Equity pledge becomes the "eye of the storm": 15 A-share listed companies have an equity pledge ratio of more than 50%
Finance Associated Press, February 14 (edited by Liu Yue) Judging from the historical market in recent years, A-shares previously encountered the gray rhinoceros of "equity pledge risk" in 2018. At that time, the market ushered in a huge drawdown, and a large number of listed companies touched the warning line of equity pledge. At that time, more than 3,400 shares in the two cities participated in the equity pledge, which was basically in a state of "no shares and no pressure", with a total market value of nearly 4.4 trillion yuan, accounting for 10% of the total market value of listed companies. However, with the introduction of the new pledge regulations and the continuous relief in recent years, the scale of A-share pledge has dropped significantly, and the risk has continued to converge.
Cao Liulong of Founder Securities pointed out in a research report on February 6 that the equity pledge is essentially a mortgage loan applied by the company's shareholders to financial institutions. At present, the number of stock pledges and the market value of pledges in the whole market continue to fall, and the overall risk is controllable. There are three transmission paths for the impact of equity pledge on the market: first, the decline in stock price leads to the impairment of the pledge, and if the pledge cannot be replenished after reaching the liquidation line, it may lead to forced liquidation, exacerbate the decline in stock price, and form a negative feedback; secondly, the pledgee is mostly a financial institution of high systemic importance such as banks, securities companies, trust companies, etc., and the default of equity pledge may have a certain impact on the financial system; finally, the equity pledge has the function of an emotional amplifier, which may trigger panic selling by investors.
According to Choice data, Haide shares, Guocheng Mining, ST Xuefa, Shenhuafa A, Jinhui shares, Renrenle, Central Shopping Mall, Tatfook Technology, Nanjing Xinbai, ST Haoyuan, Zhang Xiaoquan, Jingji Zhinong, Karen shares, Hongdou shares and Loncin General have an equity pledge ratio of more than 50%, as shown in the figure below:
Haide shares ranked first with 75% of the equity pledge ratio. According to public information, Haide Co., Ltd.'s main business is the non-performing service business of science and technology collection of personal loans, the asset management business of institutions in distress, and the high-quality asset management business. According to the announcement of Haide shares on January 18, Yongtai Group holds 65.8% of the shares, and the pledged shares account for 99.716% of its shares, Hainan Xiangyuan Investment Co., Ltd., which acts in concert, holds 7.64% of the shares and its pledge is 99.998%, and Hainan Xinhaiji Investment Co., Ltd. holds 1.84% of the shares and its pledge is 99.931%. The above three companies pledged a total of 75.09% of the shares of Haide shares. Haide said on the interactive platform on February 5 that since the completion of the reorganization, Yongtai Group has strictly implemented the reorganization plan, and the production and operation activities have been stable and improving, there is no risk of debt repayment, and there is no risk of liquidation of the pledged shares. From the perspective of secondary market performance, the stock price of Haide shares has fallen by 32.76% since the high point in June last year.
Guocheng Mining followed with a 70% equity pledge. The company's main business is the mining and sales of non-ferrous metals such as lead and zinc and the production and sales of downstream sulfuric acid, and it acquired 48% of the equity of Jinxin Mining indirectly held by Guocheng Evergreen in 2022, and cut into the upstream core area of the new energy industry through the layout of high-quality lithium resources. According to the performance forecast released by Guocheng Mining on January 30, the company's net profit in 2023 will be 52.1 million yuan-77.9 million yuan, a year-on-year decrease of 57.98%-71.90%. During the reporting period, the sales prices of some of the company's main products decreased significantly compared with the same period last year, affecting the net profit attributable to shareholders of listed companies of about 137 million yuan. From the perspective of secondary market performance, Guocheng Mining's share price has fallen by 71.13% since its high in September 2022.
ST Xuefa's equity pledge ratio reached 68.5%, ranking third. The company designs, produces and sells suits, shirts and other apparel products, and also lays out cultural tourism business and supply chain management business. ST Xuefa announced on December 3, 2023 that the company recently received the "Decision on Administrative Supervision Measures" issued by the Shandong Securities Regulatory Bureau. The company has the problem of inaccurate information disclosure. The then chairman, general manager and chief financial officer of the company were primarily responsible for the accounting errors in the previous period. The Shandong Securities Regulatory Bureau decided to take regulatory measures to issue warning letters to the company's then-chairman Han Gang and Fan Jiayu, then general managers Liu Hongjuan and Su Qi, and then chief financial officer Liao Chongkang and Ni Zhenfeng, and recorded them in the integrity file database of the securities and futures market. From the perspective of secondary market performance, ST Xuefa's share price has halved since its high in December 2023, and it has fallen for seven consecutive days before the Spring Festival (1.31-2.8).
The proportion of Shenzhen Huafa A equity pledge reached 64%. The company is a large-scale color TV manufacturer located in Shenzhen, mainly engaged in displays, injection molded parts, and foam parts. Stained with the popular concept of "Chinese characters", Shenzhen Huafa A closed on January 26 to achieve 10 days and 7 boards, but then took a sharp turn, winning 6 falling limits in 9 trading days (1.29-2.8), giving up all the gains.
The equity pledge ratio of Jinhui shares also exceeds 60%. Jinhui Co., Ltd. said on the interactive platform on January 16, 2023 that the share pledge of the controlling shareholder and the controlling shareholder acting in concert is used to supplement its liquidity needs. Zhai Kun et al. of Debang Securities pointed out in a research report on December 6, 2023 that Jinhui shares have rich reserves of lead and zinc resources, with good occurrence status and resource endowment advantages. On February 15, 2023, the first phase of the employee stock ownership plan completed the stock purchase, with a total of 16.48 million shares, accounting for 1.69% of the company's total share capital, with a transaction amount of 210 million yuan (excluding transaction costs) and an average transaction price of 12.79 yuan per share. Li Ming, the actual controller of the company, provides a back-up guarantee for employees participating in the employee stock ownership plan. From the perspective of secondary market performance, the stock price of Jinhui shares has fallen by 33.72% during the year.
(Finance Associated Press, Liu Yue)