The first half of the total financing of listed companies升逾25% A shares plunged financing

Listed companies financing the first half of this year amounted to 249.072 billion yuan, representing a year-on-year increase in the first half of last year, 25.31 percent. One A-share IPO and refinancing of both sharp decline in bond financing ratio increases dramatically, accounting for 29.33 percent. A-shares plunged financing This year, the stock market continued to fall in the stock market has already affected financing functions, A shares IPO and refinancing rate was significantly slowed down. Statistics show that the first half of this year, a total of 58 stock markets in Shanghai and Shenzhen A-share issue, fund-raising 89.842 billion yuan, year-over-year decrease of 41 percent. Among them, Shanghai only Zijin Mining, the shares of molybdenum, the Chinese iron construction, energy coal in the four IPO, finance 67.061 billion yuan; Shenzhen listed 54 new shares, a total 22.781 billion yuan financing. And the whole of last year 120 new shares IPO, compared to 447 billion yuan financing, despite the first half of this year the number of IPO nearly half of last year, but many small and medium enterprises, greatly reduce the amount of the financing. In addition, since the Shanghai and Shenzhen stock markets this year, listed companies have implemented additional financing to 131.379 billion yuan, significantly lower than the year-ago levels. As the stock market downturn, some IPO shares and the issuance of additional shares have fallen below the issue price, the stock market financing functions facing a severe test. In order to recuperate the market opportunities, regulatory authorities this year has gradually slowed down the rate of new stock issues will have. Statistics show that in January this year there are 16 new shares IPO, finance 31.166 billion yuan, to June dropped to 10, the financing amounted to only 4.777 billion yuan. The market in particular, greatly reduce the speed issue, even though such as China Construction will have more than a month ago, but the issue has not yet been activated, and the current market to do with the extremely weak. A-share IPO financing last year had a record 447 billion yuan for an all-time high, including the refinancing, the stock market for financing of up to 779.156 billion yuan, the highest in the world market. Last year the A-share market was Niuqi cupola, but今非昔比, since the stock market to continue this year shrouded in shadow of a bear market, the financing capacity substantially weakened. According to PricewaterhouseCoopers recently released a research report predicts that in 2008 the A-share IPO amount of the financing will be only 250 billion yuan, far below last year's 447 billion yuan. A broker to vote on this trip said that this year the A-share financing will undoubtedly return to ebb period. If the second half of the market situation can not improve, the market will seriously restrict the issuance of blue chips listed on the long-awaited return of red chips as well as foreign companies issued A shares will increase the difficulty. Active equity financing Financing and public offering of stock market decline sharply formed a strong contrast, this year continued active private equity financing. According to research institutions-equity investment by the Group to statistics, since 2008 China's private equity market to maintain high growth in the first half of the total VC investment in PE and nearly 6.5 billion U.S. dollars, equivalent to about 45 billion yuan RMB. Of these, a quarter for a total of 16 Asian markets, including China, the scope of investment in the private equity fund successful fund-raising 19.998 billion U.S. dollars, to raise a substantial amount of growth than the same period last year. At the same time, Chinese enterprises have a total of 36 private equity investment funds, private equity participation in investment over 30 the number of institutions, investment of 2.679 billion U.S. dollars. In addition, the second quarter for a total of 10 Asian markets private equity funds successfully raise funds to 12.022 billion U.S. dollars, although the amount raised in the first quarter, down, over the same period last year but still substantial growth. During a total of 37 Chinese enterprises are private equity investment funds, private equity participation in investment over 30 the number of institutions, investment of 2.559 billion U.S. dollars. China's private equity market the good momentum of development, is attracting global capital have influx. It was clear by the Group this year, specifically for the Asian market including China, the private equity investment fund managed investment funds is expected to be over 50 billion U.S. dollars. If there is no significant market volatility is expected in 2008 China's annual private equity fund Touziejiang maintained at over 10 billion U.S. dollars. On the industry, the year 2008 is expected to traditional private equity fund investment is still occupy an important position. However, the distribution industry will be greater change, the real estate industry has experienced in the market after the low or are on the increase in the breakdown of other high-tech areas, the international oil prices and the improvement of environmental requirements, will enable the new field of energy Highlights the value of the investment. Over the past two years the rise of new energy companies to invest in China's boom in 2008 will Redubujian. Private equity market for the momentum of vigorous development, an industry that since the stock market financing more difficult, some companies turn to private equity investment. And private equity investment in China is very attractive returns, further to attract funds into private equity investment market. Corporate debt financing for the same period last year by twice The stock market crash can not overburdened expansion, substantial commercial bank credit crunch, 2008 is destined to become the financing of enterprises is extremely difficult year. This year, and the role of the bond market, in this particular against the background of the subtle changes also will occur, the bond market is becoming a corporate finance of a vital lifeline. China Merchants Securities recently released the latest data shows that: the first half of 2008 corporate debt financing amounted to 119.6 billion yuan, close to the same period in 2007 of 2 times the level of the whole year of 2007 equal to 60 percent. In addition, convertible bonds (including the separation of convertible bonds) fund-raising 61.4 billion yuan, an increase of 4.3 times the bonds to raise funds 13 billion yuan, up 16 percent, bond financing of the expansion in 2008 has become the corporate direct financing New bright spot. While in the first half of the bond market continued to raise interest rates shadow, and not a good performance, but relative to the same period in the stock market crash, high safety margins for institutional investors in the bond market more attractive compared with previous years has increased . And this year, the State Development and Reform Commission, the central bank, the SFC Jian Guanceng such as the promotion, the medium-term notes the introduction of new varieties, corporate bonds, short-term financing bills to issue the stronger and makes the bond market is becoming an important corporate finance The lifeline. First quarter of this year, short-term financing bills through the end of 2007 the yield rose after the plight of the interest rate increase is expected to weaken a good background, the rapid increase in the total issued and listed companies to become more difficult after the issuance of another important Channels. At the same time, various short-term financing bills between the credit spreads also to have a more significant manifestation of a more market-oriented interest rate for short-financial enterprises financing for a more healthy basis. And the texture more than a quarter of the listed companies do not have the financial issue of the short, a similar enterprises to further reduce the financial threshold for issuing short. April this year, after a period of deliberation, a new corporate financing - officially open the medium-term notes. Medium-term notes issued under the relevant rules and guidelines, approved the medium-term notes issued by the central bank powers delegated to the dealers association and the rapid introduction of efficient registration system. In the first phase to large national enterprises as the representative of the medium-term notes issued after the market judgement, the main medium-term notes will be issued gradually shifted some of the non-listed companies and the quality of listed companies, corporate finance and continue to provide an important channel. Analysts predict that in the second quarter, the first large-scale national enterprises test water quality, other types of the second half of the medium-term notes the main issue is expected to soon break that. Separation of convertible bonds or issuing additional shares will be replaced Into June, the listed companies issued by the separation of convertible bonds increased significantly in the month the bond market and become a major bright spot. In Baosteel, the Gezhouba Dam, and so on, the East-E E-Jiao, such as a new batch of separate convertible bonds is also about landing Stock Exchange bond market. Because of its convertible bonds lower nominal interest rates, financing costs compared to other methods have advantages, for listed companies, separate convertible bonds issuance of the shares is expected to become a suitable alternative. Morgan Stanley and other foreign investment banks this year in China's capital market analysis indicated, A-share market has developed rapidly, but the market is too volatile. Therefore, China must introduce a new financing products, and the development of bond markets can be a pressure to reduce the role of the stock market financing. Qi Bin, director of the SFC Research Center said earlier this year, listed companies can not only funding needs through the stock market, can also be achieved through the bond market. In a mature capital market, the bond market is generally greater than the stock market, which is a seesaw relationship, the stock market fluctuations, capital will flow to the bond market. At present, China's bond market and the financing amounted to only about 27 percent of the stock market, bond market should be in the future on the basis of sound speed up development and improve the credit system construction, for the listed companies to provide more financing channels. Analysts said that with the bond market this year, since the rich variety and level of credit spreads will also speed up the manifestation of the bond market more attractive to institutional investors will also gradually increase, thus forming the bond market financing and investment interaction between the virtuous circle. In the current context of sluggish stock market, the bond market's robust expansion will form a listed company, the stock market, the bond market's "win-win-win."