Since last week regulators adjusted some rules on private placement, the original main refinancing mode has been severely restricted in terms of time, scale and price, and its operation space has been obviously compressed.

Now that many companies have withdrawn their original applications, the number of companies that propose such motions will be greatly reduced, and the trillion increase in the year will no longer exist.

However, the listed companies refinance with the help of the capital market in order to achieve rapid growth.

It still exists.

The reason why the regulators adjust the fixed increase policy is mainly because the original policy is imperfect, which can easily lead to excessive capital raising and abuse of listed companies, as well as the pmission of interests in the process of implementation, and infringe on the interests of small and medium-sized investors.

As far as refinancing itself is concerned, after a more explicit restriction on fixed growth, new models need to be developed to supplement the gap left by fixed growth constraints and meet the reasonable demand of Listed Companies in expanding capital.

In fact, there are many refinancing modes, including issuing convertible bonds, preferred shares, and public issuance.

And most investors are familiar with, but also the simplest is the rights issue.

Before 1999, the refinancing of listed companies was mainly carried out through rights issue.

In recent years, although fixed increase has occupied the mainstream of refinancing, there are still some listed companies who have made rights issue.

Northeast Securities, for example, completed refinancing 3 billion 400 million yuan through allotment in April last year.

When the deadline of the rights issue is approaching, several media remind investors not to forget the rights issue, which is called "conscience company".

Because the rights issue is carried out for all the old shareholders of the company, and the rights issue price will generally have a larger discount than the market price. For the shareholders who participate in the issue of shares, it is quite low in cost, so it has been more popular.

Since 1999, the increase has been coming from behind.

The important form is mainly because the fixed increment can introduce new institutional investors, and the company's own business index requirements are lower than the rights issue. In addition, the scale can often be bigger than the rights issue, and it is also easier to operate.

So the vast majority

In the process of refinancing, the fixed growth mode was chosen.

The problem is that because of the drawbacks of the original increase, it has objectively affected the stability of the market, and now it needs to be adjusted. This makes the listed companies have to study other refinancing modes, and focus on the issue of rights issues.

Of course, for cash strapped investors, how much is a burden.

However, it is not difficult to solve this problem. I remember that in the early 90s of last century, in order to protect the rights and interests of shareholders who did not participate in the rights issue, the old shareholders were able to obtain the corresponding proceeds through the pfer of the rights to share pfer when they developed the products with the pfer of shares.

There are many other modes of refinancing, which have their own scope of application, and can also play a good role in the corresponding range.

In the current situation, we should think more about the pattern of rights offering, so that it can play its due role in the refinancing of listed companies.

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