1. When a listed company applies for additional issuance, allotment or non-public offering of shares, the time interval shall not be less than 18 months. Control the frequency of financing and curb excessive financing;
2. Where a listed company applies for non-public offering of shares, the number of shares to be issued shall not exceed 20% of the total share capital before this offering. It is effective for small fish to eat big fish, but has no effect on mergers and acquisitions;
3. Make it clear that the pricing benchmark date can only be the first day of this non-public offering period.
The most influential points are 1 and 3, which will have countermeasures and arbitrage space for the new policy. The policy is mainly guided from three aspects: 1, reducing fixed income speculation, focusing on public offering, allotment, convertible bonds and preferred shares; 2. The three-year fixed increase basically disappears, unless it is an increase control; 3. In recent years, more than 90% of the additional issuance is mainly private, and there is still room for growth in the future 1 year, which is more beneficial to the Growth Enterprise Market, because it does not need to be locked on the first day of growth.
After that, new reduction policies may continue to be introduced, and at the same time, a large number of major shareholders will increase their holdings of guarantees. The introduction of this policy is faster than expected, and there is not much room for the game between the parties. It can be seen that the attitude of the regulatory authorities towards policy guidance is very firm, and the impact of the matching RRR reduction policy on the market in the future is still relatively large. From the perspective of regulators, we hope to introduce fresh water into the market. At present, small-cap companies are under great operating pressure, especially those with less than 5 billion yuan and no cash, which can only be reorganized through mergers and acquisitions. Mergers and acquisitions began to tighten last year. The new first-day pricing policy is not aimed at mergers and acquisitions, and mergers and acquisitions are still priced at the average price on the 20th and120th, so there will be new ways to play PE and M&A funds. For the matching financing part, it may lead to a small proportion of cash consideration and insufficient funds for the underlying assets, because if the asset quality is good, the stock price will rise on the first day of the issuance day, while the asset quality is poor, and it will be more difficult to issue and subscribe. Generally speaking, new ways of playing will appear in the future under the new policy.