On September 5, the results of the non-public offering of Silan Micro (600460.SH) were released, and only invested in Shanghai Shengyu Equity Investment Center (Limited Partnership), Dacheng Fund Management Co., Ltd., China Life Asset Management Co., Ltd. and Shanghai Zendai Investment Co., Ltd. A total of 91.2 million shares were issued by the company's four issuers, raising a total of 438 million yuan. It is far below the initial budget of 370 million shares and 880 million yuan.
The reporter dialed the telephone number of the securities department as an investor. A staff member of the securities department explained to the reporter that "the original plan (17,000 million shares) is the highest amount, and no more than it can be. If it is issued at 4.19 yuan (the reserve price) That may be full, it will dilute more." But before the issuance of the major shareholder Hangzhou Shilan Holdings Co., Ltd. holding about 47.21%; even after the issuance of 91.2 million shares, the shareholding ratio only dropped to 42.72%.
"At present, the issuance market is relatively market-oriented and relatively transparent. When the subscription funds are not optimistic for every additional company, it will definitely choose the market hotspot theme, or the current price has a larger price difference with the additional price." Large investment bank insurance evaluation.
Only 97 respondents in 97
On August 13, a total of 97 institutions and individuals sent "Subscription Invitations", including 20 fund companies, 10 securities companies and 5 insurance companies.
However, within the time limit specified in the “Invitation for Subscriptionâ€, Silan Micro Underwriters only received 10 valid quotations from Shengyu Investment, Dacheng Fund, Life Asset Management and Shanghai Securities Investment. In the end, the issue price of Silan Micro was determined to be 4.80 yuan / share, and the number of shares was reduced from the original limit of 170 million shares to 91.2 million shares.
Among them, Dacheng Blue Chip Steady and Dacheng Innovation Growth Two funds each swallowed 10 million shares and 15 million shares; three life insurance funds totaled 32 million shares; in addition, Shengyu Investment and Shanghai Zendai Investment each subscribed for 17.2 million shares And 17 million shares.
It can be compared with the People's Pharmaceuticals (600079.SH) issued on the same day as Silan Micro, issued 139 "Invitation Invitations" to recover a total of 27 effective quotations, of which there are 17 fund companies.
The aforementioned investment bankers said, “At present, the organizations involved in the issuance are more interested in the hot industries such as the media and medical care, and there will be scenes in which everyone will subscribe; there is little interest in the low value-added processing industry.â€
A brokerage fund researcher in Shanghai said, “The fund is not willing to lock up for too long. For a fund manager, it is too long for a year. Without a certain increase in the target, it is still not willing to take a shot. The market trend is still uncertain after the year."
The reporter found that the average price of the company's stock trading on the 20 trading days before the Shilan micro subscription price was 6.66 yuan, which is 38.57% higher than the price of 4.80 yuan/share. If the reserve price is 4.19 yuan/share, The spread can reach 58.95%.
"The greater the price difference, the more attractive it is to the subscription organization. It depends on the market conditions. When the company's stock price is relatively low at the time of the announcement, it will have a price advantage." The investment bank further said.
Compared with less than half of the fundraising amount, the underwriting agency of Silan Micro can not be underestimated. Co-underwriters were formed by Oriental Citi Securities Co., Ltd. and Changjiang Securities Underwriting and Sponsoring Co., Ltd. “Reversely speaking, if the company has no advantage in the industry and spreads, but the resources of the company and underwriters are relatively wide, it is also possible to allow several institutions to provide quotations to support the scene.†The investment bankers mentioned above.
262 million raised investment gap
According to the plan for the issuance of Silan Micro, the total amount of funds to be raised does not exceed 880 million yuan, and it is used for Chengdu Phase I project and supplementary working capital of 69.995 million yuan and 180 million yuan respectively. The total investment of the first phase of Chengdu project is 999.95 million yuan. Except for self-raised 300 million yuan, the remaining 69.995 million yuan is planned to be invested by the issue. However, at present, Silan Micro has raised only 438 million yuan through this additional issuance. There is still a funding gap of 262 million yuan.
In this regard, the aforementioned Shilan Micro Securities Department said, "After the fundraising project is raised, we will make a judgment. If some money is really needed, it will use its own funds. For the funding gap, other Financing channels to do it."
After the first phase of the Chengdu project is completed, it will realize an annual production capacity of 4.356 billion LED chips for lighting, 30 million power module products, and 540 million power device products. It can realize annual sales income of 1.404 billion yuan and profit after income tax of 273 million yuan. It can be compared that in 2012, Silan Micro realized only operating income and net profit attributable to shareholders of listed companies of 1.349 billion yuan and 183 million yuan.
According to the 2013 Silan Weizhongbao, the project has built a factory and supporting infrastructure with self-raised funds of 300 million yuan, and has completed 90% of the progress. Regarding the progress of the project, the aforementioned securities department also said that “the infrastructure part has been done and it is impossible to put into production this year. The project will take one and a half years.â€
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
The reporter dialed the telephone number of the securities department as an investor. A staff member of the securities department explained to the reporter that "the original plan (17,000 million shares) is the highest amount, and no more than it can be. If it is issued at 4.19 yuan (the reserve price) That may be full, it will dilute more." But before the issuance of the major shareholder Hangzhou Shilan Holdings Co., Ltd. holding about 47.21%; even after the issuance of 91.2 million shares, the shareholding ratio only dropped to 42.72%.
"At present, the issuance market is relatively market-oriented and relatively transparent. When the subscription funds are not optimistic for every additional company, it will definitely choose the market hotspot theme, or the current price has a larger price difference with the additional price." Large investment bank insurance evaluation.
Only 97 respondents in 97
On August 13, a total of 97 institutions and individuals sent "Subscription Invitations", including 20 fund companies, 10 securities companies and 5 insurance companies.
However, within the time limit specified in the “Invitation for Subscriptionâ€, Silan Micro Underwriters only received 10 valid quotations from Shengyu Investment, Dacheng Fund, Life Asset Management and Shanghai Securities Investment. In the end, the issue price of Silan Micro was determined to be 4.80 yuan / share, and the number of shares was reduced from the original limit of 170 million shares to 91.2 million shares.
Among them, Dacheng Blue Chip Steady and Dacheng Innovation Growth Two funds each swallowed 10 million shares and 15 million shares; three life insurance funds totaled 32 million shares; in addition, Shengyu Investment and Shanghai Zendai Investment each subscribed for 17.2 million shares And 17 million shares.
It can be compared with the People's Pharmaceuticals (600079.SH) issued on the same day as Silan Micro, issued 139 "Invitation Invitations" to recover a total of 27 effective quotations, of which there are 17 fund companies.
The aforementioned investment bankers said, “At present, the organizations involved in the issuance are more interested in the hot industries such as the media and medical care, and there will be scenes in which everyone will subscribe; there is little interest in the low value-added processing industry.â€
A brokerage fund researcher in Shanghai said, “The fund is not willing to lock up for too long. For a fund manager, it is too long for a year. Without a certain increase in the target, it is still not willing to take a shot. The market trend is still uncertain after the year."
The reporter found that the average price of the company's stock trading on the 20 trading days before the Shilan micro subscription price was 6.66 yuan, which is 38.57% higher than the price of 4.80 yuan/share. If the reserve price is 4.19 yuan/share, The spread can reach 58.95%.
"The greater the price difference, the more attractive it is to the subscription organization. It depends on the market conditions. When the company's stock price is relatively low at the time of the announcement, it will have a price advantage." The investment bank further said.
Compared with less than half of the fundraising amount, the underwriting agency of Silan Micro can not be underestimated. Co-underwriters were formed by Oriental Citi Securities Co., Ltd. and Changjiang Securities Underwriting and Sponsoring Co., Ltd. “Reversely speaking, if the company has no advantage in the industry and spreads, but the resources of the company and underwriters are relatively wide, it is also possible to allow several institutions to provide quotations to support the scene.†The investment bankers mentioned above.
262 million raised investment gap
According to the plan for the issuance of Silan Micro, the total amount of funds to be raised does not exceed 880 million yuan, and it is used for Chengdu Phase I project and supplementary working capital of 69.995 million yuan and 180 million yuan respectively. The total investment of the first phase of Chengdu project is 999.95 million yuan. Except for self-raised 300 million yuan, the remaining 69.995 million yuan is planned to be invested by the issue. However, at present, Silan Micro has raised only 438 million yuan through this additional issuance. There is still a funding gap of 262 million yuan.
In this regard, the aforementioned Shilan Micro Securities Department said, "After the fundraising project is raised, we will make a judgment. If some money is really needed, it will use its own funds. For the funding gap, other Financing channels to do it."
After the first phase of the Chengdu project is completed, it will realize an annual production capacity of 4.356 billion LED chips for lighting, 30 million power module products, and 540 million power device products. It can realize annual sales income of 1.404 billion yuan and profit after income tax of 273 million yuan. It can be compared that in 2012, Silan Micro realized only operating income and net profit attributable to shareholders of listed companies of 1.349 billion yuan and 183 million yuan.
According to the 2013 Silan Weizhongbao, the project has built a factory and supporting infrastructure with self-raised funds of 300 million yuan, and has completed 90% of the progress. Regarding the progress of the project, the aforementioned securities department also said that “the infrastructure part has been done and it is impossible to put into production this year. The project will take one and a half years.â€
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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