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as of september 19, public fund institutions have participated in more than 20 private placement projects this year, with a total participation amount of nearly 20 billion yuan. data shows that caitong fund and nord fund continue to lead, and leading public funds such as china asset management, xingzheng global fund, and guotai fund also continue to participate.

although the overall data of the private placement market is not as good as last year, some leading public funds and well-known fund managers still maintain a high level of participation. against the backdrop of market fluctuations and policy adjustments, some institutions continue to actively deploy in the private placement market, looking forward to long-term investment opportunities brought about by policy optimization and improved market environment.

industry insiders believe that with the increase in policy support and the gradual recovery of the market, the private placement market is expected to usher in more investment opportunities in the future.

caitong fund and nord fund continue to lead

according to choice data, since the beginning of this year, public funds have participated in 208 private placement projects, with a total investment of approximately 19.7 billion yuan.

in terms of specific participation, nord fund participated in the most private placements this year, involving 65 projects in total; caitong fund followed closely behind, participating in 61 projects; the third place was china asset management, participating in 30 projects in total. in addition, leading institutions such as xingzheng global fund, guotai fund and e fund also made arrangements in multiple private placement projects.

in terms of amount, nord fund participated in the fixed increase with a total amount of 8.6 billion yuan, ranking first, followed by caitong fund with an investment of more than 6.6 billion yuan. china asset management, xingzheng global fund and guotai fund subscribed for 1.1 billion yuan, 700 million yuan and 500 million yuan respectively.

it is worth mentioning that compared with the same period last year, the number and amount of public funds participating in the fixed increase this year have declined significantly. in the same period last year, public funds participated in the fixed increase 539 times, with a subscription amount of 71.7 billion yuan. among them, nord fund participated 149 times, caitong fund participated 142 times, china asset management, xingzheng global fund and dacheng fund participated 61 times, 31 times and 15 times respectively. in terms of amount, nord fund's total subscription amount reached 21.8 billion yuan, caitong fund's was 20 billion yuan, china asset management, gf fund and xingzheng global fund's subscription amounts were 4.2 billion yuan, 4 billion yuan and 2.2 billion yuan respectively.

despite this, the pattern of public funds in the fixed increase market has not changed significantly. last year, nord fund and caitong fund participated in more than 100 fixed increases, with an investment amount of more than 20 billion yuan, which was a clear gap from other institutions. this year, the two institutions still maintain their leading position, with more than 50 participations in fixed increases and an investment amount of more than 5 billion yuan, far exceeding other fund companies.

top public offerings maintain high participation

even though the market is relatively sluggish, there are still leading public funds and well-known fund managers actively participating in private placement projects.

according to wind data, in april, several public funds including xingzheng global fund, gf fund, nord fund, hua xia fund, and china asset management were allocated shares in the private placement of jifeng shares. the private placement price was 11.83 yuan per share, and the final amount raised was approximately 1.2 billion yuan.

jifeng co., ltd. is a global automotive parts supplier specializing in the development, production and sales of automotive interior parts and systems, as well as suspension driving seats and passenger seats for road vehicles and off-road vehicles. the company's products cover two major areas: passenger cars and commercial vehicles.

many well-known fund managers participated in this private placement, including gf steady growth managed by fu youxing, xingxin new vision managed by qiao qian, and fuguo consumer theme managed by wang yuanyuan. the announcement showed that xingzheng global fund and gf fund received allocations of 380 million yuan and 310 million yuan respectively in this private placement.

in july, institutions such as nord fund, caitong fund, e fund, penghua fund, and hua xia fund were allocated shares in the private placement of wecan holdings. the price of this private placement was 23.68 yuan per share, and the final amount raised was approximately 1 billion yuan.

wencan co., ltd. is mainly engaged in the research and development, production and sales of automotive aluminum alloy precision die-castings. its products are mainly used in the engine systems, transmission systems, chassis systems, braking systems, body structures and other automotive parts of mid-to-high-end automobiles.

well-known fund managers such as e fund supply reform managed by yang zongchang and e fund new silk road managed by qi he also made some investments in this private placement. the announcement shows that nord fund, caitong fund, e fund, penghua fund, and china asset management received 160 million yuan, 160 million yuan, 110 million yuan, 50 million yuan, and 40 million yuan respectively.

the fixed increase market still needs to gradually recover

in the past year, the market has fluctuated frequently, and discussions surrounding the capital market have emerged one after another. as one of the preferred equity financing methods for listed companies, private placement has also attracted much attention.

hu kaiyuan, head of the investment banking business department of caitong fund, said that in november 2023, the exchange will review the "five red lines" for refinancing projects. in his view, the "five red lines" are not a one-size-fits-all approach to prohibit listed companies from refinancing, but to help high-quality listed companies to raise funds smoothly by setting a higher standard, but it is necessary to prevent malicious money-making and excessive financing. for refinancing projects that serve the national strategic direction and are related to the national economy and people's livelihood, some support will actually be given.

according to wind data, from january to may 2024, compared with the same period in previous years, the number of plans has recovered to about 35%, and the amount of plans has been subject to relatively strong restrictions, recovering to about 15%. it can be seen that after the optimization of the refinancing policy, the fixed increase market is gradually recovering, but it is also affected by the market environment and index points.

caitong fund believes that the impact of the overall refinancing policy optimization on the issuance rhythm is a process from far to near. the impact will be greater on the far end, that is, the early stage of the fixed increase project. at the final issuance stage, close to the market end, the impact will be smaller. therefore, the impact from policy to market is a process of transmission from far to near.

"although we have experienced large fluctuations in micro-cap stocks at the beginning of this year, it does not mean that we have to lose confidence in small-cap companies in the private placement market. we believe that under such market expectations or market fluctuations, some small-cap projects that have been mistakenly killed or covered up may create greater mining value for us." hu kaiyuan commented. in actual tracking, he and his team also found that the results of the lifting of restrictions on some micro-cap stocks and small-cap stocks are still higher than the overall market expectations.