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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, at the Minex forum in the Magadan Region, in the presence of Governor Vladimir Pechenyi, the Voskhod investment system was presented - 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 for the Development of the Russian Far East, the system is working in test mode. Recall that we are talking about the so-called "Russian NASDAQ" - a new exchange online 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 on the presentation of Voskhod in Magadan, it follows that the Government of Russia and the Ministry for the Development of the Russian Far East have already sent a list of proposals to create attractive conditions for access to the collective investment market for companies implementing projects in the Far East, including for junior companies in the mining industry ... In particular, the Government was invited to consider the possibility of introducing a number of tax incentives on transactions with securities of Far Eastern issuers, to ensure the possibility of transferring exploration costs in favor of primary investors with the subsequent possibility of deducting costs from the tax base of investors, to simplify procedures for attracting foreign investment in Far Eastern projects, and procedures for issuing securities and their inclusion in the Lombard list of the Central Bank, apply mechanisms of state insurance of brokerage accounts.
"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 include shares and bonds of Far Eastern issuers; in the future, it is planned to expand the toolkit to create the widest possible opportunities for investors. The project will use the capabilities of existing stock exchanges. So, at the beginning of June, on the basis of the exchange infrastructure of the St. Petersburg Exchange, which is part of the NP RTS group, a placement of bonds of one of the Russian banks was carried out, "the EastRussia correspondent was told at the Far East Development Fund.
The first real deals using the Voskhod platform are planned to be concluded in September this year at the Eastern Economic Forum in Vladivostok. At the same time, at the first stage, companies that have passed the expertise of the Far East Development Fund will be able to use its capabilities. Currently, the FRDV is considering 130 projects totaling about 2 trillion rubles. investment. According to the head of the Fund, Aleksey Chekunkov, about a third of projects can be financed through the placement of shares or bonds, including using the mechanisms of the Voskhod investment system.
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.
True, when the EastRussia correspondent turned to Kolmar when writing this material, they did not tell him any additional details about the company's participation in the project, and did not even give his opinion about Voskhod, citing the fact that the launch moment was still ahead and not the fact that the plans for its presentation at the WEF will still 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 haven't heard 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, accordingly, the business behind it for an investor interested in investing, - the Advisor to the General Director of Russian Coal OJSC told EastRussia Alexander Kovalchuk... - There are simply no investors who want to invest in the Russian economy, including the Far East. Accordingly, it is not clear what kind of investors we are talking about when creating Voskhod. It seems that its developers have them 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, for the most part, the situation is different: many initiators of Russian projects seek mainly to obtain investments under any pretext, after which - to depict the stormy activity, and then shrug their shoulders and in various forms notify the investor about the failed project implementation. At the same time, the investor's funds are invested by the initiators of Russian projects until they are fully spent. "Thus, most modern schemes of certain investments do not lead to practically anything - the process ends at the so-called" entrance. "Moreover, this situation is widespread throughout Russia. In such a state of affairs, it is extremely unlikely that investors will come to any Russian And even a very attractive one - for example, a simple, developed, customer-oriented, technological one, ”concludes Alexander Kovalchuk.
"I have heard a little about this system," the deputy general director of NEO Center JSC tells the EastRussia correspondent Dionys Vasilyev... - But in any case, Voskhod is so far only 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 modern Russian reality as providing money I would like to see how this idea will work in practice - what practice it will be supported by and how it will be linked to the modern regulatory framework. And look at the results after a while - because only then it will be possible to judge the efficiency and effectiveness of this idea. "
According to the expert, if the system works, but there is no doubt that the system is in demand by the business. "Any company, and especially a small one, which has a need for debt financing - in borrowed capital, will use every opportunity not prohibited by law to get a loan," says Dionis Vasiliev. It is extremely difficult for a borrower to get it from a bank today, because, albeit due to objective circumstances, banks are now putting forward significant requirements both for collateral and business profitability. Granting a loan by banks is a rather complicated process, not always available to companies компания whose need is measured at 50-200 million rubles. "
In this context, he added that at present in Russia the potential of the stock market is largely undeveloped. And in comparison with the developed countries of the West, there is a strong bias towards bank financing - the share of both debt and those involving 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 instrument seems to be more than a positive project.
According to the analyst of the Finam Group of Companies Timur Nigmatullina, the effectiveness of Voskhod's work will primarily depend on the quality of the projects that enter 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 capital investments from qualified specialized investors In some cases, they are also called venture capital. If you help ensure that the company is placed on the market from the very beginning, then these are risks, including infrastructure. Since if the company's shares begin to decline and investors lose confidence in them, then the current situation can spill over into the real sector and lead to such serious consequences as, for example, an increase in unemployment or a recession in the region, including the level of the country's economy.In turn, immature companies are not clear to investors, since they do not yet have a full-fledged history of activity ".
According to the expert, even if we assume the possibility of a strict selection of developing Far Eastern companies in the future in order to select those in which one can invest through a public offering, then the creation of the system itself will require significant investments and time. That is, to a large extent, the success of Voskhod 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 very idea of creating alternative sites, including the one envisaged by Voskhod, is correct,” says Timur Nigmatullin. - Due to the fact that today there is no exchange competition as such on the Russian market. And the appearance of a new player on it, specializing in fast-growing companies, is certainly more than good. Although the idea underlying the system needs some adjustment - taking into account the features of companies' development that I have mentioned. "