Backdoor wave sweeping A-share

So, what kind of "shell resource" is most likely to become the future star of capital market? What qualities do they have? What kind of shell resources lurk risks? This edition has carried on the corresponding plan, readers.

The IPO is suspended for one year. This has allowed hundreds of of companies lining up to enter the capital market to curve the market. In this case, the 2013 a-share market on the listing from the "sporadic phenomenon" evolved into a "group path."

According to the same flush IFind statistics show that as of November 13, a total of 28 listed companies were backdoor. Thus, the market shell resources have also been hyped. "A number of investment banking industry insiders to the" China Business newspaper, "said the market this year, the price of shell resources has soared from the last year about 200 million yuan to more than 350 million yuan, or more than 70%. Although shell resources "Loyang", however, borrowing shell listed in the efficiency, revenue appeal, but anxious to enter the capital market for listed companies.

Borrow Shell to go on the market surge

2013, "backdoor" market is surging.

Since this year, several companies have suspended the announcement of backdoor restructuring. For example: Great Wall Film and television backdoor Jiangsu Acer (002071.SZ), Jichuan Pharmaceutical Backdoor Hongcheng shares (600566.SH), Million-sail bio-Backdoor Xin Fu (002019.SZ), Zjy-Shell St Chenghai (600634.SH), Bao Eagle shares borrow Shell St Globe (002047. SZ), Shenzhou information Backdoor * St Taiguang (000555.SZ) and so on. Among them, the Great Wall film and television, the Shenzhou information, the Treasure Eagle shares and so on have planned the IPO not to have the fruit, joins the curve realizes the securitization the ranks. In addition, Huafang Textile (600273.SH), Chinese Clothing (000902.SZ), Sanfangxiang (600370.SH), such as a number of suspension restructuring company also intends to sell shell survival.

As of November 11, Ganzhou rare earth 7.5 billion yuan backdoor Weihua shares (002240.SZ) of news, has made Weihua shares pulled out 5 consecutive trading. 12th, due to fall into the "restructuring leaks" vortex, Weihua shares emergency suspension. and repeatedly by market expectations of Ganzhou rare earths another backdoor object-chang-nine biochemical (600228.SH) because of "backdoor" the final burst, as of November 14, has been a row 7 consecutive stops.

And the Great Wall film and television backdoor Jiangsu Acer, but also let Jiangsu Hongyuan pull out 11 trading board. The speculation about backdoor reorganization in the capital market is fierce.

According to the previous statistics of the investment group, China's mergers and acquisitions market in the 2008 to 2012 overall growth in the listing transactions, the number of transactions completed from 2008 6 to 2012 20, cumulative increase of 233%, The completion of the transaction was increased from 9.949 billion yuan to 55.759 billion yuan, and the cumulative increase amounted to 460%. From the beginning of 2013 to the middle of September, the number of backdoor transactions announced a surge of 13, with the 2012 declaration of the case is basically flat, highlighting the current year's backdoor trading activity has risen sharply.

Bai Quanwu, a senior investment adviser at Hualong Securities, said the IPO has been suspended since last October, queuing up hundreds of companies, and there is little hope of restarting the IPO at the moment. "Even if it starts early next year and goes according to normal flow, it will take two years for some companies to go public," he said. Bai Quanwu said, "This year, the regulatory layer of mergers and acquisitions, such as restructuring of the gap has been wide open, so the background, backdoor listing has become a hot spot in the capital market." ”

October 11, a spokesman for the Securities and Futures Commission said in a routine press conference, in the review process of the proposed listed companies, a total of 622 companies submitted self-examination report, of which 268 enterprises stopped the application for termination of the review, the number of termination of the review of the total amount of IPOs accounted for 30.49%. As a result, the IPO is blocked, and some enterprises in the share of PE anxious to withdraw from the pressure, and finally chose to borrow shells or mergers and acquisitions.

Into the three quarter, listed companies on the merger and reorganization of the number of announcements increased. Statistics show that since September this year, 17 companies announced the suspension is due to major issues. Although the industry which announced the reorganization of the company is more dispersed, the timing of the announcement of the reorganization plan is mostly concentrated in October.

For this year's domestic market backdoor transactions active reasons, the investment group in the relevant report said, in addition to the listed enterprises themselves have a strong financing needs, VC/PE to seek a diversified exit and brokerage sponsorship business decline is also an important reason.

According to the relevant statistics of the group, of the 18 backdoor transactions (including ongoing transactions and completion of transactions) from the beginning of 2013 to the middle of September, 8 of them have VC/PE background, involving 17 VC/PE institutions, especially the Great Wall film and Heilan houses which have been queued for listing.

In its report, the group said the companies had been forced to put pressure on betting agreements and the VC/PE agency's attempt to shorten the exit process as the main reason for VC/PE-backed listings.

A number of investment bankers in the interview, said that the shell listing approval relatively fast, because the current regulatory level to encourage the shell listing, in the approval of the shortest six months can be approved. Therefore, whether it is the listed companies, or the companies behind the ventures are hoping to be able to market through the curve of the shell to solve the financing and development problems.

Shell resource "Loyang"

With more and more backdoor enterprises, the current shell resources are becoming more and more tight. Industry insiders said that the shell resource price has risen from last year's 200 million yuan to now more than 350 million yuan, or more than 70%, some of the shell resource Price even doubled. Some investment bankers told reporters that at present, the efficiency, profitability and charm of the shell listing is becoming increasingly apparent. such as the proposed Backdoor Mountain Eagle paper (600567.SH) Ji ' an group, originally prepared IPO financing 200 million ~5 billion, but the backdoor supporting financing 1 billion yuan, and more than the first two years to complete the IPO, more than 500 million ~8 billion. Backdoor is much more cost-effective in the context of increasingly low IPO financing.

So, what kind of shell resources in the two-tier market is more popular? In fact, combing the relevant information is not difficult to find, the two-tier market with low market value, low stock prices, small plates, historical baggage, the company's performance is unsustainable, the actual control of the shell resources are more popular.

Shenzhen, an investment company in charge of 陈建 analysis that the so-called market value of low, small plate, in the industry generally refers to the market capitalisation of the best in 1 billion or so. In addition, the company does not have a complex historical burden of the problem, such as state-owned enterprise staff placement, the competent departments complex.

On the question of how to choose the shell resources, the Bohai Securities take St Plate as the main object of study, and found that the high-quality shell resources can be excavated from four angles. First of all, in terms of operating indicators, the sample shares of nearly three years of operating income of 528 million yuan, far lower than the St plate of the average of 3.962 billion yuan, indicating that relying on their own operations can not fundamentally improve performance of the company more willing to transfer shell resources. Secondly, in terms of debt index, the average debt size of sample stocks is 729 million yuan, which is much lower than the average of St plate 4.926 billion yuan, which indicates that the backdoor side prefers the shell resources with a lighter debt scale. The mean value of flow ratio and speed ratio is 61.99% and 46.39%, which is lower than the overall level of St plate 90.16% and 70%, which indicates that the short-term debt repayment pressure is the important reason for these St shares to sell the shell resources.

It is worth mentioning that some of the proposed backdoor of the company's asset valuation rate is quite high. If the proposed backdoor Hongcheng shares (600566.SH) of the Jichuan pharmaceutical industry to assess the value-added rate of more than 5 times times, there are no more than 1.8 billion yuan of supporting financing. November 3, announced the reorganization of the Weihua shares to 5.14 yuan/share issued 1.476 billion shares of Ganzhou rare earths 100% equity, value-added rate of about 521.73%.

In addition, in the aforementioned part of the reorganization of the transaction, there are many "snake swallow elephant" situation. Among them, since August 20, the cause of major matters suspension of the letter test (600485.SH) on September 27, with SCDMA, TD-SCDMA, Mcwill three countries/international communications standards of the letter Granville Communication Backdoor in a letter to the listing of the plan from this surface, The total turnover of 30.8 billion yuan has also become the largest one in the share market this year.

A number of industry insiders told reporters that in the shell resources scarce in today's market, some high-quality resources are also rising. Due to the delay in the opening of the IPO, a lot of urgent money to use the enterprise can only curve the nation, hoping to borrow Shell St Company to complete the financing needs. Apparently St company also found this, so sat down to the starting point.

In the case of St Globe, which is listed in the Treasure Eagle, the St of the market for eight years globe in the annual operating profit of less than 40 million yuan, the recent three-year loss of 236 million yuan, the big shareholder staged "King" drama. According to the public information, by virtue of holding the net assets before the listing of 331 million Yuan Enterprise 57.45% stake, the major shareholder Globe Enterprise (Virgin) Co., Ltd. has been reduced through the two-tier market after billions of dollars, will also be restructured after the acquisition of 47 million yuan in cash, The evaluation price of 624 million yuan assets and 37 million shares of the current market value of nearly 170 million yuan after the reorganization of the new company shares. The price is quite good.

Some investment bankers have reported that some St-shell resources have doubled since the end of last year.

Injecting assets into the future is hard to feed

Backdoor, which has just been successful in Ji ' an group this year, has released three quarterly reports showing a 15 times-fold surge in net profits, and the reorganization has contributed to the performance. The company said that the main reason for the increase in the current performance is that after the completion of the company's major assets reorganization, Ji ' an group into the scope of consolidation of accounting statements, resulting in a significant increase in the current performance of the company. Data show that Ji ' an group pledged to achieve net profit of 176 million yuan this year, if this goal is achieved, it will be in the past performance of the Eagle Paper shell Resources also be realized value-added.

Industry insiders pointed out that in the state of the IPO shutdown, because the shell listing in the issuance of audit has advantages, at the same time, from the management's intention, on the shell listing supervision will be more lenient than the IPO, so the future of the shell listing to the IPO replacement or will continue for some time. But the future of these backdoor assets is not necessarily rosy.

For example, in the new Backdoor China clothing scheme, its reorganization set out the book value of assets 166 million yuan, the evaluation value of 320 million yuan, value-added rate of 92%. The price of its shell is good, compared to the actual loss of its years, and the 250 million of its stock of plates. However, the carrying value of fertilizer assets is 1.108 billion yuan, the evaluation price is 2.578 billion yuan, the value-added rate is 132%. Industry insiders believe that in the current chemical industry more difficult circumstances, the future of the asset placement is not very optimistic.

As mentioned in the previous case, due to the listing of the shell, the replacement of new assets into the capital market after a substantial increase in the future profit effect, there are still many uncertainties. Therefore, backdoor can bring to the majority of small and medium shareholders how much return, and not good to say.