After reading this sad news, do you have a sense of déjà vu? The A-share market is becoming more and more popular, and private equity funds are scrambling to take over. Frankly, this is a sign that the consequences of the regulatory crackdown are already emerging, and I have said that it is better to ban the suspension of refinancing than to ban it, and it is only a matter of time before there is a resurgence without a quick cut-through of the mess.
Once upon a time, some financial professionals pointed out that the interest groups entrenched in the current market have long been entrenched, and there is no reduction in holdings that they can't do, only methods and strategies that they can't think of. Now, the emergence of a new market behavior of agreement transfer marks the complete hollowing out of the high-profile suspension system for refinancing, and the relevant shareholding reduction operation is being replaced by a more concealed and low-risk capital operation method. Since the beginning of July this year, a number of private equity funds have taken over the equity of listed companies, which has aroused great attention in the investment circle, and at the same time, it has sent a signal that they will not do their business to the end.
As far as I know, in addition to index funds, investment funds all over the world (including public and private placements) are focused on trading operations in the secondary market. I have to say that this miraculous operation of private equity funds is indeed an eye-opener, they are not interested in daily investment transactions, and instead are keen on arbitrage trading that is not justified.
It is believed that the transfer of equity agreement is actually tailored for the benefit of capital, and if the regulatory side is not curbed, it will definitely open a new era of detour and reduction of holdings. Coupled with the fact that private equity funds use the advantages of rules to fuel the fire, in the long run, the so-called refinancing business will be useless, but the related negative impact will never be dissipated. There is no doubt that this is a typical gourd to float the scoop, as long as it is profitable, they do not have the conditions to create conditions to go on, and the majority of investors can only be helpless. I have always believed that the reduction of restricted shares should not occur in the secondary market, strictly speaking, it belongs to the historical legacy of the primary market, even if you want to transfer risks, you must first understand the relevant boundaries!