China Fund News reporter Wu Jun
Private equity boss Ge Weidong participated in the private placement of the "quilt".
Recently, the domestic signal chain chip leader Siruipu announced that the company issued a fixed increase of shares to specific objects in October last year, which will usher in the lifting of the listing ban on April 26 this year, with a total of 12,044,400 shares; Ge Weidong appeared in the detailed list of listed and circulated restricted shares of Siruipu, he held 1.926 million shares, and the subscription price was 149.53 yuan / share at that time, but the latest stock price was 88.10 yuan / share, which was more than 41% higher than the issue price.
According to industry insiders, in fact, due to the turmoil in the equity market in the past year, the prosperity of some industries is not good, and there are not a few institutional and individual investors who participate in the private placement of listed companies. Some private equity people believe that the staged floating loss is not terrible, and as an investor, you need to analyze the fundamentals of stocks and choose the right time to make investment decisions.
The private placement of shares is about to usher in the lifting of the ban on listing, Ge Weidong participated in the private placement of 41% of the floating loss
On the evening of April 18, the announcement issued by SRP showed that the company's private placement shares issued to specific objects in October 2023 will be listed and circulated, with 12.0444 million shares listed, accounting for 9.08% of the company's current total share capital, and the date of listing and circulation is April 26, 2024.
It is understood that the restricted shares listed and circulated this time involve a total of 11 issuers, including Ge Weidong, chairman of Chaos Investment, EDA leader Primarius Electronics, as well as Guotai Junan, Wanjia Fund, Nord Fund and other securities firms, public offerings, Guangzhou Industrial Investment Private Equity Fund, as well as Morgan Stanley, UBS AG and many other foreign investors.
On the evening of October 25 last year, Siruipu announced that it would issue 12,044,400 shares to specific objects at an issue price of 149.53 yuan per share, raising a total of 1.801 billion yuan. The funds raised are mainly used for the construction of Lingang comprehensive R&D center, the R&D and industrialization of highly integrated analog front-end and digital-analog hybrid products, and the construction of testing center.
At that time, the private equity boss Ge Weidong invested 288 million yuan to participate in the private placement of Siruipu and subscribed for 1.926 million shares, but now the 6-month lock-up period is about to end, if the latest stock price of Siruipu is 88.10 yuan / share, it has fallen by more than 41% compared with the issue price at that time, and Ge Weidong is facing a large floating loss.
Last year's net profit loss was about 34.71 million yuan, and the stock price of SRP has fluctuated greatly in recent years
According to public information, SRP is one of the leading analog chips in China, with products covering signal chain, power management and other categories, including amplifiers, data converters, interfaces, power management, reference voltages, power monitoring, etc., covering various application fields such as new energy and automotive, communications, industry and medical health. It is understood that the company's analog chip products have entered the supply chain system of many well-known customers, including ZTE, Hikvision, Harman, iFLYTEK and other leading enterprises in various industries.
On March 29 this year, SRP released its 2023 annual report, in which the company achieved operating income of 1.094 billion yuan, a year-on-year decrease of 38.68%, and the net profit loss attributable to shareholders of listed companies was 34.7131 million yuan, a significant decrease of 113.01% year-on-year, and the net profit attributable to shareholders of listed companies was 1.1895 million yuan after excluding the impact of share-based payment expenses.
SRP said that in order to fully mobilize the enthusiasm of employees, the company has successively launched equity incentive plans, and the related share-based payment expenses will have a certain impact on the company's operating performance.
Minsheng Securities believes that SRP continues to launch new products such as signal chain and power management, acquires Chuangxin Micro to broaden its product line, builds its own test center to strengthen the supply chain, and has achieved results in the expansion of the vehicle specification market, and the value of bicycles has steadily increased. Although the company's performance will be under pressure in 2023, it has gradually ushered in an inflection point, and in the long run, with the company's card layout in the field of new energy vehicles and pan-energy, its growth is safe.
SRP landed on the Science and Technology Innovation Board in September 2020, and the company's share price once rose to a high of 620.81 yuan per share in December 2021. After bidding farewell to the highlight moment, the stock price adjustment has been very drastic in recent years, and it fell to a low of 82 yuan per share in February this year, and then rebounded, but continued to adjust from late March to April. As of the close of trading on April 19, Siruipu reported 88.10 yuan / share, down 39.78% this year, and the latest total market value was 11.682 billion yuan.
Wind data shows that according to the private placement issuance date for nearly a year (April 19, 2023 to April 19, 2024), the latest stock prices of 159 stocks in the market have fallen below the private placement issue price, many of which have fallen by more than 40% and 50%, however, there are also 104 listed companies whose stock prices have increased compared with the private placement issue price.
Industry insiders believe that due to the sharp fluctuations in the equity market in the past year, and the poor prosperity of new energy, semiconductor and other industries, the stock prices of many companies have fallen below the issue price, trapping institutional and individual investors. It is believed that the situation will improve in the future as the market recovers.
Some private equity sources also told the fund that private placement investment is different from conventional transactions, due to a longer lock-up period, relatively uncontrollable factors, showing the characteristics of high risk and high volatility. If there is a floating loss in the shares that are released from the lock-up period and participated in the private placement, the manager should analyze the reasons to see if the company's fundamentals have changed, and then decide whether to continue to hold or sell at the right time in combination with market conditions.
Editor: Captain
Review: Muyu