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"Sunrise" - a delicate matter
Expectations from the new investment platform of the FRDF and the RTS are akin to the expectation of a miracle: very few people understand how it will work, but everyone needs money today
Last week, the "Minex" forum in the Magadan Region, in the presence of Governor Vladimir Pechenogo, presented the "Voskhod" investment system, a joint project of the Far East Development Fund and NP RTS. The story with Voskhod is developing very rapidly: the agreement between the creators of the platform was signed At the St. Petersburg Economic Forum in June, and today, according to the release of the Ministry of Regional Development, the system is working in a test mode. Recall, we are talking about the so-called "Russian NASDAQ" - a new online exchange platform with simplified rules for identifying customers, aimed at creating a market for risky retail investments in dynamic Far Eastern companies.
From the official release of the "Voskhod" presentation in Magadan, it follows that a list of proposals has already been sent to the Government of Russia and the Ministry of the Interior to create attractive conditions for access to the collective investment market for companies that implement projects in the Far East - including for mining companies in the mining sector . In particular, the Government was invited to consider the possibility of introducing a number of tax incentives for operations with securities of Far Eastern issuers, to provide the possibility of transferring exploration costs to primary investors, followed by the possibility of deducting costs from the investors' tax base, simplifying procedures for attracting foreign investment to Far Eastern projects, and Procedures for the issue of securities and their inclusion in the Lombard list of the Central Bank, apply mechanisms of state insurance brokerage account s.
"Now we are holding an active dialogue with industry participants and professional participants in the financial market. We will try to achieve such a calibration when the system is fast, convenient and cheap for issuers and investors, "the head of the FRDF Alexey Chekunkov.
The Fund and the NP RTS do not sound any clearer parameters of the system: the press service of the Foundation refused to provide EastRussia with information on the scale of Voskhod, its cost, its plans for promotion. As well as where the first money of investors will come from.
But the Fund has sufficiently detailed about the advantages of "Sunrise", which are laid in it in the process of creation. So, the key features of the platform are the convenience of registration and the use of the capabilities of individual investment accounts for investors; Planned future grant of benefits for Russian and foreign investors; Use of comfortable legal constructions for conducting operations (exchange instruments).
Equally important, the platform will operate in the Far Eastern time, which is much closer to the centers of business activity of the APR. The creators of "Sunrise" promise to build interaction with Asian exchanges - Hong Kong Exchanges and Clearing Limited and Singapore Exchange.
"At the first stage, the system will have shares and bonds of Far Eastern issuers, in the future it is planned to expand the tools to create the widest opportunities for investors. Within the framework of the project, the existing exchange sites will be used. Thus, at the beginning of June, placement of bonds of one of the Russian banks was carried out on the basis of the stock exchange infrastructure of the St. Petersburg Stock Exchange, which is part of the NP RTS group, "the EastRussia correspondent was told in the Fund for the Development of the Far East.
The first real deals with the platform "Voskhod" are planned to be concluded in September this year at the Eastern Economic Forum in Vladivostok. At the same time, at the first stage, its capabilities will be available to companies that have passed the expertise of the Far Eastern Development Fund. Currently under consideration of the FRDF are 130 projects with a total volume of about 2 trillion rubles. Investment. According to the head of the Fund, Aleksey Chekunkov, financing of about a third of projects can be organized through the placement of shares or bonds - including, using the mechanisms of the investment system "Voskhod."
For example, Kolmar announced that it plans to place a loan of about 200 million rubles at Voskhod before the end of the year. Such a message came to journalists about a month ago from the company's CEO Sergei Tsivilev.
"We confirmed that we will be among the first who will be placed on the" Sunrise. " Probably, about 200 million rubles (loan). This is the first experiment. Our task is to see the investors' interest in our project. This money, attracted at this site by a simplified procedure, will go on completing the processing plant of Denisovsky GOK with a capacity of 6 million tons per year, "Sergei Tsivilev noted in his communication.
However, when EastRussia correspondent wrote to Colmar when writing this material, he did not tell him any further details about the company's participation in the project, and did not even give his opinion about Voskhod, citing the fact that the launching moment is still ahead and not The fact that plans for his presentation within the framework of the WEF will come true.
At the same time among the experts interviewed by EastRussia experts there were mostly positive expectations from the future work of Voskhod.
"The system will undoubtedly be useful for Far Eastern business. It seems to be one of the state instruments by means of which an investor can really come to the Far East, and her idea itself is good and expedient. It seems that "Amuragrocenter" could attract the investor to the construction of the third stage of the soybean processing plant in the Amur Region with the help of this system, and not only, "stated the general director of the company Amurragrocenter Alexander Sarapkin.
"I did not hear anything about the Voskhod investment system as such. But it is absolutely certain that there is no difficulty in finding an investment project in Russia that needs funds, and therefore the business behind it for an investor interested in investing, "Adviser to the General Director of OAO" Russian Coal "told EastRussia. Alexander Kovalchuk. "It's just that there are no investors willing to invest in the Russian economy, including the Far East. Accordingly, it is not clear which investors are talking about when creating the "Sunrise." It seems that its developers they have only in words. And on the general. "
According to Alexander Kovalchuk, "for example, as the head of the company, I would use any means in order to get cheaper funding for my projects in the conditions of modern Russian reality. Why not the system "Sunrise." But, at the same time, I would, first of all, first look at how this system will work, before placing shares of the company within its framework - I would look at the volume of its operations and transactions, would understand how viable it is. "
However, according to the expert, in the mass of the business, things are different: many initiators of Russian projects tend to get investment under any pretext, then - to represent the violent activity, and then to spread their hands and in various forms notify the investor about the failed implementation of the project. At the same time, investor funds are invested by initiators of Russian projects until they are fully spent. "Thus, most of the modern schemes of these or those investments do not lead to anything - the process ends at the so-called" entrance. "And this situation is common throughout Russia. With this state of affairs, it is extremely unlikely that investors will come to any Russian And even for a very attractive one - for example, simple, developed, client-oriented, technological, "concludes Alexander Kovalchuk.
"I heard a little about this system," Deputy Director General of JSC NEO Center told EastRussia. Dionys Vasilyev. "But in any case, Voskhod is just an undertaking, with a number of statements about it, the very idea of this system is undoubtedly good, correct and progressive, because it is one of the possible solutions to such an acute problem of contemporary Russian reality as providing money I want to see how this idea will work in practice - what practice it will be reinforced and how it will be linked to the modern regulatory framework. And to look at the results after a while - as only then it will be possible to judge about Efficiency and effectiveness of this idea. "
According to the expert, if the system will work, but there is no doubt about its demand for the business of the system. "Any company, and especially a small company that has a need for debt financing - in borrowed capital, will use any opportunity not prohibited by law to get a loan," argues Dionis Vasiliev. It is extremely difficult for a borrower today to receive it from a bank, because, let it be due to objective circumstances, but banks are now putting forward significant requirements for both collateral and business profitability. Not always available to companies¸ whose demand is measured in 50-200 million rubles. "
In this context, he added that at present in Russia the potential of the stock market is largely under-realized. And in comparison with the developed countries of the West there is a strong bias towards bank financing - the share of both debt and providing for the use of various financial instruments of financing in it is extremely small. Therefore, due to this circumstance, the investment system "Voskhod" as a state tool is more than a positive project.
According to the analyst of the Finam Group of Companies Timur Nigmatullina, The effectiveness of the "Sunrise" in the first place will depend on the quality of projects that fall into the system. "I am very skeptical that the mechanism envisaged by the Voskhod investment system will work effectively," says Timur Nigmatullin, "Because, as a rule, companies at the initial stage of their development attract investments in capital from qualified profile investors In a number of cases, they are called venture capitalists, but if we help to ensure that the company was placed on the market from the very beginning, then this is a risk, including infrastructure, as if the company's shares begin to decline and the investor Will lose confidence in them, then the current situation can spread to the real sector and lead to such serious consequences as, for example, unemployment growth or a recession in the region, including the level of the country's economy. They still do not have a full history of activity. "
According to the expert, even if we assume that it is possible to conduct a rigorous selection in the future of developing Far Eastern companies in order to identify those that can be invested through public offering, the creation of the system itself will require considerable investment and time. That is to a large extent the success of the "Sunrise" depends on the amount of investment it provides for its creation and whether the initiators of the project themselves have it.
"One way or another, the idea of creating alternative sites, including the ones envisaged by Voskhod, is correct," says Timur Nigmatullin. - Due to the fact that today in the Russian market there is no such as an exchange competition. And the appearance on it of a new player specializing in fast-growing companies is certainly more than good. Although the idea underlying the system needs some adjustment - taking into account the specifics of the development of companies mentioned by me. "