对定向增发的最新监管思路 REGULATION OF PRIVATE PLACEMENTS BY ISSUERS

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楼主 2020-06-29 16:20:23
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期有媒体报道证监会已叫停涉及互联网金融、游戏、影视、虚拟现实(VR)四个行业的跨界定向增发,以及这四个行业的并购重组和再融资申请。本文拟就证监会对上市公司定向增发的最新监管思路及其未来发展趋势进行简要分析和探讨。

加强监管

财新网于5月11日报道了证监会的上述举措。报道一经推出,便在业内引起了轩然大波。但证监会在两日后例行召开的新闻发布会上否认了上述消息。

在由中国证监会上市公司监管部、中国上市公司协会于重庆举办的上市公司董事长、总经理研修班开班仪式上,中国证监会上市部巡视员兼副主任赵立新表示未来证监会将严厉查处信息披露不真实、“忽悠式”重组等违法违规行为。

结合证监会近期表态可知,监管层并未全面叫停跨界定增,而是将按照“一事一议”的原则,严格控制审核速度,进一步加强监管。

真实经营需求

由于传统行业通过再融资和并购重组的方式进入上述四个行业存在炒作股价的嫌疑,也面临较大经营风险;除非有充足的证据证明并购标的具有较好的盈利前景,不然原则上将很难通过监管层的审核。

而对于非跨界定增,包括四个行业内的并购重组和再融资,如存在真实的经营需求,希望通过收购重组扩大规模、增强实力的,则不会受到证监会的限制。

证监会目的

定向增发是上市公司广泛采用的一种融资方式。今年以来,A股上市公司定向增发一直保持高涨势头。

数据显示,截至5月31日,已经有200多家上市公司实施了定向增发,发行规模超过5000亿元。发布定增预案的有近500家上市公司,若全部实施,发行规模将超过1.5万亿元。定向增发的持续高涨可能导致已经存在的股市泡沫进一步恶化,因而这类融资的过热态势亟需遏制。

对于上市公司跨界定增,证监会历来持谨慎态度,审核标准趋于严格并非近期才出现的现象。

加强监管一方面有利于遏制上市公司以并购重组、业务转型升级等为题材进行股价炒作,另一方面有利于上市公司将主要精力放在经营主业上,做大做强主营业务,提高竞争力。互联网金融、游戏、影视、VR这四个行业都具有生命周期短、盈利波动性大、缺乏合理的估值标准等特点,涉及这四个行业的跨界并购因而蕴含更大的经营风险。

上述四个行业内的并购重组和再融资也需要理性看待。近年来,上述四个行业内的并购重组,尤其是对游戏、影视等行业的投资,已经产生巨大泡沫,并开始引起监管层的注意。如果任由泡沫膨胀,将会对整个资本市场的健康发展带来极大威胁。在当前经济下行压力下,正视股市泡沫,加强对资本炒作的打击,引导资金“脱虚入实”,服务于实体经济的复兴和发展,是监管层顺势做出的必要举措。

未来监管趋势

在监管部门从严监管的理念下,笔者认为,上市公司定向增发监管未来可能会出现以下几个倾向:

首先,并购标的的盈利能力将成为重要审核标准,仅凭题材、概念或讲故事,必然难以获得监管部门的核准。

第二,与三年期定增产品相比,一年期定增产品由于时间区间更短,套利倾向更为严重。因此,监管部门可能会在实务中实施差别化待遇政策,逐渐收紧一年期定增产品的审核。

最后,对定向增发的从严监管思路,在具体执行过程中,可能会突破本文所述四个行业而扩展适用于所有行业。因此,上市公司在实施定向增发时,要切实从企业的真实经营需求出发,理性融资,切勿盲目跟风。

把握平衡

经过二十多年的探索和发展,中国对资本市场的监管正在向更加市场化的方向迈进。

但是,中国特殊的体制和资本市场发展历程也决定了在很长一段时间内,监管层对不合理现象进行的行政干预,对资本市场的持续健康发展仍是非常有必要的。

在当前经济下行压力持续加大的形势下,证监会加强对上市公司定向增发实施监管,有利于提高资金配置效率,引导资本市场更好地服务于实体经济。

然而,对于定向增发的监管也不应矫枉过正,以免堵塞上市公司正常业务转型及升级的路径。因此在具体操作中,监管部门应当注意把握二者的平衡。 


CAPITAL MARKETS
Column


REGULATION OF PRIVATE PLACEMENTS BY ISSUERS


The media recently reported that the China Securities Regulatory Commission (CSRC) had halted listed companies’ cross-industry private placements among the online finance, gaming, film and television, and virtual reality sectors. Reports said the CSRC had also suspended mergers and acquisitions (M&A), and refinancing in those industries. The authors will analyze the latest regulatory policies of the CSRC on private placements by listed companies,as well as future trends.

Chinese business news site Caixin reported the CSRC’s above-mentioned measures on 11 May. The report caused a disturbance in the above industries, but the CSRC denied the report a couple of days later. At a public ceremony in Chongqing, Zhao Lixin, the inspector and deputy director of the CSRC’s Department of Listed Company Supervision, said the commission would strictly punish false disclosures and other illegal activities. 

We can conclude from recent statements of the CSRC that the regulator has not banned all cross-industry private placements. They will be examined on a case-by-case basis, and the audit speed will be strictly controlled for the purpose of strengthening supervision. 

Companies in traditional industries might be suspected of being involved in stock-price manipulation when they enter the above-mentioned four industries by means of refinancing and M&A, and they may also face great operational risks. It is therefore difficult in principle to get approval from the regulator unless there is sufficient evidence that shows the M&A targets have good earnings forecasts. 

Private placements, including M&A and refinancing within the four industries mentioned, will not be limited by the CSRC where there are real business needs for expanding the scale and enhancing the competitiveness of the company through acquisition and restructuring.

CURB OVERHEATING

Private placement is a widely used financing method by listed companies. Private placements of A-share listed companies have maintained high momentum this year. 

Data show that as of 31 May, more than 200 listed companies have implemented private placements with an offering size of more than RMB500 billion (US$76 billion). 

There are nearly 500 listed companies that have released private placement plans of which the offering size will exceed RMB1.5 trillion if fully implemented. A steady uptick in private placements may worsen the stock-market bubble that already exists, so it is crucial to curb overheating of this type of financing. 

The CSRC has always been cautious on cross-industry private placements by listed companies, and it’s not the first time it has implemented stringent auditing criteria. 

On the one hand, tighter regulation will help prevent listed companies from stock price manipulation by means of M&As, business transformation and upgrading, and other themes; and on the other hand, it will make listed companies focus on operation of their core business to make it stronger and improve their competitiveness. Due to earnings volatility and a lack of reasonable valuation standards within these four industries, cross-industry M&A in these sectors poses a greater business risk. 

M&A and refinancing in these sectors should be rationally viewed. In recent years, M&A, especially investment in gaming, film and television, created a huge bubble that attracted the attention of the regulator. If the bubble expands, it threatens the healthy development of the capital market. Under current economic downward pressures, it’s necessary for regulators to fight against capital speculation and guide funds “away from virtual and into reality”, so serving the recovery and development of the real economy. 

FUTURE REGULATORY TRENDS 

The authors believe that under strict supervision of the regulatory authorities, we will see the following trends with regard to regulation of private placements of listed companies. 

First, profitability of M&A targets will become an important audit criteria and it will be difficult to get approval from authorities with only a theme, concept or story. 

Second, compared with three-year private placements products, one-year private placements are more likely. Therefore, the regulator may gradually tighten the review of one-year private placement products. 

Finally, it’s possible that in the implementation process, strict supervision of private placements may extend from the four industries discussed to all sectors. Therefore, listed companies must take actual business needs into account and be rational in implementing private placements, and do not follow trends blindly. 

KEEP THE BALANCE 

After 20 years of exploration and development, China’s regulation of capital markets is moving in a market-oriented direction. However, it’s still necessary for the regulator to implement administrative interventions on unreasonable phenomena due to China’s special regime and its development process for capital markets, for the purpose of their sustained and healthy market development. 

The CSRC strengthens the supervision of the implementation of private placements by listed companies under the current economic situation with downward pressure, improving the efficiency of capital allocation, and guiding capital markets to better serve the real economy. 

However, regulation on private placements should not go too far, and should avoid blocking the path of normal business transformation and upgrading of listed companies. Regulatory authorities must pay attention to the balance between them. 


作者:北京恒都律师事务所管理合伙人江锋涛;恒都合伙人刘兵 

Jiang Fengtao is the managing partner and Liu Bin is a partner with Hengdu Law Offices


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