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Holding the question mark "not care short" public offering intensive release of 107 valuation adjustment announcements

April 15, 2019 02:30
Author: Wang Mingshan
source: Securities daily
edit:Eastern Fortune Network

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[The problem of holding the problem is not to protect the short-term public offerings 107 issued valuation adjustment announcements] Recently, Visual China was caught in the opposition due to copyright incidents. The Bank of China Fund also issued an announcement on the adjustment of the valuation of China in the night, Bank of Communications Schroder Funds, Caitong Fund, Bosera Fund and other fund companies followed closely, and subsequently lowered the visual China valuation, down to 20.41 yuan / share, which is the closing price of China's 25.2 yuan / share on Friday. One limit down board. (Securities Daily)

Recently,Visual ChinaDue to copyright incidents,Bank of China FundAlso released the adjustment of Visual China’s valuation overnight.announcement,Bank of Communications Schroder Fund,Caitong Fund,Boss FundWait a lotfund companyFollowed by, the downward adjustment of the visual China valuation, down to a maximum of 20.41 yuan / share, which is close to the closing price of China's 25.2 yuan / share on Friday, there are two downsides.

In fact, with the intensive period of the listed company's 2018 annual report entering the disclosure period, some listed companies with large changes in revenue and performance will be “held in the palm of their hand” or “respected from the distance”, and there will be major adjustments to the fundamentals. Question mark,fundThe company will give priority to the announcement of the corresponding stock valuation adjustment, and then gradually reduce the relevant target.

"Securities Daily" reporter noted that as of April 14 this year, the public fund has issued a total of 107 announcements on valuation adjustments, especially in the past week, from April 8 to April 14, a total of 19 The home fund company issued 23 announcements to adjust the valuation.

 Never question the subject matter of the problem,Public offerings issued valuation adjustment announcement

On April 13, Pengyang Fund released "About the company's partFund valuationAnnouncement on the adjustment of the situation, the announcement shows that, according to relevant regulations, after consultation with the fund custodian, since April 11, 2019, the Pengyang FundStock investmentFund held by "Longji shares"Use the "index income method" for valuation, and use the AMAC industry index of the China Foundation as the basis for calculation.

And on that day,ICBC Credit Suisse Fund, Boss Fund,Mortgage FundwithHarvest FundAlso released a long-term hold on some of its funds.SuspensionThe announcement of the adjustment of the stock valuation method, and the subject matter to be adjusted is consistent - Longji shares.

"Securities Daily" reporter noted that Longji shares have also released aboutAllotmentDuring the release periodConversionThe notice of continuous suspension of the announcement, the announcement mentioned that from April 2, 2019 to April 16, 2019, the "Longji Convertible Bonds" conversion code will stop trading, from April 17, 2019, "Longji convertible bonds" The conversion code will resume trading.

The listed company's 2018 annual report was intensively disclosed in the near future. The revenue, profit, performance and other indicators were also first disclosed. Some listed companies' reputational impairment problems were exposed, and those companies that had been in a loss for a long time and the fundamentals in the short-term were greatly adjusted. The company has also been intensively adjusted by the relevant position fund companies.

The reporter found out that as of April 14 this year, the public fund has issued 107 reports to adjust the valuation. A small part of the announcement only shows that the relevant valuation methods will be adjusted. More announcements are directly The problem target directly gives a new valuation level. In fact, the fund company will regularly check its revenue, performance and other indicators at the end of each year, reduce the valuation of the suspended shares and issue a valuation adjustment announcement to avoid redemption of funds and reduce the impact on the operation of the fund.

 The "three sins" of the subject matter of the breakdown,Suspension, impairment of goodwill and decline in performance

"Securities Daily" reporters sorted out 107 valuation adjustment announcements, found that many fund companies "not intolerance" of the problem, mainly because listed companies face suspension, business violations, and the impact of last year's decline.

For example, in the first quarter of this year, a listed company took the lead in releasing the 2018 annual results forecast, and the performance of continuous losses made many fund companies holding the fund disappointing. "Securities Daily" reporter combed and found that as of April 14 this year, there have beenTianhong Fund, Boss Fund,Dacheng Fund,Haifutong FundAnd 16 fund companies have successively lowered the valuation of the target.

Last week, visual Chinese copyright events continued to ferment. On Friday, Visual China closed the limit, with a total of 400,000 lots, and a price of 25.20 yuan per share. For listed companies with such impairment of goodwill, the relevant fund companies are also promptly acting, and have announced the announcement of the downward revision of the valuation, and stated in the announcement: After the relevant stock transactions reflect the characteristics of active market transactions, they will resume valuation at market prices. the way.

In addition, listed companies that have been suspended for a long time have also attracted the attention of fund companies. According to the relevant provisions of the “Guiding Opinions on the Valuation of Securities Investment Funds” and the “Reference Method for the Valuation of Suspended Stocks by the China Securities Industry Association Fund Valuation Working Group”, after consulting with the custodian bank, the Public Fund Company The relevant subject matter held by the index is valued by the index income method.Resumption of tradingAfter the transaction reflects the characteristics of active market transactions, it is restored to the valuation using the closing price of the day.

Some fund companies have announced adjustments to the valuation of their holdings. Such asCinda Aussie FundIn the previous announcement, according to relevant regulations,bankConsensus, the fund company decided to adjust the valuation of the bonds “16 Sanbao 02” held by its funds since February 19. Prior to this, Bosera Fund also issued a valuation adjustment announcement for its “17 Unnamed Debt”.

Similar to the stock valuation adjustment, the reason why fund companies adjust the valuation of holding bonds is also because of the relatively large decline in the performance of related companies.

For example, the valuation adjustment of “17 Unnamed Debt” by Bosera Fund is related to the announcement issued by United Credit Rating Co., Ltd. on February 1 this year. Relevant announcement shows that Shandong Weiming Biomedical Co., Ltd. belongs to 2018.shareholderThe net profit was -2.69 billion yuan. The listed company's recently announced results for the first quarter of 2019 showed that the company's net profit is expected to be -11.8 million to -15.5 million, down 114.36% year-on-year to 118.82%.

(Article source: Securities Daily)

                                (Editor: DF380)


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