The process of fixed increase is as follows:
1, resolution of the board of directors;
2. Submit to the shareholders' meeting for approval;
3. Sponsored by the sponsor institution and reported to the China Securities Regulatory Commission, the sponsor institution shall prepare and submit the application documents in accordance with the relevant provisions of the China Securities Regulatory Commission;
4. The China Securities Regulatory Commission will review the application documents in accordance with relevant procedures, and decide whether to accept them within 5 working days after receiving them. After accepting them, the application documents will be preliminarily reviewed, and the issuance review committee will review the application documents and make a decision on approval or disapproval;
5. distribution;
6, issued within the month, otherwise re-approval; There are major changes, and the issue is suspended.
Why should listed companies increase their income?
There are many financing methods for listed companies, including IPO, bond issuance and rights issue, but why is it so important to increase financing? We can look at it by comparison. If a listed company carries out financing, the most convenient means is a fixed increase, because the fixed increase has fewer requirements for listed companies, including profits, profit distribution, financing scale, issuance frequency and so on. However, if it issues shares, public offerings or bonds, it has very strict indicators on its financial situation.
Anyway, there are many purposes for listed companies to increase their income, which can be roughly divided into several types:
First, the actual controller does asset implantation and loads another part of assets into the listed company through fixed increase;
Second, the whole group goes public; The third is the reorganization of shell resources. A shell company has no value, but many other unlisted companies have great demand for shell resources. It is a very common way to complete backdoor listing through fixed increase and raise matching funds at the same time. There are also some listed companies that do project financing, such as building new factories, or supplementing liquidity to improve their financial situation. Another is that listed companies introduce strategic investors, usually with a three-year increase, such as Luolai Life Insurance, which has just resumed trading. This is a very typical type of introducing strategic investors.
Behind the rapid expansion of the fixed market scale is the demand of the market itself. On the one hand, enterprises need transformation, and new assets and mergers and acquisitions, including the reform of state-owned enterprises and the upgrading of industrial structure, all need the support of the capital market.
From another perspective, the concentration of many industries in our country is very low, because many industries are in the early or middle stage of development, and the whole industry is facing the process of rapid upgrading. How to realize this process is through the means of capital market mergers and acquisitions. Some high-quality leading enterprises improve their competitiveness through continuous mergers and acquisitions. This process has generated a large amount of capital demand, and you can acquire the upstream and downstream industrial chains by increasing and merging into funds to make your business bigger and stronger.
Of course, the fixed market is also affected by policies and supervision. First of all, the rapid expansion of the fixed market scale has a lot to do with the CSRC's support for asset restructuring of listed companies, including payment methods and audit procedures, which also reflects the CSRC's support for the real economy.
On the other hand, the CSRC has more requirements for products with a fixed market. For example, one-year fixed-income products can only be quoted after filing, and can only be raised after receiving the project; Three-year fixed-income products cannot be leveraged now.
In addition, the current fixed asset management plan and wealth management products require the calculation of the number of people who penetrate, that is, if everyone is a fixed-income investor who buys special account products, securities companies' asset management and trust products, the investment amount will be disclosed in the plans of listed companies, and the participation of each investor must be disclosed in detail, and the holders of the final products cannot exceed 200. The way to avoid this requirement is through public offering funds, because there are thousands of investors behind public offering funds. At present, this product has not required infiltration. China Securities Regulatory Commission will take Public Offering of Fund as an individual and an investor to participate in the fixed increase. In this respect, Public Offering of Fund has certain advantages.
In addition, the early window guides the issuance pricing, suspension time, issuance plan and financing scale. It also increases the difficulty of raising funds for the three-year project.
Generally speaking, it will be more difficult to raise funds in the future, and the issuing banks will be closer to the market price as a whole.
I hope the above content can help you. Please consult a professional lawyer if you have any other questions.
Legal basis: Regulations of People's Republic of China (PRC) Municipality on Information Openness.
Seventh people's governments at all levels should actively promote the work of government information disclosure, and gradually increase the content of government information disclosure.
Article 8 People's governments at all levels shall strengthen the standardization and informatization management of government information resources, strengthen the construction of online government information disclosure platform, promote the integration of government information disclosure platform and government service platform, and improve the online processing level of government information disclosure.
Ninth citizens, legal persons and other organizations have the right to supervise the government information disclosure work of administrative organs, and make criticisms and suggestions.