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Existing main business has been sluggish and huge amounts of funds are in hand, listed companies are looking for new ways. When a large number of listed companies flocked to real estate, a small number of listed companies turned their horizons to another piece of sky-equity investment.
If it is said that in the past few years, some listed companies have invested in other companies due to accidental reasons and finally made a lot of money, then today the investment behavior of these companies is already planned. By participating in the private placement of other listed companies, direct investment in unlisted companies, and investment in PE / VC, these equity investment masters have aimed at the huge profitable space for the share price and the secondary market price.
Participate in private placement
Private placement is a method of additional issuance that has gradually become popular after the split share structure reform. It is favored by listed companies that plan to raise funds because of its lower threshold for issuing more shares than public issuance.
When directional issuance just became popular, financial institutions such as major shareholders of financing companies and fund companies often participated in the issuance. After the financial turmoil, the price of private placements of listed companies tends to be low, and the price of private placements is often "discounted" compared to the secondary market, which has quickly attracted financial experts, and some listed companies have also begun to get involved.
Listed brokerages are naturally active members, and it is not uncommon to participate in private placements. For example, Southwest Securities announced on May 7, 2009 that the company plans to use its own funds of not more than 700 million yuan to choose the opportunity to participate in the subscription of a single A-share non-public offering of stocks, and the validity period is 1 year.
The announcement of the results of some companies' non-public offerings can often be seen in the shadow of brokers. For example, the results of the non-public offering issued by Gemdale Group in August last year showed that CITIC Securities had subscribed for 30 million shares at a price of 14 yuan per share, with a limited sales period of 12 months.
Insurance companies participate in subscribing to listed companies for directional issuance. Although they are not frequent, they often take heavier shots. For example, in 2007, Minsheng Bank issued 2.38 billion shares at a price of 7.63 yuan per share, and raised funds of 18.16 billion yuan. China Life Insurance and China Ping An each subscribed for 600 million shares, and thus ranked among the top ten shareholders. The original top ten shareholders list Temasek's Asia Financial Holdings Limited and Suibao Thermal Power were squeezed out of the top ten shareholders.
The most interesting thing is that non-financial listed companies that do not have the advantage on the surface have become large buyers of private placements. One of the most dazzling is Youngor. Since 2009, the company has participated in the private placement of 9 companies including Zhongtian Technology, First Capital, Rongxin, Antai Group, Pudong Development Bank, Yuyin, Dongfang Electric, Suning Electric, and Zoomlion. According to the company's annual report, the company has targeted 98 additional targeted tracking targets for additional issuance in 2009.
Youngor is not the only listed company that prefers private placement. Taking the results of the non-public offering disclosed by Fengshen at the end of 2008 as an example, a total of 7 investors participated in the subscription, all of which are non-financial companies, of which Stellar Technology and Fuxing are A-share listed companies. The issuance price is 5.03 yuan / share. Except for the major shareholder Haohua Chemical, the restricted sales period is 36 months, and the rest of the company's restricted sales period is 12 months. It has been listed on December 28 last year. At 15.95 yuan, the closing price on April 9 of this year was 14.28 yuan, and the related companies were quite profitable.
It seems that participating in the private placement of listed companies is a profitable business. However, Jin Bailing investment analyst Qin Hong said that if the stock market is not good, participating in private placement may not make money. For example, companies participating in private placement in Haitong Securities in 2007 had actually lost money when the ban was lifted in 2008.
Participating in non-listed companies
Equity investment with a higher return on investment than subscription-oriented issuance is to participate in non-listed companies and directly make private equity investments (PE). In addition to sharing the fruits of the growth of the invested companies, the main purpose is to cash out these companies at high prices at the right time after they have landed in the capital market.
At present, domestic listed brokerages with direct investment business include CITIC Securities, Huatai Securities, Haitong Securities, Everbright Securities, GF Securities, Guoyuan Securities, Changjiang Securities, China Merchants Securities, Hongyuan Securities, etc. The classic case of direct investment by securities firms is the cultivation of GEM companies. On November 20, 2009, Yangpu Medical landed on the Growth Enterprise Market, and Guoxin Hongsheng, a direct investment company of Guosen Securities, surfaced. At the same time, thanks to the advance layout, CITIC Securities 'direct investment subsidiary-Jinshi Investment's Shenzhou Taiyue and Robot, and Haitong Securities' direct investment subsidiary-Haitong Kaiyuan Investment's Yinjiang shares also allowed CITIC Securities and Haitong Securities became the winner of the GEM.
According to industry insiders, PE with a brokerage background in the world is much better than pure PE. For example, Goldman Sachs, Merrill Lynch and other institutions can make a difference in the PE field, which is closely related to the project advantages brought by the brokerage underwriting business. . Domestic securities firms all have a direct investment department. Since they started late, they are still in the process of accumulating experience, but in the future it is likely to surpass the current leading private equity investment institutions such as CDH and Hony.
Among the non-financial listed companies, in addition to Youngor, Demei Chemical, Luxin High-tech, and Radio and Television Networks are also doing PE. Demei Chemical has invested in three companies-Tianyuan Group, Aoke, and Hunan Youtel. Tianyuan Group has been listed on the small and medium board, and the first day of listing on April 9 rose 92%. Oak shares also got a GEM pass in March. Another 30% stake in Hunan Youtel Biochemical's main business, biological enzymes, is used in food, feed, beer, textile and other industries. This year, it is expected to continue to grow by more than 40%. In 2009, the Radio and Television Network subscribed 1.3 million shares of Fu Zhuang Network in cash at RMB 10 per share, with a total investment of RMB 13 million, accounting for 1.555% of the equity of Zhu Zhuang Network after the capital increase. The other three capital increasers are Tianwei Video and two unlisted limited network operators. The withdrawal from the secondary market after the listing is the common feature of the investment in the broadcast network and Tianwei Video.
Compared with financial companies, non-financial companies can do PE as long as they have funds and projects, and the entry barrier is lower. Analysts believe that the PE business of non-financial listed companies may be due to the limited growth of their main business and will not produce unexpected results, while the PE business can allow limited funds to play a greater role. For example, Youngor ’s original main business, textile and apparel, is a very mature industry, and it is difficult to see high growth.
Youngor Liu Xinyu, the secretary of the Youngor Group, said that although the original main business of non-financial listed companies is not equity investment, they can draw on the strength of relevant professional institutions in the investment process. Youngor has formed a professional team in Shanghai since 2008, and gradually straightened out the operation ideas. The company is provided with consulting services by Kaishi Investment, and this service is exclusive. Compared with private equity, the company has no redemption pressure when investing in non-listed companies and is more concerned about long-term development.
Non-financial listed companies are actively involved in PE, but Zheng Weizheng of Zhongneng Xingye Investment Consulting Co., Ltd. has poured cold water. He reminded that although the return on investment was high after the project was successful, it was difficult to succeed. Because many listed companies do not have such investment capabilities, they lack project discrimination and long-term competitiveness. But these companies have some inherent advantages, such as being able to get investment projects. He suggested that listed companies should do things within their capabilities.
Southwest Securities Researcher Wang Dali also believes that PE's investment returns are as high as 10 times and 20 times, and high returns also have high risks. It takes longer time and higher professional level to cultivate a project. If it is not successful, the previous investment will be all Soak.
Invest in PE / VC
If the participation in a non-listed company puts eggs in a basket, the risk is relatively large. Some listed companies simply invest in PE / VC companies, hoping to enjoy the feast of industry growth under the premise of controllable risks.
Youngor ’s annual report shows that the company, together with the Technology Innovation Fund Management Center for SMEs of the Ministry of Science and Technology, Wuxi New District Venture Capital Group and Shanghai Shangli Investment Co., Ltd., jointly established the Wuxi Lingfeng Venture Capital Cooperation Fund and invested in Mianyang Technology City Industrial Investment fund.
And the star in the concept of venture capital should be TV broadcast media. The company announced on March 31 that the company decided to establish Huafeng Dachen Investment Fund Management Co., Ltd. from the perspective of equity investment to strengthen investment in the field of cable networks, tap the capital value of the cable network industry, and share the benefits of industrial growth. Previously, Dianguang Media has successively established multiple venture capital management platforms such as Dachen Caixin, Dachen Caizhi, Dachen Fortune, Dachen Yinlei, Tianjin Dachen Chuangfu, etc. After nearly 10 years of development, the company has effectively built Qidachen is a venture capital brand. Many companies invested by Dachen are already listed on GEM and SME board.
The industry believes that when it is difficult to obtain a project, investing in venture capital with project advantages is a good curve investment method. Youngor Liu Xinyu said that if the company can obtain the project by itself, it will generally do it by itself. The investment in venture capital is because some projects cannot operate alone.
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