Private placement refers to the non-public offering of shares by listed companies to a few qualified specific investors. It is stipulated that the number of issuers shall not exceed 65,438+00, and the issue price shall not be less than 90% of the market price of the 20 transactions before the announcement. The issued shares shall not be transferred within 65,438+02 months (become the controlling shareholder or have actual control rights within 36 months after subscription).
Extended data:
Private placement can be hedged through stock index futures.
In order to avoid the systemic risk of stock market in lock-up period, private investors can use stock index futures to implement selling hedging strategy, that is, shorting stock index futures in lock-up period.
The lock-up period of private placement is as long as 1 year, so it is impossible to implement hedging strategy during the whole lock-up period. When the stock index goes up, it is meaningless to sell hedging. Only when the stock index tends to fall, it is a good time to implement hedging strategy, so it is more appropriate to choose active hedging strategy.
By studying the trend of the spot stock market, we can choose the right time to short the stock index futures, and then settle future positions after the systemic risk in the spot market is released. Finally, the profit of stock index futures is used to make up for the loss of stock price decline, so as to avoid the risk of stock price decline during the lock-up period.
References:
Baidu Encyclopedia Fixed Fund