On November 24, Bairun, a listed company, announced that e fund and Dongzheng asset management participated in the companys private placement of 16.0498 million shares at a price of 62.68 yuan per share. Specifically, e fund sent out e fund medium and small cap mixed fund managed by Zhang Kun and consumer industry stock fund managed by Xiao Nan, with 4.5828 million shares and 7.638 million shares respectively. In addition, Dongfang hongruize, a subsidiary of Dongzheng asset management, has allocated 3.829 million shares to 7 funds including Dongfang hongruize in three years.
In addition, on November 4, Chuang Jin Hexin Fund announced that its two funds participated in the subscription of Yiwei lithium energys non-public offering shares, and the total number of shares allocated was more than 1 million.
Wind data shows that as of December 3, 194 funds have participated in 283 fixed increase projects of listed companies since December 3, and only 95 funds participated in 103 fixed increase projects of Listed Companies in the whole year of last year. Specifically, 51 funds participated in the fixed increase more than once in the year. Among them, Xingquan Hengyi bond securities investment fund has participated in 7 times of fixed increase since this year, and Xingquan Antai balanced Pension Fund (fof) and Guangfa Juxin have participated in more than 4 times.
Yao Feijun, a fund manager who set up a mixed fund with China Merchants zenghoo for one year, said that since this year, the fixed increase market has continued to recover, and fixed increase has become a very important investment field for public funds.
The floating profit of the fund is considerable
Yao Feijun analysis pointed out that since the implementation of the new policy of refinancing at the beginning of the year, the issuance end of the fixed increase market continued to warm up. According to statistics, in the first three quarters of this year, 139 bidding projects were issued and the total amount of funds raised was 262.4 billion yuan, an increase of 35.58% and 21.30% respectively over the same period of last year.
Wind data shows that as of December 3, 281 listed companies have implemented private placement so far this year, more than 241 in the whole of last year. Among them, among 281 companies, the latest stock prices of 250 companies have increased compared with the issuance price, and 119 companies have increased by more than 30%, 50% and 100%, 66 companies and 23 companies have increased by 100%. Among them, the issuance price of Beijing junzhengding was 22.46 yuan, and the latest closing price was 92.60 yuan, up 312.29%; the latest closing price of Chifeng gold was 17.42 yuan, 271.43% higher than the issue price of 4.69 yuan.
With the increase of project supply, public funds are also actively participating, and the floating profit is considerable. Wind data shows that at present, there are 20 funds participating in the fixed increase project, and the fund is more than 100 million yuan. Among them, the most powerful is Guangfa science and technology pioneer managed by Liu Gesong. The fund participated in the fixed increase of Kangtai biology with 500 million yuan, and obtained 4.5455 million shares. Based on the latest closing price of 155.10 yuan, the floating profit of the investment has reached 205 million yuan; the e-fund consumer industry stock has participated in the fixed increase of Bairun shares with 479 million yuan, and the latest floating profit is 97.027 million yuan; xingquantrend investment mixed fund has participated in 6 fixed increase projects such as Yuanli stock, and the total floating profit is more than 100 million yuan.
He yuan, deputy director of capital management and Investment Department of venture capital Hexin fund, said that in the first half of the year, industrial investors with sufficient funds participated in the fixed increase projects; in the second half of the year, the number and scale of foreign institutions and public funds gradually increased, which made the structure of investors in the fixed increase market changed.
Screening high quality projects in three dimensions
Yao Feijun believes that public funds have obvious advantages in participating in fixed increase, and the greater the equity scale, the more obvious the advantages. Public funds usually buy a large amount of stock, and if they buy directly in the market, they will raise the stock price and spread the purchase cost, he said. But if we participate in the fixed increase purchase, we can lock in the participating price range in advance, so as to avoid the impact cost and time cost caused by buying in the secondary market.
When talking about the selection of fixed value-added projects, Du Xiaohai, director of quantitative investment department of Haifutong fund, said that first of all, it will select the industry companies with strong future prospects supported by national policies. On this basis, we will focus on the quality of the company itself and choose the high-quality target. This will focus on the companys product ceiling, industry status, competition pattern, profitability, historical performance realization, as well as multi-dimensional indicators such as the investment direction of raised funds, participation of related parties of listed companies, historical percentage of valuation of listed companies, and fixed increase discount rate.
He Yuan said that in addition to considering the basic factors of the company, the discount rate will also be considered. After the lock-in period of fixed increase project is shortened to 6 months, it is similar to the long buying strategy of stock. If we recognize the underlying fundamentals, and are willing to hold them for a long time, and can have a good discount rate, it will be more appropriate to buy.
In addition, Yao Feijun also mentioned the timing factor. According to the law of market cycle, a bull bear market usually has a cycle of about 1-2 years, he said. In a bear market, even high-quality stocks may also have a long-term or substantial decline. Therefore, timing is also very important for participation in fixed increase.
Source: Ren Hui, editor in charge of China Securities Journal_ NBJ9607