Category: Money Tips Date: 2006-08-12
Ie the non-public offering of a particular tranche, also known as private placement is actually a common foreign private equity. However, as the two major background (that is, the new "Securities Law" into effect and after the shares tradable share reform), the first launch of a new deal, today's non-public offering, compared with the previous private placement, has undergone a qualitative change.
Shanghai and Shenzhen stock markets now have a new G-hua, G Heavy Duty Truck, G TISCO, G construction investment, G Fanhai, G BOE, G Tianwei, G Sun and other companies to non-public offering plan, the camp of the non-public offering is gradually growing. It directed the additional tricky middle of what does?
GST Global development to the issuance of not more than 100 million A shares of the plan, GST Global real controller ZHANG Gui-ping Zhang Kang Li and his son were with their own stem Yang Real Estate Development Co., Ltd. Jiangsu, 51% and 49% interest in the subscription is not low in this time 90% of the total issued shares (the equity price is not more than 375 million yuan); real estate, according to Qian Yang audited financial accounting reports, as of December 31, 2005, dry-yang real estate net assets 59.73 million yuan, However the additional directional priced, its assessed value of net assets has turned into is not expected to more than 375 million yuan, it is learned primarily assess the value of the company in July 2003 obtained through the listing to sell a substantial value of 492.79 acres of land, but only three years, land prices will be six times?
In the context of tradable, listed companies raising funds, large shareholders prefer to stake diluted, but also to give up with the right to subscribe for shares or issuance, refinancing is also manifested mainly medium and small shareholders, "grabbing the money." Today in the tradable era, a major shareholder in order to subscribe for shares in the assets acquired distribution rights (despite the existence of a lock-up period), the market value has doubled. Example, the actual controller of GST Global value more than 300 million of assets for the 90 million additional shares, so that through the "asset subscription-style" directed additional, not only to obtain value of asset valuation, and the less liquid physical assets to become the securities class assets, you can lock into a realization can be described as double benefit.
Listing of assets is nothing more than a pricing issue, if it is a high-quality assets, value for money, it can increase the profitability of the entire enterprise, if it is low-quality assets, or packaging of assets, then went to market orientation, or additional means for misappropriating formula. (Jiang Ren)
