The controversy caused by such “playing method” of Beijing Xinyuan makes the market focus on the “small area” of “fixed-term increase” which has not been paid attention to before.
In the current A-share market, the scale of fixed increase is compressed, and the audit cycle is long.Statistics from Shanghai Stock Exchange show that in the first 11 months of this year, there were a total of 22 cases of fixed increase of unlimited sales period, which was significantly higher than the 6 cases in 2015.
It is worth mentioning that the private placement mode, which takes the first day of the issuance period as the pricing base date and has no lock-in period, is only rooted in the “experimental field” of gem at present.Based on the relevant cases, most of the fixed value-added shareholders choose to close when they are good, and they can often retreat in unpredictable market fluctuations, accompanied by obvious or hidden traces of capital protection.
[increase the arbitrage of “free man”
Increasing arbitrage of “free man”
”In terms of encouraging the issuance of such stocks, the price is relatively close to the market price.”Some investment bank personage told reporters, but because there is no “safety pad” of discount issuance, investment risk seems to increase, which makes the arbitrage logic of participants completely different from the mainstream fixed increase mode, and the game is more subtle.
Non mainstream fixed increase
According to the report on the issuance of fixed value-added shares disclosed by new cape on November 30, the company has issued 13 million shares to Jiangxi Hexin Rongzhi Asset Management Co., Ltd. and China Huadian Group Finance Co., Ltd. at the price of 25 yuan per share, raising 325 million yuan.The special feature is that the shares subscribed by the two objects can be circulated and traded from the date of issue and listing.It is worth pondering that on November 29, the new Cape closed at 24.33 yuan, lower than the fixed price increase; on November 30, it rose 7.19% to close at 26.08 yuan.
”Flash back” arbitrage
Then, how long is the residence period for the unlimited sale and fixed increase shareholders who exchange “market price” for “free body”?From the list of shareholders regularly reported after the completion of the fixed increase, we can see the advance and retreat of the subscribers.
Traces of the protective plate
Compared with the mainstream fixed increase model, the fixed increase model with unlimited sales period is a new game.The reporter noticed that in some cases of fixed increase with unlimited sales period, there are traces of “protecting the market” through capital operation.
[fixed increase market: pie or trap]
Beixinyuan trading limit raised