Song Qinghui: The purchase of financial management by listed companies should not affect their main business. They should focus on low-risk products


Song Qinghui, a famous economist, pointed out that after listed companies raise funds through IPO and additional issuance, they generally will not immediately invest in relevant projects. When large sums of raised funds are idle, it is ok to buy some bank financial products.Of course, the premise is that the purchase of financial management does not affect the development of the main business and is mainly low-risk break-even products.Since the beginning of this year, the enthusiasm of listed companies to buy wealth management products has not decreased.More than 500 companies announced purchases totaling 174.7 billion yuan as of Thursday, according to flush statistics.Among them, Citic Securities bought the largest amount of wealth management products, up to 8 billion yuan.Generally speaking, the requirements of idle raised funds investment products of listed companies are as follows: first, they are safe and meet the break-even requirements, and the product issuing subject can provide break-even commitment;Second, good liquidity shall not affect the normal conduct of the raised funds investment plan.According to the reporter’s analysis, the financial products purchased by listed companies during the year include securities brokerage financial products, time deposits, structured deposits, call deposits, trust, reverse repurchase, private placement, etc.Among them, structured deposits are favored, accounting for about 70 percent.From the time limit of purchasing products, listed companies generally buy short – and medium-term products within one year.The so-called structured deposit refers to the embedding of financial derivatives (including options and futures, etc.) on the basis of deposits, so that depositors can obtain higher investment returns under the condition of taking certain risks.However, after the self-regulatory authorities issued a document requiring banks to strictly control the size of structured deposits, such products have been shrinking.As of the end of last year, China’s national banks had 5.08 trillion yuan in structured deposits, down 6.94% month-on-month and 21.09% year-on-year, according to the latest data released by the Central bank.Hangfa Power announced at the end of January that it would use 7.5 billion yuan for cash management, including industrial and Commercial Bank of China structured deposits, Construction Bank structured deposits, including 110 days, 91 days, 180 days.The company also said that by the end of January, it had invested a total of 32 billion yuan in the recent 12 months to buy wealth management, with 22.7 billion yuan of principal actually recovered and 9.3 billion yuan of principal not yet recovered.The actual revenue is 188 million yuan.In this regard, a member of a joint-stock bank in Shenzhen said, “Structured deposits are generally principal guaranteed but not interest guaranteed, and their returns have a floating range, such as 2%-4%. If they meet relevant conditions, they will get a maximum rate of return of 4%, so they are more popular.In terms of real yields, structured deposit yields have also fallen as market interest rates have fallen in the past two years.”The reporter noted that there are still a few companies choose to buy trust private placement.For example, UbM recently said that it has purchased “Guyi Union 3M-1 Pooled capital Trust Plan” from Ping An Trust With 30 million yuan of its own capital. This product is a private fund product with an expected annual return rate of 4.20%.It is worth mentioning that some companies buy a large amount of finance controversial.Citic Securities announced on The evening of November 11 that it had signed a deposit business with Huaxia Bank to buy three fixed-term deposits totaling 8 billion yuan.Citic Securities all chose the return type of break-even, and the expected annualized return rate/deposit interest rate is 2.28%, and the total expected return amount is 36.6067 million yuan.As Citic Securities has just raised 22.4 billion yuan in a rights issue, some investors commented online: “Are you not optimistic about the stock market and have put your money in the bank for a fixed period?”As for the purchase of wealth management products, most companies say that it does not affect the daily operation or the normal development of main business, which is conducive to improving the efficiency and income of the company’s own funds.Famous economist Song Qinghui in this regard, famous economist Song Qinghui pointed out that listed companies through IPO, additional issuance and other fund-raising, generally not immediately into the relevant projects, in the encounter large fund-raising idle, buy some bank financial products is ok.Of course, the premise is that the purchase of financial management does not affect the development of the main business and is mainly low-risk break-even products.Listed companies bought more than 170 billion yuan of structured deposits in 2008

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