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Original title: During the year, the A-share refinancing scale reached 876.9 billion yuan, nearly 70% of which became the source of additional issuance funds: China Economic Net
During the year, the A-share refinancing scale reached 876.9 billion yuan, almost 70% of which was an additional issue of funds.
Our reporter Bao Xing’an
With the further improvement of the refinancing policy of listed companies, the vitality of the refinancing market for category A shares has been stimulated. According to Wind statistics, calculated on the listing date, as of October 11 of this year, A-share refinancing scale was 876.9 billion yuan. Among them, the additional issuance scale is 605.973 million yuan, accounting for 69%.
The State Council recently issued “Opinions to continue improving the quality of listed companies” (hereinafter, the “Opinions”), which proposes to improve the financing system of listed companies. Strengthen the coordination and balance between the end of financing and the end of the capital market investment, and guide listed companies to optimize financing agreements in consideration of development needs and market conditions. Improve the refinancing issuance conditions of listed companies and study and introduce more convenient financing methods. Support listed companies in financing long-term debt through bond issuance and other methods. Consistently develop preferred stocks, equity and debt mix products. Vigorously develop equity funds. Rich risk management tools. Explore the establishment of a long-term evaluation mechanism for institutional investors to attract more funds in the medium and long term to the market.
Ding Zhenyu, senior investment consultant at Jufeng Investment Consulting, told a Securities Daily reporter that if the investment side and the financial side are balanced, the long-term healthy development of the market will be more robust.
Pan Helin, Executive Dean of the Digital Economy Research Institute at Zhongnan University of Economics and Law, told a Securities Daily reporter that to improve refinancing issuance conditions for listed companies, it is necessary to start with the internal and external governance of the company, the disclosure of information and legal supervision. Listed companies will revitalize their stocks, improve quality and efficiency, and transform and develop into a fairer capital market. In other words, once the company meets these conditions, it will provide better support for its survival and development. For many companies that are listed on the stock market or that want to depend on public quotations for their financing, the demand for funds is very great and perfecting the refinancing issuance conditions is not only to give them the green light for financing, but, what is more importantly, to provide more protection to investors Better issue conditions can make investors feel comfortable and encourage capital to enter the market.
As for the refinancing system, the China Securities Regulatory Commission has issued several important measures to improve it since the beginning of this year, with increased support for listed companies to use the capital market to become better and stronger. On February 14 this year, the China Securities Regulatory Commission announced and implemented the[Anuncio núm. 11]”Decision on the modification of the implementation rules for the non-public issuance of shares by listed companies”, rationalizing and optimizing the refinancing issuance conditions and improving corporate governance and the quality of information disclosure, Adjust the pricing mechanism market-based refinance issuance. Subsequent publications of refinancing measures for ChiNext and the Science and Technology Innovation Council have made it easier for listed companies to refinance.
On September 25, the China Securities Regulatory Commission issued the “Implementation Plan for Classified Refinancing Review of Listed Companies (for Trial Implementation)”, which stipulates that when reviewing applications for non-public issuance of shares of companies Listed in the main directory (small and medium directory), the two consecutive recently accepted information disclosure jobs Listed companies whose evaluation results are A during the evaluation period will be quickly reviewed.
This series of measures stimulated the vitality of the A-share refinancing market. According to Wind statistics, based on the trading date, as of October 11 of this year, the scale of the additional issuance of A shares was 605,973 million yuan, close to the scale of the additional issuance of the whole year last year. The proportion of additional issuance of funds raised in the financing of shares of listed companies has increased from 44.69% last year to 49.16% today, becoming the main driver of the refinancing market.
It is worth mentioning that since the beginning of this year, the issuance of equity funds has continued to increase. According to Wind statistics, calculated on the fund’s constitution date, on October 11 of this year, the number of equity funds issued was 695, with 1,510,722 million shares issued, which has exceeded the shares issued. from last year. Among them, the issuance of variable income funds was 30,945 million and the issuance of hybrid funds was 119,677 million.
Ding Zhenyu said that in the past, preferred stocks, stock and bond mix products were primarily aimed at large investment institutions, which basically ruled out the possibility of small and medium investors participating. The energetic issuance of relevant equity funds, the lowering of the market threshold and the participation of more funds, can be a channel to guide long-term funds to the market. (Daily Values)
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