Guoxin’s new strategy for refinancing comments: the direction of the era of technological innovation continues
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再融资新规点评：鼓励股权融资，“科技创新大时代”方向继续（国信策略） 原创 追寻价值之路 文 燕翔、许茹纯、朱成成 事项： 2020年2月14日，证监会消息，为深化金融Supply-side structural reforms, improving the refinancing market-based restraint mechanism, enhancing the ability of the capital market to serve the real economy, and 武汉夜网论坛 helping listed companies fight the epidemic and restore production. The CSRC issued the
<上市公司证券发行管理办法>Decision “on the amendment
<创业板上市公司证券发行管理暂行办法>Decision “on the amendment
<上市公司非公开发行股票实施细则>“” (Hereinafter referred to as the “Refinancing Rules”) shall be implemented as of the date of promulgation.
Comments: 1. The new rules have relaxed the pricing and reduction restrictions on non-public offering of shares.
The Securities and Futures Commission had solicited opinions on the refinancing rules for the main board (small and medium-sized boards), GEM, and science and technology board on November 8, 2019.
The officially announced policies are generally not significantly different from the previous comments.
The main revised rules include: adjusting the pricing and lock-up mechanism of non-public offering of shares, changing the issue price from not less than 10% off to the 南京桑拿论坛 average price of the company’s stocks 20 trading days before the pricing reference date, and changing the lock-up period from 36 months to 12 monthsThe months are shortened to 18 months and 6 months, respectively, and the relevant restrictions of the reduction rules are not applicable; the number of objects of non-public offering of shares on the main board (small and medium-sized boards) and the GEM shall be adjusted from no more than 10 and 5 respectively.For no more than 35 people.
Generally speaking, whether it is pricing or reductions, the rules and restrictions have been relaxed.
2，鼓励股权融资，支持实体经济 本次《再融资规则》的出台落地，我们认为反映了非常明确的政策方向，即改革完善资本市场基础制度，促进多层次资本市场健康稳定发展，提高直接融资Especially the proportion of equity financing.
Looking into the future, we believe that on the one hand, the state’s policies on encouraging technological innovation and improving the basic system of the capital market are expected to be introduced one after another.
On the other hand, under the influence of the “Refinancing Rules”, we expect that the amount of equity financing, including private placements, is expected to increase significantly.
3，利好资本市场，“科技创新大时代”方向继续 我们认为，此次《再融资规则》的出台有利于完善资本市场制度建设、丰富相关金融产品、提振市场投资者人气，总体而言对The stock market is a good one. With the relatively abundant liquidity in the current market, the stock market is expected to continue.
Structurally, we continue to maintain the views of the previous 2020 annual strategy meeting. We believe that the direction of the “big era of scientific and technological innovation” is expected to continue. It is recommended in the section to focus on the technology industry represented by computers and media, and will benefit significantlySecurities industry with increased equity financing.