增发对股价的影响（The influence of SEO on stock price）

增发对股价的影响（The influence of SEO on stock price） 增发对股价的影响(The influence of SEO on stock price) SEO: refers to the listed company in order to refinance and re issued shares of behavior. Issuance of shares is good or bad?. In fact, as long as the concept of news, are the main force in order to cope with the stock price move up or sell to. Stocks, especially in the bull market play, neither pay attention to the news side, nor pay attention to performance, not to mention the fundamentals. Speculation is speculation village. In other words, when you enter a certain stock, as long as the Zhuang is not strong enough, you can, the strong constant strong, this is the peak of the truth. If a good performance, net asset flow is positive, low earnings, the stock price can not pull up. Not to say that January, February, but nearly half a year, there has never been a big market, it can only say that this village weak. It's wonderful not to touch. The issuance, in addition to shareholders of listed companies is not the trick, and the fundamentals change a lot. Many companies issue additional funds to meet their financial difficulties. Two, they may inject capital into their subsidiaries and withdraw money from them. That is to say, the company earns the money and does not belong to the listed company. Three, it is the development of new projects, or the opening of new companies. In any case, the additional funds will only be a little bit of money flowing into the listed companies. Shares in the additional before the price, the company in collusion with agencies to raise stock prices, when the issue price is fixed, its share price will not be high. Therefore, the issue of additional shares depends on the opportunity to enter the machine, not all additional issues can bring you profits, If a stock through the increase of the board of directors of the plan, and approval will witness. Under normal circumstances, its issuance will pass. In the process of reporting issuance, the issuance of shares of Listed Companies in order to improve, to achieve the maximization of money, secretly and institutional collusion pulled the stock, that is to say, when the stock issuance, the great possibility of approval, the agency will be able to intervene, pull up to the stock price, executives of listed companies will. If the additional program has passed, this time or not to intervene is wonderful, because once passed, its additional share price will be set accordingly. The main and listed companies will not let the issue price and the current share price is much different. If the stock price is high, its low issuance will depress the stock price. So, do not because a stock through the issuance of shares, and the day of listing or unlimited access to rush, and the results will only make sad, because when the stock will not rise, nor fall. Sideways. We recently from the overall market and asset injection to play stocks, because these two aspects is the true meaning of yes, to run the company, even if the short-term set, you can also hold long-term. If there are good projects in need of funds, the issuance of shares is undoubtedly the best scheme of misappropriating. If money and money, is a big company, circle the money is no use, can not bring benefits to shareholders, and can not bring profit to the company, there is no help for the normal operation of the company, the result is: the increase in net assets after the issuance of new funds, profitability than the old. What is private placement? Listed companies for specific investors, generally for institutions and other issues to increase the issue of shares, this behavior known as private placement, also known as non-public offering. In fact, the common private equity overseas, China's stock market has long been. However, as the two largest under the background of the new "Securities Law" formally implemented after the reform and full circulation of shares -- a new deal to launch, now the non-public offering of additional compared with the previous orientation, has undergone a qualitative change. In refinancing this week the Commission launched the "management measures" (Draft), on non-public offering, in addition to the provisions of the issuance of the object shall not exceed 10, the issue price of not less than 90% of the market, issuance of shares within 12 months (large shareholders to subscribe for 36 months shall not be transferable, and fund-raising purposes) to meet the national industrial policy, the listed companies and their executives may not have illegal behavior etc., no other conditions, that is to say, the non-public offering of no profit requirements, even loss of business as long as people can buy private. Private placement generally means good, and only optimistic about the prospects of listed companies, institutions will buy shares of the company's issuance, or else naturally no one cares. What is the public issuance? Issuance of Listed Companies in the stock on the basis of the original increase, issued a number of stocks, if the stock is for all investors to disclose the purchase, is called public issuance, the issuance of new shares and IPO is similar, that is to the market open again for stock financing. Since the share rights have been enlarged, the total owner's equity has certainly increased. As with IPO, the issue of new shares leads to a decrease in the proportion of shares of the original shareholder (the numerator is constant and the denominator increases), which results in dilution of shares. For the control of the existing shareholders, the control force may decline. A listed company is always implementing an additional plan when the stock price is equal to the market price or overvalued by the market price; The repurchase plan is implemented when the stock value is undervalued by the market price. This is a reasonable SEO behavior that follows the law of value and conforms to the logic of the market economy. The issuance of new shares will make equity changes, such as a company's original 10000 ordinary shares, and you have 2000 shares, accounting for 20%, and now the company decided to issue 10% common shares, the issuance of 1000 shares, then you share for 18.18%. The influence of private placement on stock price With the adjustment of the market and the decline of the share price, the situation that the market price of the additional listed companies fell below the additional price has appeared one after another. Private placement for the market, the overall good, but from the market price below the issue price of the phenomenon, the risk can not be ignored. Since May 8th this year, "listed company securities issuance management measures" promulgated and implemented, and today, the Shanghai and Shenzhen two cities, a total of 70 listed companies announced an additional plan, of which 60 companies plan to private placement. Private placement, a new financing issuing system introduced from overseas market experience in the context of full circulation, is being used by more and more listed companies. But at the same time, with the recent adjustment of the market and the decline in share prices, there have been additional listed companies, the market price fell below the additional price. The new management measures will affect the refinancing of listed companies, and how to capture opportunities arising from additional issues, and how to avoid its possible risks, is an important issue facing investors. The private placement favored from refinancing deal new refinancing management approach changes the old way, refinancing threshold at the same time reduce two, the biggest change is the introduction of the system of private placement, the issuance of the pricing way change, namely market issuance. These two changes are the reasons for the private placement of listed companies. In addition, the private placement does not require cumbersome approval procedures, without long waiting, and can reduce the cost of issue, by way of private placement, the brokerage underwriting Commission is probably about half of traditional way. At present, the management for the private placement of listed companies, there are no special provisions of the relevant aspects of company profit, for some past earnings records failed to meet the public financing conditions, but also facing great opportunities for development of the company, the private placement is also a key financing channels. Private placement is conducive to win-win, private placement of listed companies benefit is self-evident, for other institutions involved in the issuance, but also provides important investment opportunities. For institutional investors, private placement can be made in high growing company or industry with simplicity and low cost, easy to obtain rapid development company or industry profits, more important is the placement of the shares of the lock up period only in about a year's time, then you can circulate, the investment cycle is short and the income will be very rich. It is understood that the current institutional investors to the company intends to issue additional shares of the demand is quite strong. Convection shareholders, private placement also means good: 1, for circulation shareholders, private placement can improve net assets per share, with positive effects, easy access to market recognition. However, if the face of related party placement, but also need to be cautious. Because of the possibility of listed companies through private placement, the group company or related party assets into the assets of listed companies, the new asset injection business prospects are worth careful consideration. 2, the private placement has been sought after by listed companies and investors, one of the most important factors is that the current private placement is entirely market-oriented issue. The implementation of the private placement, the issue price as the base, which will block the stock price fell, at the same time, in order to increase success of listed companies also have the power to do the performance, it will become the biggest driver of price. 3, the private placement is likely to bring immediate effect to the growth performance of listed companies, such as G to Anshan Iron and steel group placement, high-quality steel assets and then use the money raised by the reverse takeover of the group company, which not only solve the long-standing problems related to, but also the rapid increase of the operating performance of G Anshan, thickening of the earnings per share, to achieve a performance deterministic growth. 4, private placement is conducive to the introduction of strategic investors, for the long-term development of the company to lay a solid foundation, G, JMC, G, Huaxin, and so on is the representative. Therefore, we can conclude that the private placement as an important institutional innovation, will be achieved between large and small shareholders of listed companies win-win situation, the long-term existence of China's securities market listed companies wantonly misappropriating small shareholders' interests, malpractice damages have changed. Risk still needs to be avoided, from the above analysis, we can see that private placement for the market, the overall good, However, from the market price below the issue price, the risk can not be ignored. This risk exists first in institutional investors because they are the main force involved in private placement. Because of the additional market pricing principles, the investment risk, determine the market long-term trend and proposed issuance of listed company's share price trend, is a must do homework, is the premise to avoid this kind of risk. The risk exists also for the convection shareholders. First of all, the performance of public offering of additional risk, which also requires our ordinary investors to predict the trend of the future price of the stock to make the right. In addition, private placement and individual investors seem irrelevant, but that is not the case, the listed companies to raise funds to invest in risk, coupled with the company is not the same, investment opportunities and risk are not the same, these investors need to study hard. 2 reply: the impact of private placement on stock prices At present, there are two types of SEO in the market, namely, private placement and public offering. Among them, the private placement is for the controlling shareholders, strategic investors and other specific objects of issuance of new shares is a non-public offering; and the public issuance of shares issued is for the general public investors, as the name suggests is a public offering. From the current actual situation, the private placement and private issuance of the biggest difference is not the issue of different ways, but pricing and the issue of different prices. Generally speaking, the private placement issue price is low (do not rule out the relatively high price for financial investors to issue the issue), the issue price is often the price history; and the public issuance of the issue price is often higher, the issue price is usually the market price. Such as Chinese ships in mid September this year when the private placement, and its secondary market prices reached more than 200 yuan per share, while the private placement price of only 30 yuan per share, private placement has become a kind of benefit transfer. On the contrary, the public offering has become a high-risk pronoun, such as CITIC Securities issued an additional public offering price of up to 74.91 yuan / share, a record new issue price of new high. Vanke A shares, the public offering price of 31.53 yuan / share, the issue price earnings ratio of up to 95.84 times, also created a listed company in recent years refinancing new high price earnings ratio. The low issuance of private placement and the high issuance of public offering are extremely unfair to the public investors, which is a damage to the interests of public investors. Not only that, private placement issued at a low price has become a tool for the transfer of benefits, which does not exclude all kinds of insider trading, illegal behavior, become a breeding bed. Therefore, the regulatory authorities can not ignore this obvious harm to the securities market "three principles" approach, and should be directed to private placement and public offering pricing together. The current public offering is based on the current market price. The private placement has three benchmark days: the board resolution, the announcement date, the general meeting resolution, the announcement date and the first day of issue. Which of these three benchmark days is more conducive to a particular object, which option is chosen as the benchmark day?. At present, listed companies are basically the choice of the board of directors resolution announcement date. It is also based on the different pricing methods, resulting in a huge difference between the issue of private placement and the issue price of private placement. Therefore, in order to change the huge difference between the public offering and the private placement issue price, we must change the difference between the two pricing methods. The average price of new shares issued a unified selection of 20 trading days prior to the benchmark price for the unified or determine the issuance price of not more than 20 times earnings, the public investors to participate in the public issuance and issuance of specific directional objects involved in the fair. As we all know, after six months of reporting and approval, in September 12th, Yatai group private equity program approved by the Commission conditionally approved, which is for enterprises and Yatai investors concerned, is undoubtedly a major positive. Private placement and the overall market, asset injection, known as the stock market three big positive, will stimulate the stock price rose strongly, but from the recent trend of Asia and Thailand, the big positive did not promote the volatility of the stock price. The reason, the author contacted the relevant person in charge of Yatai group. I understand that, Yatai group private placement program shareholder voting was carried out in February 13, 2007, the next day, the company issued a notice, shareholders voted to adopt the program. At that time, Yatai group shares less than 8 yuan, according to the principle of private placement price, the voting by the shareholders of the private placement price of less than 7 yuan. After a lapse of six months, set a number of topics in a Yatai group share prices soared to 30 yuan, the highest reached 34.95 yuan. In accordance with the February price of private placement to subscribe for shares, regardless of which additional objects, are picking up gold on the ground. Of course, the sky did not fall sick good, the Commission agreed to Yatai group placement, But the share price of the private placement can not be approved now, and the re enactment of the private placement price has become the biggest requirement for conditional adoption. For enterprises, the use of low prices to sell shares to the additional object, is undoubtedly the loss of funds, in the face of the current high share prices, shareholders will not agree. Company official said, the company will receive the Commission approval, as soon as possible to convene an interim meeting of shareholders, to reconsider the price of private placement. At the same time, the private placement price is too high, additional objects will not be satisfied for the Commission, company and shareholders, additional objects can be satisfied, you can imagine, enterprises will use the stock market the usual way, with the dealer to suppress the stock price, return to a reasonable level to stock price, for the issuance price and held a provisional shareholders meeting prepare. It is foreseeable that, in the next two months, Yatai group shares will be hovering at the bottom of the current. I consulted the relevant business executives and securities company experts, they said that 23 yuan or so would be a reasonable price. Until yesterday, the company published an announcement, Jilin Yatai (Group) Limited by Share Ltd on the non-public offering of shares of stock issues China Securities Regulatory Commission issued the audit committee by the announcement of the heart of the mystery finally solved. It turns out that the listed company has made additional financing, and it is estimated that the agencies concerned have high prices at present. So, the dealer worked hard to beat the price down. This is it。 This article may not really come from a public media, after all, the Commission for listed companies and dealers together to suppress the stock price of such behavior is prohibited, the public media to say this is possible?. But 881 of the experience may really be like this. Now the dealer needs to do is to suppress the price of Xichou, until the suction foot chip placement price decided, will discuss the suspension of private placement issues, after the resumption of the dealer directly pull limit. This is a way for both the additional shareholders and the shareholders to be satisfied.