Stellite elevation IPO net purchase threshold triggered market thinking – Securities Sohu 我是大明星力量组合

Stellite elevation IPO net purchase market on securities Sohu threshold triggered a new round of IPO in February 23rd to start subscription. It is noteworthy, has begun the first Stellite inquiry, increase the market value of the threshold under the net purchase. Is this a case or a policy orientation in the future? Under the background of the implementation of the registration system in the future, whether the sponsor’s autonomy can increase? This has become the mainstream investors to think about the issue. Purchase threshold changes related to corporate stock trends reflect what? The Stellite in the preliminary inquiry said in the announcement, to participate in the inquiry under the net net investor should have qualifications, in February 18, 2016 (T-6 days) before the 20 trading days (T-6 days) Shanghai non restricted equity market capitalization of 30 million yuan (including mean holding) above. In other words, "threshold" from the previous 10 million yuan increased to 30 million yuan. Industry speculation, the only batch of new shares to raise the conditions, should not be policy guidance. For a single enterprise, in the current environment, should be hoping to attract some more powerful investors. It is the East Stellite underwriter, said Citi Orient is responsible for the issue of supervisor, issue details determined by mutual agreement, to response regulators and appeal to the media culture value investors. According to the Shanghai and Shenzhen Stock Exchange in January this year after the implementation of the revised "IPO issued under the net implementation rules", whether individual investors or institutional investors, to participate in the inquiry under the net purchase and threshold requirements are "holds the corresponding market non restricted A stock market value of not less than 10 million yuan (inclusive) the placement of objects can participate in network the inquiry and purchase". It is understood that the new shares under the network inquiry and subscription threshold increased to 30 million yuan, is the issuer and sponsor of Citigroup’s independent decision, not the management requirements. Shen Wanhongyuan (000166, stock) Securities Research Institute Lin Jin said that the sponsor can adjust the scale of purchase according to the issue, but did not appear before. Generally speaking, the adjustment threshold is also aimed at the core customer group. Prior to the discussion, the issue of new shares issued according to the size of the different subscription market value, such as the large number of companies issuing requirements for the market value of investors. However, the issue of new shares is not large. Impact on investors under the net geometry? Improve the purchase threshold, whether it can also improve the success rate of the network? The personage inside course of study thinks, at present see the function is limited. Institutional investors said that the current position of the new fund stock is generally light, the sponsor raised the market value threshold, or led to a lot of new funds can not participate in the purchase, the success rate or slightly improved. It is not clear whether other investment banks will follow up, and whether Citigroup will continue to require a 30 million base warehouse, which has implications for the new fund, needs attention. The sponsor representative said that under the background of the callback mechanism, the current subscription of new shares is hot, even if the threshold is raised, it is expected that the impact on the success rate is relatively limited. Shen Yuan Securities Research Institute said, from the fund situation alone, individuals, general legal person and institutional investment.

司太立抬高IPO网下申购门槛引发市场思考-搜狐证券   新一轮新股发行2月23日启动申购。值得关注的是,已开始询价的司太立首开先河,提高网下申购的市值门槛。这一变化究竟是个案还是代表了未来政策导向?在未来注册制实施的背景下,保荐机构自主权是否能够增加?这成为当下主流投资者共同思考的问题。   申购门槛变化 相关公司股票走势 体现了什么?   此次司太立在初步询价公告中表示,参与本次网下询价的网下投资者需具备的资格条件是,2016年2月18日(T-6日)前20个交易日(含T-6日)持有沪市非限售股票的流通市值日均值为3000万元(含)以上。也就是说,“门槛”从以往的1000万元提高到了3000万元。   行业人士猜测,此批新股中仅一家调高条件,应不是政策引导。就单家企业而言,在当前环境下,应该是希望吸引一些更有实力的投资者。   东方花旗是司太立的主承销商,东方花旗负责发行的主管表示,发行细节经双方协商一致确定,旨在响应监管层和媒体呼吁的培养价值投资者。根据沪深交易所今年1月修订后实施的《首次公开发行股票网下发行实施细则》,无论个人投资者还是机构投资者,参与新股网下询价及申购的门槛规定均为“持有对应市场非限售A股市值不少于1000万元(含)的配售对象方可参与网下询价和申购”。据了解,此次将新股网下询价及申购门槛提升至3000万元,是发行人和保荐人东方花旗的自主决定,并非管理层要求。   申万宏源(000166,股吧)证券研究所林瑾表示,保荐人可以根据发行情况适当调整申购规模,但此前并未出现过。一般而言,调整门槛,也是为了倾向核心客户群体。此前有讨论新股发行根据规模设定不同的申购市值,比如发行量大的公司对投资者的市值有要求。不过,此批新股发行规模都不大。   对网下投资者影响几何?   提高申购门槛,是否也相应能提高网下中签率?业内人士认为,当前看作用有限。   机构投资者表示,目前打新基金股票仓位普遍较轻,保荐机构上调市值门槛或导致很多打新基金无法参与申购,中签率或略有提高。不确定其他投行是否会效仿上调,以及东方花旗以后是否继续要求有3000万底仓,这些不确定性对打新基金存在影响,需要关注。   有保荐代表人表示,存在回拨机制背景下,当前新股申购火爆,即使提高门槛,预计对于中签率的影响也较为有限。   申万宏源证券研究所表示,单从资金情况看,个人、一般法人以及机构投资者都可以参与网下申购,并且市值达到1000万元的也不在少数。据申万宏源证券上周统计,已经在协会备案的合格投资者有3900多个,这3900个配售对象中,不仅包括机构也包括个人投资者,而且个人投资者的占比达到68.5%。   那么保荐机构提高申购门槛,是否会主要把个人投资者排除在外?体现出对一定市值机构的倾向?林瑾表示,从理论出发点看,这一做法倾向机构投资者,应该会提高中签率,因为经过市值筛选后的投资者数量会减少。但她同时表示,当前有些大机构参与新股的热情并不高,即使有申购新股,申购总市值也仅维持在1000万左右。“所以不光是个人投资者,目前网下总的参与家数比之前预期的也要少。”   业内人士表示,从近期新股发行情况看,仅有1 3或者1 4的数量,即1000多家实际参与了新股申购。这其中有各种原因,有些是因为中签率太低放弃,有些是备案工作来不及,还有些申报当中不流畅,个别存在资金没到位。   自主决定权为注册制铺垫?   林瑾表示,从历年统计情况看,保荐人还是更倾向于A类、B类等优先配售的投资者,这在未来注册制实施后将更为明显。因为对核心配售客户的培育,是投行竞争力的体现。   虽然多数业内人士表示,保荐机构在发行操作上并没有更多操作余地。但如果未来采用询价乃至直接定价发行,那么投行只要有把握就可以自主决定发行的方式,这将大大提高发行效率。   也有一些保荐人表示,相比当前的新股发行,定向增发也面临太多压制。管理层倡导以市场化价格发行,但同时又有“锁定三年”的规定。以往定增价格有折扣,这是作为流动性的补偿,但市价发行后,定向增发面临难度较大,投资者或转而选择其它方式,如发行短债、公开增发、配股等。这些保荐人认为,再融资领域,投行的自主权也需要增加。   来自合资投行――东方花旗公司的投行主管则表示对注册制前景看好。她认为,注册制是中国资本市场逐步与国际接轨这一进程中的必然导向,当不存在任何前提的、真正的注册制实施的时候,也就意味着中国资本市场对市场信用的有效建设和对金融风险的系统应对达到了国际化水平。注册制的推出,中长期仍然利好于投行业务,但业务空间提升的同时,也进一步加大了保荐和承销相关主体的责任。追求可持续品牌效应的投行会益发寻求优质资产,新兴行业资产,传统行业中有议价权的、有整合行业能力的龙头或潜力资产等,中长期会形成优质资产驱逐劣质资产的良性发展。但基于现实情况,这些良性发展都建立在系统性信用建设和有效风险管控基础上。预计发行节奏方面,未来会更加市场化。相关的主题文章: