Abstract Small and medium-sized enterprises in Henan will have a new financing channel. With the further expansion of the SME private equity bond pilot program, Henan has also entered the pilot scope. The reporter recently learned from the Henan Provincial Government Financial Office that the provincial government officially traded with the Shanghai Stock Exchange and Shenzhen Securities...
Henan's small and medium-sized enterprises will have a new financing channel.
With the further expansion of the SME private equity bond pilot program, Henan has also entered the pilot scope. The reporter recently learned from the Henan Provincial Government Financial Office that the provincial government officially signed the Memorandum of Understanding on the Pilot Cooperation of Private Equity Bonds for SMEs with the Shanghai Stock Exchange and the Shenzhen Stock Exchange. This means that in the future, small and medium-sized enterprises in Henan can only issue private placement bonds on the Shanghai and Shenzhen Stock Exchanges for financing.
The accumulated financing amount exceeded 26.9 billion yuan
SME private equity bond pilot expansion
According to relevant persons from the Provincial Government Financial Office, Henan Province also signed a memorandum on the issuance of private placement bonds for SMEs with the Shanghai and Shenzhen Stock Exchanges.
According to information from the China Securities Regulatory Commission, as of the end of June 2013, the pilot scope of SME private debt has been expanded to 22 provinces (autonomous regions and municipalities). The Shanghai and Shenzhen Stock Exchanges have accepted a total of 311 companies to issue SME private debts with a record amount of 41.37 billion yuan; 210 companies have completed the issuance and raised funds of 26.99 billion yuan.
SME private placement bonds refer to small and medium-sized enterprises that are registered as limited liability companies and joint stock limited companies in China, and are issued in a non-public manner in accordance with legal procedures, and stipulate that they will repay principal and interest securities within one year or more.
At present, after the issuance of SME private placement bonds, it can be transferred on the Shanghai Stock Exchange's fixed-income securities integrated electronic platform or securities company, or transferred on the Shenzhen Stock Exchange comprehensive agreement trading platform.
On August 24, Jiang Yang, vice chairman of the China Securities Regulatory Commission, said that he would continue to expand the geographical scope of the SME private equity pilot program and expand the scope of the issuer to the “New Third Board†listing company to better meet the financing needs of small and medium-sized enterprises. .
According to the Memorandum signed between the provincial government and the Shanghai and Shenzhen Stock Exchanges, Henan Province will strengthen cooperation with the two major exchanges, guide participation, strengthen management and services, and actively promote the pilot work of private equity bonds for SMEs. . In addition to the normal efforts to promote the issuance of private debts by SMEs in our province, the two major exchanges will also assist the province to actively promote the promotion and training of private equity loans for SMEs. For our province, it is led by the local financial office or the same functional department to establish an effective information transmission mechanism to help the exchange prevent the risk of default of the bond issuer, provide information coordination services for the underwriters, and supervise the bond issuers. Fulfilling obligations to stop bond issuers from escaping debts.
Filing system issue "no administrative approval required"
Open a new channel for direct financing of small and medium-sized enterprises
On June 11, 2012, the SME Private Equity Bond of Suzhou Huadong Coated Glass Co., Ltd., which was underwritten by Soochow Securities, was listed on the Shanghai Stock Exchange, and the domestic SME private debt business was officially “onlineâ€.
As the only market-oriented bond product in China that does not require administrative approval and has no net assets and profit requirements for issuers, SME private debt will undoubtedly open a window of direct financing for small and medium-sized enterprises that are in financial difficulties.
Private debt is a kind of corporate bond. It is a non-listed SME that uses non-public means to issue bonds to specific investors through underwriters. Its distinctive features are high risk, high profit and flexibility.
The reporter noted that whether it is the Shanghai Stock Exchange or the Shenzhen Stock Exchange, the current private placement of SMEs is filed and issued, and the Exchange will complete the filing within 10 working days of accepting the filing materials. After filing, it can be issued within 6 months; for the conditions of the private debt issuer, there are almost no other requirements except for the "limited liability company or joint stock limited company registered in China".
The head of the fixed income department of a listed brokerage told reporters that for enterprises, the issuance of private debt is actually an expansion of financing channels. In the past, enterprises could not get loans, and they only needed money when they needed money. Now they have private debts, which can be issued through brokers. The issuance cycle is not long, and the interest rate is lower than that of usury. “There is no need for administrative approval by the regulatory authorities, and the interest rate stipulated by the Shanghai and Shenzhen Stock Exchanges does not exceed three times the benchmark interest rate of bank loans over the same period. This is undoubtedly quite attractive for most small and medium-sized enterprises with short-term money.†Tell the reporter.
High cost of issuance, risky income is difficult to match
Private equity bond issuers and brokerages are uneven
At the beginning of the SME private equity bond opening, many people believe that this variety will bring more effective financing channels to SMEs, thus replacing the dependence on traditional bank loan business and avoiding many restrictions. In fact, as an innovative product in the capital market, SME private debt still faces some problems in actual operation.
According to statistics from WIND, the average maturity and scale of SME private debt products are 2.4 years and 120 million, and the coupon rate is about 9.13%.
"Because of the high-risk characteristics, SME private debt is basically a 'guarantee bond', and the guarantee provided by the guarantee institution has almost become a necessary condition for the issuance of private equity bonds for SMEs." A brokerage investment bank official told reporters that In the case that the debt cost is already high, the guarantee fee further increases the financing burden of the enterprise, plus the underwriting fees, audit fees and lawyer fees. The current comprehensive cost is about 15% of the financing amount.
"For the small and medium-sized enterprises that issue the main body, the financing cost is already high. It is even more difficult to find the 'guarantee' level recognized by the capital investors. After all, the guarantee institution will also evaluate the issuer's assets or related pledges. "The above-mentioned person said, "But if SMEs have considerable pledges and mortgages, they can fully borrow from banks, so there is no need to choose to issue bonds as a financing method."
"At present, private equity loans for SMEs do face problems such as high issue costs and difficult guarantees. However, for small and medium-sized enterprises that have long been plagued by financing difficulties and financing, adding a new channel, one more choice is a good thing anyway. "The person in charge of the provincial government financial office said.
Cold Rolled Stainless Steel Coils
Stainless steel plate surface smooth, high plasticity, toughness and mechanical strength, acid, alkaline gas, solution and other media corrosion resistance. It is an alloy steel that does not rust easily, but not absolutely. Stainless steel plate refers to the corrosion resistance of weak medium such as atmosphere, steam and water steel plate, and acid resistant steel plate refers to the corrosion resistance of chemical etched medium such as acid, alkali, salt steel plate.
According to the structure is divided into austenitic stainless steel plate, martensitic stainless steel plate (including precipitation hardening stainless steel plate), ferritic stainless steel plate, and austenitic ferritic biphase stainless steel plate and so on four categories? According to the main chemical composition of the steel plate or some characteristic elements in the steel plate to be classified into chromium stainless steel plate, chromium nickel stainless steel plate, chromium nickel molybdenum stainless steel plate and low carbon stainless steel plate, high molybdenum stainless steel plate, high purity stainless steel plate. According to the performance characteristics and use of steel plate classification, is divided into nitric acid resistant stainless steel plate, sulfuric acid resistant stainless steel plate, pitting stainless steel plate, stress corrosion resistant stainless steel plate, high strength stainless steel plate. According to the functional characteristics of the steel plate, it is divided into low temperature stainless steel plate, no magnetic stainless steel plate, easy cutting stainless steel plate, super plastic stainless steel plate. Currently, the commonly used classification method is according to the structural characteristics of steel plate and steel plate chemical composition characteristics and the combination of the two methods. Generally divided into martensitic stainless steel plate, ferritic stainless steel plate, austenitic stainless steel plate, duplex stainless steel plate and precipitation hardening type stainless steel plate or divided into chromium stainless steel plate and nickel stainless steel plate two categories.
Typical uses: pulp and paper equipment heat exchanger, mechanical equipment, dyeing equipment, film washing equipment, pipelines, coastal area building external materials, etc.
Cold Rolled Stainless Steel Coils,202 Stainless Steel Coil,201 Stainless Steel Coils,Cold Rolled Stainless Steel Coil Sheets
Shandong Xinsuju Steel Co.,Ltd. , https://www.sawlpipe.com