electrical machinery and equipment manufacturing industry is 5, and the number of non-ferrous metal smelting and rolling processing industry is 4.

Source: choice

According to the choice data terminal, from the perspective of a single listed company, the fixed increase of Greenway is the listed company with the largest participation of securities dealers, including CICC, Hongta securities, Guotai Junan, Guoxin Securities, Zheshang securities and Caixin securities, with a total subscription amount of 485 million yuan.

Securities companies also like to participate in the fixed increase of their peers. For example, the fixed increase of No.1 venture has attracted five peers, namely CITIC Securities, Guotai Junan, CITIC construction investment, CICC, and Zheshang securities; for the fixed increase of Zhongyuan securities, there are 5 peers participating in the subscription, namely, CSCI, Guoxin Securities, CITIC Securities, CICC and Guotai Junan.

According to the research report statistics of Everbright Securities, most of the incremental bidding projects in the process are for project financing, mainly concentrated in science and technology and manufacturing sectors. At the industry sector level, most of the project issuers are listed companies in the science and technology sector. This part of the project is the mainstream project that financial investors can participate in. However, the number of projects and the total amount of funds to be raised are relatively small in the process of fixed price increase projects, and the purpose of additional issuance is mainly project financing and supplementary working capital.

The growth rate in the fourth quarter is expected to increase

In addition to the issuance of new regulations on refinancing at the beginning of the year, the recent refinancing is in a favorable situation after relaxing the issuance object, pricing bottom line and lock-in period. On September 25, the China Securities Regulatory Commission (CSRC) announced that when examining the applications for non-public offering of shares by listed companies on the main board (small and medium-sized board), it would quickly review the newly accepted listed companies with the evaluation results of a in the last two consecutive information disclosure evaluation periods.

Guosheng Securities said that according to the evaluation results of information disclosure work of the exchange, 479 listed companies were rated as a for two consecutive years, accounting for about 12%. Considering that after the fast track is opened, the fixed growth rate in the fourth quarter is expected to increase. Assuming that the fixed increase scale of the whole year is 850 billion yuan, which is 25% higher than that of 680 billion yuan in 2019. Kaiyuan Securities pointed out that the recent market has been significantly callback, but the fixed increase market still maintains a very good yield and winning rate due to the existence of high discount. Since the new regulations on refinancing, a total of 94 fixed price increases have been announced so far, with an average discount rate of 16.10%, an average rate of return of 23.24%, and an average excess return rate of 18.80% compared with the CSI300. The agency believes that at present, the approval speed continues to improve, and the meeting speed remains high, and the project supply is still very sufficient. In 2020, the fixed increase market will continue to maintain the pattern of supply exceeding demand, which is the golden year of fixed increase investment. Source: China Securities Journal Editor in charge: Yang Bin_ NF4368

Guosheng Securities said that according to the evaluation results of information disclosure work of the exchange, 479 listed companies were rated as a for two consecutive years, accounting for about 12%. Considering that after the fast track is opened, the fixed growth rate in the fourth quarter is expected to increase. Assuming that the fixed increase scale of the whole year is 850 billion yuan, which is 25% higher than that of 680 billion yuan in 2019.

Kaiyuan Securities pointed out that the recent market has been significantly callback, but the fixed increase market still maintains a very good yield and winning rate due to the existence of high discount. Since the new regulations on refinancing, a total of 94 fixed price increases have been announced so far, with an average discount rate of 16.10%, an average rate of return of 23.24%, and an average excess return rate of 18.80% compared with the CSI300.

The agency believes that at present, the approval speed continues to improve, and the meeting speed remains high, and the project supply is still very sufficient. In 2020, the fixed increase market will continue to maintain the pattern of supply exceeding demand, which is the golden year of fixed increase investment.