Private placement is a kind of private placement. Issue investment products such as bonds or stocks to a limited number of senior institutional (or individual) investors. Sometimes it is also called "directional issuance" or "private placement". The issue price is determined by the bidding of investors participating in the issue. Compared with public offering, the issuing procedure is more flexible. It is generally believed that this financing method is more suitable for enterprises with small financing scale and high information asymmetry. After China's new Securities Law and the formal implementation of share reform, this equity financing method has been widely adopted by listed companies. The relevant regulations of China Securities Regulatory Commission include: the number of issuers shall not exceed 35, the issue price shall not be lower than 80% of the market price, the issued shares shall not be transferred within 6 months (the major shareholder subscribes for 65,438+08 months), the use of raised funds shall conform to the national industrial policy, and listed companies and their executives shall not commit any illegal acts.
The CSRC once again emphasized through official website that listed companies whose asset-liability ratio is significantly lower than the average level of listed companies in the same industry may not raise matching funds on the grounds of supplementing liquidity. Under normal circumstances, the regulatory authorities do not encourage refinancing. However, if there are sufficient reasons for the major shareholders to subscribe for special industries, they can supplement the working capital, which shall not exceed 30% in principle. In addition, allotment financing and subscriber lock-in for three years are not subject to proportional restrictions. With the downturn of the secondary market, the behavior of listed companies using refinancing to "collect money and attract gold" has been questioned, especially the supplementary financing based on liquidity.
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Reply time: February 2022-18. Please refer to the latest business changes announced by Ping An Bank in official website.