Recently, the stock market has returned, and listed companies have taken the opportunity to “pump water.”
The two rights shares include Qiu Ti Technology (1478) and R & F Properties (2777), raising a total of nearly 4 billion yuan. According to market analysts, it is not surprising that the market has stabilized and formed a “pumping” tide. It is expected that the company’s rights issue will continue.
R & F Properties suspended trading yesterday morning, pending the release of inside information announcement. According to the disclosure of the sales documents, the company plans to place 273 million shares at 13.48 yuan to 13.68 yuan per share, which is a discount of approximately 7.2% to 8.6% compared with the share price of 14.74 yuan before the suspension. The placing shares are equivalent to the enlarged share capital. 7.8%, raising 3.68 billion to 3.735 billion yuan. The company intends to use the proceeds from the rights issue to repay offshore debt. The rights issue plan will be arranged by institutions such as CICC and Goldman Sachs.
Short-term stock price fear
Qiuti Technology plans to use the old-fashioned and new-style approach to raise funds, placing 15 million shares, equivalent to approximately 1.3% of the enlarged share capital, and a placing price of 13.68 yuan per share, a 2.98% discount to the previous day’s closing price of 14.1 yuan. The net amount is 205.2 million yuan. About 80% of the proceeds (about 162 million yuan) will be used to expand the capital expenditure required for the expansion of camera lens module production capacity, and the remaining 20%, about 40.6 million yuan will be used for research and development. Affected by the news of the rights issue, Qiutian Technology opened 1% lower at 13.96 yuan yesterday, and the decline continued to expand, down 9.2% at most, see 12.8 yuan. The decline in the afternoon narrowed, and the closing price still fell 5% to 13.4 yuan, losing the share price 13.68 yuan.
Li Yongliang, an adviser to the superior investment department of CFS Financial, said that the purpose of the rights issue is to “make shareholders save more money.” The more funds, the greater the company’s future operation and investment opportunities. It is normal for a listed company to “pump water” while the market atmosphere has stabilized. It is expected that the situation of “pumping water” will “successively come”. He said, “The main one is pumping fast below.” Listed companies will also have good excuses to “absorb water”, such as the proceeds from the rights issue for the company’s operations and expansion of operations. However, shareholders must identify the true and false.
He went on to point out that frequent “pumping” of enterprises will definitely bring a negative image to Hong Kong stocks, and investors will not buy again when the pumping is almost the same
The allocation price is lower than the current price. After the “pump”, the stock has the opportunity to fall below the allocation price like Qiu Ti. Investors may “do something” and even give up in the short term.
Huang Minshuo, director and chief investment director of Baoju Securities, also believes that the market sentiment will have the opportunity to promote this share placement. Reasonable share placement is normal and the market is still able to digest and bear it.