In the first half of the year, the popularity of public fund participation in the fixed increase decreased significantly.Since the beginning of this year, only 278 public fund products have participated in the fixed increase plan of 60 listed companies, and the subscription amount has only been 12.2 billion yuan, which has shrunk significantly compared with last year.
Analysis of the specific reasons: on the one hand, the private placement market is sluggish, the number of listed companies implementing private placements has been greatly reduced, and the number and quality of targets that public funds can participate in is not as good as in previous years; , so that the enthusiasm of public funds to participate in the fixed increase market is not high.
It is worth noting that recently, a number of public funds have issued announcements of participating in the fixed increase of listed companies, and the fixed increase market seems to usher in a slight rebound.
A number of public offerings announced fixed increase announcements
Recently, fund companies such as Bosera Fund, E Fund Fund, Ruiyuan Fund and Wells Fargo announced that their fund products Bosera Growth Pilot, E Fund Double Debt Enhancement, Ruiyuan Equilibrium Value for Three Years, Ruiyuan Growth Value, Fuguo Value Advantage and Fuguo Equilibrium. Selected and other 32 fund products invest in non-publicly issued stocks, mainly involving listed companies such as Jereh (002353), Ningde Times (300750), Nano Micro Technology, Dongfang Shenghong (000301).The data of public fund products participating in the fixed increase of listed companies has rebounded in the short term.
In fact, the data of public fund participation in fixed increase this year has dropped significantly compared with previous years.Statistics show that since the beginning of this year, only 278 public funds (only the initial funds are counted) have participated in the fixed increase of 60 listed companies, and the subscription amount is only 12.2 billion yuan.In the same period last year, 530 publicly offered fund products subscribed for the fixed increase of 100 listed companies, and the subscription amount reached 29.4 billion yuan.
Judging from the participation of public offering products this year, Huaxia Panrui one-year fixed-opening fund has spent a total of 1.098 billion yuan this year to participate in the common people, Weipaige (603956), Baotailong (601011), Xuerong Biology (300511), Sinolink Securities and The fixed increase of 20 listed companies such as Panjiang (600395), the subscription amount of each company is between 30 million yuan and 68 million yuan.In the past six months, the total book value of the shares allocated by the Huaxia Panrui One-Year Fixed-Opening Fund accounted for 72.68% of the cumulative fund assets. The net assets of the fund product at the end of the first quarter were 1.6 billion yuan.
From the perspective of fund companies, Southern Asset Management, Hongde Fund, Wells Fargo Fund and ICBC Credit Suisse Fund have 49, 18, 17 and 17 products participating in the fixed increase respectively.
High-quality standard into a fragrant pastry
Although the popularity of fixed increase is no longer, the fixed increase project of excellent listed companies can often attract more institutional investors to participate, and the competition is fierce.
For example, in CATL, which raised the largest amount of funds through fixed increase this year, a total of 42 institutions had applied for it before, but only 22 institutions were successfully allocated, and nearly half of the institutions were unsuccessful.These 22 institutions include domestic mainstream securities companies, insurance companies, and public funds, as well as foreign institutional investors including CSOP Asset Management Co., Ltd. and Macquarie Bank Co., Ltd.
Judging from the announcement, 4 public offering institutions including Bosera Fund, Caitong Fund, Ruiyuan Fund and Golden Eagle Fund were allocated, of which only 6 public offering products of Bosera Fund and 3 public offering products of Ruiyuan Fund were allocated, with the total amount allocated Only 500 million yuan.The other 2 public funds participated in special account products.Among the 12 funds that did not "get on the train", many companies were domestic top public offerings.
In fact, from the data point of view, since the beginning of this year, most of the public fund companies have participated in the fixed increase through special account products.For example, Caitong Fund has participated in fixed increase for up to 70 times this year, while public fund products participated in less than 30 times.
The popularity of public offering participation in fixed increase has greatly decreased
As of July 6, based on the private placement date, 109 listed companies in the A-share market have implemented private placements during the year, with an actual total fundraising of 204.2 billion yuan, compared with a total of 233 listed companies that raised 340 billion yuan in private placements in the same period last year Yuan, the popularity of listed companies' fixed increase has decreased compared with the same period last year.
Judging from the purpose of fixed increase investment, Chaoliu has become a project financing. In terms of direction, popular tracks, such as machinery and equipment, electronics, medical biology and new energy, are still the main investment directions.
In addition to the fact that the overall market for fixed growth has shrunk and the participation of public funds is not as good as before, the performance of listed companies at the beginning of the year has also affected the enthusiasm of public funds to a certain extent.Even if the market has rebounded sharply recently, there are still many fixed increases and breakouts.
The data shows that among the listed companies that have undergone fixed increase this year, the latest prices of 34 listed companies such as Youket, Yonyou Network (600588), Jianlong Micronano, and China Great Wall (000066) are lower than the fixed increase issue price, accounting for 30%. one-third, which was higher at the beginning of the year.The lock-up period of some fixed increase projects involving public funds is only 6 months, and these projects will begin to be lifted in July this year.
Some institutional people believe that there is a lock-up period of at least 6 months for fixed increase, and this year, the issuance of new funds is cold, and the increment of public funds is limited. Fund companies have to consider liquidity issues. One of the reasons why the increase in heat is not as good as before.
