Anxin Chen Guo: Investment Strategy Looks for “Small and Beautiful” under the New Rules of Refinancing
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Source: Anson Securities Research ■ Implementing marketization of new refinancing rules to help “small and beautiful” grow bigger and stronger On February 14, the new refinancing rules officially came into force. The release of policy changes includes streamlining issuance conditions and loosening the non-public issuance system.Give the listed company space and other aspects.
We believe that the implementation of the new regulations will bring about a major change in the refinancing market. Encouraging refinancing will also improve the system.
First of all, the relaxation of the refinancing rules has solved the difficulties and pain points in the process of gradual increase. It is expected that the fixed increase will once again become the mainstream method of refinancing for listed companies, and it will once again become the main investment method in the primary and semi-markets.With a view to boost the fixed increase market in 2020.
In fact, the new regulations require issuing companies, major shareholders, actual controllers, etc. not to make any form of capital preservation commitments to the issuing objects, which will lead to the increase of the investment source, and the original intention is to find high-quality listed companies with undervalued values, rather thanAnother form of “bond issuance.”
Finally, we believe that the new rules for refinancing will help small and medium-cap growth stocks become bigger and stronger through 武汉夜网论坛 reasonable mergers and acquisitions.
As the market suffered from continuous impairment of goodwill after speculation in M & A in 2014-2015, we believe that the market will not easily return to the trend of continued speculation in “junk stocks”.
The released refinancing policy reflects market orientation and better supports SMEs to support their reasonable financing needs.
Secondary market investors should actively seek out quality companies that have significantly benefited from the policy.
■ The new rules for refinancing are in place. Which companies deserve attention?
We believe that the market will pay attention to the companies that are most sure to benefit from the approval of the CSRC and high-tech companies with merger and acquisition plans. We believe that it is most worthwhile to dig for the qualification of the company under the new regulations andThere are expected higher quality GEM companies.
At the same time, the venture capital and securities companies are also worthy of attention.
From the historical perspective, the research on the impact of the fixed increase event on the expectation found that historically, the expected excess return of the fixed increase event is mainly affected by five factors such as the progress of the plan: plan progress: plan announcement-the issue of high excess return rate during the review of the audit committee:The loose refinancing policy is a predetermined market value that will bring excess returns: the policy easing period, small market capitalization of less than 12 billion and mid-market value companies of 16-20 billion get fixed excess excess income.The increase in excess returns is the highest, followed by the mergers and acquisitions industry: the targeted issuance of the six major industries of media, household appliances, transportation, commercial trade, computers, and defense and military industry will not simply repeat the history, but history brings mirror.
As China’s capital market matures and market-oriented reforms, such as refinancing and registration systems, continue to advance, the “garbage stocks” speculative increase in speculation will not return.
Investor restructuring is obsessed with “hot speculation”, “hype restructuring”, or should actively seek out high-quality companies that can use the capital market to develop themselves and realize the transformation from “small and beautiful” to “big and strong”.
■ Risk warnings: 1. The epidemic is higher than expected; 2. Excessive pricing discounts are detrimental to the interests of investors in the secondary market;