Why is bank refinancing bearish? Is CSG A s private placement good?

Bank stocks are the worst enemy of the best. Because there is a large amount of foreign capital after the introduction of strategic investors, it always wants to engage in cross-China. Bank financing makes less money in the market, and that's the way to put it simply.

As for the private placement, that's even more bastard. The elite can buy much lower than the market, which is equivalent to diluting the value of the market, which is of course negative. Whether it's the virtual market or the real economy, cost is everything!

Why can't CPI be suppressed? Pig brains know that it is because energy and ore have been speculated, which has caused the cost of **.

In the currency wars, we are still at the level of elementary school students. Or rather, they can't beat the sugar-coated cannonballs.

Livelihood financing means issuing new **, and the funds for purchasing ** come from the market. It is equivalent to that the money in the market has not changed, but the goods have increased, so it is negative;

CSG private placement is someone and an institution to inject capital into CSG, of course, the injected money to convert into **, although the market has more goods, but the corresponding inflow from the outside money is also more. Furthermore, if CSG is not good, do you think someone will inject capital into it? So it's a plus.

This explanation should be relatively simple and easy to understand.

Refinancing generally refers to "non-private placement", for all shareholders who hold the ** allotment, the result of the allotment is that the shareholders do not lose or earn, just ask, in the case of not making money, will you buy **?

Although "private placement" is only one word, the meaning is completely opposite, it is for a specific institution, for the company is equivalent to the introduction of strategic investors, is good, and you don't have to pay more, so it is good.

Refinancing is to take back the front of the market, resulting in a shortage of funds in the market, and the additional issuance is expected to be the first to increase, because increasing the thickness of enterprise capital is conducive to the development of the company.

It depends on how much the income from the funds obtained from the additional issuance of financing is much, and if it is just for virtual money, it is negative. On the contrary, it is good.

Bank refinancing is to circle money to the first (refinancing refers to the direct financing carried out by listed companies in the ** market through allotments, additional issuances and issuance of convertible bonds. That is to say, the liquidity has decreased, which seems to be a big bearish.

But this is not absolute, to look at the technical side, and the fundamentals of the financing company, if not in the bear market and inflated state, a small amount of reasonable financing is necessary for the development of the company, should be good. In a bear market and an inflated market, large financing will be the trigger for a sharp decline.

Here's what one professor said:

Refinancing is a big positive, and dividends are negative.

In many books, as well as in classes, I have repeatedly emphasized:

For companies with a return on equity higher than 10%, refinancing (including additional issuance, allotment, issuance of convertible bonds or ordinary bonds) is a big benefit;

Dividends are negative.

However, the market and the general textbooks are exactly the opposite of my view.

Therefore, my point of view has to be amended as follows:

For companies with a return on equity higher than 10%, refinancing (including additional issuance, allotment, issuance of convertible bonds or ordinary bonds) is a big benefit in the medium and long term;

As the first floor said, the financing of the Agricultural Bank of China, IB, and Minsheng is acceptable, and the impact on the first floor will not be great. In the next two years, the total refinancing scale of listed banks will be about 160 billion yuan, but the shareholders of A-share tradable shares and H-share tradable shares will only need to bear about 10 billion yuan and 20 billion yuan respectively, which is much smaller than the scale of 78.3 billion yuan and 141.7 billion yuan in 2010.

Small and medium-cap stocks, which rose for a year last year, have been inflated, and now most of the weekly and monthly lines of most sectors have died downward, and the trading volume has shrunk sharply, and with the shoes of interest rate hikes throughout the year, how many opportunities can there be... Last year, seeing the soaring rise of small and medium-cap stocks and the poor performance of ** stocks, some netizens commented: "I will never buy ** stocks again in this life!"

It seems to be a bit like what Cao Renchao, the Hong Kong stock god, said about thinking with his nose

The result of the ex-rights of financing is that you don't lose money and you don't make money.

Shareholders buy ** to make money, at least there is an expectation of making money, and it is better to deposit in the bank if you don't make money.

The refinancing is out, and a part of the money will be diverted to **allotment**, and the liquidity of idle funds will be reduced, which will be negative for **, and even more negative for **short-term.

Of course, it's negative, because a lot of money has to be withdrawn.

The behavior of the Agricultural Bank of China and the Industrial Bank is not excessive, and the replenishment of capital through the subordinated bond market has little impact on the capital, and even reduces the pressure of direct capital withdrawal, which cannot be regarded as a simple negative factor. Minsheng Bank has a greater impact, because its executives have repeatedly stated that they will not refinance, but as a result, it still issued a non-public offering plan through the Hong Kong Stock Exchange in Japan, and it is expected that the total amount of funds raised will not exceed 100 million yuan, all of which will be used to supplement the company's core capital. The amount of funds allocated to A-shares will not be too large, but the credibility reduction caused by the reversal is the key, in today's A-shares from top to bottom, there seems to be a practice of "saying not counting, forgetting not saying", as an ordinary person, this is at most a moral deficiency, but if it is the first management, company executives, and regulators, then the market can only vote with its feet.

What does private placement mean? Is the private placement good or bad.

Short-term bearish! It's all empty! If the additional issuance is higher than the current stock price, this is good, and it can also pull the stock price, if it is lower than the current stock price, the stock price will fall now, and there are not a few additional issuances!

Lack of money for financing, business operation or any financial problems are not a good thing! Even if the benefits of expanding and increasing production are still in a few years, it is only harmful to now!

This is a big negative for a weak market, and a relatively small negative for a strong market.

Private placement, see the comparison between the additional issuance** and the current **.

If it is greater than the current **, it is good.

Significantly lower than the current **, it is bearish.

BOE is a classic case.

How do I feel that the bear market is bearish and the bull market is positive

The core of margin trading is investors' accurate judgment of intraday highs and lows.

During the bull market in 2015, due to the large trading volume (convenient for large funds to enter and exit), and the large volatility (large tickets may also have a day of point fluctuation), a group of wealthy ** hands were achieved.

So what is the role of margin trading?

Since there is one condition required for day trading: there is a bottom position!

And many investors are reluctant to buy the bottom position, because there is a risk! Like a circuit breaker, even if you have made a lot of money before, a circuit breaker will directly swallow up all the profits.

Therefore, you can lock in intraday returns by selling ordinary ** refinancing securities, or first borrowing and selling securities and then ordinary**.

The only fly in the ointment is that the T+1 coupon repayment rule reduces the efficiency of the use of funds.

**Ups and downs are not determined by the lifting of the ban, and **lifting the ban does not mean that the major shareholders will be immediately**, **ups and downs are determined by supply and demand, the amount of funds, performance, policies, news and other factors. The lifting of the ban means that a large number of non-tradable shares can be tradable, and an announcement needs to be made in advance, non-tradable shares account for more than 5% of the total share capital, and it is generally required to be more than two years later, and non-tradable shares account for less than 5% of the total share capital, and it is generally required to be able to do so after one year.

**Lifting the ban is defined as the restricted shares that can be freely traded in the secondary market after the restricted commitment period. Generally speaking, from the day of the lifting of the ban, the ** of the lifting of the ban can be traded freely. If the restricted shares held by the enterprise have been transferred to the transferee by an agreement before the lifting of the ban, but the equity registration has not been changed and is still held by the enterprise, the income obtained by the enterprise from the restricted shares shall be the actual first.

According to the regulations of the China Securities Regulatory Commission, the original non-tradable shares of the company after the share reform shall comply with the following provisions: (1) from the date of implementation of the reform plan, shall not be listed for trading or transfer within 12 months; (2) Shareholders of the original non-tradable shares holding more than 5% of the total number of shares of the listed company shall, after the expiration of the period specified in the preceding paragraph, be listed and traded on the **exchange** of the original non-tradable shares, and the proportion of the number of shares of the company shall not exceed 5% within 12 months and 10% within 24 months. Non-tradable shares after obtaining the right to circulate are called restricted shares because they are limited by the above circulation period and circulation ratio.

Generally speaking, the lifting of the ban will increase the supply and the stock price will decline if the demand remains unchanged, but the specific needs to be combined with the fundamentals, the price and the situation at that time when the ban is lifted.

For example, some of the ** has been over-falling or to the sideways breakthrough area, then once the ban is lifted, the shareholders are very likely to pull up the shipment, on the contrary, only the poor performance of the ** lifting the ban or the high level is more likely, of course, it is necessary to properly combine the current ** trend, and the specific problems are analyzed.

Generally speaking, for large state-owned enterprises, the impact of lifting the ban on large non-enterprises is small, because state-owned capital will rarely be **. For the gem and small and medium-sized boards, which create the myth of getting rich, you need to be cautious, which will generally cause a sharp fall.

This answer is provided by Compo Finance, which focuses on the interpretation of financial hot events, the popularization of financial knowledge, adheres to professionalism, pursues fun, makes financial content that people can understand, and conveys financial value in a vivid and diverse way. I hope you find this answer helpful.

Investment Quick Report: Du Xiaoman Financial "Regular Profit".

Private placement, that is, there is a specific object, and the institution refers to not the mass type. That is, there is a difference between placing and allotment to specific institutions.

But overall, the number of shares + stock price - total assets still did not change.

As for whether it is a profit or a loss, it is necessary to analyze it in detail.

For example: 1. A lot of money will be raised in the price of allocation, send, and dividends, and when you sell it on the ex-right date, it will be earned, which should not have risen sharply, but because of the early allocation, send. Hot spots, you've taken advantage.

2. Placing, which is basically an act of refinancing by listed companies, is worth learning from the whereabouts of these funds for financing.

Once there is a clear investment direction and a project that is guaranteed to be profitable, then congratulations, the stock is still bullish in the later stage.

The new refinancing policy, of course, is good for the liquidity of the **.

The short-term bearish will have some negative impact on the short-term trend of the market, but it will not affect the medium- and long-term operation trend of the market.

Refinancing refers to the direct financing carried out by listed companies in the ** market through allotments, additional issuances and issuance of convertible bonds.

Refinancing has played a great role in promoting the development of listed companies, and the refinancing function of China's leading market has received more and more attention from relevant parties. However, due to various reasons, there are still some problems that cannot be ignored in the refinancing of listed companies.

The restart of the refinancing business is not necessarily necessarily negative.

1. The first time to choose refinancing, it is good when it is good, and it is bad when it is bad;

2. If the financing includes all shareholders, then the major shareholders are considered to have confidence in the market and are good; If the major shareholders only raise their hands to pass, they want small and medium-sized enterprises to pay out of their pockets, which is malicious money, which is negative, and the stock price will be ***.