Pay Attention To Overfinancing Of Listed Companies In Gem Refinancing

Here world clothing shoes The Xiaobian of the hat net is to introduce the refinancing of the gem, and to prevent the excessive financing of listed companies.

To start refinancing, we need to take into account the overvaluation of the gem and pay attention to protecting the interests of investors.

"In terms of the system, Gem The start of refinancing is definitely the direction, but it needs a suitable time window. After all, the price earnings ratio of gem is still at a high level, so when we start refinancing, we should pay attention to protecting the interests of small investors. For the gem refinancing system "ready to come out", Li Daxiao, chief economist of British securities, told the Securities Daily reporter.

In April 22nd, the provisional rules for the issuance of securities issued by GEM companies (Draft for comments) (hereinafter referred to as "refinancing measures") have been completed. The SFC said that the opinions and suggestions put forward by the market parties were seriously assessed and the refinancing measures were revised and perfected. On the same day, media reports said that the Anhui Securities Regulatory Commission has convened a training course for GEM companies in Anhui Province, including the "gem refinancing policy". In addition, the training course for the first phase of the 2014 insurance business in Beijing also includes the interpretation of the gem starting and refinancing related issues. Thus, gem refinancing has been gradually approaching.

It is expected that the refinancing of gem will come. A market without refinancing is abnormal, not to mention the A share market is a heavy financing position, and refinancing can not be absent for a long time in the growth enterprise market. Pi Haizhou, a well-known financial commentator, said.

At present, the refinancing channels of listed companies include equity financing and bond financing. Li Daxiao said that for the gem, the current common method is to issue short and medium term bond financing, equity financing has not really opened the gate. The introduction of the refinancing system will satisfy the needs of the continuous financing of gem enterprises, and will help enterprises grow bigger and stronger.

According to the reporter, 379 GEM companies achieved a total operating income of 249 billion 140 million yuan in 2013. The net profit attributable to shareholders of listed companies was 28 billion 520 million yuan, up 24% and 10.9%, respectively, but it is noteworthy that in 2013, the growth enterprise board rose to 82.73%.

Li Daxiao believes that under the drive of interest, the financing side often expects higher. In the face of overvalued companies, investors should be more vigilant against investment risks.

Zhang Xiaojun, a spokesman for the securities and Futures Commission, said earlier that financing The measures are mainly based on the following four aspects: first, to perfect the function of market resource allocation; two, to emphasize the balance and coordination of investment and financing functions; three, to guard against excessive financing of listed companies; four, to set reasonable conditions for issuing various financing varieties, and to encourage mergers and acquisitions of listed companies on GEM. In addition, the "refinancing approach" has set up a "small, fast, flexible" private placement mechanism.