公募REITs首单向原持有人配售扩募落地 为全行业树立市场化扩募标杆

Core Viewpoint - The recent expansion of the public REITs market in China marks a significant innovation, with the launch of the Huaxia Fund's Huayuan REIT on the Shanghai Stock Exchange, utilizing a subscription method that prioritizes existing fund shareholders, setting a market benchmark for future expansions [1][2] Group 1: Expansion Mechanism - The Huaxia Fund's Huayuan REIT raised over 1.1 billion yuan for the acquisition of a rental housing project in Shanghai, enhancing its asset portfolio in key industrial areas [2] - The innovative subscription method allows existing shareholders to have priority in purchasing additional shares, preventing dilution of their rights and maintaining a stable equity structure, which has led to a high participation rate of 99.51% in the fundraising [2][3] Group 2: Pricing and Fairness - The pricing mechanism for the expansion reflects market constraints, combining asset valuation, secondary market prices, and investor communication to ensure fair pricing [3] - An "ex-rights" mechanism was introduced to adjust the fund's net asset value and trading price before and after the expansion, preventing risk-free arbitrage and ensuring fairness for all parties involved [3] Group 3: Investor Participation - The expansion significantly broadened the channels for individual investors, allowing over 10,000 personal investors to participate, thus ensuring equal rights for both institutional and individual investors [4] - Multiple subscription channels were established for both on-market and off-market investors, enhancing accessibility and participation opportunities [4] Group 4: Collaborative Efforts - The successful expansion of the Huayuan REIT was supported by collaborative efforts from various parties, including the Shanghai Stock Exchange and the China Securities Regulatory Commission, which provided guidelines and educational resources for investors [5] - The establishment of standardized procedures for expansion business by the Shanghai Stock Exchange has facilitated the smooth implementation of this innovative case [5] Group 5: Market Development - The successful case of the Huayuan REIT expansion provides valuable, replicable experience for future public REIT expansions, contributing to the maturation of market mechanisms [6] - As of January 19, 2026, there are 78 public REITs listed in the market, with a total issuance and market value exceeding 200 billion yuan, indicating a growing trend in the sector [6]