GEM lowers refinancing door biology to prevent non-public offerings

GEM lowers refinancing door biology to prevent non-public offerings

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  Source: Red Magazine Financial Originals Red Weekly Recently, the CSRC issued a revised refinancing system for listed companies, which reduced the refinancing gate of GEM listed companies. In this context, some listed companies have also begun to use loose policies.Market manufacturing hype is possible.

  Qianzhao Optoelectronics ‘non-public issuance of controversial new rules for refinancing has broadened the coverage of GEM refinancing services. The decline in door biology is mainly reflected in: the cancellation of the conditions for the recent issue of GEM public offering securities with an asset-liability ratio of more than 45%;The non-public issuance of stocks on the board is a condition for profit for two consecutive years; the previous fundraising of the GEM has basically been used, and the use progress and effect are basically consistent with the disclosure. The issuance conditions have been adjusted to information disclosure requirements.

  As of 9:00 pm on February 21, after the implementation of the new rules, 75 listed companies have revised or newly issued refinancing plans, of which 31 are from GEM, including Fei Rongda, Jinsheng Smart, Jiuqiang Biological, and GuanghongTechnology, etc. Of course, these are more formal financing solutions.

Under the current “structural bull” step by step, refinancing information has a certain positive effect on the merger of listed companies, and some listed companies are anxious to announce plans for refinancing when the refinancing plan has no clue.Openly questioned.

  For example, on February 21, Qianzhao Optoelectronics received a letter of attention from the Shenzhen Stock Exchange. The company has continued to grow recently and has twice exceeded the transaction standard. The first transaction announcement disclosed on February 17 stated that there were no major events planned.However, the second transaction announcement on February 20 stated that it plans to plan a non-public offering of shares, and the Shenzhen Stock Exchange asked the company to explain whether there is a selective letter and the use of planning and refinancing matters.

  The operating prospects of Qianzhao Optoelectronics are not optimistic, and the annual budget for 2019 is expected2.

6.2 billion to 2.

6.7 billion.

It announced on the 20th that the Securities Regulatory Commission officially announced the new rules for refinancing on February 14 and reduced the information on refinancing. The company’s core management team carefully studied and held a meeting on February 19 to discuss the company’s launch of refinancing matters carefully.Possibility and necessity, basically decided to plan a non-public offering of stocks, but the current number of non-public offerings of shares, the issue plan is still uncertain, the use of raised funds to demonstrate the feasibility of the use, there is uncertainty about this matter.

  There are too many doubts about the announcement of Qianzhao Optoelectronics. The new rules for refinancing on the 14th have come out. Why did the announcement on the 17th not mention the planning of non-public offerings? Since this was done relatively late, and it was announced on the 17th that there were no major planning issues.The fact, why are you eager to announce the planning of a private offering on the 20th?

We see that the stock’s movement in the secondary market is heading towards the sky, and recently it has recorded multiple daily limit boards!

  The lack of a system for planning major events. Regarding the existence of major planning issues, the three days of information before and after the co-existence and repetition of Coexisting Optoelectronics; the existence of misleading statements deserves regulatory attention.

However, it may be difficult to make a regulatory determination at present. One of the reasons is that there is no clear system regulation on the timing of major events and related information disclosure of listed companies.

  At present, the Shenzhen Stock Exchange has time requirements for information disclosure of major restructuring of listed companies. The “Shenzhen Stock Exchange Listed Companies Information Disclosure Guide No. 3-Major Asset Reorganization” stipulates that if a listed company decides to terminate the progress of this reorganization, it shall promptly announce the termination of major asset reorganization.Announcement, and promise not to plan major asset reorganizations for at least one month from the date of announcement.

From the perspective of Xinpi, if a listed company terminates this reorganization, it is natural that it will be a violation of law to release or release information on planning a major reorganization within one month. This has a clear red line.

  However, the listed company planned non-public issuance and other matters, but the author did not find similar provisions to the above provisions, there is no clear time interval red line, but the information before and after an event shows contradictions, it is difficult to be aware of false statements; because unless there is no planning todayThe private offering does not mean that it will not be planned tomorrow.

  The countermeasures and suggestions to improve the planning of the major issues of the letter system are changing. The unpredictable information affects the changes in the securities market. The uncertainty of the operation of listed companies also leads to the formation of uncertain information. This is understandable. However, the information issued by listed companies should still be used.Minimize uncertainty.

Major issues such as the planning of non-public offerings by listed companies often have controversial effects and should be regulated.

  First, clarify the policy for major issues.

Not only must the planning of non-public offerings be regulated, but the planning of other major issues should also be regulated.

According to the Criteria for Major Events, 21 major events such as “Major changes in the company ‘s operating guidelines and business scope, and the formation of relevant resolutions by the board of directors on the issue of new shares or other refinancing plans”, as stipulated in Article 30 of the “Administrative Measures for Information Disclosure of Listed 成都桑拿网 Companies”,It should be a major event; in addition, the SSE ‘s 2018 Guidelines for Suspension and Resumption of Business of Listed Companies’ Plan for Suspension and Resumption of Business, as well as clear major events, include “major restructuring, planning for issuance of shares to purchase assets, planning for changes in control rights, tender offers,Planning non-public offerings, long-term major contracts “and so on.

It is suggested that the above-mentioned provisions on major matters can be combined and summarized to form a definition or example of major matters, and then uniformly bound.

  First, specify the time interval for the release of major events.

Comparing to the time interval for planning asset reorganization, if a listed company is required to terminate the planning of this major event or the announcement does not exist, there shall be no planning of any major event or the announcement of planning of a major event within one month, thereby reducing uncertainty.To maintain a stable market operation level and limit the interests of shareholders.

  Thirdly, basic feasibility ideas should be disclosed before planning major events.

It is suggested that the supervisory authority should formulate as soon as possible the information disclosure format and door intelligence for planning major events.

The planning of major events should have certain feasibility or operability before they can be repeated, and it should be prevented from being released for stimulus; a listed company has only one wild idea and is anxious to disclose information on planning major events and should be prohibited.

As for listed companies to release information on planning for non-public issuance, at least they should also clearly raise the amount of funds, investment projects and other information to avoid misleading investors.