Financing differentiation on the New Third Board: Over180Company terminates private placement

[paragraph]The New Third Board private placement market has already shown a polarized pattern. Truly rushing towards itIPOMoreover, it is difficult to obtain a fixed additional vote; Those with neither capital operation nor average performance still have no interest in private placement. Perhaps related to this, the number of New Third Board companies that have abolished private placement plans has significantly increased this year.
According to incomplete statistics from reporters2017year1Month to5month10Day, there are already180Multiple New Third Board companies have terminated private placement. Looking at the fundamentals of these companies, most of them are unsatisfactory. In addition, the continuous downturn in the third board market often leads to their private placement prices being inverted. In addition, there is a group of companies that have decided to terminate their listing and leave, so they have all cancelled private placement.
Termination of fixed increase quantity doubling
According to official statistics from the stock transfer system,2017In the first four months of the year, the total number of New Third Board enterprises completed private placement1043Time, completed fundraising amount412.86One billion yuan, compared to the same period last year1138Secondary and494.47Decline in billions of yuan respectively8.35%and16.5%。
Correspondingly to the overall cooling of the private placement market, listed companies frequently terminate their stock issuance plans. According to incomplete statistics from the Shanghai Securities Journal, there have been180The listed company has cancelled its private placement plan, which involves a fundraising amount of nearly160RMB100mn Less than the same period last year saw the cancellation of private placements90Home, and this year4The month is approaching60Home termination of private placement.
A senior investor from the New Third Board told reporters that in the current weak market environment, it is important toIPONew Third Board companies with unclear expectations or performance that have not yet been released have difficulty negotiating prices with investment institutions. Companies do not want to offer at a low price, resulting in repeated delays in private placement plans, ultimately leading to a miscarriage of private placement. Actually, many institutions are not optimistic about the New Third Board at present, and they do not have the ability to screen out listed companies with investment value, butIPOConceptual stocks give speculators the illusion of arbitrage before they dare to bet The senior person said so.
The emergence of this phenomenon is mainly due to the mismatch in investment methods, investment terms, investment concepts, and investment capabilities. These funds mainly follow theAThe investment method and philosophy of stocks are based on this, so many funds have a short lifespan and there are few truly long-term value investments Fu Lichun, Director and Chief Researcher of Northeast Securities Research Center, believes so.
There are various reasons for termination
Reporter review180The termination of private placement plans at home has found that most companies disclose the reasons for termination as vague and vague, with the most common statement being "adjusting the issuance plan for the sake of the company's long-term development strategy."
For example, Zhengxing Technology stated that based on the company's latest strategic planning and business development, the board of directors believes that the current stock issuance plan cannot effectively meet the company's development needs, and plans to make significant adjustments to the stock issuance plan. Hengxin Qihua stated that due to changes in the company's strategy and significant changes in the purpose and financing plan of this stock issuance, the company has ultimately decided to terminate this stock issuance.
Lei Yao Shares admitted that the termination of the stock issuance was mainly due to a certain gap between the raised funds and the original plan, as well as market changes.
Behind the termination of private placement, there is more discord between the issuer and the subscriber in terms of price, and the most obvious manifestation is the inverted price of private placement. Compared to the market price, the inverted ranges of private placement prices for listed companies such as Leiyao Group, Zhenghe New Materials, Blue Hat Interactive, and Leishi Group are99.33%、99.80、87.50%、80.68%。
Leiyao Group's two financing attempts both failed. The company has previously2016year1month29Attempted to implement the first stock subscription plan in Japan, and later, citing a certain gap between the raised funds and the original plan, in the same year7month13Termination of daily private placement. The company restarted more than two months later, but as of this year2month8On the same day, the company terminated its stock issuance again for similar reasons.
The reporter found that among the companies that terminated private placement, their performance fundamentals were all unsatisfactory.
Lei Yao Co., Ltd. is unable to disclose on time2016The annual financial report is temporarily suspended from transfer.2016Annual semi annual report, the company achieved revenue307.40Ten thousand yuan, year-on-year decrease18.32%； Net profit is-54.74Ten thousand yuan, year-on-year growth31%。
Zhenghe New Materials is also quite frustrated, as the company took nearly a year and a half to complete financing, and behind its difficulties are factors such as declining performance. The company2015According to the annual financial report, the company achieved revenue and net profit of1323.63Ten thousand yuan145.52Ten thousand yuan, decreased year-on-year respectively28.50%、72.94%。 this year4month25Today, the company announced that it has decided to terminate this issuance due to changes in capital market regulatory policies and its own development plans.
In addition, listed companies such as Sihai Electronics, Yayi Technology, Tianqi Noodle Industry, Guangsheng Information, Yarong Technology, and Fighter have also terminated their private placement plans due to their application to terminate their listings.