“Bullish flag bearer” soared to 280 billion yuan of securities firms’ trillion-dollar outlet

Original title: Just now, the “bull bearer” skyrocketed 2.80 billion!

The broker’s 100 billion-grade air outlet is coming from: Panorama Finance, a 100 billion-grade financing market, is coming out.

  The refinancing loosening policy completely ignited 广州桑拿 the enthusiasm of A shares for long.

Today (February 20), the Shanghai Index successfully recovered 3,000 points, and the GEM Index (399006), which benefited most from the refinancing loosening, continued to refresh to a new high, and the weekly increase has reached 5.


  Today’s A-shares continue to rise in volume and price, with more than 3,180 stocks growing. At the same time, the total turnover of the A-share market exceeded 10685 billion yuan, which has exceeded 1 trillion yuan for two consecutive trading days.

  Regarding the specifics of the market, the 100 billion-level refinancing market is loosely tied, and the brokerage company known as the “bull bearer” is undoubtedly one of the most beneficial industries.

In the first 4 trading days of this week, the brokerage sector is re-emerging the bull market, and it has frequently staged a daily limit.

  As of today’s close, 8 brokerage stocks including Oriental Fortune (300059), National Gold Securities (600109), and Tianfeng Securities (601162) have successfully closed their daily limit, 16 brokerage stocks have risen more than 7%, and the brokerage index has surged 6 in a single day.

4%, this week’s increase is more than 11%.

  Judging from the total market value of 43 A-share listed securities firms, as of today’s closing, the total market value of 43 listed securities firms was US $ 29006 billion, an increase of over 282.8 billion yuan compared with the total market value of February 14 (US $ 26178 billion).

  In fact, the draft for refinancing was released 3 months ago, and the new refinancing rules announced on February 14, 2020 cover many bright spots: 20% off for stocks, and the lock-up period is from 12 months to 6Every month, without the restrictions on reducing holdings, the GEM profit requirement is canceled . Investment bankers believe that the degree of loosening of the new refinancing rules is far beyond expectations. It is expected that the scale of A-share financing will soon return to 10,000.Million market size.

  The 100 billion-level financing market is eager to review the ups and downs of the A-share refinancing market from 2014 to 2018, which is very closely related to policy.

  On May 16, 2014, the China Securities Regulatory Commission formally issued the “Administrative Measures for the Initial Public Offering of Shares and Listing on the GEM”, and the “Interim Measures for the Administration of Securities Issuance by Listed Companies on the GEM” came into effect on the date of its release.

  GEM reporting companies are no longer confined to the nine major industries, improve the merger and acquisition mechanism, encourage listed companies to promote innovation and development of enterprises through mergers and acquisitions, and the “enthusiasm” of the fixed market is completely awakened.

  Since then, the fixed-income scale of the A-share market has soared rapidly, and the fixed-income scale of the second year (2015) exceeded 1 trillion yuan, reaching 1.

36 trillion yuan, a year-over-year increase of more than 100%, and the scale of fixed growth in 2016 continues to climb to reach 1.

8 trillion has a long history.

  In 2017, the regulatory authorities began to tighten the refinancing policy and the reduction of holdings. In that year, the scale of A-shares’ growth rate fell sharply by more than 43%.

In 2018, the fixed-increasing and restructuring market remained sluggish, falling below the 100 billion mark for the first time, and the fixed-increasing scale in 2019 was only 0.

66 trillion yuan, compared with 1 in 2016.

The 8 trillion breakthrough dropped by more than 60%.

  2014-2019 is the complete cycle of “relaxing to tightening” in the A-share refinancing market.

On February 14, 2020, the refinancing market ushered in a new round of “looseness” starting point: new rules for refinancing, loosening far more than expected.

  1. Cancellation of the condition that the asset-liability ratio of the latest issue of GEM public securities exceeds 45% at the end of the latest period; 2. Cancellation of the conditions for the non-public issuance of shares of GEM for two consecutive years of profit;10% off the average price of the stock replaced 20% off; 4, the lock-up period was changed from 36 months and 12 months to 18 months and 6 months, respectively, and the relevant restrictions of the reduction rule are not applied;The statistics show that among the 779 GEM companies, 535 of which have an asset-liability ratio of less than 45%, the cancellation of this condition will greatly expand the scope of GEM companies’ participation in refinancing.

  At the same time, in 2017 and 2018, there were 125 GEM companies that had not been profitable for two consecutive years, and these companies often replaced them with demands for refinancing.

The simplification of refinancing conditions will help GEM to play its refinancing function, increase the proportion of equity financing, and serve the development of the real economy.

  It is worth mentioning that after the refinancing loosening in 2014, the GEM index subsequently walked out of the big bull market, from 1226 on May 16, 2014.

47 points, by the beginning of June 2015, a record high of 4037.

96 points, an increase of 229%, which took less than 13 months.

  100 billion refinancing struck, who will benefit the most?

  With the implementation of the new rules on refinancing, the refinancing underwriting and sponsorship business of securities companies will take the lead in 2020.

  CICC expects that in 2020, the amount of additional funds to be fixed after the new regulations will be repaired to 1 trillion yuan-1.

The 5 trillion range will increase the income of thick investment banks from 3% to 17% on the basis of 2019.

  According to Wind statistics, during the period of 2016-2019, the average rate of fixed-income financing for listed companies of securities underwriters and dealers is about 0.

7%, which means a fixed increase project of 2.8 billion (the average financing scale in 2019), and the brokerage firm received 19.69 million yuan of investment bank income.

  According to the calculation of CICC, it is assumed that the amount of A-share fixed increase financing will return to 1-1 in 2020.
5 trillion yuan, which will contribute 7-10 billion billion yuan of investment bank revenue to the securities industry, equivalent to 2 of the total revenue of the securities industry.
3% -3.


  So, in the brokerage industry, who will become the “king of underwriting” in the 100 billion-level refinancing market?

  It is said that Wind combed that until February 18, 2020, more than 400 listed companies have disclosed additional plans since 2019, of which 231 listed companies disclosed the lead underwriters, CITIC Securities, Huatai United Securities, and CITIC Construction Investment.The number of companies ranked in the top 3, underwriting 22, 21 and 16 respectively.

  According to Tianfeng Securities research report data, as of February 14, Huatai Securities, CITIC Construction Investment, and CITIC Securities respectively held the lead underwriters’ fixed-income projects to raise funds of 41.6 billion, 61.9 billion, and 39.6 billion.

  According to the data of the 2019 additional issuance (investment behavior lead underwriter), these securities companies are also among the top.

The fixed increase scales of CITIC Securities, CITIC Construction Investment, Guotai Junan, and Huatai Securities were 251 billion, 171 billion, 158 billion, and 13.7 billion, respectively. The scale of raised funds ranked among the top four.

  It can be seen that for the right-hand securities firms with capitalist strength and institutional business restructuring, the loosening of refinancing will bring revenues and profits with a noticeable thickening effect.

  ”Newbies” under the new refinancing rules have not yet completed their new refinancing rules for less than a week, and listed companies have begun intensive reporting or revised refinancing plans. According to wind data statistics, until the release of the new rules on February 20,Since its inception, more than 28 listed companies have issued plans for non-public offering of shares or revised plans.

  Of the 28 listed companies that issued announcements on the increase and increase, 23 listed companies issued amendments to the fixed increase plan, which mainly involved the modification of conditions such as price increase and reduction of holding time.

In addition, five listed companies were “moving into the wind” and released new fixed increase plans as soon as possible, of which 3 were listed on the GEM.

  Among them, Kailaiying (002821), was the first “early adopter”.

On the evening of February 16, Gloria announced that it would terminate its long-term refinancing plan and issue a new refinancing plan.

  It is reported that the new rules for refinancing support listed companies to date strategic investors, and the pricing has changed from no less than 10% to 20%.

Therefore, Kelley Ying, who has a keen sense of smell, immediately re-established a fixed increase plan, and planned to issue non-public shares not exceeding 18.7 million shares at an issue price of 123.

56 yuan / share.

Gaofeng Capital fully subscribed for 2.3 billion cash.

  Gloria became the first listed company to date strategic investors after the refinancing rules came into effect.

Stimulated by this news, the market opened on February 17 (Monday), and the daily limit was opened directly, setting a record high, and the total market value rose to 41.6 billion.

  Listed companies issued intensive amendments. At the same time as they applied for refinancing plans, the CSRC also started the review of refinancing applications normally, but was suspended due to the impact of the epidemic.

  On the evening of February 17, Guangji Pharmaceutical (000952) announced that the company’s application for non-public issuance of shares had been approved by the CSRC; on the same day, Bank of China (601988) announced that the company’s application for non-public issuance of preferred shares overseas had been approved by the CSRC; On February 13, the application for refinancing of Xinzhu (002480) was 厦门夜网 approved by the CSRC; . In addition, according to Guangji Pharmaceutical’s copy, the conditions for non-public issuance were relaxed in accordance with the new refinancing rules.The company is in urgent discussion with the securities dealers and lawyers on the proposed amendments to the refinancing plan.

  It is foreseeable that in the future, the number of listed companies that will issue announcements on the fixed increase will remain high, and the scale of A-share fixed increase financing will also return to a high level.