Opinion Leader | Guo Shiliang
In the A-share market, IPO, refinancing and the lifting of restrictions on restricted shares are the three major factors that have long suppressed the market trend. However, for a mature stock market, financing is an important function of the stock market. If the stock market cannot finance, then the market will lose its own significance. However, this does not mean that the market can raise funds arbitrarily. In reality, the functions of stock market financing and stock market investment complement each other. In other words, a market only has financing, but does not pay attention to the return on investment. Obviously, this market is unhealthy.
In the process of stock market rising, the loopholes in the past market are easy to be ignored by the market, because everyone wants to make money. However, in the process of downward adjustment of the stock market, many problems are easily exposed. For example, the IPO issuance rhythm is too fast, the refinancing scale is too large, and the restricted shares are reduced in advance through the refinancing channel in disguised form. These phenomena have become more concerned by market investors. Whether these problems will be substantially solved will directly affect the investment ecology of the whole market, and also affect the investment confidence of investors.
When the A-share market once fell below 3000 points, we can find that the pace of IPO issuance slowed down significantly. At the same time, a series of favorable policies and measures have been introduced. For example, the reduction of stamp duty on the stock market, the increase of Huijin's shareholding in state-owned banks, and the stricter regulation of refinancing.
This time, refinancing has been standardized again, and the emphasis on strict refinancing supervision is intended to make up for the loopholes in the stock market refinancing rules. Through this new regulation, or to reduce the pressure on listed companies to refinance, indirectly improve the investment confidence in the A-share market, which should have a positive impact on the A-share market.
From the analysis of the new rules on refinancing, five points are emphasized.
For example, strictly restrict the refinancing of listed companies in the situation of breaking the stock market and breaking the net. For example, we will strictly control the financing intervals of enterprises that have suffered continuous losses. In addition, it also includes strictly checking that the raised funds from refinancing are mainly invested in the main business to prevent blind cross-border investment and diversified investment.
This new regulation on refinancing is equivalent to patching up some loopholes in the past rules. However, in practice, it also provides a refinancing channel for some eligible enterprises. For example, refinancing in line with the major strategic direction of the country is not applicable to the regulatory arrangements for this refinancing. For example, if the financing amount does not exceed 300 million yuan and does not exceed 20% of the net assets, summary procedures can be applied.
By adding some supplementary rules, it provides special enterprises with refinancing needs with refinancing channels to meet the capital needs of some enterprises. Even so, for many enterprises, changing the original demand for refinancing, or postponing the refinancing plan, has indirectly provided a staged respite opportunity for the market.
The implementation of new rules on refinancing is conducive to filling the loopholes in the previous rules and constraining the willful refinancing behavior of some enterprises. When the IPO issuing rhythm returns to rationality and the refinancing pressure slows down significantly, it will be conducive to improving the investment ecology of the A-share market.
Over the years, in addition to IPO financing, the huge scale of refinancing still has a great pressure on the diversion of stock funds in the A-share market. Now, the pace of IPO issuance has slowed down, and the new rules of refinancing have filled some loopholes in the rules, which is conducive to easing the financing pressure of the market and brings a breathing opportunity to the market.
IPO financing, refinancing and the lifting of the ban on restricted shares have become the key factors affecting the trend of the A-share market. As for the A-share market, it has been in a long run, which is largely due to the unhealthy investment ecology of A-share and the lack of long-term investment attraction. Therefore, the key to pushing A-share out of the long-term healthy bull market is to change the investment ecology of A-share market, reverse the long-term refinancing situation of A-share market, and let investors invest in peace of mind and confidence. This is a mature and healthy stock market.
(About the author of this article: independent financial commentator, financial writer)
