In May this year, the Commission officially launched the share-trading reform. From the first four pilot enterprises, to suddenly amplified second batch 42 home pilot enterprises, to the Commission Chairman Shang Fulin clear: no third batch of pilot, reform will be fully under way, at this point, like it or not, more than 1400 was officially listed companies in China "into" this unit into. To understand each company (including their executives) on unit into real attitude is clearly a bit more difficult, however, far from dozens of pilot enterprises, we can clearly understand that their respective different moods. In addition to the "support unit into" this high-sounding reasons, they each have a more or less than yours.
A class of enterprise participation unit into, is compelled. In order to "force" Enterprise stock reform, management has employed a "do not share reform not let stick policy financing", this approach to this week, a first form of the article by Xinhua, the official announcement.
There is also a class of enterprise "active" to join the unit into how much is the c-level executives on the "incentive" that the "carrot" of desire. Unit into enterprise can implement incentive, this practice has written a draft of the SFC file.
There is also a type of enterprise sought to borrow stock to "relief". These companies want full circulation, they already have a mortgage to the Bank's stock will be obtained the right to add value in circulation.
In addition, many private enterprise, you can get because unit into its "rich" realised on paper.
In order to refinance
The first batch of pilot enterprises, Sany heavy industry, Tsinghua tongfang, executives in the interview, stated that the enterprise's own initiative to apply for, instead of hand-picked "SFC". However, for those who are approaching the Commission considers that regulatory reform is a key layer, become pilot enterprises have some policy offers. At that time, the regulators for refinancing, and there was no clear statement.
From the first batch of pilot most of the enterprises take a wait-and-see attitude, to a second batch of pilot launch hundreds of companies before the proposed programmes of positive attitudinal change impresses unit into pilot's interests driving is not apparent.
In the first batch of pilot, IPO, refinancing and other activities also in the fairway. Management in listed companies and securities firms sponsor different meeting said the pilot enterprises will be the first allowed to refinancing, does not solve the problem, the shareholder shall not carry out activities such as refinancing. This provision until Monday before as a rescue favourable to the official Xinhua News articles published in the form, but the industry has already got used to this.
This is a large number of strong refinancing desire among the second group company active pilot of a big reason for this is the first batch of pilot is a large number of companies in-and-see attitude. Although the first batch of pilot companies with successful benchmarking, but in the current price without basis, market competitive game environment, not the pilot unit into a people "applause". Perhaps only desire "refinancing" can be interpreted many companies the sudden enthusiasm.
According to statistics, in the second batch 42 home pilot company, made since last year, including the issuance of convertible bonds, stocks, refinancing company up to 17, the ratio of 53.13%. For example, on port header, shenneng co., Aeolus, Hualian negative electricity, ultra, and in the bulletin all clearly raised the refinancing plan. In addition to steel shares, Guangzhou holding has implemented SEO, 15 companies of refinancing has not yet taken place. In macroeconomic austerity and industry boom cycle is not conducive to the performance of listed companies continued to increase against the background of the refinancing of listed companies ' growth is crucial.
Such enterprises actively share-trading reform, more likely intended to refinancing, it can truly be said is important. Reform of Corporation in refinancing will receive special discounts for approval, so that even as stock reform, payment on price "hurt their strength," non-negotiable shareholder can also issue additional refinancing of recovery unit into cost.
Before the implementation of stock reform has been adopted by the General Assembly of shareholders, the issuance of A share of the 3 billion people's power (600886) recently Roadshow, company Chairman Al Nathan recognizes breeding "stock reform for refinancing and development company. "At the same time, the company also said it would continue to push further SEO matters.
The analysis in the industry, due to the non-trading stock have the locked constraints, short term cash in the secondary market, after the success of the pilot, the companies may set off a round of refinancing.
Equity incentive germinating
In order to enhance public companies to the wishes of the share-trading reform, regulatory layer move out of the "carrot and stick" policy reflects success. In addition to the big stick "before" — don't share reform be refinancing, motivate executives drive unit into the "carrot" — option incentive measures will also be introduced.
In the second batch of pilot enterprises introduce stock reform programmes, people suddenly found long-outstanding, highly controversial equity incentive plan was unveiled.
Moreover, according to people close to the Commission, said that the drafting of the regulators listed on the stock standard opinion "are you sure will soon come. Among them, the companies can implement gangu, options and warrants, equity incentive plan, is the biggest highlights of views.
However, if you want to eat the "carrot", you must first change the gateway has been off the unit. In the press get the equity incentive for opinions "discussion paper on article 8 provisions expressly listed on the stock solution without the prior permission of the general meeting of shareholders, no stock options or warrants implementation of equity incentive plan.
This provision is to some extent explain another part of the public company "active" to join the unit into the cause.
In fact, on the option incentive plan in effect as early as the first batch of pilot would have appeared in. The first batch of pilot enterprises one of Tsinghua tongfang was clear that led the company to apply for one of the reasons why the pilot is full circulation, the company's option incentive schemes can be implemented.
At present, the second batch of pilot enterprises such as sinochem international, kingfa, Hang Seng e, shaogang Songshan, etc announced share package also made equity incentive plans and programmes. Many pilot Corporation also recognizes that to implement option incentive, is the company unit into one of the pilot's motivation.
Hang Seng electronic publishing unit of the reform package of that shareholder commitment programme, when implemented, will be 400 million shares to employee stock option incentive plan implementation. The company's securities services representative told reporters that option incentive plan for high-tech companies are very important. Have always wanted to do it, but because of the restrictions, the shareholder has failed to implement.
"If the stock reform through the companies to implement option incentive plan. This is, indeed, we want to share reform. "The people are so indicated.
The universal evaluation consulting company Chairman Zhangchanghong told reporters: "there are 20 to 30 public company to us do option programme requirements. Including both State-owned companies, and private enterprises. Of course, since no stock reform cannot be implemented, the company raised or bundled with stock reform programmes, or in the full circulation before the implementation of equity incentive plan. ”
Borrow stock reform "relief"?
The second batch of pilot enterprises can type vary, in addition to the assets of large blue chip, some enterprises have also changed the "."
According to the Shanghai juyuan data statistics show that in the second instalment of the share-trading reform of 42 companies, zhongfu enterprise, aodong, Jinniu energy, people Fu technology, electronic-optical, Hang Seng Heng Tong, wuhua co., seven companies have varying degrees of non-trading stock pledge. Wuhua shares which are most severe, the company 6349 million shares in pledge or frozen, the share capital of its non-negotiable 46.66%.
A pilot company's foreign press spokesman said: "we remain a part of the stock used to pay for the price, if not, then we would go and Bank communication, after all, our company added value, is also beneficial to the Bank. ”
These companies share reform, to the circulation of shareholders pay a certain price, the mortgage company will receive the right circulation.
On the other hand, if the shareholder due to inability to repay debts to creditors the equity for auction and auction prices generally is only 5% of net assets. However, if the implementation of the share-trading reform, non-trading stock even sell higher than net asset prices. Shareholder structure on the one hand addressing non-circulation of shareholder debt crisis, on the one hand that it realized capital gains, is due to the unit into the unexpected "relief".
In addition, in the second batch of pilot, 10 small and medium-sized private enterprises has also become a major bright spot. Private listed so positively to the share-trading reform, there are people in the industry so stated: "while the non-trading stock shareholders holding shares have various restrictions, however, the previous paper wealth, after all, had the honour of opportunities. ”
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