Category: Money tips Release Date: 2007-07-14
Dashiyanpan: In the November 10 session of the National Unit of the work of the spirit of reform become clearer later, the management sent a clear split share structure reform will be determined to move forward signal, but the management is also clearly expressed in the share reform a crucial stage of the determination of a stable secondary market, so Despite last week's market trading was very light, long-short the two sides were very cautious, but the stock is still part of the fund in tenacious diving straight Awkwardness steadied the Shanghai Composite is also the third time since November back on the 1100-point level. Judging from the current point of view, last week's rally in blue chips plate effect of the trend began to emerge, and the continuity has been enhanced, combined with their reaction rate relative to the larger decrease in pre-terms still moderate, it is expected that afternoon there is still some room for a rebound and, as the popularity of the warming, I believe that the other plates, such as small plates, real estate, plates, etc. are very likely oversold active afternoon rally expected to continue. (Qing-Zhong Liu)
Market hot spots: Golden Road by Chalco A shares will talk to stimulate the market, aluminum plate performance in eye-catching, Shandong Aluminum Industry, Lanzhou, etc. or front. But the G Baosteel, Sinopec Yangzi blue chips, represented by a strong rebound in the market is the driving force to stimulate and promote the CIMC, Shenzhen Chiwan, Foshan, lighting a huge decline in the early varieties have started a fund Shigekura rebound, it is recommended to focus on. Meanwhile, 41 small plates G stocks were also up across the board, there rose the overall trend, but also inspired the entire G Unit Plate do more enthusiasm. Concern is, G Unit plate has become the market remained concerned about the object, the plate change in the current context of existence of shares to further tap the potential of a market outlook should focus on species. In addition, the technology stocks have been more active and short-term cement blocks are unis and Fujian Cement limit-made, driven by overall good. 2 delisting the species long-ST Lianhua, ST Lake Branch huge gains after the resumption of the market attracted a great eye, which is also conducive to investment capital for restructuring and active mining stocks.
Commission deliberation issuing new shares and refinancing relaxation is the main keynote of the New Deal
IPO of the company the first three years of continuous profitability; twice refinancing of listed companies should have a 12-month intervals.
These Chinese A-share listed companies must follow the financing conditions may be relaxed or eliminated.
Earlier this month, the SFC will "on the IPO and refinancing," the discussion paper onward transport securities regulatory bureaus, asking them to convene broker research and discussion.
Informed sources have told reporters that discussion paper is the core of the market for financing, after full circulation, which, IPO and re-financing policy has been relaxed, sustained profitability, a "release" of the core indicators.
Because of this, investment bankers generally agreed that issuing new shares and the re-start the refinancing will be pushed to next year, two quarter.
Abolition of "three-year record of profitability,"
"Fa Shenwei 2005 8th meeting of the audit results announcement," This year, April 30 notice is issued to date on the latest in a pre-trial notice. Since then, due to start-split share structure reform, China's stock market IPO and refinancing has been at a standstill.
However, market participants are waiting for this process re-instituted. "A healthy capital market, how can there is no incremental capital to enter," said a securities firm CEOs.
A discussion of the manuscript sources, the original issuing new shares and re-financing policy will be modified to adapt to the full circulation mode of financing a new situation. The new financing policy guidelines is to restore market financing function, strengthen the market of financing constraints, the value found in the capital market and pricing functions.
The source noted that, with regard to issuing new shares and the key conditions for the refinancing of part of the policy, and not the revised Company Law and Securities Law embodies, which gives the Commission the development of new policies will not leave a very large space.
Discussion Paper on the IPO of the most crucial point is that the financial indicators of abolishing the current "must be first three years of continuous profit" policies and regulations, the corresponding provisions of the "continuing profitability, financially sound," this change will be pay more attention to the governance structure of listed companies.
But the people also revealed that, for listed companies of different sizes, discussion paper also made a classification of "Different companies have different distribution market policies and regulations, this point and the new Hong Kong Stock Exchange rules is similar to that practiced in places where Sub-level management. "he said.
Last year, Hong Kong Stock Exchange revised the "Main Board Listing Rules", the introduction of market value, earnings and cash flow finance testing standards to require the market value of more than 40 billion in the last fiscal year earnings of at least 500 million Hong Kong dollars, or the market at 20 billion Hong Kong dollars more than three years, net cash inflow of more than 1 billion large-scale listing applicants to be exempted from the "third consecutive year of record earnings" requirement. But the company must also prove that its "management, listing the applicants business and industry, have at least three years and satisfactory experience, as well as listing the number of shareholders, there are at least 1000."
According to insiders, this discussion paper in the "three-year record of profitability," the cancellation should be mainly on account of a certain type of company in the early days, such as the high-tech or some larger group, a great demand for capital, company size is very large, the record may not be profitable for three years, but the company can generate huge profits, and can attract a large number of investor interest. Of course, the new policy in terms of market capitalization and earnings of these companies has placed high demand.
It is understood that after the listing period of a year before the counseling may also be canceled.
"Incompatible with the provisions of tradable state would be modified, such as the Ministry of Commerce provides the proportion of foreign shareholdings in listed companies must not exceed 25% and so on," the person said.
Refinancing policy adjustment Accordingly, in the re-financing, the discussion paper has done a relatively large adjustment.
G Hongsheng refinancing now waiting for the introduction of the new policy. November 16, its issuance of not more than 6,000 shares of the proposal validity period has passed. "We have no further extension, because now do not know what specific policies will be," Hongsheng Technology Deputy General Manager Li Shuyu told this newspaper.
In accordance with the existing provisions, the purposes of allotment take nearly three years of net capital gains rate of over 6% or more, if the convertible bond issuance and distribution of the indicator shall be 10%. It is reported that these specific provisions will be canceled. At the same time, refinancing a 12-month time intervals have also been abolished, that is, in theory, as long as the market acceptance of, the listed companies can apply at any time to refinance.
According to insiders, the "net capital gains rate of 6%" this target there are relatively large controversy can not be determined whether it will be canceled, but can determine the index will be reduced, or at least diluted.
At the same time, the listed companies to refinance model will be expanded, in addition to the current issuance, allotment, issuing convertible bonds, etc. in several ways, a listed company may also be through non-public offering methods, such as on the part of the company's restructuring, replacement and to attract strategic investors, but also through warrants, asset securitization, etc., so that enterprises through the capital market to improve operational efficiency.
A securities company president, noted that the change should be expedited, because the senior has requested as soon as possible will encourage listed companies to speed up the split share structure reform, complementary policies to support the reform of listed companies, optimization and truly back Early benefit from the reform; and to have been carried out split share structure reform of listed companies, G-share companies, to study their recovery re-financing functions.
CITIC Securities said a middle, and now many securities companies have many projects in rows, waiting for re-financing and IPO of the gate opening, are waiting for these businesses to support themselves. According to report, CITIC Securities had been hoarding large projects there are five, one of which is over 10 billion yuan of bank financing of the amount of IPO project.
And these correspond to the distribution system of China's stock market will be further improved.
In fact, the November 10 meeting of the five ministries, the senior has requested, the need for further reform of the stock issued by the approval system, broadening financing methods to improve financing efficiency, reform the overall structure of listed companies to raise the proportion of direct financing.
China Euro Securities investment banking division, associate director Li Feng believes that the current discussion paper highlights the issue modify the system such a change has been relatively clear. The issuing registration system, the securities regulator's role is the filing of documents for completeness, accuracy, authenticity and timeliness to the form of scrutiny, and will issue shares of good and bad left to the market to decide. Such a system a higher degree of market-oriented, equity release can go out, what are the issue price determined solely by market demand.
"This kind of examination system on the distribution side issue, brokers, investors have higher requirements." Li says.
Choi Yong-Yuan Securities president of the country that faces a test in which the largest brokerage, the core of the most difficult one is the pricing. If the price properly, is likely to result in failure of issue, or the underwriter to underwriter out of the unissued shares. But he also considered that this change in the market is still a good thing.
Insiders pointed out that the Shanghai Stock Exchange, in accordance with the system transition, the future approval of financing may be changed to the exchanges report to us, as long as the program meets the requirement, it can be carried out.
