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定向增发是指中国的上市公司向一些条件符合的投资者实施的发行股份的行为,方式为非公开。定向增发投资以其高收益、低风险,使得众多投资者对其倍加关注。有两个必要的条件是定向增发应该具备的:第一个条件是针对于发行对象,其总数不允许超过10人,第二是针对于发行的价格,应不低于某日股票平均价格的90%,某日为指定日期之前20个交易日公司,指定日期为“定价基准日”。发行的股份在1年内不能转让(如果是大股东认购,则在3年内不能转让)。因为定向增发的融资方式对上市股份公司的业绩及盈亏情况没有太大的限制,整个发行的成本相比较其他方式而言也不高,操作方式也相对简便、容易获得监管层批准等优点,故很多公司愿意用定向增发的方式来扩大投投资,实现股东利益。从历史上的增发方案来看,定向增发能给投资者带来或多或少的投资机会。
Private placement refers to the act of issuing shares issued by China’s listed companies to a number of investors who meet the requirements, in a non-public manner. Private placement with its high yield, low risk, so many investors double their attention. There are two necessary conditions for private placement should have: The first condition is for the distribution of objects, the total number of not allowed more than 10 people, the second is for the issue of the price should not be less than the average price of a day’s stock 90%, a day for the specified date 20 trading days before the company, the specified date “pricing benchmark date ”. Issued shares can not be transferred within one year (in the case of large shareholder subscriptions, it can not be transferred within three years). Because the private placement of shares of listed companies on the performance and profit and loss situation is not much restriction, the cost of the entire issue compared to other ways is not high, the operation is relatively simple, easy access to regulators and other advantages of the approval Many companies are willing to use private placement to expand investment and achieve shareholder interests. From the history of additional programs point of view, private placement can give investors more or less investment opportunities.