On February 5th, 65438, REIT of China Jiao Jian Expressway under Huaxia Fund issued an announcement. The original holder of this product, CCCC Capital Holdings Co., Ltd. (hereinafter referred to as "CCCC Capital"), said that it plans to increase the fund share through bidding within six months from February 6, 2022. The number of increased fund shares does not exceed 6,543,802,000, accounting for 654.38+0.2% of the total issued fund shares. According to the recent closing price, this increase is close to 654.38+0 billion yuan.
After the news was released, as of noon on February 5 at 65438, CCCREIT rose by 3.25%.
Many insiders said that "CCCC Capital" will increase its holdings of Huaxia CCCC REIT products, which will inject confidence into the expressway infrastructure REITs market. At the same time, buying at a high discount will also bring good long-term returns. It is not ruled out that more institutions will follow up their holdings in the future to help the long-term healthy development of the public offering REITs market.
Increase the public real estate investment trust fund for the first time
Huaxia CCCC REIT was increased by nearly 654.38 billion.
On February 5, 65438, Huaxia CCCC REIT issued an announcement. On February 2, 65438, Huaxia Fund received a notice from the original fund holder "CCCC Capital". CCCC Capital plans to increase its fund share by bidding within six months from February 6, 2022, on the premise of complying with the relevant regulations of China Securities Regulatory Commission and Shanghai Stock Exchange.
Specifically, based on confidence in the future development prospects and recognition of the long-term investment value of funds and infrastructure projects, in order to effectively safeguard the interests of investors, enhance investor confidence and support the sustained, stable and healthy development of funds, "CCCC Capital" will increase its holdings in the trading system of Shanghai Stock Exchange through its own funds or self-raised funds. The total number of fund shares to be increased this time is no more than 6,543,802, accounting for the total share of issued funds.
According to the closing price of CCC REIT fund share of 8.286 yuan and its holding limit on February 2, 65438, CCC REIT will spend 99.432 million yuan, close to 654.38 billion yuan.
In terms of fixed price increase, there is no price increase range for this fixed price increase, and the fixed subject will implement this fixed price increase plan according to the fluctuation of fund transaction price and the overall trend of the secondary market.
At the same time, "China Communications Capital" promises that the fund shares increased this time will be consistent with the original equity holders during the holding period, and will not reduce the increased fund shares through bulk, agreement transfer, bidding transactions, etc. during the implementation of this increase plan and within 6 months after the expiration of the increase plan.
According to public information, CCCC Capital Holdings Co., Ltd. (hereinafter referred to as CCCC Capital) is a wholly-owned subsidiary of China Communications Construction Co., Ltd. (hereinafter referred to as China Jiaojian), the founder of Huaxia CCCC REIT Fund, and is the concerted action of the original owner of the fund.
Before the implementation of this shareholding plan, CCCC REIT original equity CCCC Investment Co., Ltd. held a total of 65.438+0.2 billion fund shares, accounting for 654.38+0.2%; The original owner of the fund, CCCC Second Waterway Engineering Bureau Co., Ltd., holds a total of 60 million shares of the fund, accounting for 6%; The original owner of the fund, CCCC Second Highway Survey and Design Institute Co., Ltd., holds 20 million shares of the fund, accounting for 2%.
The above entities hold a total of 200 million shares of the Fund, with a total shareholding ratio of 20%.
REITs discount on four expressways.
Increased holdings effectively enhance market confidence.
With the recent market fluctuations, the discount rate of public offering REITs has also been greatly differentiated.
As of the close of 65438+February 2, the discount rate of CCCC REIT was the highest, reaching12.15%; The net value of the fund unit is 9.4322 yuan, and the closing price is only 8.286 yuan, which is a big discount. The REIT premium rate of Hua 'an Zhangjiang Everbright Garden is the highest, reaching 46. 17%, and the discount rate is close to 60%.
At present, the average premium rate of public offering REITs market is 22%, which is still in the overall overestimation stage.
Talking about the above phenomenon, an insider of the public offering analyzed that due to the adjustment of the bond market in June 5438+065438+ 10, the public offering REITs with the function of "fixed income substitution" were also affected, and some investors may jointly redeem the public offering REITs products based on the reason of the decline of "fixed income" funds. Second, the investor structure of public offering REITs products is still dominated by institutional funds, which does not rule out the liquidity demand of institutional funds during the adjustment of the bond market and affects the performance of public offering REITs. Thirdly, in this epidemic, the project operation and the company's performance were greatly impacted, which also led to the decline of the secondary market price.
Wind data shows that as of February 2, 2022, the average premium rate of 20 publicly offered REITs in the whole market was 22.26%, which was 4 percentage points lower than that of1early October.
Among them, four premium varieties in the whole market are concentrated in expressway projects. Among the 7 expressways REITs, Huaxia CCCC REITs, Pingan Guangzhou Jiaotou Guanghe Expressway REITs, Admiralty Anhui CCCC REITs and Huatai Jiangsu CCCC REITs are all discounted transactions, with discount rates of 12. 15%, 8.88%, 5.72% and 0.04% respectively.
The industry believes that due to factors such as repeated epidemics in some areas and the reduction of truck tolls, the performance of expressway infrastructure REITs was under pressure in the fourth quarter, and the secondary market prices of many expressways, including China Communications REITs, fluctuated greatly.
The person in charge of China Communications Construction Co., Ltd. said that although the toll revenue and traffic flow of the project declined in stages due to the epidemic situation, the reduction of truck tolls and the implementation of traffic control on the upstream bridge maintenance, the project itself operated normally. With the optimization of epidemic control and macroeconomic recovery, the project operation and performance will gradually return to normal level. "China Jiao Jian has firm confidence in the long-term value of CCCC Real Estate Investment Trust Fund."
Relevant personnel of Huaxia Fund also said that the remaining charging period of Jiatong Expressway, the first single asset of CCCC REIT, is about 24 years, which is the longest among all listed expressway REITs at present. The expected income of the whole project cycle has strong resistance to the phased impact of epidemic situation and other factors, and the phased impact of epidemic situation will not have a substantial impact on the long-term fundamentals of the project.
"Huaxia Fund will continue to work together with China's traffic construction and operation management agencies to ensure the stable operation of the project, earnestly safeguard the interests of fund holders, and promote the sustained and healthy development of funds and infrastructure assets." The relevant personnel of the above Huaxia Fund said.
It is reported that CCCC REIT is the first single public offering REITs in 2022 and the first single central enterprise expressway REITs. Since the establishment of 13 in April this year, CCCC REITs has paid dividends twice, with a cumulative dividend of 65,438+78 million yuan, showing excellent cash flow production and sustainable distribution capabilities.
A manager in Public Offering of Fund also said that due to the epidemic, the performance of REITs on expressways was under pressure this year, which has been reflected in the secondary market price of public offering REITs. The original owners of the project increased their holdings in concert, which provided confidence for the market, and buying at a discount was also a good investment opportunity. If the future operation of the project returns to normal state, the return of the underlying asset value and discount is also a high probability trend, and buying at a high discount will also bring better returns.
"With the initial increase of public offering REITs, it is not ruled out that there will be more original holders in the future, and they will also increase their holdings when the project is highly discounted, which will help enhance market confidence and return on investment." The source said.