At the beginning of 2016, Shanghai and Shenzhen equity market There was a big shock. When the secondary market is hard to find trading opportunities, public and private fund managers have turned their attention to it listed company The "first and a half market" of fixed increase. However, at a time when public and private enterprises are digging into the fixed value-added market, many people in the industry also remind that it is not an easy thing to dig into the fixed value-added market, and a little carelessness may also encounter the fixed increase trap. In fact, how to select a company with reasonable knowledge and reasonable growth needs to be determined.
The discount advantage of fixed increase issuance is obvious: "the discount advantage of fixed increase issuance is obvious, and the company's growth and profitability are easy to be rapidly improved. In the short term, it can activate the secondary market, and in the medium and long term, it has stronger ability to resist market fluctuations. No matter how the secondary market fluctuates, the overall yield of fixed increase projects is considerable." Jiutai fund fixed increase fund manager Liu Kaiyun told reporters.
In Liu Kaiyun's view, the public offering fixed increase products provide investors with a flexible channel to participate in the private placement market. They buy high-quality stocks at a discount in the form of private placement, share the discount income, the systematic income of the stock market and the achievements of the rapid development of listed companies.
At present, when the risk of stock market is unpredictable, the characteristics of fixed increase and discount of listed companies naturally become a sharp tool for fund managers to avoid the fluctuation of secondary market. According to Liu Kaiyun, the average income of fixed increase projects issued from 2006 to 2015 is 80.6% in one year and 181.5% in three years.
Since 2013, the total number of successful projects has increased by RMB 13.5 billion, and the average number of successful projects has increased by RMB 13.5 billion.
Due to the low issuance conditions and fast audit process, private placement has become the main way for listed companies to refinance in 2015, IPO In the same period, the amount of private placement financing reached 1217.42 billion yuan, which is 7.7 times of the IPO financing amount. In 2016, more than 1000 listed companies are expected to implement fixed increase, and the amount of capital raised is expected to exceed 1.5 trillion yuan.
The data shows that from 2006 to 2015, the average project income of one-year fixed increase investment is 85.49%, and the three-year fixed increase projects issued in any of the above years have obtained positive returns, with the average return of 183.76% in the holding period.
Compared with the volatility of the secondary market share price, some private equity institutions are also particularly enthusiastic about the research of fixed increase concept stocks. On the case conduct financial transactions According to statistics, in December last year, five listed companies received more than 20 private equity research Zhongsheng pharmaceutical 、 MEDA numbers 、 Cross border communication 、 Rongke Technology as well as Oriental Network Among them, the first three are related to the concept of fixed increase.
Gold seeking skills in fixed increase market
Why is the fixed increase market so hot? GESHANG financial analysts believe that private institutions can not only directly participate in the first half of the market's private placement project profits, but also in the Market In the process of bottom seeking, we buy fixed increase concept stocks at a low price in the secondary market to ensure liquidity while earning the premium brought by fixed increase projects.
Statistics show that from 2007 to 2014, from the perspective of the proportion of positive returns, the probability of absolute positive return of participating in fixed increase investment is as high as 70%; especially since 2013, the probability of positive return of fixed increase investment has increased significantly.
Talking about the selection of fixed value-added projects, Liu Kaiyun said that they prefer industries with solid fundamentals and definite growth potential. The first is the pharmaceutical industry, which can be determined to have 10-20 years of sustained and stable development; the second is the pharmaceutical industry Consumer services It can be expected that the per capita income will gradually increase, there will be no big turning point in the medium and long term, and the upward trend is relatively certain.
At the same time, we also focus on the stability of our parent industry Liu Kaiyun said that they pay more attention to investment with high stability and certainty, while the company's quality, development foundation and clear strategic thinking are the real focus of the investigation, rather than hot or not. They choose companies that are solid in their main business and have obvious certainty to improve the company's growth and main business through fixed increase.
Mr. Liu will be the manager of the fund on January 13 Jiutai Ruifu The event driven hybrid fund was officially launched, which is also the first fixed increase fund established by the fund on August 14 last year—— Jiutai's wisdom Since the fund, once again to increase the public offering market. By the end of last year, the average floating profit of the projects invested by the former reached 94%.
In the view of the industry, private placement income = discount income + individual stock growth income + market fluctuation income. This is also the reason why the corresponding stocks usually soar after the listed companies announce the fixed increase. Practice has proved that many fixed increases in the past have brought about the actual development and growth of listed companies, which is greatly conducive to the improvement of stock prices.
Private placement allows investors to buy good stocks at a discount, but only a few people and large funds can participate. In fact, the players participating in the fixed increase are mainly large institutional investors, with hundreds of millions to billions of funds provided by less than 10 investors to purchase the private placement of listed companies New shares 。
Private placement market is a typical institutional investment market. How can ordinary investors participate in private placement? Industry insiders suggest that ordinary investors can participate in private placement through fixed increase products issued by sunshine private placement and trust, or purchase fixed increase funds issued by public funds, so that ordinary investors have the opportunity to dig into the fixed increase market.
It is understood that the threshold of traditional fixed increase products is relatively high, and it often starts at 1 million. Fixed increase funds issued through the purchase of public funds, such as Jiutai Ruizhi and Jiutai Ruifu, have a threshold of as low as 1000 yuan. They are opened once a year and will be listed on the Shenzhen Stock Exchange within three months after their establishment. (Chen Junling, SSE)
(Chen Junling, SSE)