Financial Services Association, May 23 (Reporter Feng Qijuan) Listed companies are not motivated enough. The public offering of data to participate in fixed increases this year has decreased significantly compared to the same period last year. And this is clearly linked to the apparent tightening of refinancing.

According to Choice data, the total number of subscription increases in public offering participation since this year was only 30% of the same period last year. As of May 22, the total investment of 16 companies participating in the fixed increase during the year was 13.282 billion yuan. The total investment of 42 public offering companies in the fixed increase in the same period last year was 39.546 billion yuan. Up to now, NORD Fund alone has participated in a total of over 5 billion yuan in subscription increases, while the two “fixed increase companies”, NORD Fund and CaiTong Fund, all had total subscriptions of over 10 billion yuan in the same period last year.

Compared to previous years, Western Lide and Huian Fund, which have rarely “shown up” fixed increase projects, have participated in fixed increase projects since this year. As of the close of trading on May 23, out of the 4 fixed increase projects in which Sheng Fengyan participated, only Tri-Lux had achieved floating profits; the rest were in the losing phase.

According to Choice statistics, among the projects that participated in the fixed increase during the public offering year, the highest level of floating profit was Tibet City Investment, which currently had a floating profit of 64.91%. NORD Fund, CaiTong Fund, and Huaxia Fund have all been allocated additional shares; the fixed increase project with the most losses was Zhenhua New Materials, and NORD Fund and Caitong Fund also lost 26.81% as a result.

After searching, I found that many well-known fund managers have also participated in fixed growth projects. Zhang Chengyuan of Huaxia Fund, Cao Mingchang of China Europe Fund, and Gu Qibin of Tianhong Fund all participated in the fixed increase of Liuyao Group, which has now surged 15.47%; Zhang Chengyuan also participated in iKodi's fixed increase with E-Fangda's top two major debt players, Hu Jian and Wang Xiaochen, and currently lost 1.66%; including many fund managers such as Xingzheng Global Fund Relocation, Ren Xiangdong, and Zou Xin, also participated in the fixed increase of Jifeng Shares.

Up to now, Zhu Shaoxing of the Wells Fargo Foundation's participation in Qianwei Yang Chef has lost 15.92%. According to Choice data, many public funds such as NORD Fund, CaiTong Fund, Huaxia Fund, Xingzheng Global Fund, and Dacheng Fund also participated in the first round of fixed growth after the launch of Chef Senwei.

In addition to Zhang Chengyuan, who is famous in the market for fixed increase investment, Zhu Haidong, head of the quantitative investment department of CaiTong Fund, has also frequently participated in fixed growth of listed companies this year, with the aim of participating in fixed increase investment through quantitative strategies.

A “new face” appeared on the public offering list

According to Choice data, as of May 22, a total of 16 companies have participated in the public offering of listed companies since this year, with a total subscription amount of 13.282 billion yuan. In the same period last year, a total of 42 listed companies participating in the public offering increased, with a total subscription amount of 39.546 billion yuan.

Compared to the same period last year, 26 fewer companies participated in the fixed increase, and the total investment to participate in the fixed increase was reduced by 26.264 billion yuan, down 66.41% from the previous year.

Since the beginning of the year, NORD Fund and CaiTong Fund have participated in the fixed increase of 44 and 40 listed companies respectively, while the remaining 14 listed companies have participated in the fixed increase, less than 30; the total investment of these 2 “fixed increase investors” participating in the fixed increase is 5.82 billion yuan and 4.234 billion yuan respectively. The total investment of the remaining public offering participants is less than 1 billion yuan.

Meanwhile, in the same period last year, NORD Fund and CaiTong Fund participated in the fixed increases of 77 and 74 listed companies respectively, with a total investment of over 10 billion yuan.

Looking at the breakdown rankings, the 3rd place in total investment and number of companies participating in the fixed increase this year is Huaxia Fund. It has already participated in the fixed increase of 22 listed companies, with a total investment of 864 million yuan; in the same period last year, the third place in these two indicators was Guangfa Fund and Huaxia Fund, respectively.

In a situation where participation in fixed increases declined significantly from year to year, new faces appeared on the rankings.

In the past, Western Lide had few “show up” fixed growth projects. Since this year, it has participated in fixed growth for 4 listed companies, with a total investment of over 100 million yuan. In terms of the number of companies participating in the fixed increase, Western Profit ranked fifth in the public offering, and ranked ninth in the total number of subscriptions; in both of these indicators, Huian Fund ranked last in the public offering. According to an announcement in March of this year, Huian Fund only participated in the fixed increase of Optical Bank Technology for 33 million yuan during the year.

Sheng Fengyan, Lin Guohuai, and Cao Mingchang all participated in Dingzeng

According to Choice statistics, since this year, Western Lide Shengfengyan has participated in the fixed increases of 4 listed companies, namely Sanlux, Shangpin Home Delivery, Hongyuan Green Energy, and Jinchen Co., Ltd. As can be seen from the announcement, Western Profit Quantified Growth, which is managed by Shengfengyan, was allocated shares of Sanlux, Shangpin Home Delivery, and Jinchen Co., Ltd.; another product division under Shengfengyan's product division, the Lide China Securities 500 Index strengthened and participated in the quantitative growth of Western Profit, which participated in Hongyuan Green Energy's fixed increase.

Looking at the closing price on May 23, out of these 4 fixed increase projects, only Sanlux currently achieved a floating profit for Sheng Fengyan. The rest are in the losing phase. The photovoltaic concept stock Hongyuan Green Energy is currently losing the most, falling nearly 12% from the issuance price.

Since this year, many pension themed FOFs managed by Xingzheng Global Fund Lin Guohuai have participated in the fixed growth of Jingrui Electric Materials and Xianhui Technology. By the close of trading on May 23, Xianhui Technology had brought Lin Guohuai a profit of 14.24%.

With the exception of Xianhui Technology, the fixed increase projects that Xingzheng Global Fund's products participated in during the year were all currently losing money, but both Zhongfu Information and Jifeng Co., Ltd. lost less than 0.1%. In addition to Qian Qian, Ren Xiangdong, and Zou Xin's products, 5 products owned by Wang Yuanyuan of Fuguo Foundation and the steady growth of GF by Fu Youxing all participated in the new round of fixed growth of Jifeng Co., Ltd.

Including Xianhui Technology, floating profits and losses each account for half of the 22 fixed increase projects that Huaxia Fund has participated in. Among these, Tibet Urban Investment has the highest level of floating profit. Compared with the issuance price of 7.58 yuan, based on the latest closing price of 12.5 yuan, it has now achieved a floating profit of 64.91%. Furthermore, Huaxia Fund's participation in Liuyao Group and Shunbo Alloy's fixed increase both achieved a profit of over 10%; at the same time, the fixed increase project with the most losses was Qu Mei Home, which has lost more than 23% so far.

In addition to Zhang Chengyuan of Huaxia Foundation, there are also those participating in the Liuyao Group's fixed growth, Cao Mingchang of the China-Europe Foundation and Gu Qibin of Tianhong Foundation.

As far as Huaxia Fund is concerned, several fixed products managed by Zhang Chengyuan participated in the fixed growth of many listed companies. According to the first quarterly report, starting in March, Zhang Chengyuan gradually began investing in fixed growth projects. He pointed out that overall, the project layout schedule is in line with expectations, and the allocation of industries and companies is relatively balanced. According to public information, Zhang Chengyuan began managing funds at the end of 2016, specializing in fixed increase investments. He was one of the first group of fund managers in the market to research and participate in the fixed increase market.

In addition to Zhang Chengyuan frequently appearing on the fixed increase distribution list of listed companies, Zhu Haidong, head of the quantitative investment department of CaiTong Fund, also frequently “showed up” fixed increase projects for products under management and participated in fixed increase investments based on quantitative strategies. Since this year, he has also participated in fixed increases in various stocks such as Tibet City Investment, Liuyao Group, Xianhui Technology, and Shunbo Alloy.

iKodi, which is engaged in R&D and production of automotive aluminum alloy precision die-castings, completed the first round of fixed growth after launch in the first half of the year. In addition to Zhang Chengyuan, iKodi is also very popular with E-Fangda's top two major debt players. According to the announcement, Hu Jian's Yifangda Suifeng Tianli and Wang Xiaochen's Yifangda Enhanced Returns have all been allotted shares.