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定增爆发后遗症:解禁潮来袭 倒挂率达38%
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Topic: 定增爆发后遗症:解禁潮来袭 倒挂率达38% (Read 101 times)
Beverver
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定增爆发后遗症:解禁潮来袭 倒挂率达38%
May 17, 2017, 03:04:28 PM
#1
A股的持续下行也令市场中各类“破发”现象隐现。先是出现了久违的次新股破发——上周四,红蜻蜓盘中跌破17.70元的首发价格。这也是在纽威股份、国泰君安破发后,又一家跌破发行价的次新股。而据统计,在目前统计到的432只次新股中,最新收盘价与首发价格的比值在150%以下的有15只,占比3.47%。而在过去三年繁荣的定增市场上,由于上市公司以高于二级市场的价格进行定向增发,市场下行倒逼价值回归,定增“破发”即股价低于定增价格的达232家次公司。这同时也是高溢价下估值回归正常的一个“阵痛”过程。
导读
定增尤其配套融资遭遇严管后,定增生态也发生很大变化,明显降温。“从去年下半年起,定增发行时的折价比例一直在降低,尤其定增新规以来,定增的投资价值更是下降了不少。”
经历了定增大爆发的过去三年,而今随着市场转向,定增倒挂成为普遍现象。
Wind数据显示,2017年共有613家次上市公司(有些上市公司不止一次定增)的定增到期解禁,实际募集总额达到1.08万亿元。截至5月16日,其中232家次上市公司的股价低于当时的定增价格,倒挂率达到38%。
这也意味着, 2.6家次定增中就有1家次出现倒挂。对于定增倒挂现象,业内人士认为除了市场低迷的原因外,定增火爆时的高溢价发行也是一大因素,由此一些定增对象不得不为其买单。
频频倒挂两因
5月16日,天信投资首席分析师孙立鹏表示,定增倒挂简单讲就是上市公司定向增发股票的价格高于二级市场上的最新价格。
过去三年,定增市场的火热有目共睹。彼时,上市公司纷纷找项目搞定增,机构们挤破头皮也要成为认购方。而今,他们不得不为当时的市场高点集体买单。
Wind数据显示, 2017年解禁的613家次上市公司定增中,截至5月16日,有232家次出现不同程度的倒挂,其中倒挂率超过10%的有161家次。奥飞娱乐(002292.SZ)、海伦钢琴(300329.SZ)、新联电子(002546.SZ)等8家次倒挂比例超过40%。其中,奥飞娱乐两次定增均倒挂超40%。
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