Code Abbreviation Related Links Distribution method Issue number (shares) Issue price Latest price Release date
002120Yunda sharesdetailed Share it Directional hair extension9849.54 million39.7548.032018-04-20
002094King of Qingdaodetailed Share it Directional hair extension14,503,10023.2021.822018-04-20
002402Hetaidetailed Share it Directional hair extension1088.03 million10.119.702018-04-19
000858Wuliangyedetailed Share it Directional hair extension8564.13 million21.6470.372018-04-19
603600Yongyi sharesdetailed Share it Directional hair extension500 million10.7210.912018-04-18
600876Luoyang Glassdetailed Share it Directional hair extension3303.05 million23.4517.042018-04-18
300053Orbitdetailed Share it Directional hair extension789.781 million13.7015.822018-04-18
300323Huacan Optoelectronicsdetailed Share it Directional hair extension239 million6.9019.852018-04-17
Code name Related Links Number of shares allocated (shares) Distribution ratio Distribution price Latest price Equity registration day
002775Liberal Arts Gardendetailed Share it 70.79 million10 with 311.5016.412018-03-23
600256Guanghui Energydetailed Share it 15.16 billion10 with 32.554.152018-03-19
603636Nanwei Softwaredetailed Share it 120 million10 with 35.5012.682018-03-12
300231Yinxin Technologydetailed Share it 9959.07 million10 with 35.9010.632018-03-05
600803Xinao sharesdetailed Share it 244 million10 with 2.59.3311.692018-02-01
300121Yanggu Huataidetailed Share it 85.11 million10 with 36.9613.372018-02-01
300110Huaren Pharmaceuticaldetailed Share it 1.96 billion10 with 23.565.932018-01-31
600057Xiangyu sharesdetailed Share it 287 million10 with 2.56.108.122017-12-19
Code Abbreviation Related Links Issue number (shares) Issue price Latest price Winning rate Release date
600230Cangzhou Dahuadetailed Share it 34.856 million10.4638.93-2014-05-06
000778Emerging cast pipedetailed Share it 512 million6.254.74-2013-11-21
002628Chengdu Luqiaodetailed Share it 7567.57 million9.256.04-2013-07-26
600422Kunming Pharmaceutical Groupdetailed Share it 2695.42 million25.979.061.50%2013-07-05
000729Yanjing Beerdetailed Share it 285 million5.767.96-2013-05-24
600521Huahai Pharmaceuticaldetailed Share it 63,300,00012.2532.620.58%2013-05-06
600815*ST Xiagongdetailed Share it 160 million6.424.2521.37%2012-12-21
002154Good Newsdetailed Share it 500 million9.262.96-2012-11-22
  • Increase knowledge
  • Allotment knowledge
  • Convertible debt knowledge
  • 1. Introduction to private placement
  • 2. Introduction to Public Offerings
  • 3. Fixed increase process
  • 4. Increase market income
What is a private placement?

A private placement refers to a non-public issuance of shares by a listed company to a limited number of qualified investors who meet the requirements. The stipulation requires that the number of objects to be issued must not exceed 10, and the issue price must not be less than 90% of the average price of the market price for the 20 trading days before the announcement. Within 12 months (within 36 months after becoming a controlling shareholder or having actual control), the transfer is not permitted.

In 2002, the China Securities Regulatory Commission issued a notice regarding the relevant conditions for the issuance of new shares by listed companies, which notified the restrictions on the conditions for additional issuance. In 2006, the China Securities Regulatory Commission issued the “Measures for the Management of Issuance of Securities by Listed Companies”, and at the same time abolished the “Notice on the Relevant Conditions for the Issuance of New Shares by Listed Companies” and other documents, mainly making new regulations for non-public offerings.

What is a public offering?

Public issuance of additional shares is a way for listed companies to issue additional shares. The public issuance of new shares is the issue of new shares in the face of the general public. Corresponding to this is private placement. Orientated issuance refers to the issuance of new shares only to specific targets and public issuances. Private placements and public issuances are incremental issuances of new shares, which have a dilutive effect on the interests of other shareholders.

Detailed process of private placement

                                        1. The company plans a preliminary plan, communicates with the China Securities Regulatory Commission, and obtains consent;
                                        2. The company convened a board of directors to announce a plan for private placement and proposed to convene a general meeting of shareholders;
                                        3. The company held a general meeting of shareholders to announce the directional issuance program; the formal application materials will be reported to the China Securities Regulatory Commission;
                                        4. The application has been approved by the China Securities Regulatory Commission for review and approval, and the company has announced the approval of the document;
                                        5. The company convenes a board of directors to review and approve the specific contents of the private placement and announce it;
                                        Sixth, implementation of targeted additional issuance program;
                                        7. Announcement of the company's announcement of issuance and changes in shares.

Directed increase earnings composition

Statistics show that, from 2008 to 2015, the average annual returns of stocks that are issued privately are positive, and what is even more amazing is that the average annual return is as high as 50%, and the high yield rate is amazing.

If you divide a fixed income source, it can be roughly divided into two parts: the discount income and the secondary market gains during the lock-up period. If the latter is split into two according to the systemic returns and the excess returns, a three-segment return is obtained: Earnings = discount + Beta + Alpha. In theory, the discount is a compensation for the loss of investor liquidity, system revenue depends on the overall performance of the market, and Alpha is derived from the exogenous growth of the company's performance under the support of raised funds.

  • 1. Introduction of allotment
  • 2. Allotment FAQs
  • 3. Analysis of investment advantages and disadvantages
  • 4. Trading points
What is a rights issue?

Allotment is the behavior of listed companies to issue new shares and raise funds to the original shareholders in accordance with the requirements of the company's development and in accordance with relevant laws and regulations and corresponding procedures. Investors need to clearly understand the rights issue statement issued by the listed company prior to the implementation of the share placement payment.

If the investor still holds the stock after the stock is liquidated on the day of stock registration of the allotment, he will automatically enjoy the rights of allotment, and no registration formalities are required. Zhongdeng Company (China National Registration and Clearing Company) will automatically register all the rights of all shareholders who are registered in the book.

The original shareholders of a listed company are entitled to allotment rights and are free to choose whether to participate in the allotment.

Frequently asked questions about allotment?

Can a rights issue make up the payment?

No. According to the relevant provisions of the Exchange, the allotment implementation process begins on the T-2 day and is generally about 10 working days. The start and end date of the share allotment for which the shareholders can operate the share allotment is 5 listed by the listed company on the T+1 to T+5 days. Around the trading day, if overdue and unpaid funds are automatically disposed of as a result of the rights issue, no further payment can be made.

Therefore, investors intending to allot shares should pay attention to the information bulletin in the newspapers, including the timing of the payment of the allotment, and timely payment. In order to avoid unnecessary trouble or to avoid unnecessary losses.

Analysis of the Pros and Cons of Allotment Investment

According to the relevant provisions of the company law, when a listed company is to place new shares, it should first be carried out among the old shareholders to ensure that the old shareholders hold the same proportion of the company. When the old shareholders are unwilling to participate in the company’s share allotment, it can Transfer the share options to others. For old shareholders, the allotment of listed companies actually provides an opportunity for additional investment.

Whether an old shareholder chooses to allocate shares to increase investment in listed companies can be judged based on the operating performance of listed companies, the direction of the share placement funds and the level of benefit. However, in real economic life, in addition to allotment, shareholders can also realize additional investment by purchasing stocks of other companies, investing in creditor’s rights, and residents’ savings. The key is determined by the investment income.

Distribution points for allotment

The method of placing shares in Shenzhen stocks is the same as that used for entrusted buying of stocks, and its buying and selling direction is “buy” in the program setting of the exchange computer system.

Due to the restrictions imposed by the current stipulations on the SSE trading market, the restriction on the trading direction of the Shanghai-shares share subscription method was set as "sell", and the allotment was finally completed with the "sell" order. Therefore, allotment subscriptions can entrust zero shares.

When an investor confirms whether the subscribed share is traded, the commissioned subscription on the day of the Shenzhen Stock Allotment does not equal to the subscribed warrant. The transaction found by the investors through the phone and the keypad can only indicate whether the exchange received the subscription commission and the entrustment is valid. It is necessary to determine whether the funds and warrants can be deducted on the second day.

  • 1. Introduction of convertible bonds
  • 2. The main elements
  • 3. Advantages and investment value
  • 4. Trading Rules
What is a convertible bond?

Convertible bonds are bonds that the holder can convert into a certain number of other securities at a certain proportion or price within a certain period of time.

Convertible bonds are short for convertible corporate bonds and are also referred to as convertible bonds. They are special corporate bonds that can be converted into common stocks at specific times and under certain conditions. Convertible bonds feature both claims and options.

Convertible bonds are characterized by double options. On the one hand, investors can choose whether or not to convert shares, and bear the cost of lower interest rates for convertible bonds; on the other hand, convertible bond issuers have the option of whether or not to implement the redemption terms, and to pay for this than to have no redemption. Back to the terms of the conversion of the higher interest rates.

The main elements of convertible bonds

Convertible bonds have several elements that basically determine the overall characteristics of convertible bonds such as conversion conditions, conversion prices, and market prices.

                                        1. Validity period and conversion period.
                                        2. Stock interest rate or dividend rate.
                                        3. Conversion ratio or conversion price.
                                        4. Redemption terms and return sale terms.
                                        5. Convert pricing amendments.

The advantages and investment value of convertible bonds

Since the convertible bonds can be converted into stocks, it can make up for the low interest rate. If the market price of the stock exceeds its conversion price during the convertible period of the conversion, the holder of the bond can convert the bond into a stock and receive a larger return. The key to affecting the yield of convertible bonds, other than the interest rate of convertible bonds, is the conversion condition of convertible bonds, which is commonly known as the conversion price, that is, the face value of convertible bonds required to convert into one stock.

Because of its convertibility, when the price of the stocks it is benchmarking against rises, the bond price will also rise, and there will be no limit to the increase or decrease. In addition, there is still the possibility of arbitrage between bond prices and stock prices. So when the bull market rises, the yield of bonds will be more stable.

Convertible Bonds Trading Rules

The convertible bond is a relatively complicated investment type. Investors should intervene after clarifying the operating mechanism, understanding the relevant terms, and familiarizing themselves with the trading rules.

The purchase of convertible bonds is relatively unfamiliar to most investors. Investors can directly or indirectly participate in convertible bond investments in several ways. First, you can directly purchase convertible bonds just like new shares. The issuance value of convertible bonds is 100 yuan, and the minimum unit for subscription is 1 lot of 1,000 yuan. Second, in addition to direct purchases, investors obtain preferential distribution rights by purchasing shares in advance. Third, in the secondary market, investors can buy and sell convertible bonds as long as they have a stock account. Specific operations are similar to buying and selling stocks.