Deepening the reform of the New Third Board and establishing the Beijing Stock Exchange is conducive to activating the New Third Board market and further enhancing the function of resource allocation. From the situation of the fixed increase plan, it can usually be seen that the market financing is hot. According to Dongcai Choice data, from the announcement of the establishment of the Beijing Stock Exchange on September 2 to 20:00 on October 20 (28 trading days), 105 listed companies disclosed their fixed increase plans, an increase of 54 month-on-month, an increase of 106%.
Industry insiders said that optimizing institutional arrangements is conducive to the market to fully reflect the value of the company. With the establishment of the Beijing Stock Exchange, the new third board companies ushered in a revaluation of value.
The number of companies issuing fixed increase plans has increased significantly
According to Dongcai Choice data, from January to September this year, the new third board companies that issued the fixed increase plan were 42, 53, 49, 61, 44, 37, 28, 38 and 72 respectively. Despite the National Day holiday factor, 36 listed companies have disclosed their plans for the increase since October.
Zhou Yunnan, founder of Beijing Nanshan Investment, believes that with the establishment of the Beijing Stock Exchange, the status of the New Third Board in the multi-level capital market has been continuously improved, investors are more looking forward to the prospects of listed companies to take advantage of the development of the capital market, and the investment and financing of the New Third Board market will become more active.
According to Dongcai Choice data, the above 105 listed companies plan to raise 4.012 billion yuan (calculated according to the upper limit of fundraising, the same below). Among them, 13 companies intend to raise more than 100 million yuan, and Shengyuan Technology temporarily ranks first with 350 million yuan. Shengyuan Technology set the price of 9 yuan to 10 yuan / share, the number of shares issued does not exceed 35 million shares, and the funds raised are intended to be used for the construction of 150,000 tons / year maleic anhydride project.
Many fixed-increase projects were "chartered" by an investor. For example, on October 20, The Machinery Co., Ltd. announced that it plans to raise an additional 19.8 million yuan, and the only object of issuance is China Machinery Research Institute Group Co., Ltd. Kuaiyi Mingshang recently issued an announcement that it plans to increase financing by 34.47 million yuan, and the fixed increase share is covered by Zhuhai Fuyin Yunlian Investment Management Co., Ltd.
Industrial capital, well-known venture capital institutions, and local state-owned assets are actively laying out the New Third Board. For example, Tianbo Information recently issued an announcement that it plans to raise 59.85 million yuan from five investors. Among them, Shenzhen Venture Capital subscribed 9.5 million yuan. Skyline airline recently disclosed the fixed increase plan, and the science and technology innovation board company Aerospace Hongtu plans to spend 21 million yuan to cover this round of fixed increase shares.
Financing functions continue to increase
Fixed increase is an important financing method for companies listed on the New Third Board. Since the reform of the New Third Board was comprehensively promoted in October 2019, the market financing function has gradually recovered. According to the data of the National Stock Transfer Company, from 2019 to 2020, the financing amount of the New Third Board market was 26.463 billion yuan and 33.850 billion yuan, respectively.
Zhang Keliang, general manager of the New Third Board Department of Yintai Securities, said in an interview with China Securities News that the reform of the New Third Board has improved the liquidity of the market, attracted diversified investors, and increased the source of living water of the market.
The revised Rules for the Targeted Issuance of Shares in the National Small and Medium-sized Enterprise Share Transfer System were promulgated and implemented in January last year, abolishing the restriction that the number of new shareholders in a single issuance shall not exceed 35, allowing listing and simultaneous issuance, introducing self-issued issuance, improving the authorized issuance mechanism, and improving financing efficiency.
Industry insiders pointed out that the heating up of the new third board fixed increase market will produce a positive feedback effect, which in turn will promote the more stable development of the new third board market.
Source: China Securities News