On the evening of September 9, dozens of listed companies, such as Mingpu Magneto, Leike Defense and Eton Electronics, issued announcements related to the reduction.
Wind data show that since the third quarter (July 1 to September 9), 474 listed companies in A-share market have issued announcements about the reduction of shareholders, involving 977 shareholders, 485 of whom are senior executives, accounting for more than half. According to the closing price on the 9th evening, the total market cap corresponding to the reduction of shareholdersshares is 193.64. One hundred million yuan.
In the meantime, there are 841 enterprises with significant shareholders reducing their holdings, with 4434 times and a reference market value of 8.24 billion yuan. In the same period last year, there were only 478 enterprises reducing their holdings, with 2285 times and a reference market value of 43.871 billion yuan.
There are many reasons for shareholder reduction, such as large shareholders facing greater pressure on the capital chain and need to cash in liquidity; market trends are more reasonable or more popular when the phenomenon of large-scale reduction is easy to occur; some shareholders may not have good expectations for the future development of the company, early withdrawal; there are also centralized lifting factors. A researcher of a medium-sized securities firm in Beijing pointed out in an interview.
Double the size of the reduction announcement
The opening bonus in September boosted market confidence, but shareholders of some early-rising listed companies began to reduce their holdings.
According to wind data, 97 shareholders of listed companies have issued a reduction announcement on 6 trading days in September, involving 166 shareholders, including legal persons and natural persons, including 87 senior executives.
If the timeline is longer, the number and size of companies that have issued reduction reports since the third quarter will be about twice that of the same period last year.
But in terms of market performance, listed companies that suffer shareholder reduction are better than the overall market performance. From July 1 to September 9, the Shanghai Composite Indexs stock price remained unchanged at 3 024 points. However, the average share price of 841 listed companies rose by 8.04% in the same period, and the number of companies whose share price rose was 509, accounting for 60.52%.
Since June this year, the related parties of the companys senior executives have reduced their holdings of Jiuding New Material three times, with a total market value of 59.3701 million yuan.
Reduction behavior has a high correlation with the market. The better the stock price trend, the easier the phenomenon of concentrated reduction occurs. There are reasons for the fund demand of senior executives, but there are also some hot speculation in some enterprises, and the value is obviously overestimated. Last year, due to the bad market, some shareholders increased their holdings in order to boost investor confidence. On September 9, an analyst from the strategic industry of a medium-sized securities firm in South China was interviewed and pointed out.
Sci-tech cattle stocks become disaster areas
The 21st century economic reporter noticed that among the bull stocks that took the opportunity to reduce their holdings, the science and technology stocks that were affected by the acceleration of 5G business and the recovery of industrial chain prosperity became the disaster area of the reduction while the stock price kept going up.
Reporter statistics found that, since the third quarter, 478 enterprises suffered from the reduction of major shareholders in the secondary market, the largest number of Listed Companies in the computer industry, a total of 91, followed by the electronic industry, a total of 84, the reference market value of the two industries were 78.07 billion yuan and 8.024 billion yuan, respectively.
The above-mentioned strategic analysts pointed out that the current market environment and policy support for technology stocks have made investors confident in high-quality hard technology enterprises, and the valuation of technology stocks has rebounded significantly. The impact of trade friction on investor sentiment is weakening, and the markets risk preference for technological innovation is gradually increasing. Enterprises with core competitive advantages in track, barriers, core technology and team capabilities are more welcomed by investors.
Specifically, the phenomenon of enterprise ownership reduction in 5G industrial chain is prominent. Wentai Technologies, which is in the process of acquiring Anshi Semiconductor, is a typical example. Its stock price has risen 118.99% since July, which is one of the best performing technology stocks in the A-share market this year.
However, as Wentai Technologiesshare price continues to hit a new high, on August 6 this year, Mao Huiying, a shareholder with more than 5% of the companys shares, announced a reduction plan to reduce its holdings by no more than 191.8 million shares in the next six months. The next day, Mao Huiying reduced its holdings by 12.74 million shares, and the cash market value estimated by Win was about 437 million yuan.
Behind the successive reduction of the important shareholders of listed companies, does it foretell serious overvaluation or not optimistic about the company?
On September 9, several insiders of listed companies denied the issue to 21st century economic reporters.
Reich Laser Securities Personnel in the interview pointed out: Reduction behavior is mainly due to the financial needs of senior executives, and they will take appropriate ways to mitigate the impact on the secondary market, and when the reduction period is over half, we will announce it. Earlier on the evening of September 6, the company announced a reduction plan for 10 directors and more than 5% shareholders.
The chairman added: There are also some executives who have worked hard for more than a decade. Our corporate governance structure is very standardized and there is no insider trading. It is reasonable for them to improve the housing problem a little. Of course, there will be different speculations in the market. We can also understand that.
Source: Responsible Editor of 21st Century Economic Report: Zhong Qiming_NF5619