Since the beginning of this year, equity financing in the A-share market has performed well.Wind data shows that as of July 12, 187 new shares have been listed in the A-share market, and the financing amount has reached 326.998 billion yuan.
At the same time, the total scale of A-share refinancing (including additional issuance, rights issue, and convertible bonds) reached 455.199 billion yuan.In addition, data shows that at present, there are more than 1,100 companies planning to IPO in the A-share market.
From 2018 to 2021, the total amount of equity financing of A shares has been increasing year-on-year for four consecutive years.
Industry experts said that with the continuous deepening of capital market reform, the proportion of direct financing will continue to increase, and the quality of equity financing to serve the real economy will be further improved this year.
Significant growth in IPO financing
A research report released by KPMG pointed out that the global fund-raising activities in the first half of this year slowed down compared with the same period of the first half of last year, but the amount of IPO funds raised in the Asia-Pacific region increased compared with the same period last year, mainly driven by the A-share market.
Liu Dachang, a partner of KPMG China's capital market consulting group, told the "Securities Daily" reporter that in the first half of this year, compared with the same period last year, although the number of new shares in the A-share IPO market decreased, the total amount of funds raised increased by 34% compared with the same period last year. The amount raised in the first half of the year reached a record high, which shows the resilience of the A-share market.Among them, the Science and Technology Innovation Board and the Growth Enterprise Market are still the main options for listing new shares.
In terms of the amount of IPO financing, data released by PricewaterhouseCoopers shows that in the first half of this year, the amount of financing on the Sci-tech Innovation Board of the Shanghai Stock Exchange was 115.6 billion yuan, higher than the 94.9 billion yuan on the main board of the Shanghai Stock Exchange. The 11.5 billion yuan of the main board, compared with the same period last year, the amount of financing on the Science and Technology Innovation Board and the Growth Enterprise Market has increased by 60%.In addition, the Beijing Stock Exchange raised 2.8 billion yuan in the first half of the year.
Liu Dachang believes that the reform of the registration system makes the equity financing market of A shares more inclusive, which is conducive to promoting the improvement of the multi-level capital market system, improving the service capability of the real economy, especially technological innovation enterprises, and leading economic innovation-driven development.
Convertible bond financing becomes more attractive
As an important financing method in the capital market, refinancing aims to meet the new financing needs of listed companies and continue to provide effective financing channels for listed companies.According to the statistics of Wind Information, as of July 12, based on the issuance date (the same below), the total scale of A-share refinancing (including additional issuance, allotment, and convertible bonds) since the beginning of this year has reached 455.199 billion yuan, of which the additional issuance amount is 2399.69 yuan. 100 million yuan, the allotment amount was 46.634 billion yuan, and the convertible bond amount was 168.596 billion yuan.
Xu Yang, chief economist of Hong Kong Zhongrui Fund, told the "Securities Daily" reporter that the amount of additional issuance in the first half of this year has decreased compared with the first half of last year, mainly due to the impact of the market environment, which has reduced the willingness of listed companies to issue additional issuance.In the first half of this year, the convertible bond market is very hot, mainly because the issuance of convertible bonds is more convenient and fast, which is conducive to the financing of small and medium-sized private enterprises, and the subscription of convertible bonds is hot, which makes listed companies more willing to issue convertible bonds. Convertible bonds.
It can be seen from historical data that the annual financing amount of convertible bonds was less than 50 billion yuan before 2017. In order to encourage listed companies to refinance through other products such as convertible bonds, the state has guided and adjusted through relevant policies to make Convertible bonds are gradually gaining market favor.In 2019, the amount of convertible bond financing exceeded 200 billion yuan, and in 2021, it will reach 274.385 billion yuan.
Zhang Cuixia, chief investment advisor of Jufeng Investment, said that the relevant regulations and measures on convertible bonds that have recently been publicly solicited by the exchange are mainly aimed at the supervision of the secondary market transactions of convertible bonds, and the improvement of the listing, business process and information disclosure of convertible bonds. , and does not involve the adjustment of primary market financing policies.This does not affect the normal functioning of the financing function of the convertible bond market, and through the multi-dimensional regulation of the convertible bond market, it will further enhance the financing attractiveness of convertible bonds and enhance its service support for the real economy, especially small and medium-sized private listed companies. strength.
Our reporter Yan Liliang trainee reporter Guo Jichuan
