H Photoelectric Enterprise Private Placement Case Study

With the implementation of the reform of the equity sub-equipment,the orientation of private placement has gradually become the main way for listed companies in China to refinance their equity by virtue of their low threshold and low cost.However,with the continuous expansion of the market for private placements in recent years,there are more and more chaos in the market.The new regulations issued in 2017 have regulated the China’s private placement market to a certain extent,but it is necessary to improve the market to better serve the financing of enterprises.This paper takes a private placement of H optoelectronics as the research object,and finds the problems in the private placement through the judgment of the market response of the private placement and the analysis of business performance.Firstly,the literature on the issue of directional issuance discount,market response and private placement performance is described and summarized.Secondly,the basic situation of H optoelectronics,the motivation of private placement,the design of the scheme and the situation after the implementation of private placement In this aspect,the case introduction of this private placement is followed;the case study is the key part of this article.In this part,the event research method is first used to analyze the market performance of the private placement implementation,and the conclusion that the market reaction is negative is obtained.Secondly,using the financial analysis method to analyze the performance of this private placement,it is considered that the slow progress of the fundraising project is the reason why the performance improvement is not obvious.In-depth problem analysis was carried out again from the four aspects of this private placement pricing,some project risks,slow project progress and insufficient information disclosure.The fourth part of the article mainly focuses on the above countermeasures and suggestions for the problems in the private placement of H photoelectric enterprises.Including the selection of fundraising projects should be in line with the business direction and development strategy;in the use of investment funds to ensure reasonable regulation,to avoid large-scale changes in investment projects and frequent purchases of large amounts of money;in theprivate placement pricing must be strictly in accordance with the relevant When pricing laws and regulations,companies should avoid manipulating stock prices to harm the interests of small and medium-sized shareholders through earnings management,etc.;timely and comprehensive information disclosure should ensure that investors obtain accurate information for investment decisions and achieve market-based voting.The paper can’t do quantitative analysis when it comes to the research of individual problems of H-transmission private placement.For example,when analyzing the high risk of fundraising projects,we can only make qualitative analysis based on the industry pattern and company strength,so we can’t get relevant problems.The extent of the impact of the entire directional issuance.This is also the aspect that the paper can be improved and improved in the future.