New rules for refinancing landing consolidation fund believes that it will reactivate the fixed-income market
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New rules for refinancing officially landed The merger fund believes that the market will be reactivated: Securities Daily newspaper reporter Wang Ming (Jin Qilin analyst) Shan On the evening of February 14, the Securities Regulatory Commission released some adjustments to the terms of the refinancing system of listed companiesRelevant rules, and announced the implementation of the rules.
At this point, after nearly three months of soliciting opinions, the new rules for refinancing have finally officially landed.
The newly released new rules for refinancing “dry goods” are full: the GEM refinancing cloud has been reduced, the refinancing approval period has doubled, the fixed-increase lock-in period has been halved, and the minimum discount for non-public issuance pricing has been lowered . “Securities Daily” reporter noticedAfter the new rules for refinancing were released, the supplementary institutions were informed of detailed explanations at the first time, among 西安耍耍网 which the agency’s fixed increase business was repeatedly cited.
Kaiyuan Securities mentioned that the implementation of the refinancing new policy will guarantee the success rate of issuance in the fixed-income market. The relaxation of the issuance conditions and the increase in the probability of successful issuance will stimulate more listed companies to choose fixed-income financing. The fixed-income market will usher in a golden development period.
Multi-dimensional loosening of new rules for refinancing. In 2015 and 2016, when the institutional growth business was hot, the slogan “buy the stocks and invest in the weak markets” was widely circulated among institutional investors.
Compared with the volatile A-share market, the fixed-income market with its “discount” attribute is very popular, and the fixed-income return has a higher return on investment, and it has become the first choice for asset allocation by many institutional investors and high-net-worth customers.That period was the pinnacle of institutional growth.
As the fixed-income market continues to be hot, some bad phenomena have begun to appear: institutions do not regulate publicity and marketing, malicious speculation by listed companies before release, or the market has begun to ignore the fundamentals and popular “storytelling,” etc.The market seems a bit deformed.
As a result, the supervisory authorities issued the “Defined Increase New Deal” in a timely manner to strictly regulate the fixed increase business.
Since then, the bubble of the Dingzheng market has begun to burst.
”Securities Daily” reporter noted that the new rules for refinancing at the discount rate cap, change the lock-up period, relax restrictions on holdings, lower the participation threshold and other dimensions have given strong support to the fixed increase business, which is expected to effectively address the core of the fixed increase marketDemand issues.
Large funds are optimistic about the opportunity to increase the market. At present, only Jiutai Fund still manages the increase of public funds in the market.
When seeking comments on the new refinancing regulations, Lu Weizhong, the president of Jiutai Fund, said in an interview with the Securities Daily that the fixed increase is the most important means for refinancing of listed companies. Policy adjustments are in sight. A more market-oriented and smootherThe refinancing reform of listed companies, which can be widely accepted by investors, will reactivate the development of the fixed-income market.
After the new rules for refinancing were officially released, Jiutai Fund also interpreted it at the same time.
Jiutai Fund believes that the financing environment and financing capacity of listed companies will be significantly improved, and fixed investment will become a rare investment in 2020. The current layout of fixed investment can provide three major opportunities.
First, the early fixed-income investment fund will enjoy a policy bonus period of 3 months to 6 months. Second, the majority of fixed-income investment targets are small and medium-cap growth stocks, and the current return advantage is obvious. Finally, after the implementation of the refinancing new policy, the market styleThe switch will be further accelerated, and the estimated advantages of small and medium-cap growth stocks are very obvious.
Southern Fund analysis believes that the new refinancing regulations released signals of relaxation are expected to once again boost the market.
The improvement and relaxation of the issuance restrictions can increase the enthusiasm and feasibility of enterprises to participate in the fixed increase, and play a “timely rain” role for technology companies with high liquidity, high R & D investment and traditional industries in transition; coping, pricing mechanisms and reductionsThe relaxation will be able to resist increasing the attractiveness of fixed increase to investors, help social funds enter the market, effectively support the real economy, and increase the proportion of direct financing.
Xu Zhiyan, assistant general manager of Huaan Fund and general manager of the Index and Quantitative Investment Department, also interpreted the new refinancing rules online.
Xu Zhiyan said, “We found that the GEM has a large market value and good liquidity. Of the top 50 split leading companies recognized by the market, 45 companies have met the refinancing conditions.
The growth potential of the GEM 50 Index M & A growth is increasing, no matter from the current forecast or growth perspective, the value of investment is particularly prominent.