[ad_1]
Original title: During the year, brokerage houses spent 13.7 billion yuan to participate in the fixed subscription amount of 47 listed companies, which increased 36 times year on year
Our reporter Zhou Shangding
Since the implementation of the new refinancing regulations last year, companies listed in A shares have emerged. The introduction of new rules for war investing has compressed the pricing arbitrage space, and the fixed income market has officially entered the era of tenders.
Since the beginning of this year, the steady growth rate of listed companies has continued to accelerate. So far, 105 listed companies have implemented fixed growth, and the cumulative amount of funds raised has reached 168.05 billion yuan. With respect to the fixed increase in listed companies, the enthusiasm of brokerages to participate has continued to increase. The current subscription amount is 13.731 billion yuan, representing 8.17% of the total amount of fixed-increase fundraising implemented by A-share listed companies during the year.
105 listed companies implement a fixed increase
7 runners gather to participate
After reviewing the Oriental Fortune Choice data, a Securities Daily reporter found that, as of press time, 105 publicly traded companies have implemented steady growth this year, an increase of 208.82% year-on-year; the cumulative amount of funds raised reached 168.05 billion yuan, an increase of 102.39% year-on-year. Among them, there are 7 publicly traded companies with a fixed increase of more than 5 billion yuan in fundraising, namely Liaogang, Lansi Technology, China Nuclear Power, Zhengbang Technology, Western Securities, Huayou Cobalt and Zoomlion .
The enthusiasm of the brokers to participate in the subscription subscription is very high. In just over two months, 20 brokerages and their asset management subsidiaries (hereinafter collectively referred to as “brokers”) have participated in the fixed increase of 47 companies listed in A shares, a year-on-year increase of 1075%; the cumulative Subscription amount reached 13.731 billion yuan, a violent year-on-year increase, an increase of 3631.25%.
Since the beginning of this year, six leading brokerage firms have spent more than 1 billion yuan to subscribe for shares of listed companies with a fixed increase. Among them, CICC has participated in the fixed increase of 17 listed companies, and the total subscription of shares has cost 3.057 million yuan; China Galaxy has participated in the fixed increase of 16 listed companies, and the subscription of shares has cost 2.048 billion yuan. ; Huatai Securities has participated in the fixed increase of listed companies 8. Subscription of shares costs 1.76 billion yuan, China Securities Investment participated in the fixed increase of 9 listed companies, costing 1,404 million yuan. In addition, the total subscriptions of CITIC Securities and Guotai Junan also exceeded 1 billion yuan, 1.364 billion yuan, and 1.075 billion yuan, respectively.
Reporters from “Securities Daily” also found by combing the data that brokerage houses prefer to “gather” to participate in the fixed increase in listed companies. Among them, seven publicly traded companies, including Western Securities, Zhichun Technology, Palmyue Technology, Yangjie Technology, Yahua Group, Tuopu Group, Jinli Permanent Magnet and seven other publicly listed companies, have attracted four securities companies to participate in the subscription at the same time. China Galaxy and CITIC Securities have participated in the fixed increase of 6 listed companies.
For the fixed growth market, Dai Kang, chief strategist at GF Securities, analyzed that under the lagged effect of the fixed growth plan, the scale of fixed growth issuance in 2021 is estimated to be about 780 billion yuan (price of issuance of 240 billion yuan). yuan + 540 billion yuan bid issue). With the fading of discount rate dividends, the fixed income market 2021 or the “last golden train” of self-salvation for small and medium-sized enterprises under the trend of great differentiation in the registry system.
3 brokerages launched fixed increase plans
The total amount of funds to be raised does not exceed 22 billion yuan.
The urgent financing needs of listed securities companies and frequent fixed increase plans have also attracted a great deal of attention from their peers. Since the beginning of this year, three securities firms, namely Guohai Securities, Dongxing Securities and Guolian Securities, have issued fixed increase plans and plan to raise no more than 22 billion yuan. So far, Guolian Securities fixed increase plan has been approved by its majority shareholder Wuxi Guolian Development (Group) and the Guangxi State Asset Supervision and Management Commission has approved.
Western Securities has implemented the fixed increase this year and a total of 16 institutions have been selected. Among them, the company’s majority shareholder and actual controller, Shaanxi Investment Group Co., Ltd. received the largest number of allotments, with 360 million shares and 2.793 billion yuan in allotments. At the same time, four brokerage firms, including First Venture, CITIC Securities, China Galaxy and China Securities, through this fixed increase in Western Securities shares, were allocated 239 million yuan, 443 million yuan, 140 million yuan and 420 million yuan. yuan, respectively. The period is 6 months.
In this fixed increase Western Securities issue, the four securities firms mentioned above used a total of 1,242 million yuan to allocate 160 million Western Securities shares at a fixed increase price of 7.75 yuan per share. After the completion of the fixed income issue, CITIC Securities and China Securities have entered the list of the ten main shareholders of Western Securities, occupying the eighth and ninth largest shareholders, with 1.28% and 1.21% respectively.
Zhao Yayun, a researcher at the CITIC Development and Reform Research Foundation, said in an interview with a Securities Daily reporter: “Due to the serious homogeneity of brokerage services, large-scale has become the most important to win in the competition. . Participating in the fixed raise has now become a stock brokerage firm. As a shortcut, in the future, large brokerage firms are likely to acquire other brokerage firms through fixed raise and other means. “
However, a non-bank financial analyst at a large publicly traded securities firm has a different opinion. He told a Securities Daily reporter: “Securities through the fixed increase in the shares of your peers are not necessarily for the purpose of a merger. The main reason companies increase capital is to raise capital. Lack of money. Since 2020, several brokerage firms’ businesses have developed rapidly, especially the two financing businesses and the derivatives trading businesses. For this reason, brokerage firms need to vigorously replenish capital. “
In addition, many listed companies with securities subsidiaries have also issued fixed increase plans to vigorously develop their securities business. Recently, Huachuang Yangan announced that it plans to raise funds not to exceed 8 billion yuan. After deducting the cost of issuance, it intends to “transfuse” the capital of its wholly-owned subsidiary Huachuang Securities to supplement its working capital. Prior to this, Xiangcai shares also announced that it plans to increase and strengthen the securities business through a fixed increase of no more than 6 billion yuan, support Xiangcai Securities to expand the capital scale, optimize the business structure and income and improve risk resistance. the comprehensive competitiveness of the company and the state of the industry.
Regarding the future development of the securities industry, Wang Yifeng, chief financial industry analyst at Everbright Securities, believes: “The comprehensive strength of various businesses of leading securities firms is strong and they can share the reform dividend in greater measure, and their competitiveness is significantly better than that of the industry. Performance is expected to continue to grow. Some brokers with specialized operations have taken a different approach and increased their market share through differentiated development. Pay attention to signature brokers with strong fintech capabilities and two-wheel-driven wealth technology. “
