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Can www.LegiEX.com be trusted? Strategic investors will be wonderful

Can www.LegiEX.com be trusted? Strategic investors will be very good. On February 14, the new rules for refinancing are heavily implemented. The core content is directed at optimizing the arrangement of the non-public issuance system. vitality.

Among them, the new refinancing regulations specifically support the introduction of strategic investors by listed companies. If the board of directors of a listed company decides that all the targets of the issuance and are strategic investors in advance, the pricing base date may be on the "Announcement Date of Board Resolutions and Resolutions of the General Meeting of Shareholders" Choose one of the three on the “Announcement Day or the First Day of the Issuance Period”. As a result, many listed companies revised their plans overnight and chose to provide a discount plan with a 20% discount and half the lock-up period for their "strategic investors". However, for the identification of strategic investors, there have long been different understandings and even disputes in the capital market. The implementation of the New Deal has created a real need to identify strategic investors.

Strategic investors yesterday

The “Measures for the Administration of Strategic Investment by Foreign Investors in Listed Companies” implemented by the Ministry of Commerce on January 31, 2006 is the earliest laws and regulations that can be found that refer to “strategic investors”. Afterwards, foreign investors made more provisions on matters related to strategic investment in A-share listed companies, but did not give a clear definition of the definition of "strategic investor".

If there is really a provision on the concept of "strategic investor", only the 53rd of the "Measures for the Administration of Securities Issuance and Registration of Science and Technology Board Companies (Trial)" issued by the CSRC on November 8, 2019 article. The stipulated strategic investors refer to those who comply with the provisions of laws and administrative regulations, have the advantages of capital, technology, management, market, etc., and have been approved by the listed company as a strategic position for long-term investment cooperation.

In addition, Article 7 of the "Guidelines for the Issuance and Underwriting of Stocks on the Science and Technology Board of the Shanghai Stock Exchange" issued by the Shanghai Stock Exchange on April 16, 2019 lists which investors can participate in the issuer's strategic placement . However, the purpose of its setting is to stabilize the new stock market, which is different from the strategic significance of refinancing to introduce strategic investors to help listed companies complete industrial upgrading and enhance market competitiveness.

Strategic investors today

Judging from the current market practice, the market's understanding of "strategic investors" is a matter of opinion. However, there is a common understanding that it is clear that strategic investors cannot just "give money", but more importantly, "give effort". They need to be able to deal with issuers based on their advantages in capital, technology, management, talent, etc. It plays a role in promoting industrial upgrading, enhancing innovation and competitiveness, and expanding market share.

At the same time, according to the more common "strategic investor" recognition methods of listed companies, two elements are usually required. First, the strategic investor and the issuer have signed a strategic cooperation agreement; second, the strategic investor needs to participate in the company ’s Management. Both of the above conditions are met, and listed companies tend to identify them as strategic investors. In this case, such as bank wealth management products, financial investors who simply provide funds, and investment products of asset management companies, etc., are not included in the scope of strategic investors. But how to participate in business management can be worthy of the status of "strategic investor", all depends on the self-judgment of listed companies.

Strategic investors tomorrow

It is precisely because listed companies have too much say in the identification of "strategic investors", there may be cases where individual "strategic investors" have "only benefits, not pay", which damages the small and medium shareholders of listed companies. interest.

To this end, the China Securities Regulatory Commission issued on March 20 "Issuance Supervision and Administration-Regulatory Requirements for Listed Companies to Introduce Strategic Investors in the Non-Public Issuance of Stocks", which specifically supplements the definition of strategic investors.

Strategic investors should have strong and important strategic resources in the same industry or related industries, seek long-term common strategic benefits of mutual coordination and complementarity with listed companies, be willing to hold a large proportion of shares in listed companies for a long time, and be willing and able to perform seriously Corresponding duties, appoint directors to actually participate in corporate governance, improve the governance of listed companies, help listed companies significantly improve the company's quality and intrinsic value, have a good integrity record, and have not been subject to administrative penalties by the Securities Regulatory Commission or investors who have been held criminally responsible in the past three years.

At the same time, strategic investors have at least one of the following two conditions. It can bring the international and domestic leading core technology resources to listed companies, significantly enhance the core competitiveness and innovation ability of listed companies, drive the industrial technology upgrade of listed companies, significantly improve the profitability of listed companies, or it can give listed companies profitability. Bring strategic resources such as international and domestic leading markets, channels, brands, etc., greatly promote the market expansion of listed companies, and promote the substantial improvement of listed companies' sales performance.

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