A few days ago, the regulatory authorities publicly stated that the listing rules of the main board company to split the subsidiary to the Kechuang board will definitely come out. In the market, the expectation of the separation of subsidiaries to the listing of the company's listings began to heat up. In the near future, some listed companies have even “hot spots”, publicly stated that they intend to split the subsidiaries, and they will give priority to the board and receive supervision. Concerned letter.
China Securities Journal reporter interviewedBrokerInvestment bankers have learned that although the spin-off listing rules have not yet been issued, many companies that have the conditions for spin-off listing are interested in listing on the board. At the same time, brokerage companies are also actively tracking and stocking related projects, and will focus on the new three-board companies that are in line with the conditions of the board.
What is the motivation for the spin-off listing?
It was learned from the brokerage firm that although the relevant rules have not yet been issued, many companies that have the conditions for spin-off listing are interested in listing on the board.
1. Broaden financing channels
The relevant person in charge of Great Wall Guorui Securities Investment Bank believes that after the spin-off, the newly listed companies can broaden the equity and debt financing channels, improve the capital structure of the parent and subsidiary companies, enhance the business development space and channels of the subsidiaries, and maximize the development of the subsidiary's main business. For the parent company and itsshareholderBring better returns.
The relevant person in charge of Huafu Securities Investment Bank believes that the spin-off of the subsidiary company in the company's listing is in line with the national strategic needs, while the spin-off of the listing enhances the inclusiveness of the science and technology board and enhances the function and efficiency of the capital market. When the parent company's overall financing channel is not smooth, the corresponding high-quality assets or business will be separated, and financing can be realized through the new entity.
2. Enhance the valuation of listed companies
The relevant person in charge of Great Wall Guorui Securities Investment Bank believes that the spin-off to the listing of Science and Technology Board can realize value discovery and value creation, and reshape the valuation system of listed companies. Due to the valuation differences in different markets, the spin-off listing will help the listed companies to make more reasonable valuations for different business segments, and avoid the high valuation business segment being dragged down by the undervalued business, thus causing the intrinsic value of listed companies not to be fully displayed. And manifestation.
3. Helping the development of innovative business
The relevant person in charge of the Great Wall Guorui Securities Investment Bank believes that allowing the spin-off subsidiaries to be listed on the Kechuang Board is conducive to mobilizing the initiative and enthusiasm of listed companies for innovation investment, and giving play to the advantages of listed companies in terms of capital, talents, technology and market. Incubate and cultivate more innovative enterprises, and lead and promote the virtuous circle development of science and technology innovation industry in the whole society.
4. Acquire equity income
Huafu Securities believes that the parent company as a promoter can enjoy a portion of the premium income. After a period of time, the listed company can also realize the capital gains of the shares of the subsidiary; the shareholders of the parent company can also enjoy the profit share of the subsidiaries according to the shareholding ratio.
Great Wall Guorui Securities believes that spin-off listings can further clarify the main business and obtain value-added income from additional asset securitization for listed companies with diversified businesses. The parent company will focus on the development of the main business, improve business concentration, improve the company's operational efficiency, focus on the main business operations and mentionExecutiveEfficiency. After the spin-off, the subsidiaries can independently implement equity incentives and give full play to their potential and potential for innovation.
5. Improve asset liquidity
Great Wall Guorui Securities believes that as a wholly-owned or controlled subsidiary of a listed company, after the spin-off and listing, it can expand the scope of capital of listed companies, and enhance the liquidity of stocks while maintaining its controlling position, thereby strengthening the liquidity of listed companies. Reduce the operational risks of listed companies.
Which companies tend to split
Great Wall Guorui Securities said that under the premise of meeting the basic requirements, listed companies with the following characteristics are more inclined to split the subsidiary to the board of the company:
First, a technology-based group listed company engaged in diversified operations.The listed companies have large assets and profit scales, rich and relatively independent business types, high technological content, high proportion of intangible assets and R&D investment, and a large number of participating companies. The listed companies can The company conducts spin-off listing, there is no horizontal competition or potential horizontal competition, and the company's spin-off will not cause the listed company to lose its core operating capacity.
Second, companies that urgently need to expand their financing channels.These companies are different from group companies, and their scale is relatively small. However, they urgently need funds to invest in key projects. Under the conditions of subsidiary listing, they can expand their financing channels and increase their market value by splitting subsidiaries.
Huafu Securities believes that the following types of listed companies tend to split their subsidiaries to the company's listing: multi-main listed companies, venture capital listed companies, and listed companies with more subsidiaries.
Brokers have begun to track reserve related projects
China Securities Journal reporter learned from the brokerage business that companies with spin-off conditions are actively preparing for the war, waiting for the specific provisions of the spin-off listing. Some brokers are also actively tracking and stocking related projects to meet the future spin-off business.
The relevant person in charge of Huafu Securities told the reporter that while waiting for the specific regulations to be introduced, the company has been actively tracking and stocking related projects in order to cope with the future spin-off business. It is worth noting that some listed companies' shareholding companies are listed on the New Third Board. These new three board companies that meet the conditions for the division of the board are also the focus of the future.
Great Wall Guorui Securities told reporters that since the launch of the relevant system of the science and technology board, the company has been paying attention to and tracking the development trend, regulatory dynamics and market situation of the listed companies' split-units, and the rules and guidance of the previous spin-off listing. Opinions, combined with the strategic positioning and innovation requirements of the Science and Technology Board, to start related business in advance.
Great Wall Guorui said that the company has fully communicated with some large-scale listed enterprise groups in terms of spin-off rules, valuation pricing, business planning, and equity setting, and will issue relevant operational rules and implementation rules based on the regulatory authorities. The process, as appropriate, participates in the share reform and counseling work of the relevant subsidiaries.
Great Wall Guorui Securities will consider the listed companies in the New Third Board as the key consideration for the listing of the Science and Technology Board. At present, there are more than 10,000 new three board companies, many of them.PerformanceA scientific and technological innovation enterprise that is better and in line with the positioning of the company's listed companies is a better reserve force for the listing of the science and technology board.
It is worth noting that the development of related businesses must be carried out in strict accordance with the standards for the spin-off of listed companies. Therefore, for the delisting subsidiaries in the brewing to the listing rules of the board, the brokers are extremely looking forward to it, especially the determination of the rationality, feasibility and compliance of the spin-off, the rationality and necessity of the related party transactions. Verification in terms of fairness, as well as the criteria for spin-off, the liability and obligations of intermediaries, and the requirements for information disclosure.
(Article source: China Securities Journal)