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中文(ZH) A股锁价定增市场化提速,多家公司将定价基准日“后移”

China A-share private placements shift pricing benchmark date

The A-share private placement market is seeing a shift as at least 35 listed companies are changing their pricing benchmark date for fixed-price private placements. Previously, this date was set as the board resolution announcement date, locking in the price for a period of 36 months. Now, companies are moving this benchmark to the first day of the issuance period, indicating a change in the market ecosystem for these long-term incentive mechanisms. AI

RANK_REASON Significant shift in financial market practices affecting multiple companies. [lever_c_demoted from significant: ic=1 ai=0.1]

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COVERAGE [1]

  1. 36氪 (36Kr) TIER_1 中文(ZH) ·

    A-share locked-price private placement market-oriented acceleration, multiple companies "postpone" pricing benchmark date

    步入6月,一股“定价基准日调整风”在A股定增市场刮起。 初步统计,目前至少有35家上市公司先后公告称,将定向增发方案的定价基准日由“董事会决议公告日”改为“发行期首日”。“锁价定增”是指上市公司向控股股东、实际控制人及其关联方,或通过认购取得控制权的投资者等特定对象发行股份时,以董事会决议公告日为定价基准日提前锁定发行价。这一机制要求认购方承担36个月锁定期,以较长的持股锁定换取较低的价格锁定,实现对长期股东的“额外”激励。 如今,从多家公司公告释放的信号来看,定增的定价锚点已发生实质性后移,锁价定增市场生态正在发生变化。(上证报)