Behind The Big Data Of A-Share Reduction: The Total Amount Of Major Shareholders' Reduction Exceeds The Whole Year Of 2019, And The Reference Market Value Of Arbitrage Exceeds 500 Billion

On October 23, energy saving wind power, tibet everest, Juhua technology and other listed companies issued the announcement of major shareholders' reduction (plan).

This kind of announcement, already let investor see strange.

After the birth of the science and technology innovation board, other comprehensive deepening reform measures of the capital market have been gradually opened. The A-share market has experienced several fluctuations above 3000 points, from the hot "bull market" to the gradually stable "consolidation". During this period, with the lifting of the restrictions on the sale of the first batch of shareholders of listed enterprises under the registration system, A-share has ushered in a magnificent wave of reduction.

According to the statistics of 21st century economic report, since 2020, 1820 listed companies have experienced significant shareholder reduction, with a total market value of 528.442 billion yuan (reference amount provided by wind, the same below), exceeding the whole year of 2019. During the same period, the first inquiry reduction of shares on the science and technology innovation board was officially settled.

        According to the data, in 2020, 2384 new shares of listed companies began to circulate, corresponding to a total market value of 4.61 trillion yuan, while in 2018 and 2019, the figures were 2.92 trillion yuan and 3.30 trillion yuan respectively, and various reduction plans were also coming in succession. Since this year, 5240 shareholders of listed companies have issued plans to reduce their shares, involving 41.945 billion shares.

"There are many reasons for shareholders to reduce their holdings. For example, large shareholders face greater pressure from the capital chain and need to cash in liquidity; when the market trend is reasonable or hot, it is easy to see large-scale reduction; some shareholders may not have a good expectation for the future development of the company and withdraw ahead of time; in addition, there are centralized lifting factors." A middle-sized securities firm was interviewed in Beijing.

The reduction fund exceeds the whole year of 2019

With the recovery of the market, many stocks come out of the periodic market, and the shareholders of many listed companies are also unable to resist the mood of reducing their holdings, and large-scale holding reduction occurs frequently.

Earlier, jucan optoelectronics once issued a pre disclosure announcement of the company's shareholder share reduction plan. After the lifting of the restrictions, the six initial shareholders intend to reduce their holdings by no more than 26.2418 million shares, accounting for no more than 10.08% of the total share capital. Among them, pan Huarong, the controlling shareholder, actual controller and chairman of the board of directors, takes the lead, and the reduction proportion does not exceed 2%; the reduction proportion of Jingfu investment, an investment institution, is as high as 6%, which is close to the position clearing type reduction.

On the same day, the top ten shareholders of Tianfeng securities, Hubei Lianfa and contemporary science and technology, also planned to reduce their holdings by no more than 156 million shares and 44 million shares, accounting for 2.34% and 0.67% of the total share capital, respectively, by means of centralized bidding and block trading. The shares to be reduced are owned by them participating in the allotment, and the reduction price is determined according to the market price.

Subsequently, the stock price soared for several days, and soo sensing also announced that its controlling shareholder and actual controller Li Hongqing (Chairman), senior executive Kong Youtian and specific shareholder Zhang Min planned to reduce their shares by no more than 24.8 million shares in six months, that is, no more than 8.0499% of the total share capital due to "personal capital demand".

This is not the case.

According to the incomplete statistics of the 21st century economic report, since October, 118 shareholders of listed companies have put forward plans to reduce their holdings. Among them, shareholders of dozens of listed companies, such as Huayang Group, Lanying equipment, Tianmu Lake, Rhine sports, etc., have planned to reduce their holdings in large scale. It is expected that the highest reduction ratio will exceed 3%.

If we take a longer-term view, it is not difficult to find that the atmosphere of A-share market reduction this year is particularly hot.

According to the statistics of 21st century economic report, since this year (from January 1 to October 22, 2020), the amount of reduction (reference market value) of important shareholders in A-share market has exceeded that of last year.

According to the data, in 2019, a total of 1721 enterprises were reduced by important shareholders, with a total reference market value of 396.84 billion yuan.

In terms of industries, the listed companies that suffered significant shareholder reduction in 2020 are mainly distributed in 75 industries.

In terms of the number of enterprises, high-tech enterprises have the highest share reduction enthusiasm.

Specifically, the industries with the largest number of listed companies suffering from reduction are computer, communication and other electronic equipment manufacturing industries, with a total of 230 enterprises suffering from share reduction.

Closely followed by the software and information technology services industry, a total of 150 enterprises were reduced, while the third ranked electrical machinery and equipment manufacturing industry was 135. Other industries with more than 100 reduced holdings include chemical raw materials and chemical products manufacturing (124), special equipment manufacturing (122) and pharmaceutical manufacturing (118).

In terms of the amount of reduction, the top five industries with the largest amount of cash out were computer, communication and other electronic equipment manufacturing industry (108.560 billion yuan), pharmaceutical manufacturing industry (55.749 billion yuan), software and information technology service industry (46.482 billion yuan), electrical machinery and equipment manufacturing industry (27.163 billion yuan), and special equipment manufacturing industry (24.058 billion yuan).

Lixun precision 4 shareholders cash 12 billion

With the recovery of market conditions, many big bull stocks will be reduced by important shareholders in 2020.

Among them, the largest amount of reduction is Lixun precision. Since this year, the company has suffered significant shareholder reduction, with a total cash of about 12.041 billion yuan.

Since 2020, as of the evening of October 23, Lucent precision has increased by 102.85%. During this period, the highest share price of Lucent precision has exceeded 63.88 yuan / share, and the total market value has exceeded 400 billion yuan.

On the way up the stock price, Lixun precision shareholders successively put out the announcement of reduction.

As early as early as January this year, Li Ruihao, a senior executive of Lucent precision, and his wife Lu Ying reduced their holdings by 21900 shares. Subsequently, the controlling shareholder of Lucent precision (hereinafter referred to as lichen Co., Ltd.) also issued the announcement of reduction for three consecutive times. From January 15 to 21, Lixun Co., Ltd. reduced 107 million shares of Lixun precision, all through block trading, accounting for about 2% of the total share capital of the company 。 The reference market value of the reduced shares totaled 4.587 billion yuan.

On the evening of July 22, Lixun precision issued a further announcement, saying that it received a notice from Wang Laisheng, the controlling shareholder and its person acting in concert, one of the actual controllers and vice-chairman of Lixun precision on July 22, 2020. On July 22, 2020, Lucent limited and Wang Laisheng reduced their holdings of the company's tradable shares with unlimited sales conditions through the block trading system of Shenzhen Stock Exchange, accounting for the public The total share capital of the company is 1.85%.

It is understood that the reduction funds will be mainly used to repay the loans of the Lixun Limited Bank and to support the demand for funds related to lichen precision.

Based on the average price of 57.49 yuan / share, the total amount of the transaction was about 7.453 billion yuan.

The second highest amount of "cash out" is also this year's big bull stock - Zhifei biology. In 2020, the three shareholders of Zhifei biology will reduce their holdings of 103 million shares, with a total reference amount of 10.591 billion yuan.

Since the beginning of this year, the good news of Zhifei biology has been frequent, which shows that the financial report data is very successful. In the first three quarters of this year, the company's operating revenue reached 11.05 billion yuan, a year-on-year increase of 44.14%; the net profit attributable to shareholders of listed companies was 2.479 billion yuan, up 40.59%; the net operating cash flow in the first three quarters increased by 338.43% year-on-year, reaching 2.468 billion yuan; and the earnings per share was 1.55 yuan.

In addition, the company's heavyweight product "Yika" for tuberculosis diagnosis reagent was approved in the second quarter of this year. Another heavyweight category of Mycobacterium vaccae vaccine (for tuberculosis infected people) has been reported for production and is expected to be approved for marketing within the year.

Recently, Zhifei biology announced the completion of the second phase clinical trial of the new crown vaccine, which is expected to enter the third phase of clinical trial soon.

With a series of good news, as of October 22, 2020, Zhifei biological has increased by 190.29%, during which the highest share price has exceeded 193.59 yuan / share, with the largest increase of 294.76% in the year.

During this period, the company's important shareholders are also ready to move. Since this year, Jiang Rensheng, the actual controller of Zhifei biology, and Jiang Xisheng, the person acting in concert, have reduced their holdings four times through block trading, with a total reduction of 22.88 million shares, with a cash carrying amount of about 2.052 billion yuan; Wu Guanjiang, a former senior executive of Zhifei biology, also reduced 79.865 million shares four times, accounting for 4.99% of the total equity of the company, and the total cash withdrawal amount was about 8.539 billion yuan.

In addition, the total reduction amount of shareholders of 10 listed companies such as yaomingkant, Bank of Ningbo, CSCEC, perfect world and Ningde times also exceeded 5 billion yuan in the year.

"In the short term, as investors are highly sensitive to events such as" high-level cash out "and" cutting leek ", the increase in the scale of reduction will affect the stability of the secondary market share price and investor confidence. However, investors can not ignore the fact that exit from holding reduction is a basic right of shareholders, which is not only the actual demand of shareholders, but also the objective need of market liquidity. " Pan Helin, executive director of the Digital Economy Research Institute of Central South University of Finance and law, pointed out.

Inquiry to reduce holding "breaking ice"

It is worth mentioning that with the formal implementation of the registration system, a large number of emerging enterprises are ushering in the lifting of the restricted shares, which may also bring pressure on the secondary market.

According to the statistics of 21st century economic report, 63 important shareholders of 23 listed companies on the science and technology innovation board reduced their holdings during the year. The total amount of cash set was about 5.789 billion yuan, accounting for about 10.95% of the total reduction since this year.

Among them, the largest amount of cash out is the micro and medium sized companies.

It is worth noting that in order to mitigate the impact of large-scale reduction on the market, the company has become the "first eater" of the inquiry transfer mechanism of the science and technology innovation board.

However, from the inquiry situation, the scene is not optimistic.

Previously, 9 shareholders held 21.52% of the shares of the company, and the original agreement was to transfer 2.66% of the shares of the company through inquiry.

On the evening of July 28, Zhongwei company issued two suggestive announcements on the inquiry transfer pricing of shareholders, which confirmed that the inquiry transfer price was 178 yuan / share, which was the lower limit of this inquiry transfer price.

According to the inquiry application, eight shareholders, including Jiaxing Yuecheng and Jiaxing Chuang orange, had entrusted CITIC Securities to transfer 8.88 million shares. After that, the transferees were determined to be 3 investors, with a total of 8.88 million shares transferred, totaling 1.581 billion yuan. The shareholder zhidu (Shanghai) investment center previously entrusted CICC to transfer 5.35 million shares, but the total number of transferred shares was only 1.0342 million It is 19.33% of the original plan, with cash withdrawal of about 184 million yuan.

According to Wang Jiyue, a senior investment banker, zhidu plans to transfer 5.35 million shares. In the end, CICC sold 1.0342 million shares. It is estimated that the buyer is not willing to offer. "The fall in stock price has a great impact on investors. All transactions are done at the bottom price. If the price is locked for 6 months at 95% discount of today's closing price, the risk of the offeror is very high. On the other hand, CITIC sold 8.88 million shares, and the sales capacity of the two securities companies showed differences. "

However, Wang Jiyue also pointed out that (inquiry transfer) is a market far larger than IPO, which is a new business opportunity for securities companies. It is beneficial to securities companies with strong sales ability and strong customer base, "IPO only has 10% - 25% share, annual financing amount is 300 billion-400 billion, and the reduction of holding is a trillion scale market. At a conservative underwriting rate of 3%, there may be 30 billion underwriting revenue. ".