Layered landing liquidity is worrying, the new three board financing cooling caused "job"
This article was first published on the WeChat public account: China Times. The content of the article belongs to the author's personal opinion and does not represent the position of Hexun.com. Investors should act accordingly, at their own risk.
Source: China Times
On June 27th, the New Third Board ushered in the first show after stratification, and the stratification era was finally staged in the repeated expectation of the market. From the overall market trading, the total turnover in the past week showed a trend of high and low, especially the proportion of turnover in the innovation layer gradually decreased, and the differentiation of the basic layer was not obvious.
The inconspicuous differentiation has also caused a more serious wait-and-see mood in the entire market. The data shows that the NEEQ market-making index has continued to hit a new low since the stock market crash last year. As of June 30, 2016, the New Third Board market index fell 20.38% in the first half of the year.
Transfer plate shifting speed
Judging from the increasingly cold trading situation and the ever-increasing “transferâ€, the test of the liquidity of the NEEQ in the post-stratification era has just begun.
In this context, some new three board companies accelerated to join the IPO Corps. According to Eastern Fortune 300059, stocks [-1.35% fund research report] Choice data, as of June 30, the New Third Board market announced more than 200 companies in the listing counseling program, of which 108 companies entered the innovation list. The ratio is 53.47%; another 94 companies are from the base layer. From the point of view of the transfer method, a total of 105 agreements were transferred, accounting for more than half.
Tiering does not play a decisive role in determining whether a company is turning or not. Taking Heiner as an example, the company started to adopt the agreement transfer on October 8, 2014, and changed from the agreement transfer method to the market transfer method from December 17, that year, it has also been selected as the innovation layer.
Last year, Heiner Bio has issued no more than 6.79 million shares (including this number) to 15 issue targets at 14.58 yuan/share, and the total amount of funds to be raised is 989.982 million yuan. The prospectus disclosed by the China Securities Regulatory Commission in June showed that in this IPO fundraising project, the company plans to invest about 30 million yuan to supplement the working capital.
However, in terms of capital reserves, the company’s monetary funds doubled to 84.576 million yuan last year. In terms of liabilities, the asset-liability ratio of Haina Biological decreased from 34.67% in 2014 to 23.08% in 2015. The management also stated that during the reporting period, the company's assets were better, and the ratio of liquidity to quick-moving ratio increased. In addition, current current liabilities accounted for more than 80% of total liabilities, but last year's total accounts payable decreased year-on-year. The company repaid part of bank loans, and short-term loans fell by more than half to 12 million yuan. There is no long-term borrowing. The financing contract signed between the company and the bank shows that the current loan amount is about half of the bank credit.
The "superior students" who are not short of money have to turn around. In this regard, Zhuo Yu Capital Partner Buna Xin told reporters that the listing of the new three board and IPO are independent of each other, many companies are prepared by both hands, first apply for the new three board listing, and then go IPO procedures.
"At present, the effect of the transfer and non-transfer is almost the same, but there is at least hope of living on the transfer." A person in charge of a transfer-oriented company in Jiangxi told reporters. The person in charge told the reporter that the company has not obtained any financing since its listing, and the planned increase plan is also delayed.
Financing reduction stall
Statistics show that in the first half of 2016, the New Third Board implemented a total of 1569 fixed increments, raising 66.18 billion yuan. From 2016 to the present, in the context of the decline of the New Third Board market, the financing function has shrunk dramatically. The latest data shows that the amount of financing in May is the lowest in a year.
According to the May data released by the National SME Share Transfer System, the New Third Board market was issued 225 times in May, with a financing amount of 7.4 billion yuan. In terms of the number of issuances, the number of issuances in May was only higher than 208 in February and 151 in May last year. The amount of financing reached a new low since May 2015, only 51.39% of the amount of financing in January this year.
According to the data of the Eastern Fortune Choice, the scale of the increase in June still does not exceed 10 billion. What is more noteworthy is that the number of issues issued in June 206 also fell to the low point in recent years.
In addition, the market situation that has been sluggish since 2016 has led to an increase in the number of failures or extensions of the New Third Board, including innovative companies. According to incomplete statistics, in the first six months of this year, 82 companies in the New Third Board have stopped implementing the fixed plan, and another 31 fixed plans have been rejected. This figure has exceeded 23 last year; the first half of this year There were more than 90 fixed-income cases, and another 198 were postponed.
A brokerage investment banking department told reporters that although the number of NEEQ listed companies has increased rapidly, more than three times that of the same period last year, market financing has not improved accordingly. Since this year, more than 1,400 companies have issued financing of about 60 billion yuan, which is equivalent to Half of the year last year.
"Now the financing of the New Third Board has become a serious fact. We are seeing more and more listed companies extending the fixed payment period and canceling the fixed plan. The financing of the new three boards is becoming more and more difficult and the financing time is getting longer. "Zhu Weijun, chairman of Zhongke Wowo Fund, said.
The reporter noticed that while the stalls were fixed, the sell-off of the New Third Board was quietly warming up. The two new sell-offs of the "new three board first investors" in the recent two days caused the market to be a panic. On June 2, 2016, Tianxing Capital reduced its shareholding of 6.94%, and cashed in 7.156 million yuan. On June 28th, Tianxing Capital reduced its shareholding in 6.13% of Dongdian’s innovation and nearly 10 million cash.
Liquidity needs to be improved
On June 24th, the first batch of innovation-listed companies in the New Third Board settled, and a total of 953 companies were selected.
However, the reporter noted that the official landing of the innovation layer did not seem to improve market liquidity. From the transaction volume of the New Third Board on June 30, it fell back to 474 million yuan, which was basically the same as the pre-stratification transaction volume. From the market sentiment, after the madness of 2015 in the New Third Board, the sluggish market this year has greatly affected the sentiment of investors and transmitted to listed and listed companies.
In this regard, the relevant person in charge of the share transfer company on June 27 publicly stated that the stratification of listed companies is not necessarily related to the solution of market liquidity; the share transfer company attaches great importance to the issue of market liquidity, and is currently studying and solving the flow according to the development of the market. Sexual measures.
However, in the eyes of many new three-board industry insiders, if there is no incremental capital in the stratification, the overall market liquidity of the New Third Board will be difficult to improve, and the innovation layer will not be able to get rid of the liquidity.
CITIC Securities 600030, the stock market new three board analyst Ye Qianyu believes that the market is still in the rational recovery stage of valuation. At the same time, the pace of the follow-up support policies for stratification is unclear, and most investors are scarce in market buying due to concerns about launching risks.
"Layered design should further reflect the difference." Shen Wan Hongyuan 000166, director of the financial research department of the stock bar research, Gui Haoming pointed out that after the launch of this policy, the entire transaction volume has not been significantly improved, so there is a layer of Not enough, this is only a step in the development of the market, there is still a way to go.
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