This is not an example. Wind data shows that by the end of December 3, 2019, more than 1633 A-share listed companies had announced the reduction of important shareholders, involving 5739 shareholders, with a total reference net reduction amount of 335.796 billion yuan. In 2018, the net reduction amount of important shareholders was only 1945.87 billion yuan.
Up to now, the net reduction amount of shareholders of Listed Companies in the year has been 1.73 times that of last year.
It is worth mentioning that the trend of this reduction may continue. According to wind data, the reporter found that the shareholders planned reduction plan of A-share listed companies has also reached a new high.
As of the evening of December 3, the number of shareholders who have disclosed the reduction plan but have not completed the reduction since 2019 has reached 2351, involving 1106 listed companies, with a total upper limit of 26.546 billion shares, corresponding to a total market value of 288952 million yuan as of the evening of December 3.
In fact, it is not only the high scale of the reduction, but also the high scale of the lifting of the ban on restricted shares this year. In the first half of this year, the stock market has a very obvious improvement, and the willingness of shareholders to reduce their holdings has increased. In addition, in 2018, due to the credit contraction, the cash flow of some major shareholders of listed companies is tense, and after the stock market environment improves, they will reduce their holdings Improve the capital environment or introduce strategic investors to the company. On December 3, a strategic analyst of a medium-sized securities firm in South China pointed out in an interview.
Over 12.9 billion shares of Wuxi apptec
Specifically, the above 1633 listed companies with net reduction come from 28 industries in total, among which the pharmaceutical and biological industries with large scale of lifting the ban on restricted shares, the heavy asset industries with large capital expenditure, the serious problems in the capital chain and the areas with high incidence of Thunderbolt are all large investors of reduction.
According to the statistics of the reporter, the pharmaceutical and biological industry is in the first place both in terms of the number of enterprises holding reduction and the amount of holding reduction. Since this year, a total of 157 pharmaceutical and biological enterprises have suffered a net reduction of shareholders, with a reference market value of 54.085 billion yuan, accounting for 16.11%.
One of the most noteworthy is the Big Mac of Wuxi apptec, which just lifted the ban on restricted shares. Since the end of the restriction period in May this year, shareholders of Wuxi apptec have started to cash out and reduce their holdings.
In just nine months, Wuxi apptec has 21 shareholder reduction records, including Ping An real estate, gloriousmoonlight limited, summerbloom investments (I) PTE. Ltd. Seven shareholders, including abg-wxholding (HK) Limited and jiashikangheng investment, reduced their net holdings by 161 million shares, with a reference scale of 12.906 billion yuan.
In the mechanical equipment industry, 156 listed companies suffered a net reduction of shareholders.
In 2018, Shengli precision suffered a huge loss of 700 million yuan due to the provision of ultra-high impairment loss, and another unexpected loss of 366 million yuan in the first three quarters of 2019, ranking first in the industry in terms of the scale of reduction. In 2019, it suffered frequent reduction by multiple investors including controlling shareholders.
Since March this year, Shengli precision has reduced the holdings of four senior executives 127 times in total, during which Gao Yugen, the controlling shareholder, suffered passive reduction of securities companies due to the fact that the Pledged Shares touched the closing line for many times.
In September this year, Gao Yugen, chairman of Shengli precision, was forced to close 9.1654 million shares of the companys shares held by the pledgee Soochow securities from July 31 to August 7, 2019 due to the default of stock pledge. As the above-mentioned reduction occurred within 30 days prior to the disclosure of the companys semi annual report 2019, it constitutes a sensitive period transaction, and Shengli precision also received the supervision letter from the exchange.
In addition, in recent years, the booming electronic and computer industry is also a high incidence area of underweight behavior. Since this year, there have been 138 and 150 listed companies in the electronics and computer industries, with a reference amount of 32.826 billion yuan and 31.085 billion yuan respectively.
From the perspective of shareholder type, the majority of 5739 important shareholders are senior executives, of which 3173 are directors and supervisors, accounting for more than 55.29%, followed by 1698 institutional shareholders, accounting for 29.59%.
From the perspective of the reasons for the reduction, the main reasons are the individual capital needs of shareholders, investment needs and the expiration and withdrawal of funds. In addition, with the deterioration of the market capital environment in recent years, replenishment of the companys working capital, meeting the needs of business development and passive reduction of holdings are also frequently seen in the announcement of changes in equity in the secondary market.
On December 3, pan Helin, executive director of the Digital Economy Research Institute of Central South University of finance, economics and law, pointed out to the 21st century economic reporter that the reasons for the increase in the scale of this years share reduction also include the Limited Business in disguised form.
In May 2017, the new rules on reducing Holdings issued by the CSRC clearly restricted the type and quantity of reducing holdings of major shareholders, making it more difficult to reduce holdings and the time for reducing holdings longer. In the past, shareholders could reduce their holdings in disguised form by means of equity pledge, repurchase, exchangeable bonds, etc., but now they can only reduce their holdings in accordance with the new regulations on reducing their holdings. The channels for reducing their holdings in disguised form are reduced, so that except for the shares purchased through centralized bidding transactions, the reduction plans of all shares should be carried out through the process of issuing the reduction announcement according to the regulations. Pan and Lin said.
It further points out that although it has been noted that some A-share listed companies have reduced their holdings in disguised form through exchange purchase of ETF since this year, the requirements for such disguised reduction are high, and there are not many companies actually exchange purchase.
Limited impact on the market as a whole
In addition to the reduction that has been implemented, the number of shares to be reduced disclosed in 2019 has also reached a new high. At the same time, the tide of lifting the ban on restricted shares will come one after another. According to wind data, the market value of A-share restricted shares in December 2019 is about 288452 million yuan, and there are still 3.27 trillion restricted shares in 2020.
As the A-share market will usher in a wave of small climax of lifting the ban on restricted shares, some listed companies cant wait to announce the announcement that important shareholders or senior executives intend to reduce their holdings of the companys shares.
According to the incomplete statistics of 21st century economic report, 29 companies, such as YABEN chemical and David medical, have disclosed plans to reduce their holdings of major shareholders or senior executives from December.
However, in the view of market participants, from the perspective of historical trend, the reduction of important shareholders has less impact on the long-term trend of the index and has limited impact on the A-share market.
In the short term, as investors are highly sensitive to events such as high cash and leek cutting , the increase of the scale of reducing holding will affect the stability of the secondary market share price and investor confidence. However, investors cant ignore the fact that reducing holding and withdrawing is a basic right of shareholders, which is not only the practical demand of shareholders, but also the objective need of the market to maintain liquidity. Pan and Lin pointed out.
In panhelins view, the normal disclosure plan in accordance with regulatory requirements will not have a great impact on the market. This is also true in the actual situation. Since this year, the impact of the announcement of the reduction plan on the share price of listed companies is not significant, and the impact of the reduction on the share price is limited.
The above analysts also pointed out to the 21st century economic report: there will be differences between the general plan and the final actual amount of reduction, and the lifting of the ban on restricted shares does not mean that the company will definitely reduce its holdings. On the whole, the impact of reducing holding behavior on listed companies is more concentrated on the individual stock level, which accounts for a small proportion of the whole industry or the whole market. For companies with good fundamentals, the reduction will not affect the long-term trend of stock prices.
Source: editor in charge of economic report in the 21st century: Ren Hui, nbj9607