The Net Holdings Of 335 Billion 800 Million A Shares Of 1633 Listed Companies Decreased By Two Times During The Year.

In 2019, the last month was left, but the net reduction of important shareholders of A share listed companies has reached a new high.

On the evening of December 3rd, ten listed companies disclosed the progress of shareholder reduction plan and shareholder reduction. Among them, Compton holding more than 5% of shareholders through centralized bidding transactions cumulative holdings of 2 million shares of the company (accounting for 1% of the total share capital); Thailand Technology directors and executives have also completed the reduction.

This is not an example. Wind data show that as of the evening of December 3rd, a total of more than 1633 A share listed companies announced the reduction of important shareholders in 2019 years, involving 5739 shareholders. The total reference net reduction amount amounted to 335 billion 796 million yuan. In 2018, the net reduction of important stocks was only 194 billion 587 million yuan.

So far, the net shareholder reduction of listed companies has been 1.73 times that of last year.

It is worth mentioning that this reduction will continue or not. According to the Wind data, according to the data collected by reporters, the proposed reduction plan for shareholders of A share companies has also hit a new high.

As of the evening of December 3rd, the reduction plan has been disclosed since 2019, but the number of shareholders who have not yet completed the reduction has reached 2351, involving 1106 listed companies, and the total number of shares reduced to 26 billion 546 million shares, corresponding to the total market capitalization at the end of December 3rd as high as 288 billion 952 million yuan.

"In fact, not only is the scale of reduction rather high, but the scale of the lifting of the restricted shares is relatively high this year, and the scale of the general lifting of the ban will be higher. In the first half of this year, the stock market has shown a marked improvement, and the shareholders' willingness to reduce their holdings has increased. In addition, because of the credit contraction in 2018, the cash flow of some major shareholders of the listed companies is tight, and the stock market environment improves, it will improve the capital environment through the reduction of the stock market, or introduce strategic investors for the company." In December 3rd, a strategist from a medium-sized brokerage in Southern China was interviewed.

The scale of the reduction is over 12 billion 900 million.

Specifically, the 1633 listed companies are listed in 28 industries. Among them, the pharmaceutical and biological industries with large restrictions on the lifting of shares, heavy assets with heavy capital expenditure, serious problems in the capital chain and the areas of high explosive areas are all large holders.

Reporter statistics found that the pharmaceutical and biological industries, whether in the number of enterprises or reduction in the amount of reduction in the first place. Since this year, a total of 157 pharmaceutical and biological enterprises have been net holdings of shareholders, with a reference value of 54 billion 85 million yuan, accounting for 16.11%.

Among them, the most important thing is the "Big Mac", "the Big Mac", which has just been lifted by the restricted shares. After the end of the restricted sale period in May this year, the shareholders of the company began to "reduce their holdings".

In just 9 months, there were 21 records of shareholder reduction, including Ping An, Glorious Moonlight Limited and Summer Bloom Investments (I) Pte. Ltd. The 7 shareholders, including ABG-WX Holding (HK) Limited, Jiaxi Hong Heng Investment and so on, totally reduced 161 million shares and reduced the reference amount to 12 billion 906 million yuan.

Following the machinery and equipment industry, 156 listed companies suffered a net shareholder reduction.

In 2018, a huge loss of 700 million yuan was caused by the loss of super high impairment, and the victory of 366 million yuan in the first three quarters of 2019 was no more than 366 million yuan. The number of investors who suffered from controlling shareholders in 2019 was "frequent" reduction.

Since March this year, the total of 4 successful executives has been reduced by 127 times. During this period, the controlling shareholder, Gao Yu, repeatedly encountered the passive reduction of the securities company because of the closing of the pledge shares.

In September of this year, Gao Yugen, the chairman of the victory precision company, was also defaulted on the stock pledge. The shares held by the company were forced to close out 9 million 165 thousand and 400 shares by the owner of Toyo securities from July 31, 2019 to August 7th. As the reduction occurred in the first 30 days before the company's 2019 semi annual report, it constituted a sensitive trading, and victory precision also received the supervision letter of the exchange.

In addition, in recent years, the soaring electronic and computer industry is also a high incidence zone of reduction. Since the beginning of this year, the number of shareholders in the electronic and computer industries has been reduced by 138 or 150 listed companies respectively, and the net reduction is as high as 32 billion 826 million yuan and 31 billion 85 million yuan respectively.

From the perspective of shareholder type, executives account for the majority of the 5739 important shareholders, 3173 of whom are directors and supervisors, accounting for more than 55.29%, followed by 1698 institutional shareholders, accounting for 29.59%.

From the reasons of reduction, shareholders' individual capital needs, investment needs, and the expiration of funds are the main reasons. In addition, with the deterioration of the market capital environment in recent years, supplementary company's working capital, meeting the needs of business development and passive reduction have also frequently appeared in the announcement of stock market changes in the two tier market.

In December 3rd, Pan Helin, executive dean of the digital Economic Research Institute of Zhongnan University of Economics and Law, pointed out to the twenty-first Century economic report reporter that the reasons for this year's reduction in scale are also related to the reduction of business restrictions in disguised form.

"The new regulation" issued by the Securities Regulatory Commission in May 2017 clearly limits the types of holdings and the number of holdings of major shareholders, making the reduction difficult and the reduction time longer. Previously, shareholders can realize the reduction of shares in disguised form through equity pledge, buyback and exchangeable bonds, but now they can only reduce their holdings in accordance with the new rules, and the channels for reducing the disguised reduction are reduced, so that large shareholders can not only buy shares in centralized bidding transactions, but also reduce the holding announcement according to the regulations. Pan Helin said.

It further points out that although some A share listed companies have reduced their holdings through ETF in recent years, this demand for disguised reduction is high, and there are not many companies actually buying them.

Limited impact on the market as a whole

In addition to the implementation of the reduction, the number of proposed reductions in 2019 has also reached a new high. Meanwhile, the lifting of the ban on the sale of shares will also come. Wind data show that in December 2019, the market share limit of A shares was about 288 billion 452 million yuan, and there were 3 trillion and 270 billion restrictions on the sale of shares in 2020.

In the A share market will usher in a wave of restricted stock sales ban small climax, some listed companies can not wait to announce important shareholders or executives to reduce the company's stock announcement.

According to incomplete statistics of the twenty-first Century economic report, at present, 29 companies, such as abbin chemical and David medical care, have disclosed plans for large shareholders or executives to reduce shares of the company from December.

However, in the view of market participants, from the historical trend, the reduction of important shareholders has little impact on the long-term trend of the index, and the impact on the A share market is limited.

"In the short term, because investors are highly sensitive to such events as" high cash in cash "and" cut leek ", the increase in the size of the reduction will affect the stability of the two tier stock market and investor confidence. However, investors can not ignore the fact that reduction and withdrawal is a basic right of shareholders, which is not only the actual demand of shareholders, but also the objective need for the market to maintain liquidity. Pan and Lin pointed out.

In Pan Helin's view, a normal reduction plan under regulatory requirements will not have much impact on the market. The actual situation is also true. Since the beginning of this year, the announcement of the reduction plan has little effect on the share price drop of listed companies, and the impact of reduction on stock prices is limited.

The aforementioned analyst also pointed out to the twenty-first Century economic news reporter: "there are differences between the general reduction plan and the actual reduction amount. The lifting of the ban on the sale of shares does not mean that the company will reduce its holdings. On the whole, the impact of the reduction behavior on listed companies is more concentrated on the stock level, and the proportion of the whole industry or the whole market is not large. For those with good fundamentals, reduction will not affect the long-term trend of stock prices. "