All week last Monday, China Microelectronics was inSuspensionState, but there are investors who directly lost 12%!
what happened? It turned out that Huawei Microelectronics is finishingAllotmentTodayResumption of tradingFor ex-dividends, investors who do not participate in the allotment on the payment date for any reason will lose 12% directly.
at the moment,The two companies that are implementing the rights issue between Longji and Rheinland are only the last payment day.130,000 households holding these two stocksshareholderIf you haven't paid yet, please hurry. Otherwise, if you miss it, you will lose 19.12% and 14.50% directly!
The important thing is said three times: the last day of today! The last day of the day! ! The last day of the day!
Since the beginning of this year, with the strong rebound of A-shares, the allotment has also recovered. Since March, many companies such as Tianqi Lithium have issued a share placement plan or a share placement plan.Shareholders' meeting.
Shareholders who hold these stocks should pay attention!
Don't forget to pay
In recent days, whether it’s stocks,BrokerReminder calls and text messages, or listedCompany AnnouncementIn the place where the stocks of the two stocks of Longji and Rheinland are infested, they remind each other repeatedly: Don’t forget to participate in the allotment!
Why? Because, once you enter the rights issue date (usually 5 trading days), you still hold these shares, and you do not participate in the rights issue, you will be automatically regarded as abandoning the rights issue, and once the time window is closed, you will not be able to pay back. After that, it will directly suffer significant losses.
So, how big is the direct loss of not participating in the allotment?
According to the formula, the rights issue price = (the closing price of the ex-rights registration date + the share price × the proportion of shares allotment) / (1 + share ratio per share).Calculated by this:
The allotment price of Longji shares is (27.09 yuan + 4.65 yuan × 0.3) / (1 + 0.3) = 21.91 yuan, if not involved in the rights issue, the direct loss is 19.12%;
Rheinland's all-share option price = (10.14 yuan + 3.77 yuan × 0.3) / (1 + 0.3) = 8.67 yuan, if not involved in the rights issue, the direct loss is 14.50%.
The most important thing is that Longji shares and Rheinland only have the last share placement date on April 15. That is to say, if the shareholders of the two companies have not paid their contributions to participate in the rights issue today, once the issuance is successful, they will directly suffer significant losses after the resumption of trading on April 17. Moreover, it must be fully allocated, otherwise it will suffer corresponding losses.
The data shows that the number of shareholders of Longji and Rheinland has reached 80,100 and 54,100 respectively. Therefore, the 134,200 shareholders of the two listed companies must pay attention to it. Today is the last day. Don’t forget to pay the rights issue!
Even if the reminder is repeated every time, there are always careless investors who forget to participate in the allotment and regret it. After the closing of the payment window of China Microelectronics's share placement on April 11, even the stockholders said in the stock bar that they had not participated in the allotment due to the stock suspension and they missed the good market.
At the same time, on the evening of April 14, the results of the disclosure of China Microelectronics revealed that as of the end of the subscription payment (April 11), the effective subscription amount was 213 million shares, accounting for 94.48% of the total number of shares available for distribution. On April 15th, the day of the resumption of trading was the successful demarcation benchmark date.
A large wave of company rights allotment on the road
Shareholders have different opinions on the way of refinancing this phenomenon.
Some people believe that the rights issue is “mandatory” to a certain extent, and once it is forgotten or chooses not to participate in the rights issue, it will suffer significant losses. Moreover, at present, A shares do not allow shareholders to transfer the rights issue, and the ratio of shares is limited to 30%. It is not as flexible as the “rights issue” of Hong Kong stocks.
There are also views that the rights issue does not need to balance the interests of new and old shareholders as in the case of non-public offerings. The arrangement of A-shares is largely in line with the current situation of large number of retail investors, which helps prevent major shareholders from using their information and financial advantages. Infringe the interests of small and medium shareholders.
Many investors may not be familiar with the allotment, but the allotment is almost as long as the history of the A shares. For a long time, the allotment was the only option for A-share listed companies to refinance until the launch in 1997.Convertible bond, launched in 2000Additional issuanceIn 2006, the non-public offering was launched, and the refinancing system of A shares was gradually completed.
Compared with other refinancing methods, especially non-public offerings that have always dominated the A-share refinancing absolute position, the rights issue has a continuous profitability, financial status, internal control system, business and profit sources, asset quality, etc. for listed companies. The corresponding requirements. Therefore, in recent years, the rights issue has been tepid.
Statistics show that since 1992, Yanzhong Industrial pioneered the placement of A-share listed companies. As of the end of 2016, listed companies had a total of 1005 share placement financings, raising a total of 535.219 billion yuan, an average of less than 41 times a year, the average financing scale. Only about 533 million yuan.
After the release of the “Refinancing New Deal” in 2017, with the “blackout” of the non-public offering, to a certain extent, people have seen the hope of the rise of the rights issue. In 2017, the CSRC reviewed and approved the application for share placement of 20 listed companies. From 2014 to 2016, the figures were 10, 11 and 9.
However, the “Administrative Measures for the Issuance of Securities by Listed Companies” stipulates that “the controlling shareholder shall publicly commit to the number of shares to be placed before the general meeting of shareholders”, and the number of shares subscribed by the original shareholders of the listed company shall be met. 70% of the number of placements can be considered as a successful placement of the rights issue.
The above provisions determine that the controlling shareholder “rich” is the key to the success of the rights issue. In 2018, the secondary market is sluggish, and many controlling shareholders have fallen intoEquity pledgeIn the market environment of the crisis, it is impossible to take a large sum of money to participate in the allocation of funds. As a result, in 2018, the application for share placement reviewed and approved by the China Securities Regulatory Commission fell to about 10 again.
Perhaps the majority of shareholders are too tight, and the number of listed companies that terminated their rights allocation in 2018 has increased significantly compared with previous years. For example, after the release of the rights issue plan on May 11 last year, Hezhong Shuangzhuang was terminated only after more than a month. After the termination of the rights issue, Guo Xinping, the company’s actual controller, conducted 2 times.PledgeAnd 4 times to add pledge.
Since the beginning of this year, with the strong rebound of A-shares, the rights issue has shown signs of recovery. Up to now, Dongxin Peace, Guiyan Platinum, Zhejiang Dongri, Goldwind Technology have been implemented, and China Microelectronics has just been successfully issued. Longji and Rheinland are implementing.
Since March, Tianqi Lithium Industry, Lingqi Pump Industry, Tianrun Dairy, China Merchants Securities, and Hegang have issued a share placement plan. Tianshun shares and Beijing Lier’s share placement plan have passed the shareholders’ meeting. In addition, after the release of the rights issue plan before 2019, there are still many companies that have not implemented, such as Tongji Technology, Dahua Intelligent, Huatian Technology, and Zhangmu.
Therefore, investors who hold the above stocks should pay attention!
(Article source: China Securities Journal)