Listed Companies Have Increased Their Share Allotments To Raise Capital

　　 Industrial capital increased its holdings by 45.5 billion yuan in half a year, and the market undercurrent of fixed growth was surging

From the middle of the year to the present, the stock market can be said to have reached home with great vigour. It has risen all the way up to now. The reduction of industrial capital during this period has affected the recent stock market trend. However, behind the reduction, some industrial capital went against the trend and made a big increase.

On June 24, Xinyangfeng (000902. SZ) released the "Announcement on Controlling Shareholder's Increase in Shares of the Company", and the controlling shareholder Hubei Yangfeng Co., Ltd. (hereinafter referred to as Yangfeng Shares) increased its holdings of 1459700 shares of Xinyangfeng on June 23.

In fact, this is not Industrial capital A case of increasing stock holdings. WIND data shows that as of June 24, a total of 601 listed companies have been increased by industrial capital since 2015, with a total of 2.624 billion shares, and a total increased market value of 45.522 billion yuan.

At the same time, during this period, 218 listed companies implemented private placement, raising a total of 421.623 billion yuan; In addition, four listed companies completed the rights issue, raising a total of 3.515 billion yuan.

　　 Different motives for increasing holdings

The announcement of New Yangfeng shows that "based on the confidence in the future sustainable development of the company, Yangfeng shares intend to continue to increase its holdings of the company's shares through competitive buying through the trading system of Shenzhen Stock Exchange within the next 12 months (from the date of this announcement), and the capital used for the increase is at least 200 million yuan (including the capital for this increase) The cumulative shareholding increase ratio shall not exceed 2% of the total issued shares of the company. "

Similarly, the case of industrial capital increasing its holdings of Yongxin Shares (002014. SZ), which has been hyped by the market recently, Overweight Fang Song and others who acted in concert also explained that they were "optimistic about the future development prospects of Yongxin Shares", and the number of additional shares has reached more than 15% of the total capital stock of Yongxin Shares.

LeEco (300104. SZ), which was concerned by the market due to Jia Yueting's shareholding reduction, also saw Zhang Te, the company's board secretary, increase his shareholding. LeEco's announcement on June 19 showed that Zhang Te bought 58000 shares of the company's stock on June 19.

Zhang Te's explanation of why he increased his stake in LeEco is also "based on his confidence in the company's future development prospects and a reasonable judgment of the current stock price trend".

The 21st Century Business Herald reporter noticed that, in addition to the motivation of "optimistic about the development of the company", the motivation of industrial capital to increase its shareholding in listed companies is also varied.

WIND data shows that Beijing Huajutianxia Network Technology Co., Ltd. (hereinafter referred to as Huajutianxia) has the largest increase in market value. At the end of May, the company increased its holdings in World Bank (002285. SZ), with a market value of 4.253 billion yuan.

In fact, Huajutianxia participated in the private placement of the World Bank and increased its shareholding in the company in this way.

The market value of BYD (002594. SZ) was ranked second, reaching 1.992 billion yuan. This increase came from the Guolian BYD No. 1 collective asset management plan, because "Guolian Securities, the manager of the company's employee stock ownership plan, completed the stock purchase through block trading.".

CSG A (000012. SZ), with weak state-owned assets and dispersed equity, was significantly increased by Qianhai Life Insurance in the first half of this year. The announcement of CSG A5 on August 8 showed that Qianhai Life Insurance bought another A104 million shares of CSG from April 30 to May 7 this year, accounting for 5.02% of its total equity. As of May 7, Qianhai Life Insurance held 208 million shares of CSG A, accounting for 10.04% of its total share capital, which triggered the listing line again.

Qianhai Life Insurance increased its stake in CSG A and triggered the raising of the board for the second time, further opening the gap with the 3.62% shareholding ratio of Northern Industry, the second largest shareholder of the company.

Since then, CSG A has privately issued 180 million shares, of which Qianhai Life Insurance subscribed 112 million shares with 1 billion yuan and Northern Industry subscribed 67 million shares. After the completion of the additional issuance, the shareholding ratio of Qianhai has increased to 14.67%, while the shareholding ratio of the two shareholders has been diluted to 6.33%.

Fan Chao, a researcher at Changjiang Securities, believes that from the perspective of shareholding ratio, the control of Qianhai Life Insurance has been further strengthened. "At the same time, based on the cost price of about 11 yuan, more than 4 billion yuan has become a shareholder in CSG A, and we believe that Qianhai's long-term strategic intentions and ideas are worth looking forward to and imagining.".

WIND data shows that since the first half of this year, CSG A has also been the listed company with the largest net increase in holdings, with a market value of 2.073 billion yuan.

Among the data of net increase in holdings in the first half of this year, the top ten companies are CSG A, Vanke A (00000 2. SZ), Wanda Information (300168. SZ), Yongxin Shares (002014. SZ), Changyuan Group (600525. SH), Zhongju Hi tech (600872. SH), Agricultural Products (000061. SZ), Shuangta Food (002481. SZ), Hengshun Zhongsheng (300208. SZ) and Huaxi Shares (000936. SZ).

According to the industry classification of the CSRC, they are respectively from non-metallic mineral products industry, real estate industry, software and information technology services industry, rubber and plastic products industry, computer, communication and other electronic equipment manufacturing industry, food manufacturing industry, business services industry, electrical machinery and equipment manufacturing industry, and chemical fiber manufacturing industry, Both Zhongju High tech and Shuangta Foods belong to the food manufacturing industry.

In the view of a fund manager in Shanghai, industrial capital has more information advantages than ordinary investors, and the amount of its increase in holdings shows their confidence in the company's share price

　　 Constant increase is still fierce

In addition to industrial capital increasing its shareholding in the secondary market, private placement of listed companies is still frequent.

On June 24, Changfa Shares (002413. SZ) announced the completion of fixed increase, and its issued shares purchased assets for science and engineering assets, science and engineering innovation and 39 natural persons; Supporting financing targets include Hongda Weiye, Leike Investment, Kelei Investment, and Leike Group Investment, including supporting financing of 196 million yuan.

In the first half of this year, the method of acquiring assets by fixed increase and supporting financing, similar to Changfa Shares, was repeated in the A-share market.

WIND data shows that since the first half of this year, among the 218 listed companies that have completed the implementation of fixed growth, the purpose of the funds raised is mainly in two directions, one is to acquire assets, and the other is to supplement the company's working capital.

The 21st Century Business Herald reporter noticed that Baotou Steel (600010. SH) has raised the largest amount of capital since 2015, reaching 29.8 billion yuan.

According to the previous announcement, Baogang intends to issue no more than 16.556 billion shares to the controlling shareholders Baotou Iron and Steel (Group) Co., Ltd., China Merchants Wealth Asset Management Co., Ltd., Guohua Life Insurance, Caitong Fund, Shanghai Lijiaying Trade Co., Ltd., Shanghai Liuhe Dingxiang Investment Center (Limited Partnership), and Hua'an Asset Management (Hong Kong) Co., Ltd, The issuing price is 1.8 yuan/share, and the total amount of raised funds does not exceed 29.8 billion yuan. After deducting the issuing expenses, 29.01 billion yuan is used to acquire the high-quality mine assets of Baotou Steel Group, and the remaining 790 million yuan is used to supplement working capital.

In addition to Baotou Steel, there are also listed companies with a fixed increase of more than 10 billion yuan in the first half of the year, such as Guanghui Automobile (600297. SH), Zhongfang Investment (600061. SH), Powerchina (601669. SH), East China Science and Technology (000727. SZ), Oriental Pearl (600637. SH), Yongtai Energy (600157. SH) and Ping An Bank (00000 1. SZ).

On June 24, Guanghui Auto completed the "backdoor" listing of Meiluo Pharmaceutical. According to the backdoor plan, Guanghui Auto will raise no more than 6 billion yuan of supporting funds through fixed increase, of which 2.182 billion yuan will be used by Guanghui Auto to acquire 16.67% of the equity of Huitongcheng Leasing Co., Ltd., and 3.818 billion yuan will be invested by Huitongcheng to further expand its passenger car finance leasing business.

　　“ Fixed increase financing Not only can enterprises obtain a large amount of cheap funds, but also can reduce the financial costs of the company. ”The above fund manager told the 21st Century Business Herald reporter that the listed companies can not only supplement the working capital of the company but also use it to purchase other assets by obtaining funds through fixed increase

It is worth noting that since 2015, 33 listed companies have appeared in the fixed increase plans of 23 listed companies, and many of the listed companies participating in the fixed increase plans are peers or have business contacts.

According to the regulations, mutual investment between listed companies does not violate laws and regulations. Analyst Xiong Jinqiu once said that the regulators should strictly control the "narrow" cross shareholding of listed companies and restrict the voting rights generated by the "broad" cross shareholding of listed companies.

Due to the convenience of regular increase fundraising, in addition to those that have been implemented, about 600 listed companies announced plans for regular increase in the first half of this year, and the proposed amount of fundraising reached 1562.953 billion yuan. The purpose of its fundraising is also mainly divided into several aspects, such as supplementing working capital, supporting financing, shell resource restructuring, etc.

In addition to the fixed increase, WIND data shows that there are still four listed companies that completed the rights issue in the first half of this year, namely Longzhou Shares (002682. SZ), Xiangxue Pharmaceutical (300147. SZ), Star Technology (002132. SZ) and Huifeng Shares (002496. SZ)

"This kind of behavior of issuing new shares to the original shareholders and raising funds has rarely been used by listed companies." A securities sponsor told the 21st Century Economic News reporter that in the more mature stock market, rights issue is not popular with shareholders, because the company's rights issue is often a precursor to poor management or bankruptcy of enterprises. "When a listed company is short of funds, it should first borrow funds from financial institutions to solve its urgent needs. Generally speaking, banks and other financial institutions will not refuse the loan requirements of a well managed and promising enterprise. However, a poorly managed company will have to ask old shareholders for money to tide over the difficulties."

On June 24, the refinancing plan of Huayuan Real Estate (600743. SH), which had been modified several times, was finally finalized, changing from a fixed increase to a rights issue of 3 billion yuan. According to the announcement, Huayuan Real Estate plans to allocate no more than 3 shares per 10 shares to all shareholders. The total number of shares allocated does not exceed 545 million shares, and the total amount of financing does not exceed 3 billion. The amount of raised investment is 1.6 billion, 600 million 300 million yuan and 500 million yuan.

Obviously, for A-share listed companies, the first half of this year has nothing to do with the macro-economy.