Category: Money tips Release Date: 2006-10-31
Source: Bohai Investment Author: Zhou Yan
Some organizations to statistics, at present market, nearly one hundred companies announced the intention to refinance the company, its stock price to restore the first half of this year has risen more than 50 percent, almost twice the gains were the same period. Such as high-hung shares (000,851) is only 14 trading days on the rose 63%, yang of light (600,673) also directed issuance of soaring above 100%, XAC International (000,768), is a record five-year high. The Wednesday Shanghai Pudong Development Bank, China Minsheng Bank, the concept has directed issuance of financial stocks is independent Tiaotai Liang, driving broader market upside. "The new old", after he had been regarded as "a scourge" of re-financing, is already evolving into individual stocks continued generally favorable, the mainstream financial hoarding of gold plate.
According to an authoritative source, "the next time, targeted the additional thrust will be to encourage the big shareholders in listed companies into a strategic asset, to achieve the overall market." Sharp echoes with this is that some fund companies to the regulatory research results reported that the current major shareholder of a large number of listed companies, hoping through the private placement will be in the hands-owned mines, land, production lines and other strategic assets into the listed company. On the other hand, with the full circulation market environment, the formation of two types of gradual convergence of the interests of shareholders, large shareholders do more motivation high, and will be strategic assets into the listed company's interest-based and market environment and maturity. Thus, with additional targeted to achieve the overall market, thus it will have a "hit it off the market and the major shareholders" flavor.
First of all, and the prices different from the past.
Additional directional spatial orientation will lead to arbitrage issuance of a different nature from the previous is now directed to issue additional shares can not be transferred within 12 months, so that can reduce the expansion pressure, and contribute to enhance the performance of listed companies, making stocks more investment value. In addition, an additional issue may be the introduction of new strategic investors, and because the object of non-public offering, to issue no more than 10 people, since the number of small investors to subscribe for the shares of these strategies will naturally account for a considerable proportion, together with its bid is not low (which provides for the issue price shall not be less than 90% of market value), a one-year lock-up period, therefore, these strategic investors from their personal interests and the maintenance of the company's legitimate rights and interests of large shareholders can play a restrictive role. Also in additional shares of the existence of directional short-term arbitrage opportunities. Those who participate in the fund Shigekura current secondary market price and distribution were roughly the same reserve price, even lower than the company issuing the reserve price, the general will strive to maintain price, otherwise there will be additional risk of failure, and this produced a certain amount of arbitrage space.
Secondly, the overall market and asset into the behavior of the stock after the reform has a credible institutional basis.
Major shareholders, the overall market, the assets into shares of such acts is actually a natural continuation of reform, due to a certain profit to the market value of leveraging a more significant, the Group's net profit will enlarge the market value, price-earnings ratio, that is, early in the current full circulation , A-share market valuations are still very reasonable and the stages of major shareholders would be wise to take "be thoroughly after the take" approach, in order to gain more benefits in the future to prepare. Therefore, the major shareholders have a stronger motivation to achieve the overall market. Whether through the right of access to liquidity in asset securitization, or by enhancing the market value of equity value maximization to achieve goals, these two roles are in line with its major shareholders and changes in the stock after the completion of both the basis of a credible system, which determines the whole of this Listing A-share market surges and several times in the history of the ultimate failure of the restructuring proved to be different in nature tide.
Third, the medium and small shareholders in the next stage of the process of China's equity capital is expected to receive substantial benefits.
Whether from the net assets, income and profits and other indicators, China's assets in the A-share market capitalization rate is still quite small, while the A-share market lower net capital gains rate indicates that its representation is weak, the lower asset quality. All this means that there are a large number of off-quality assets will ultimately be achieved in the A-share market capitalization of listed company's overall profitability will thus be a huge improvement. One of the most important way should be the IPO, while the asset injection and the overall market because of its difficulty in the path selection and operation of the advantage is expected to become another almost equally important way. In addition, the resource allocation function of capital markets determine the best asset is bound to be the first to achieve capitalization. Overall, medium and small shareholders in the next stage of the process of China's equity capital is expected to receive substantial benefits.
Fourth, the exogenous behavior of the assets will be injected into the second half of the market rose the most important drivers.
After the first half of reform and growth around the stock revaluation conducted after the endogenous industry and investment opportunities in individual stocks to a considerable extent, been excavated. If you want to rely on endogenous growth and the valuation of the profit to further enhance the stock price higher, in addition to the financial and real estate sectors in the regulation and the RMB revaluation pressure to ease the catalyst is expected to have greater expression in the short term, most of the industries and individual stocks to see up and still need some time to wait. From this, exogenous assets brought into the behavior of earnings growth and valuation increase will be the second half of the market rose the most important drivers.
