The SFC'S Tightening Rumor Of Refinancing Has Finally Become A Reality To Say Goodbye To The "Money Trap Era".

With the introduction of the new policy of refinancing, the practice of listed companies trying to collect money through private placement is obviously difficult.

This is a great benefit of the A share market, and it is also a protection for the interests of investors.

This will play a positive role in optimizing the allocation of resources in the A share market.

The CSRC's provisions on refinancing actually cut off the hand in hand of private placement, and the private placement has since said goodbye to the "money trap era".

From the refinancing standard measures, it includes four aspects.

First, if a listed company applies for a non-public offering, the number of shares to be issued must not exceed 20% of the total share capital issued before the issue.

The two is that the listed company applies for the issuance, issuance of shares and non-public offering shares. The resolution date of the board of directors is not less than 18 months in principle.

However, the issuance of convertible bonds, preferred stock and gem small quick refinancing is not subject to this time limit.

Three, when a listed company applies for refinancing, in addition to financial enterprises, in principle, there should not be any paction financial assets with a larger sum and a longer term at the end of the latest term, and those available for sale.

Financial investments such as loans to others and financial services entrusted.

Four, it is clear that the benchmark price date is the first day of the issuance period of the non-public offering.

In recent years, private placement has increasingly become a weapon for listed companies to cash in.

Statistics show that in 2013, the amount of private placement of listed companies amounted to 351 billion yuan, but in 2014 and 2015, the number of private placement increased almost doubled, reaching 682 billion 200 million yuan and 13723 billion yuan respectively. In 2016, it reached a level of 16951 billion yuan.

Behind the sharp increase in the amount of private placement of listed companies is the aggravation of listed companies' money encircling, and all kinds of shady deals and insider trading are also frequently staged.

For example, listed companies are also rich in financing.

Some listed companies are financing huge sums of money while extending their hands to investors.

Some companies use large amounts of fundraising for financial management.

For example, some listed companies regard the stock market as their own ATM and frequently refinance the stock market, while some new listed companies have just been on the market for several months and have asked for money from the market.

There are also listed companies in the financing time, to the market lion big mouth, financing scale even exceeded the scale of the company itself.

In order to attract institutional investors to participate in the issue, fixed price increases are usually issued at a discount, and when the shares are lifted, they are usually supplemented by good convoys, excluding the possibility of interest pmission or insider trading.

In this way, a

History has evolved into a history of naked money.

Moreover, because the money is too easy, the large amount of capital invested by listed companies is also lavish and generous.

Buy assets at a high premium, or even acquire junk assets or loss assets.

All kinds of stock markets are also staged.

Because of this, this time, the CSRC took the initiative to refinance and launch the targeted placement. It really caught the key of the listed company's money collection, and the measures taken were also right for the remedy.

For example, "the number of shares to be issued should not exceed 20% of the total share capital issued before the issue". It is impossible for a listed company to have a lion's mouth again.

Also, like the 18 months' financing interval, some IPO enterprises immediately refinancing after trying to go public, and it is also difficult to implement.

Nevertheless, there is still room for further improvement in the new financing policy.

For example, setting a threshold for private placement, setting a weighted average for three consecutive years based on the threshold setting of rights issue.

If the yield is not less than 6%, the listed company can only carry out private placement to the controlling shareholders or strategic investors, and not to finance specific objects.

For example, the amount of financing provided shall not exceed two times the amount of cash dividends issued by listed companies since the previous financing.

In addition, if the use of the previous fund-raising fails to achieve the expected profit target, the listed company shall not refinance within five years.

As a result, listed companies increasingly difficult to collect money, private placement will say goodbye to the "money trap era".

For more information, please pay attention to the world clothing shoes and hats net report.