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).
Fixed fund risk
Private placement is to issue shares to specific investors in a non-public way. In order to acquire assets or increase liquidity, listed companies often raise funds through private placement. The price of private placement is often lower than the market price, the lock-up period of equity is about one year, and then it can be circulated, which enables investment institutions to participate in high-growth companies or industries in a concise and low-cost way and easily obtain profits brought by the rapid development of companies or industries.
Although private placement is attractive to investors with large capital, the lock-up period of 1 year will still bring systemic risks to investors. Once the market turns, the risk of investors participating in private placement will increase. In other words, when issuing additional shares, there may be a risk that the market price is lower than the spot price. With the slow global economic recovery, lingering European debt crisis and uncertain domestic policy regulation, the stock market still faces downside systemic risks. How to ensure the profit of lock-in period is an urgent problem for private investors.
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.