According to the announcement, on November 26, Zheshang Bank will have 4.460 billion shares of initial restricted shares, accounting for 20.97% of the companys total share capital. Based on the latest closing price (the same below), the market value of the lifting of the ban is 18.110 billion yuan, which is the largest company to be lifted this week.
This is the only national joint-stock commercial bank headquartered in Zhejiang Province. However, its stock price performance in the first year of listing was unsatisfactory.
The issuing price of Zheshang Bank is 4.94 yuan / share, but this price has become an insurmountable ceiling. On November 26, 2019, on the first day of listing, the company fell below the issue price and closed at 4.73 yuan / share. In the following year, the stock price of Zheshang Bank only rose 30% in early July 2020, and touched the issue price on July 8, and was below the issue price for the rest of the time.
The latest closing price of Zheshang Bank was 4.06 yuan / share, 17.81% less than the issue price. The shareholders of the lifting of the restrictions on the sale of shares also have no high income correspondingly.
There are 15 shareholders involved in the lifting of the ban of Zheshang Bank, including Minsheng Life Insurance Co., Ltd., Zhejiang Yongli Industrial Group Co., Ltd., Zhejiang RIFA Holding Group Co., Ltd., and many of them are corporate shareholders in Zhejiang. The intention of these shareholders to reduce their holdings is not clear.
In terms of performance, Zheshang Banks performance this year is also weaker than that of its peers. In the first three quarters of 2020, Zheshang Bank realized operating revenue of 35.239 billion yuan, up 2.43% year-on-year, and realized a net profit of 10.144 billion yuan belonging to shareholders of listed companies, a year-on-year decrease of 9.74%.
Among the 34 A-share listed banks, net profit ranked fourth from the bottom. Whether compared with the banks in Jiangsu and Zhejiang, or compared with joint-stock banks, Zheshang Bank performed poorly.
By the end of the third quarter, although Zheshang Bank had broken through the 2 trillion yuan mark in total assets, other core data were weak, with both non-performing loans rising and provisions falling.
Among them, the balance of non-performing loans was 16.774 billion yuan, an increase of 2.627 billion yuan or 18.57% over the end of the previous year; the non-performing loan ratio was 1.44%, increased by 0.07 percentage points compared with the end of the previous year; the provision coverage rate was 196.22%, decreased by 24.58 percentage points compared with the end of the previous year; the loan provision ratio was 2.83%, decreased by 0.2% compared with the end of the previous year.
Details of the lifting of restricted shares of Zheshang Bank
One of the two publishing companies with a market value of 6010.19 billion yuan was also released.
On November 23, Shandong Publishing Co., Ltd. faced three-year listing of restricted shares, with 1.66 billion shares, accounting for 79.54% of the total share capital, and the market value of the lifted shares was 10.624 billion yuan.
The growth of Shandong publishing industry is weak under the epidemic situation this year. The net profit of Shandong publishing company decreased by 3.47 billion yuan in the first quarter of 2020, which was RMB 3.47 billion yuan lower than that before 2020.
The issue price of Shandong publishing is 10.16 yuan / share, and no shares have been transferred during the three years. The latest closing price is 6.40 yuan / share, which is up to 37% lower than the issue price.
In addition, Shandong Publishing Investment Co., Ltd. and the Council of social security fund transferred one or two shares.
The shares are concentrated and the pressure is small. There are also shareholders put forward a half year commitment not to reduce holdings.
Shandong Publishing Group Co., Ltd. and Shandong Publishing Investment Co., Ltd. respectively promised to automatically extend the lock-in period of 1.603 billion shares and 32.7142 million shares held by them to May 21, 2021. Therefore, the actual number of shares that can be listed and circulated this time is 24.34 million shares. After half a year, we will pay attention to the reduction intention of relevant shareholders.
Shandong publishing details of the lifting of the restricted shares
On the whole, the scale of lifting the ban this week has declined compared with that of last week. According to wind data, a total of 7.553 billion restricted shares were listed this week, with a market value of 68.946 billion yuan.
This week, there were seven listed companies with more than 100 million shares of restricted shares, namely, Zheshang Bank, Shandong publishing house, greenway (002340. SZ), Sailun tire (601058. SH), foran energy (002911. SZ), Jinji shares (300798. SZ) and Jiuzhoutong (600998. SH).
At the same time, there are 14 listed companies whose market value exceeds 1 billion yuan. In addition to Zheshang Bank and Shandong Publishing Co., Ltd., Henglin shares (603661. SH) and foran energy have a market value of more than 4 billion yuan.
In addition, there are 8 companies with more than twice the number of tradable shares before the lifting of the ban, which are Jinji shares, Shandong publishing, Henglin shares, Runhe materials (300727. SZ), electroacoustic (300805. SZ), Zheshang Bank, sidik (300806. SZ) and Fotan energy, all of which are initial restricted shares. Due to the large increase of tradable shares, the lifting of restricted shares has a relatively large impact on their own stock prices.
From the perspective of the types of shares to be lifted, there are 13 initial shareholders with restricted sales, 11 targeted additional issuance institutions, 11 equity incentive restricted shares, 1 initial general share, 1 initial institution placement share, and 1 non tradable share.