What is private placement?
private placement refers to the non-public offering of new shares to specific investors (institutions), which is actually a common overseas private placement. Private placement refers to a specific institution, and its purpose is often to introduce the specific capabilities of the institution, such as management, channels, and so on. The target of private placement can be old shareholders or new investors. In short, after the completion of private placement, the company's shareholding structure often changes greatly, and even the controlling stake changes.
private placement is the result of negotiation between the issuer and the subscriber, and the subscriber is generally limited to a few institutions or individuals with funds. What are the income components of private placement?
Statistics show that from 28 to 215, the average annual return of private placement stocks is positive. What is even more amazing is that its average annual return is as high as 5%, and its high rate of return is amazing. Generally speaking, investing in private placement of shares and buying at a lower market price can often get rich returns even without any operation, which has attracted the attention of many funds and investment institutions. So, where does the income from private placement come from? What are the income components of private placement? Looking back at the historical income of private placement
According to historical statistics, the average income of private placement stocks is higher. Since 26, the average return of private placement stocks is 55.81%, and the average excess return reaches 52.78%. Even in 28, when the ban was lifted, the average return of private placement stocks was 68.88%.
among the historical benefits, what attracts people's attention is the maximum absolute benefit of private placement, which is as high as 1321.2%. In May 26 and January 27, China Ship (615), which released the plan of fixed increase, was undoubtedly the most successful case of fixed increase. Its share price broke through 3 yuan at the highest, and its highest income reached 13 times, while the highest increase of the market in the same period was only 449.67%.
If we take all the additional shares in the lock-up period as samples to build a portfolio, the return rate of each trading day since 26 is slightly higher than that of the Shanghai and Shenzhen 3 Index in the same period, including the biggest bull market and the biggest bear market. This result means that as an investment system, the fixed-income market is slightly better than the secondary market as a whole, although this advantage is gradually narrowing. As an investor, are you sighing that you missed a great opportunity to make money? But please come to your senses first, there must be a reason behind the glory. Let Xiaobian help you sort out the composition of the rate of return of private placement stocks, and let us explore together. Why can private placement bring higher rate of return? Composition of private placement yield
If we divide the income sources of fixed increase, it can be roughly divided into two parts: discounted income and the increase in the secondary market during the lock-up period. If we split the latter into two parts according to the idea of systematic income and excess income, we can get three-stage income division: income = discount +Beta+Alpha. Theoretically, discount is the compensation for the loss of liquidity of investors, and the system income depends on the overall performance of the market, while Alpha comes from the extraordinary exogenous growth of the company's performance with the support of raised funds.
if we exclude the market fluctuation and look at the stock itself, its income can be roughly summarized into three points: discount rate, growth and favorable issuance.