The rise of the scale of quantitative private placement and the new play of listed companies

category:Finance
 The rise of the scale of quantitative private placement and the new play of listed companies


At the beginning of this year, some shareholders of listed companies transferred their shares to the so-called quantitative private placement by way of block transaction transfer, and the income was once 7 or 8 points. If we add in the innovation of the scientific and technological innovation board listed before September, the income will reach more than ten points, and it will be risk-free. Li Hua (not his real name), a person in the field of quantitative private placement, told China Securities News.

So, how do you do it? Wang Ming, a securities manager, told reporters that it was actually that shareholders of listed companies transferred their shares to private equity through bulk trading to participate in the new market. For example, if a listed company has a shareholder with a market value of 100million yuan, then borrow 100million yuan of bridge capital to subscribe for private equity products with this 100million yuan. Private equity products buy shares held by shareholders through bulk trading and pay them 100million yuan. Finally, shareholders pay back the bridge loan with the money paid by private placement. As a result, the stock is transferred from shareholders to private equity, while shareholders of listed companies get private equity products. With enough bottom position and appropriate scale, the manager can participate in the offline new operation according to the normal path. The actual beneficiary who finally hits the new income is still the shareholders of the listed company.

Zhang Wei (not his real name), another quantified private equity personage, also said that even if listed companies do not have so much capital in their hands, they can operate. For example, for stocks with a market value of 100 million yuan, only 20 million yuan of working capital is needed. If you operate five times according to the above method, you can transfer all the stocks in your hands to private equity funds.

Although such operation can make a profit, for the major shareholders of listed companies, this kind of transaction is equivalent to the reduction of holdings, and the major shareholders must make an announcement in advance. Therefore, many of the investors involved in the innovation are not major shareholders of listed companies, but small shareholders with a shareholding ratio of less than 5% Zhang Wei said.

The secret of soaring scale

This year, many private placements have seen a rapid rise in the scale of new sales, and several private placements have increased to 10 billion through pure new scale. Li Hua said, due to the high income from the previous innovation, it has attracted a large number of funds. Now, although the new income has been reduced, but through margin trading plus double leverage, there is still a considerable income.

According to CAITONG Securities Research Report, as of November 5, 121 stocks have been listed on the science and technology innovation board and 70 stocks have been listed on the gem since November 5. If investors participate in the stock market with a scale of 200 million yuan and are shortlisted for each inquiry, it is estimated that the return will be 16.82%.

A quantitative private placement personage told reporters: this business itself has no threshold. Although the performance reward such as management fee is lower than that of quantitative index enhancement and hedging products, the technical content is very low, and relevant strategy team is not needed. Because of the large scale of the business, the overall income is higher than the real quantitative private placement.

Reasons behind complex operations

In addition to earning risk-free income, one of the reasons why shareholders of listed companies have to carry out such complicated operations is that the non trading transfer and opening of new business is also one of the reasons.

Non trading transfer means that the shareholders of listed companies use their own stocks as the bottom positions to transfer their shares to a single asset management plan entrusted by themselves to participate in financial investment such as innovation.

A person in the industry said that there had been similar business before, known as directional transfer. The securities account opened by the directional asset management plan has the same name as the principal, and the shares can be transferred to each other. However, the Regulations on the operation and management of private equity asset management plan of securities and futures operating institutions issued by the CSRC in June 2019 changed the account name of the single asset management plan to the name of securities and futures operating institution - name of investor - name of asset management plan, and the non trading transfer channels between the accounts with the same name were blocked, and the business was suspended accordingly.

In April this year, China securities registration and Clearing Co., Ltd. issued the detailed rules for the implementation of non trading transfer business of securities. Article 9 of the detailed rules specifies the application for non trading transfer business of private equity asset management plan, indicating that this business is expected to restart. In September this year, the reporter of China Securities News learned that the regulatory authorities had called on relevant institutions to discuss the matter. Industry insiders expect that the filing guidelines for private equity single asset management plan of securities companies will be issued, and the non trading transfer and new business is expected to restart.

However, this guideline may not be approved for the time being. Li Hua told reporters, the tax rate problem of non transaction transfer is very difficult to solve, if it is not for the original shareholders need to pay income tax.

Source: Ren Hui, editor in charge of China Securities Journal_ NBJ9607