Guanghui Energy (600256): The first preferred stock scheme of A shares was unveiled.

■ New Express

In the absence of repurchase mechanism, it will take 12 years to withdraw funds at the annual interest rate of 8%.

Guanghui Energy, which has been suspended for three trading days, released the first preferred stock issuance plan for A shares yesterday, and it is planned to issue no more than

50 million shares,

The total amount of funds raised does not exceed 5 billion yuan, which will be used for the Hongnao Railway Project and supplementary working capital.

Its capital is close to 50% of its net assets.

The plan was spit out by the industry, and the stock price soared to near yesterday morning.

Daily limit, but gradually fell back under selling pressure, to close, the increase narrowed to 4.58%. New Express reporter Ceng Yong

Guanghui first stems from high debt pressure.

According to the announcement

,

Guanghui Energy Preferred Stock is to be issued in batches, with a floating dividend rate, which can be transferred on the Shanghai Stock Exchange.

Limited sales period, but the transfer scope is limited to qualified investors as stipulated in the Measures for the Administration of Pilot Preferred Shares.

This plan of Guanghui Energy has attracted many complaints. On the one hand, the total amount of preferred shares raised by Guanghui Energy does not exceed

500 million yuan, has reached 48.92% of its net assets of 654.38+0.022 billion yuan at the end of the first quarter of this year, almost against the upper limit of 50%.

On the other hand, as much as 3.5 billion yuan is used to supplement cash flow, and Guanghui energy funds are "hungry".

This can be seen.

A quarterly report shows that its solvency and cash flow level are far below the average level of listed companies in the industry. In addition, one

According to the quarterly report, as of the end of March, its short-term loan has soared from 32 1.2 billion yuan to 6.074 billion yuan, and its accounts payable reached 2.

526 million yuan,

It has set a new record since its listing, and other payables reached as high as165438+87 million yuan, 9% since 20 12.

Set a new high since the end of the month. Excluding long-term liabilities and other factors, the liabilities under these three projects have reached 9.787 billion yuan.

Period,

Monetary funds, accounts receivable and other receivables total only 510.63 billion yuan. Comparatively speaking, short-term funds are short.

The population reached 4.624 billion yuan.

After the issuance of preferred shares is completed,

Based on the data as of the end of the first quarter, the company's net assets and working capital scale

It will increase by 42.72% and 49.44% respectively, the asset-liability ratio will decrease by 65,438+02.46%, and the financial indicators will be greatly improved.

However, some insiders still point out that,

"I don't think it's cost-effective or low in the long run, but I can't help it, I guess.

Listed companies lack money. "。

Guanghui Energy said that according to the current scale of fund-raising, the total annual dividend in the year when preferred shares are issued will not exceed.

More than 547.75 million yuan,

In the past three years, the company's annual distributable profit is 897 million yuan, which can pay one year's preferred stock.

Dividend.

A senior brokerage investor said that since Guanghui Energy announced that there is no corresponding preferred stock repurchase mechanism, namely

Based on the dividend yield of 8%,

Its preferred stock investors will only be able to recover their capital after about 12 years. During this period, its net assets will be

Whether the rate of return can remain stable will constitute an important factor in whether the funds of preferred stock investors can be withdrawn on time.

Wake up, in recent years, the company's weighted return on equity is in a state of continuous decline, especially last year from 20.

The lowest value since listing in 2000.

Bank preferred shares will appear one after another.

Because after Guanghui Energy, the preferred shares of the next wholesale bank are likely to be bank shares, and the market rumors say that the big four.

The bank and Shanghai Pudong Development Bank totaled 370 billion, which was officially launched in the first half of this year at the earliest.

After the pre-allotment plan is released,

Bank shares were once boosted across the board, but still recorded a large-scale rise at the close.

On the same day, brokerage stocks that were expected to benefit from the issuance of preferred shares were once popular in a large area, although the market was adjusted in the afternoon.

It has fallen back, but the performance throughout the day is still resilience.

According to the data of capital flow, banking stocks were the only sector that got the net inflow of main funds in the two cities yesterday.

It is 65.438+0.28 billion yuan.

Some analysts pointed out that,

Is Guanghui Energy's preferred stock plan good for its common shareholders?

Negative, it is still worth observing. But as far as the impact on the market is concerned, because it is close to the top, the funds raised are as high as 5 billion yuan.

Uh,

To the market's surprise, on the eve of the IPO's imminent resumption, such a large-scale fundraising has increased the market's interest in A shares. "

Blood loss ",

The short-term market may still be under pressure. However, the person also pointed out that if there is a common stock repurchase,

The company to be issued intends to issue preferred shares, and the market outlook is expected to receive financial attention.