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After the implementation of Interim Management Measures on Securities Issuance of Companies Listed on the ChiNext Board (hereinafter referred as Management Measures) issued by China Securities Regulatory Commission, and the release of regulation on information disclosure of refinancing of the ChiNext Board, the companies listed on the ChiNext Board take immediate action in probing the utilization of refinancing to propel the companies’ development. On the night of June 17, 2014, Watertek Information (300324) and Lecron Energy Saving (300343) disclosed their preplan on non-public offering share. Before that, Jinfu New Material(300128) also put forward the proposal of ‘mandate to the board to apply for non-public offering, refinancing not more than 10% of the net asset of the end of last year’ on their annual general meeting.
Management Measures launched ‘micro, quick, flexible’ refinancing mechanism that suited the features of companies listed on the ChiNext Board, meeting the needs of these companies to refinance quickly and flexibly. Three abovementioned companies all adapted the micro-and-quick refinancing method put forward in the Management Measures, raising not more than 10% of their net asset and not more than CNY 50 million fund. These events reflect the pragmatic feature of the companies listed on the ChiNext Board. As the writer noticed, both Watertek Information and Lecron Energy Saving had specified their issuing targets in their board meeting, and refinanced by means of selling shares on their own to the top 10 largest shareholders, and the non-public offering shares had been solely and respectively subscribed by Huashang Fund Management Co., Ltd. and China Post Fund Management Co., Ltd., who were all among the top 10 largest shareholders of the two companies.
It is widely believed inside the circle, the utilization of ‘micro-and-quick refinancing’ mechanism of Management Measures by companies listed on the ChiNext Board is beneficial to lower the financing cost, speed up the financing efficiency, and further improve the quality of the company’s asset. The key supportive role of the ChiNext Board in facilitating the sustainable growth of innovative and technological companies is fully played.
