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     The convertible bond network has more purchases and disputes. The issuer and the main contractor are filling the loopholes.

    2019-03-13 07:46:03

    Securities TimesLiu Wei Wang Yuling

    The “vulnerabilities” that the large number of stock accounts opened by the institutions before the CSI board opening restrictions can still be renewed, so that many brokers can use the multi-account top purchases of concerted actions to divide the convertible bonds under the net.

    Under the circumstance of “one-person multi-purchase” under the squeezing of the “winning” probability of other single-account institutions, it has attracted the attention of the issuer and the main contractor. At present, there is a restriction on the issuance of convertible bonds.

    Take the first step to fill the loophole

    Zheshang SecuritiesRecently, the notice of the convertible bond announcement pointed out: "The minimum limit for the subscription of each subscription account under the offline subscription is 10,000 lots (100,000, 10 million yuan), and the number of over 10,000 hands must be 1 Integer multiples of 10,000 hands, the upper limit of subscription for each subscription account is 1.6 million hands (16 million, 1.6 billion).

    This is the common expression that each convertible bond will use at the time of issuance (only the difference in the offline subscription limit for each convertible bond), but in fact, Zheshang Securities lists the subject of the subscription as an “account”. It is not classified as a "product" like other convertible bonds.

    For example, the Suiyin Convertible Bonds, which have just completed the online and offline placements, and the Suyin Convertible Bonds, which have just issued the prospectus, all of them are listed in the relevant announcements for each of the 'product' nets of institutional investors subscribed offline. What is the upper and lower limits of the subscription? In other words, it is limited to the organization's product account, not the agency's own account itself.

    In the past, when interviewed by reporters, the brokerage dealers used the self-operated accounts to make the top purchases and obtained the high-end placement of the nets, which was called “the loophole of the system”, and pointed out that the convertible bonds should be like the IPO. Rules, one household and one purchase. He suggested that the convertible bond purchase should be consistent with the new share purchase, and obtain the certificate of the online purchase system through qualification approval, and exclude the excess purchase other than the first effective purchase.

    "According to the statement, as long as the name of the securities account is the same as the identity document, even if the account is duplicated, this really solves the problem of multiple online account subscriptions, but oversubscription is still possible." An East China brokerage dealer said this evaluation Zheshang can convert bonds. However, this subtle change in wording is an attempt by publishers and lead underwriters to consciously improve the fairness of offline placements.

    Convertible debt financing exceeds 80 billion

    This year, convertible bonds have become one of the most important financing tools for listed companies. According to the data, as of March 12, a total of 21 companies issued convertible bonds, raising a total of 86.481 billion yuan. This has greatly exceeded the scale of fundraising for the IPO during the same period.

    This year, a total of 19 companies issued IPOs, raising funds of 16.612 billion yuan. A total of 3 companies were selected for share placement, raising 1.879 billion yuan. However, 29 companies have issued additional shares, raising additional funds of 146.176 billion yuan.

    Of the 21 companies that issue convertible bonds,CITIC BankwithPing An BankThe largest amount of convertible bonds issued was 40 billion yuan and 26 billion yuan respectively.

    In addition, there are 7 companies that issue convertible bonds of more than 1 billion yuan, respectively.Zhongtian Technology, Zheshang Securities, Guizhou Radio and Television Information Network, Anhui Zhongding Seals,Wanda Information,Stout foodSuzhou Zhonglai Photovoltaic New Materials. The remaining 12 companies issued a total of 7.016 billion yuan of convertible bonds.

    Hot searchVulnerability Account Issuer

    Editor in charge: Lu Shan RF10057

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