Text丨Li Zhuang
Editor丨Undertaken
The management of Hesheng Silicon Industry ranked first in the management increase list of listed companies in 2023 with an increase of 7 billion yuan, surpassing the second place by 6 billion yuan.
In 2023, the management of 1,509 companies in the A-share market will initiate increases and decreases, among which the management of Hesheng Silicon ranks first among all companies with an increase of 7 billion yuan. After Hesheng Silicon, the management of Gaotse and Qianhe Flavor reduced their holdings to 900 million yuan and 800 million yuan. In terms of the number of net shares held by the management, Hesheng Silicon and Qianhe Flavor ranked the top two, with 108 million shares and 62.4025 million shares respectively. In terms of the proportion of net increase or decrease in the number of shares held in the total share capital, Saiteng shares ranked first with 21.27%, and in terms of the number of shares reduced, the management of Yonghui Supermarket ranked first in the A-share market with about 200 million shares, accounting for 2.20% of the total share capital.
For example, the net increase of 7 billion yuan in Hesheng Silicon Industry is because the company had a private placement financing at the beginning of 2023, when all the private placement shares issued by the company were subscribed by the company's actual controller and shareholders Ms. Luo Yi and Mr. Luo Yedong; It is worth mentioning that Wu Chaoqun's funds for participating in the private placement came from stock pledge financing.
The actual controllers of Hesheng Silicon Industry and Qianhe Flavor Industry set to increase "share expansion"
The amount of RMB 7 billion increased by the management of Hesheng Silicon is very eye-catching among A-share companies, which has far exceeded the scale of other companies' holdings (see Table 1).
According to Wind data, the management of Hesheng Silicon increased its holdings of the company's shares on January 18, 2023, and Luo Yedong, the company's actual controller, director and general manager, and Luo Yi, vice chairman and director, increased their holdings of 54020682 shares respectively. According to the "2022 Annual Report on the Issuance of Non-public A Shares" released by the company on the same day, the company issued 108041364 shares to Luo Yedong and Luo Yi non-publicly, raising a total of 7 billion yuan, which was used to supplement liquidity, and the stock lock-up period was 18 months.
It is worth mentioning that while the management of Hesheng Silicon Industry raised funds through private placement, the company's original shareholder, Fidelity Industrial, reduced its shareholding for two consecutive quarters, from 6.08% at the end of 2022 to 3.72%.
Similar to the increase in holdings of the management of Hesheng Silicon Industry, the nearly 800 million yuan increase in the management of Qianhe Flavor Industry is also related to the private placement financing. According to Qianhe Flavor Industry's July 13, 2023 "Announcement on the Results of Issuing Shares to Specific Objects and Changes in Share Capital", the company issued 62402496 shares to Wu Chaoqun, the company's actual controller and chairman of the board of directors, at a price of 12.82 yuan per share, raising a total of 800 million yuan, and the funds raised will be used for the construction of the "annual output of 600,000 tons of condiment intelligent manufacturing project", and the newly issued shares are restricted for 36 months, and the sponsor is China Merchants Securities.
According to the announcement of Qianhe Flavor Industry, among the above 800 million yuan of raised funds, 323.6708 million yuan was used to replace the company's own funds invested in the early stage of the fund-raising project, and another 430 million yuan was purchased for cash management products.
According to the "Announcement on the Partial Recovery of the Use of Idle Raised Funds to Purchase Cash Management Products" issued by the company on December 21, 2023, among the company's use of raised funds to purchase cash management products, the "2023 No. 27 RMB Large Certificate of Deposit Product for Corporate Corporate Customers" has recovered the principal of 180 million yuan, generated income of 1.7206 million yuan, and has not recovered the principal of 170 million yuan, and "Win-win Zhixin Exchange Rate Linked RMB Structured Deposit 15864" The 30 million yuan invested has been recovered, generating income of 229,300 yuan, and the 50 million yuan invested in the "230496 period of large-value certificates of deposit of China CITIC Bank" has not yet been recovered. The total amount of the raised funds raised by the three cash management products that have not yet been recovered is 220 million yuan.
From the perspective of the "annual output of 600,000 tons of condiment intelligent manufacturing project", the third quarter report of Qianhe Flavor Industry in 2023 disclosed that the total investment of the project is 1.26 billion yuan, and the construction period is from January 2020 to December 2024, a total of 5 years, and will be constructed in two phases, of which the first phase of the annual output of 200,000 tons of soy sauce and 100,000 tons of cooking wine production line construction has been completed and put into use at the end of February 2023, and the second phase will complete the construction of a soy sauce production line with an annual output of 300,000 tons. As of September 30, 2023, a total of 723.3314 million yuan has been invested in the project.
As of the end of the third quarter of 2023, Qianhe Flavor's cash and equivalents reached 1.375 billion yuan, the highest in the same period of the previous year (see Figure 1), which means that Qianhe Flavor has more substantial funds to promote the "Intelligent Manufacturing Project of Condiments with an Annual Output of 600,000 Tons". It should be mentioned that Wu Chaoqun's participation in the private placement project was financed by stock pledge.
According to the "Letter of Sponsorship of China Merchants Securities Co., Ltd. on the Issuance of A-share Shares to Specific Targets to Qianhe Flavor Food Co., Ltd." issued by Qianhe Flavor Industry on July 12, 2023, the source of funds for Wu Chaoqun's subscription is to pledge part of the company's shares held by him to financial institutions to legally raise funds.
In addition, according to the "Announcement on the Supplementary Pledge of Part of the Shares by the Controlling Shareholder" issued by Qianhe Flavor Industry on January 9, 2024, Wu Chaoqun pledged a total of 95.96 million shares of the company held by him on June 20, 2023 and June 26, 2023, and the pledged financing funds were used to subscribe for the shares issued by the company to specific objects, and the company received a notice from Wu Chaoqun, the controlling shareholder of the company, on January 8, 2024, that Wu Chaoqun pledged part of the company's shares held by him. Supplementary pledge of 4.14 million shares, the pledge period is from January 8 to June 25, 2024, accounting for 0.99% of its shares and 0.40% of the company's total share capital, and the purpose of the pledge financing funds is the supplementary pledge of the pledge financing on June 26, 2023. As of the announcement date, Wu Chaoqun has pledged a total of 100.1 million shares, accounting for 23.95% of its shares and 9.74% of the company's total share capital, and the pledgee is China Merchants Securities.
Yonghui Supermarket's major shareholder "passively reduced his holdings"
Eager to get back into the growth lane
As the top company in 2023 for the management reduction of listed companies, the actual controller and important shareholders of Yonghui Supermarket will mainly reduce their holdings "passive reduction".
On March 23, 2023, Yonghui Supermarket's "Announcement on the Results of Shareholders' Centralized Bidding to Reduce Shareholdings" disclosed that Zhang Xuansong, chairman of the company, reduced his holdings of 90482224 shares of the company through centralized bidding, accounting for 1% of the company's current total share capital. The proceeds from this reduction will be used to repay personal loans.
On November 25, 2023, Yonghui Supermarket issued the "Reminder Announcement on the Risk of Passive Disposal of Some Shareholders' Shares", which shows that the 200 million shares of Yonghui Supermarket pledged to Tibet Trust by Zhang Xuanning, a shareholder and director of the company holding more than 5% of the company's shares, are at risk of passive disposal. According to the announcement, the term of the share pledge involving passive disposal is November 22, 2022 ~ November 24, 2023, and as of the announcement date, Zhang Xuanning's repayment has not yet arrived. On November 30, Yonghui Supermarket issued the "Suggestive Announcement on the Change of Shares of Shareholders Holding More than 5% of the Shares by More than 1%", which shows that from November 28, 2023 ~ November 29, 2023, Zhang Xuanning assisted the trust company to dispose of 108,841,400 shares of Yonghui Supermarket held by him through block trading, and the funds obtained were fully used to repay debts. After the repayment is released, the number of pledged shares of Zhang Xuanning will be 0 shares. After this passive reduction, Zhang Xuanning's stake in Yonghui Supermarket fell to 6.997% from the previous 8.20%.
Although the reasons are different, in 2023, the two brothers, Zhang Xuanning and Zhang Xuansong, will reduce their holdings of Yonghui Supermarket by a total of about 200 million shares.
At the time of the reduction of major shareholders, Yonghui Supermarket's buyback plan is also underway. According to Yonghui Supermarket's "Announcement on the Implementation Results of Share Repurchase and Share Changes" in mid-2023, on July 31, 2023, the company completed the repurchase and has actually repurchased 149999828 shares of the company, accounting for 1.65% of the company's total share capital, with the highest repurchase price of 3.54 yuan/share, the lowest repurchase price of 2.86 yuan/share, the average repurchase price of 3.20 yuan/share, and the total amount of funds used is 488,768,297.30 yuan. The buyback program was launched in August 2022 to repurchase shares with its own funds for equity incentives or employee stock ownership plans, and the repurchase period is from August 8, 2022 to August 7, 2023. Number or total funds: no more than 150 million shares, accounting for ≤ 1.65% of the company's total share capital, and the total capital is 400 million yuan (inclusive) ~ 700 million yuan (inclusive).
According to Yonghui Supermarket's 2023 semi-annual report, the closing balance of the company's treasury shares was 488,768,297.30 yuan, an increase of 225,284,643.05 yuan compared with 263,483,654.25 yuan at the beginning of the year, and the closing balance accounted for 0.91% of the company's total assets, due to the repurchase of treasury shares under the equity incentive plan.
On the one hand, the controlling shareholders and important shareholders reduced their holdings of the company's shares to improve their personal financial situation, and on the other hand, the listed company repurchased shares in order to implement the equity incentive plan, and the combination of the two aspects shows the desire of Yonghui Supermarket's shareholders and management to return to the company's rapid growth channel.
According to Yonghui Supermarket's financial report, as of the 2023 semi-annual report, the number of the company's stores is 1,008, a year-on-year decrease of 52. (See Figure 2, Table 2)
As of the third quarter of 2023, the company's net profit attributable to the parent company was 52 million yuan, which was far better than the -887 million yuan and -2.178 billion yuan in the same period in 2022 and 2021, but it was still lower than the company's data in the third quarter of the previous year except for the above two years, which was the "third low" in history (see Figure 3).
At the same time, the company's capital flow is also being adjusted. As of the third quarter of 2023, Yonghui Supermarket's balance of cash and cash equivalents at the end of the period was 6.661 billion yuan, a decrease from 7.443 billion yuan at the end of 2022 and slightly more than the 6.515 billion yuan at the end of 2019.
It is worth mentioning that since 2022, Yonghui Supermarket has continuously reduced its holdings of Zhongbai Group shares and returned funds. According to the company's financial report, in 2022, Yonghui Supermarket reduced its stake in Zhongbai Group by 19.93% through centralized trading, and transferred out other equity changes of RMB 17,363,049.54 recognized by the Group due to the reduction of the Group's share of net assets of Zhongbai Group in accordance with the proportion of the reduction. In the first half of 2023, Yonghui Supermarket reduced its stake in Zhongbai Group by 0.08%, and transferred out the other equity changes of RMB 71,289.83 recognized by the Group due to the reduction of the Group's share of net assets of Zhongbai Group in accordance with the proportion of the reduction. The company said in its financial report that it will continue to shrink the scale of foreign investment.
(The views in the article only represent the personal views of the guests and do not represent the position of this magazine.) The individual stocks mentioned in the article are only for analysis and do not make investment advice. ）