IPO price system in new shares refinancing blood"

First financial daily news, many industry insiders said, regulators strictly control the issuance of "three high" but does not provide IPO after refinancing intervals, by refinancing blood "is an option, but the bull market, refinancing is recognized by the market, to a certain extent as the driving force of price.

At the same time, IPO issue price caused by the huge funds to fight the new, after the IPO is repeated trading, in view of this, the industry believes that the price system has only IPO.

More than twice the IPO refinancing

March 18th officially listed on the evening of June 1st, throwing 6 billion yuan financing plan, blue thinking technology rushed refinancing action, so that the market will once again focus on the rapid start of refinancing of new shares.

Blue Synopsys announcement said, intends to 5 specific non-public offering of not more than 100 million shares, the total funds raised not more than 6 billion 26 million yuan, of which, 3 billion 402 million yuan for the production of sapphire and intelligent terminal application projects, 1 billion 624 million yuan for 3D curved glass production projects, 1 billion yuan was used to supplement working capital.

In more than 2 months ago, blue thinking technology to 22.99 yuan / share price issue of shares, raising $1 billion 549 million in 67 million 360 thousand. In fact, according to the prospectus of the LAN Si technology, the company's initial public offering to raise funds to 3 billion 622 million yuan, for small and medium size touch screen glass panel project and large size touch function glass panel construction project.

Insiders said, regulators did not IPO after refinancing regulations issued in the IPO interval, lower prices in the background, some companies will take the initiative as soon as possible in order to reduce the scale of financing listed, to be listed after the success of the given by blood".

First low figure listed, and then through the refinancing curve for capital operation, has become the choice of many new shares. The energy of wind power last September 29th landing A shares market (601016.SH), was 2.17 yuan / share issue price "expensive" delayed release, but six months after the listing, to be not less than 9.47 yuan / share non-public offering price of not more than 317 million shares, raising not more than 3 billion yuan.

After a lapse of six months or so, the introduction of some of the energy saving wind power seeking "endowment" if thirsty. Energy saving wind power when the initial public offering, because to 2.17 yuan / share price of cabbage issue of 178 million shares, net profit of only about $329 million. According to the prospectus, first equity investment projects - a total investment amount of wind power development project is 1 billion 41 million yuan, much higher than the net fund-raising, the company to invest its own funds, then starting fund-raising replacement.

Listed more than 4 months after the launch of a non-public offering of not more than 1 billion 200 million yuan to raise funds to plan Fuda stock (603166.SH), also appeared to borrow given by blood". According to the situation of the use of Fuda shares issued to raise funds 215 million yuan, as of December 31st last year, the company raised by IPO only 3 million 791 thousand and 700 yuan. Refinancing to raise funds for the new marine engine crankshaft project, product upgrades and intelligent transformation projects and supplement working capital, the market questioned and IPO raised investment projects are associated.

In contrast, the new shares have been disclosed in the refinancing plan, Beijing Tianli (300399.SZ), Taicheng Pharmaceutical (002728.SZ), and so it does not look bad money". Listed in October last year, Beijing Tianli, in March this year, plans to increase the release, the proposed increase of not more than 10 million shares, raising not more than $350 million. But the company's 2014 annual report shows that the asset liability ratio was only 2.71%, monetary funds of $256 million, total current liabilities of $12 million 897 thousand and 300.

Bull blood benefits more

Relative to the shackles of dancing, IPO financing, the new shares in the bull market refinancing blood is more cost-effective. One person said, time shares rose, refinancing or raising the scale has been enlarged, which can be used for raising the amount required for the development of the company, but also can be used for payment; in addition, in the bull market, financing to some extent become a driving force of price.

From the disclosure of the new shares of private placement program, with the IPO price soared, the issue price has been significantly improved, fund-raising appetite has also expanded. The blue Synopsys, from 22.99 yuan / share issue price listed at the beginning of June 2nd, the closing price of 140 yuan / share, has risen 322.83%, intends to raise financing does not exceed 6 billion 26 million yuan; Beijing days from 11.19 yuan / shares listed at the beginning of June 2nd, to 246.60 yuan / share, or up to 1291.65%. The re financing does not exceed 350 million yuan.

"The issue of 'three high in the strict control of the regulators' (high issue price, high price earnings ratio, high volumes) in the background, for the first time the issue price is limited, the majority of shares have not been able to raise enough funds through the IPO curve, also launched refinancing a way. The agency told reporters that China's equity financing cost is zero, and more convenient financing in the bull market, to some extent, may also become the driving force of rising share prices.

For some listed companies "not bad money" to start refinancing, the agency believes that this need according to the specific financing scheme, some companies may be used for the acquisition of the project, some may want to borrow a bull market more reserve funds for business development in the future.

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