Private placement in 2017 or suspended or even cancelled

Based on the regulatory thinking of 2016 and the main theme of the market, from the perspective of financing one of the core functions of the stock market. The Bulls and Bears Trading Room suspects that in 2017, the regulator will continue to push the IPO to speed up, suspend or even cancel the refinancing function such as private placement. In 2016, the company is about to close. Looking at the ups and downs of A-shares in a year, there are many exciting events. At the beginning of the year, 8 trillion melted tragedies, and then Liu Shiyu succeeded Xiao Gang as the chairman of the China Securities Regulatory Commission, and then continued to introduce policies to combat speculation. It can be said that the market in 2016 is a stable word, repairing the pain of the 2015 stock market crash, cutting the eggs of the speculative machine, and the red flag of the tree value investment.
According to our statistics, as of December 27, 2016, a total of 247 new IPOs, totaling more than 162.9 billion yuan, is the fifth largest annual scale in the A-share market. Based on the regulatory thinking of 2016 and the main theme of the market, from the perspective of financing one of the core functions of the stock market. The Bulls and Bears Trading Room suspects that in 2017, the regulator will continue to push the IPO to speed up, suspend or even cancel the refinancing function such as private placement. Why do you say that?
A-shares have quietly risen since October, and inadvertently, IPOs are also accelerating. From the perspective of IPO rhythm and financing scale, the registration system that once panicked the market can be said to have been implemented in disguise.
Judging from the rhythm issued by the approval, the first 10 months of this year basically maintained the average rhythm of two batches per month, and since entering November, the frequency has reached 3 times. In terms of the quantity of wholesale, in the first half of this year, the number of IPO approvals issued by the CSRC was 7, 9, 15, 14, 9 and 16 respectively; 27 to 7 in July and October respectively. There are 26 homes and 28 homes, and in November there were 38 homes, which is equivalent to the total amount from April to June.
Statistics show that in November 2016, the IPO financing scale was 35.9 billion yuan, and only 9 days passed in December, and the financing scale reached 17.3 billion yuan. Overall, the market level of financing before the stock market was higher than last year. From the short-term stock market disaster in November 2015, the IPO will be pushed again, and then the current IPO growth rate will continue. In 2017, the IPO will be more, although this will dilute the market funds, but for individual investment investors, it will play new shares. There are more opportunities for profiteering.
Correspondingly, refinancing began to tighten. The data shows that the amount of private placement financing in the first ten months of this year totaled 134.64 billion yuan, an increase of 55.6% compared with 865.4 billion yuan in the same period of last year. In November, the amount of private placement financing decreased sharply to 23.7 billion yuan, compared with 171.6 billion in November last year. Yuan dropped by 86.2%, which was a significant drop from the fixed amount of financing of 85.3 billion yuan in October.
This shows that the regulatory layer has realized the current bubble and drawbacks of the market. According to statistics from the Bulls and Bears Trading Room, as of December 9, 2016, a total of 1,568 listed companies have been accumulatively increased since 2015, with an accumulated actual fund of 285.896 billion yuan. Among them, the total amount of funds raised by 743 companies since the beginning of 2016 has reached 15,321.89 billion yuan, which has exceeded the full year of 2015.
In view of the fact that the increase has spawned too many types of investment banking behaviors, resulting in bad money to expel good money, good companies have to queue IPOs, and garbage companies can use high stock prices, storytelling acquisitions to speculate on themes, concepts, and push up valuations; The increase is not fair, ordinary retail investors are excluded from the transaction, and a large number of financial institutions are leveraging to participate in the increase, and the expiration of the ban is easy to form a barrier lake, which has an impact on the market.
Then boldly conjecture, combined with the high-level requirements of financial market funds to ban the real spirit, coupled with the recent warning and constraints of the Securities and Futures Commission and the China Insurance Regulatory Commission on the arbitrage of insurance funds, as well as a number of growth in the market, such as the GEM North The source issued a fixed increase to the four institutions and then announced the chaos of high transfer. The regulatory layer is likely to stop the private placement of such refinancing in 2017.
If the suspension is suspended, it will alleviate the impact of the barrier lake impact; secondly, it will help to reconstruct the market valuation system. When the valuation of shell resources and junk stocks is weakened, the valuation system of A-share market turns to value. guide.
In general, for investors, there will be more opportunities to play new shares in 2017. As for whether they can win the game, they will be lucky. In addition, the investment style is to resolutely avoid junk stocks, and to avoid small and medium-sized companies with high valuations or performance. GEM stocks should embrace low-value blue chip stocks, especially the state-owned enterprise reform concept stocks.
(The author of this article: CEO and Principal Investigator of the Bull and Bear Trading Room.)

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