Cao Zhongming: Fixed Increase, Ask Shareholders And Related Parties To Go Away.

In the first half of this year, Jinyi industrial stock was mostly "wandering" at about 7 yuan and 8 yuan. Starting in July, with the volume of cooperation, a rising market started quietly. Since then, the listed company announced in July 21st that it was planning to issue a "non-public offering issue" and suspended the sale. In August 4th, it announced a non-public offering plan, and Jinyu billion wanted to issue 99 million shares to the controlling shareholder Jinzheng enterprise at the price of 8.11 yuan / share. The listed company said that the proposed 802 million 890 thousand yuan would be used to repay the loan and supplement the liquidity after deducting the issuance cost.

Jinyi industry has two major characteristics: first, the fixed shares are all monopolize by large shareholders. The second is that after the suspension of the listed companies, a series of positive results will emerge. In terms of management, the order of 254 million yuan and 79 million 580 thousand yuan was announced in August 8th and October 14th respectively. In terms of performance, this year's report turned around a profit and realized net profit of nearly 95 million yuan. In October 30th, the annual profit is expected to reach 160 million yuan, nearly double that of last year.

In terms of industry, this year's high-speed rail sector is good. In 2014, the national railway construction needs to achieve three goals of fixed assets investment, such as 800 billion yuan, and it will also bring hope to Jinyi industry's performance. It is also in the many positive effects, Jinyi industrial stock prices to achieve "crows" to "phoenix" metamorphosis, the recent shock has been around 16 yuan. If its fixed increase plan is implemented, its controlling shareholder will achieve "floating surplus" of 800 million yuan.

On the one hand, we must increase the number of controlling shareholders, but on the other hand, the majority shareholders have reduced their share holdings. Statistics show that from February to June this year, Jinyi industrial major shareholder had reduced three times. Shares Up to 118 million 903 thousand and 500 shares, accounting for 15% of the total share capital, and the cash amount is 955 million yuan.

The implementation of the reduction of the left hand, the right hand to participate in the fixed increase, the largest shareholder of Jinyi billion will play the role of playing in the palm of the suspect. Moreover, relatively speaking, because large shareholders know well about the operation and performance of listed companies, large shareholders have congenital information superiority and have the right to decide whether to participate or not.

This year, Listed company It is more and more common for large shareholders and their affiliated parties to participate in the fixed increase. For example, in August, 90 major shareholders and their related parties participated in 37 plans. When the market downturn, the participation of large shareholders and so on will be increased, but will increase the risk to the participants. Now that the market is getting warmer, the participation of large shareholders and related parties is increasing. It is obviously a kind of behavior that is contending with the market, and it is also a kind of behavior to transfer profits to itself, so it is easy to create new injustice.

On the other hand, many listed companies often earn money through fixed increase even if they do not lose money. Some listed companies, by increasing the "money", in order to prevent control power The target audience also includes major shareholders and related parties. One hand, "seize money" and seize the control power at the same time, both hands must be grasped. Both hands must be hard. Moreover, because large shareholders have the right to speak in the listed companies, there is no question that they will be set up when the shares are fixed. When the scheme of high delivery or major asset reorganization is disclosed on the eve of the lifting of the ban, large shareholders can get huge profits. Obviously, this is also unfair.

In fact, if the major shareholders and related parties are optimistic about the development prospects of listed companies, they can increase their holdings in the two tier market. In view of the unfair and maladies caused by the large shareholders and their affiliated parties in the listed companies, the author suggests that when the listed companies want to increase their financing, they are to be subscribed by the institutions or natural persons in the market.