GEM Companies Will Refinance Or Will Release &Nbsp; They Will Be Pushed To The Main Board And Small And Medium-Sized Boards.

"The gem refinancing scheme has been preliminarily determined, and the Shenzhen Stock Exchange (Shenzhen Stock Exchange) has completed its solicitation in March 10th. It is estimated that GEM companies will soon be able to do so. A fixed income Department of securities dealers revealed yesterday.

At present, 4 GEM companies' private debt issuance has been approved by the SFC, but the rules have not yet been issued because the rules have not been implemented. They include sunflower (300111), LETV (300104) (300103), Baoli asphalt (300135) and orient Risheng (300118).

The person also revealed that the Shenzhen stock exchange is revising the Listing Rules of corporate bonds, which generally loosened the issuance of Exchange Company bonds, such as unilateral listing no longer mandatory credit rating. Only the bilateral listing of the auction platform and the comprehensive agreement trading platform needed rating, and the threshold of issuing bonds was relaxed from 70% to 75% of the asset liability ratio.

Will be pushed to the motherboard, small and medium board

The Shenzhen Stock Exchange has completed the request for comments on the revised Listing Rules for corporate bonds. The revision of this opinion is for GEM listed companies to refinance through issuing private debt. According to the current rules, the GEM listed companies can not carry out equity financing (rights issue, private placement), and the only way to refinance is through non-public issuance of bonds.

So-called Private debt It is a bond issued by issuers to investors under 200. The number of private placement debt issued by gem is not more than 10.

According to the draft solicitation issued by the Shenzhen Stock Exchange, although only GEM listed companies can issue private debt at present, "this way will be gradually extended to the motherboard and small and medium-sized boards" in the future.

The above fixed income Department said that the main board and medium and small board again. financing It can take equity or corporate bonds and other bonds. "Although the rate of approval of bond financing is much faster than that of equity, the existing securities law provides for publicly issued corporate bonds. The accumulated balance does not exceed 40% of the net assets of the latest term, while private debt is not subject to 40% of the quota."

Further, according to Chen Dongzheng, chairman of the Shenzhen Stock Exchange, in the "two sessions", the approval authority for the refinancing of the gem has been "reached a consensus". "According to the Shenzhen Stock Exchange's revision of the Listing Rules of corporate bonds, it is worth looking forward to the devolution of refinancing approval rights of listed companies and whether it will expand to the motherboard and small and medium-sized boards in the future." A joint venture brokerage investment bank said.

The threshold of debt issuance is partly reduced.

According to the revised draft, gem private debt issuance can be traded unilaterally in centralized auction system, or bilateral listing on the comprehensive agreement trading platform.

According to the existing rules, if there is bilateral listing or unilateral listing, there must be credit rating. Bilateral bond rating is above AA level. The revised rules require unilateral listing without mandatory credit rating.

In addition to the relaxation of credit rating, the threshold has also been lowered in terms of financial indicators.

The revised version of the Shenzhen Stock Exchange shows that the original rules " bond Before the issuance, the issuer's asset liability ratio at the end of the latest term is not more than 70%, and the weighted average asset liability ratio of all issuers is not higher than 70% when the bonds are issued in a collective form, and then increase by 5 percentage points to 75%. The Shenzhen Stock Exchange said that this is because the "multi-level capital market" has both larger blue chips and smaller SMEs.

But at the same time, a number of financial indicators of net assets will be added to the revised draft when the threshold indicators are relaxed. The initial standard is that the net assets of the issuer at the end of the latest term should not be less than 500 million yuan.

Statistics show that 250 Shenzhen listed companies have been released in 2011, and 85% of listed companies have net assets of more than 500 million yuan. Less than 5% of Shenzhen listed companies have a net asset liability ratio of more than 75%.

Securities Dealers nine admonished "bond market" year after year

Over the years, compared with the main participants in the interbank bond market of commercial banks, the exchange bond market in a corner is very weak. Data show that the number of new bonds issued in the interbank market in 2011 was 1604, while the number of issuance of Shenzhen Shanghai Stock Exchange was 101 and 237 respectively.

The comprehensive review of securities companies in recent years by the supervision department of the SFC has made nine recommendations for the development of the exchange bond market.

The proposals include promoting the transformation of the management of corporate bonds from the current approval system to the registration system, abolition of the trust scheme, opening the restrictions on the exchange account, attracting financial products to enter the exchange bond market, introducing new products such as high-yield bonds, introducing derivative products such as interest rate swap, launching bond index funds, increasing the upper limit of the single declaration of the exchange bond market, establishing a "bid + bidding" mixed trading system, and unified the bond registration and settlement system in the exchange market; adopting various ways, such as the bond underwriting and transaction, as the evaluation index of the securities companies, and encouraging the securities companies to actively participate in the exchange bond market.