The listed company raised funds policy adjustment, mergers and acquisitions were not included in the "18-month restraining order"

China Securities Regulatory Commission spokesperson Deng Wei said on the 18th that after the CSRC revised the relevant provisions on refinancing, the mergers and acquisitions of listed companies will be generally implemented in accordance with the relevant regulations of the listed company's major asset restructuring management measures, but there will be “fine-tuning” in the supporting financing. .

Deng Wei said that the pricing of the purchase of assets in the merger and acquisition of shares will continue to implement the relevant provisions of the restructuring measures, that is, the company's 20 trading days, 60 trading days or 120 trading days in accordance with the announcement of the resolution of the board of directors to purchase assets. One of the average price of stock trading is priced.

In addition, in addition to the relevant rules for the implementation of the reorganization method, such as the period of supporting financing, the pricing of the financing for mergers and acquisitions will be implemented in accordance with the newly revised implementation rules, that is, the pricing on the first day of the issuance period; Execution, and must comply with the "Regulations and Regulations on Issuance - Supervision Requirements for Guiding and Regulating the Financing Behavior of Listed Companies."

In detail, the rules mainly restrict refinancing through three measures:

First, if a listed company applies for non-public offering of shares, the number of shares to be issued shall not exceed 20% of the total share capital before the issuance;

Second, if a listed company applies for additional issuance, allotment, or non-public offering of shares, the date of the issuance of the board of directors shall not be less than 18 months from the date of the previous fundraising.

Third, when a listed company applies for refinancing, except for financial enterprises, in principle, at the end of the latest period, there must be no trading financial assets with a large holding amount and a long period of time, and financial assets available for sale, lending money to others, and entrusting Financial investment and other financial investments.

Many securities industry insiders described this as a strict restriction on the fixed growth between institutions and a “structural adjustment” to financing. The final starting point is for the smooth implementation of the registration system.

At the same time, according to relevant statistics, the total amount of fundraising in the market in 2016 reached 1,580.6 billion yuan, a record high, and the previous 2015 also had a scale of nearly 1.5 trillion.

However, the average value of the floating absolute return rate as of January 8, 2017, which was issued in 2016, was only 13.56%, which was nearly half of the average release rate of the unsuccessful yield of the auction issued in the same period of 2015.

The introduction of a new regulation for private placement refinancing is considered as a clear-cut for the capital market.

The new rule now is that it takes 18 months to refinance, that is, the money can be paid and the number of times of attention. And the maximum financing can not exceed 20% of the total market value, that is, the money can be, pay attention to the amount. If you can afford to increase the market value of a large company, you can have more financing opportunities.

Of course, the relevant behavior of mergers and acquisitions is not included in the 18-month limit. This 18-month interval limit mainly includes four forms: IPO, additional issuance, rights issue, and new public offering of shares to raise cash.

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