It is worth noting that in view of the impact of the reduction on the secondary market, at the beginning of designing the system, the scientific and technological innovation board made a breakthrough in the reduction system, that is, the mechanism of inquiry transfer to specific institutional investors (inquiry transfer mechanism) was piloted. Late in the night of July 23, 9 shareholders of the company tried water for inquiry and transfer, and took the lead in solving the problem of reducing Holdings on the science and technology innovation board.
On the evening of July 23, a total of 9 sci tech Innovation Board companies disclosed plans to reduce their holdings in succession. Picture vision China
The total reduced market value exceeded 10 billion yuan
According to the statistics of 21st century economic report, on the evening of July 23, a total of 9 science and Technology Innovation Board companies disclosed plans to reduce their holdings. The shares released this time are mainly restricted shares of original shareholders and strategic allotment shares.
Among them, the shareholders of 8 companies, including Western superconductor, rongbai technology, Hanchuan intelligent, Wald and Guangfeng technology, reduced their holdings in the form of centralized bidding and block trading, while Zhongwei company chose the inquiry transfer system.
Among them, the companys four shareholders, CITIC metal, Shenzhen Venture Capital, Shaanxi growth emerging and Shaanxi growth new materials plan to reduce their shares by no more than 14% of the companys total share capital. The reasons for the reduction include supplementary working capital, self capital needs, and self investment and operation arrangement. According to the closing price of that day, the amount of reduction of shareholders of Western superconductor is about 2.095 billion yuan.
Several shareholders of rongbai technology intend to reduce the total shares of the company by no more than 11.95% of the total share capital. Based on the closing price of the day, the reduction amount is about 1.642 billion yuan. The reasons for the reduction are their own capital needs.
According to the proportion of shares reduced, Walder, Guangfeng technology and Jiayuan technology also exceeded 5%, with the reduction amounts of 382 million yuan, 1085 million yuan and 960 million yuan respectively.
The reduction proportion of other companies is not more than 5%. The reduced shares of Hanchuan intelligent and Lexin technology are not more than 3% of the total share capital, with the reduction amount of 133 million yuan and 427 million yuan respectively. The share reduction ratio of Xinguang optoelectronics is the lowest, which is no more than 1.49% of the total share capital, and the reduction amount is 66 million yuan.
Different from the above companies, according to the shareholders inquiry transfer plan disclosed by Zhongwei company, 9 shareholders including zhidu (Shanghai) Investment Center (limited partnership) and Jiaxing Yuecheng investment partnership (limited partnership) intend to transfer 2.66% of the companys shares by inquiry. Based on the bottom price of 178 yuan / share, the total reduction amount is about 2.533 billion yuan.
On the evening of July 24, the second batch of Kechuang board companies reduced their holdings one after another. Aerospace Hongtu and Tianyi Shangjia announced the reduction of shares, with the former holding no more than 5.43% and the latter no more than 11.3%. According to the closing price on July 24, the reduction amounts were 415 million yuan and 1111 million yuan respectively.
In other words, the total amount of shareholder reduction of these 11 science and Technology Innovation Board companies is about 10.849 billion yuan.
Reduction has always been a touchstone for stock prices. On July 24, Jiayuan technology fell by 11.43%, the biggest drop in 123 days; Guangfeng technology fell by 11.01%, and Western superconductor by 10.44%, which were the biggest declines in 172 days.
As for the stock price performance of the day, a strategic analyst told reporters: the market panic caused by the reduction does exist, but the sharp fall in the scientific and technological innovation board on that day can not be attributed to the reduction alone. The new game between China and the United States and the pressure of short-term profit taking caused by high accumulation in the early stage are all the reasons for the short-term adjustment.
What we need to guard against is the spillover effect of frequent announcement of reducing holdings, and the pressure on the science and technology innovation board and even the high valuation science and technology innovation theme, the person further said. Short term disturbance cannot be avoided, but the possibility of sustained large impact is small, and the impact on individual stocks is greater than that on the overall stock market.
Transfer of first order inquiry
When it comes to the pressure on the market caused by the reduction, a bright spot in this round of reduction is the inquiry transfer mechanism.
According to the shareholders inquiry transfer plan disclosed by Zhongwei company, 9 shareholders intend to transfer 2.66% shares of the company through inquiry. The bottom price of 70% discount is designed according to the inquiry transfer rules of the science and technology innovation board. The lower limit of the transfer price put forward by the nine shareholders of the medium and micro company is 178 yuan / share, which is 73.49% of the average price of the stock price in the previous 20 trading days and 86.73% of the closing price on July 23. Among them, 8 shareholders entrusted CITIC Securities to transfer 1.66% of the shares, and 1 shareholder entrusted CICC to transfer 1% of the shares.
Market people familiar with the case pointed out that the above price is not the final transfer price, but also needs to be inquired. The final price may be higher than this price, which truly reflects the power of market game.
The medium and micro company is the first batch of enterprises with the largest scale in the science and technology innovation board, with a market value of about 39.8 billion yuan. This is the first batch of inquiry transfer system.
Xingcheng investment is the main shareholder of Zhongwei company and the institutional shareholder with the highest shareholding ratio after the lifting of the ban. Chen Xiaofei, chairman of the board of directors of the company, said in an interview that Xingcheng capital is the witness and promoter of the growth of the company. The temporary reduction of holdings is for the return needs of LP investors. In recent years, the company has deeply invested in the semiconductor industry, and LPs funds will continue to be invested in More semiconductor companies.
In the past, A-shares often talk about reducing holdings and change color, and large shareholders used information and capital advantages to cash in the secondary market. However, when designing the inquiry transfer system of the science and technology innovation board, it is no longer oriented to whether it can be reduced. Instead, it starts from the motivation, recognizes the objective needs of shareholders large-scale reduction, and regards the reduction as a part of the operation of the market trading mechanism.
In the view of the investment bank, different ways of reducing holdings have their own advantages and disadvantages. The scale of direct reduction is limited, but the price of reduction may be higher. Inquiry transfer can reduce the impact on the market, and the amount of reduction can be greater. However, the price of reduction may be lower, and the corresponding fees need to be paid. The specific implementation effect of this targeted arrangement for the stock market reduction problem must be tested in the market.
Source: Yang Zeyu, editor in charge of economic report in the 21st century_ NF6036