Expansion and diversification of A-share
http://www.sina.com.cn 07:47, July 10, 2007 China Securities Journal
Reporter Xia Lihua
Just last year, people talked about capacity expansion and turned pale. They repeatedly calculated that the "big and small non" after the share reform was like a monster. Today, the expansion of A-share has become an integral part of promoting the steady and healthy development of the capital market. The existence of "big and small non" in the form of stock is a matter of course. More new entrants, even overseas H-shares and red chips, are also interested in entering. With the promotion of new financing means such as corporate bonds, the way of A-share expansion in the second half of the year will be more diversified.
Statistics show that in the first half of 2007, the amount of financing through IPO in A-share market reached more than 120 billion yuan, close to the level of last year, and the amount of additional issuance and refinancing reached nearly 60 billion yuan. Among them, Ping An, China , Bank of Communications Industrial Bank 、 CITIC Bank 、 COSCO The listing of blue chip stocks in the large market has tested the potential of the new market after the share reform.
The insiders also confirmed that the current growth prospects of the national economy are still promising, and the demand for corporate financing is strong. There is no doubt that the scale of IPO financing in the stock market will continue to expand in the second half of the year. However, from the recent CSRC According to the situation of the issuance review meeting, the main board listed companies have some weak follow-up, and the small and medium-sized board companies have become a stable follow-up listing resource. Due to the large number of small and medium-sized enterprises in China, the regulatory authorities, local governments and exchanges all encourage the listing of small and medium-sized enterprises. According to the current audit frequency of four companies every Wednesday, this part of expansion is expected to be relatively stable.
In contrast, the accelerated return of H shares and overseas red chips seems to be more worrying to the market.
China Construction Bank, China Mobile and PetroChina have all said recently that they plan to issue A-shares to raise funds totaling about 170 billion yuan, while China Telecom and China Shenhua will also return to A-shares in succession. While H-share companies have announced their return plans in succession, a draft of the regulatory authority on the return of red chip companies has also been circulated in the industry, and the curtain of the return of red chips will start.
The intention of the management to accelerate the return of large cap stocks is very obvious, that is, to stabilize the market by increasing supply. Analysis by insiders, plus the breakthrough and localization of securities IPO commercial bank The successive listing of, as well as the recent regulations on the transfer of state-owned shares issued by the SASAC and the CSRC to stabilize market expectations, will become an important means of diverting funds and stabilizing the market.
In this regard, regulators said that at present capital market It is a good time to take active measures to increase the effective supply of the market when the overall situation is good and the liquidity is surplus. In the long run, improving IPO and refinancing efficiency and accelerating the return of H shares and red chips to the market are conducive to the sustainable and healthy development of the market.
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
