Counting the "Iron Rooster" of A-shares: Nearly 170 shares have not paid dividends for more than 10 years, and these two shares are not a dime

Increasing dividend returns is a key concern for all parties in the market. Behind the repeated mention of cash dividends, a reporter from Beijing Business Daily noticed that there are still a lot of "iron roosters" in the A-share market. According to the statistics of Flush iFinD, 168 shares of Jinbei Automobile, Shenzhen China A, Fiberhome Electronics, and Asia-Pacific Industry have not paid dividends for more than 10 years, of which Jinbei Automobile has not paid dividends for 30 consecutive years, ranking first on the list. Among the above-mentioned stocks, there are also two shares of Boxin and Broadcom that have never paid dividends since their listing.

The "iron roosters" who have not paid dividends for more than 10 years

According to the statistics of Flush iFinD, there are currently 168 A-shares that have not paid dividends for more than 10 years.

According to the statistics of Flush iFinD, Boyun New Materials, Zhongke Cloud Network, Shandong Molong, Guangzheng Ophthalmology, ST Busen, Yunwei Shares, Yongan Forestry, Liangmeizhen, Ningbo Fubang and other 168 shares of the latest dividend reporting period is before the middle of 2013, and the above stocks have not paid cash dividends for more than 10 years.

Taking Kai Ruide as an example, the company landed on the A-share market in 2006, and the company's latest dividend was in 2007.

Xu Xiaoheng, an investment and financing expert, told a reporter from Beijing Business Daily that cash dividends are an important way for listed companies to repay investors. Listed companies should formulate a practical dividend policy and implement cash dividends in full and continuously. Zhang Xuefeng, a financial commentator, also said that regular cash dividends of listed companies are of great significance to the company, investors and the market, and can promote the healthy development and long-term stability of the capital market. "The long-term non-dividend may lead to a decline in investor confidence, intensified stock price volatility, and will have an adverse impact on the company's image and market stability, listed companies should pay attention to the dividend system, reasonably formulate dividend policies, meet the reasonable expectations of shareholders, and enhance the company's long-term value and competitiveness. Zhang Xuefeng said.

In fact, the regulator has repeatedly encouraged listed companies to pay cash dividends. In December 2023, the China Securities Regulatory Commission (CSRC) also issued the Regulatory Guidelines for Listed Companies No. 3 - Cash Dividends of Listed Companies, encouraging listed companies to increase the frequency of cash dividends, guiding the formation of medium-term dividend habits, and stabilizing investors' dividend expectations.

Jinbei Automobile is the first of the "Iron Rooster".

After combing, Jinbei Automobile has become the first of the A-share "iron rooster", and the company has not paid dividends for 30 consecutive years.

It is understood that Jinbei Automobile was founded in 1988 and listed on the main board of the Shanghai Stock Exchange in July 1992, the company's main business is the design, production and sales of auto parts, the main products include automotive interior parts, seats, rubber parts, etc.

According to the statistics of Flush iFinD, the latest dividend reporting period of Jinbei Automobile was in 1993. On February 20, in response to the company's cash dividends, a reporter from Beijing Business Daily called the office of the secretary of the board of directors of Jinbei Automobile for an interview, and the relevant person in charge of the company said that the company does not have the conditions for dividends, and the undistributed profits are negative, which does not meet the dividend provisions in the company law. 

A reporter from Beijing Business Daily noticed that during the listing period, Jinbei Automobile also met the conditions for dividends, but did not pay dividends.

In 2018, the cash dividend issue of Jinbei Automobile was concerned by the regulatory authorities, and a regulatory work letter was issued to the company. At that time, Jinbei Automobile was in the stage of negative undistributed profits, the company said that according to the relevant provisions of the Company Law, the after-tax profits of listed companies to make up for losses and withdraw provident funds can be used for profit distribution, so the company does not have cash dividend conditions, the company will strive to improve production and operation, effectively enhance the company's profitability, change the company's long-term cash dividend status, realize the company's distributable profits gradually from negative to positive, as soon as possible to implement cash dividends, return all shareholders.

The relevant person in charge of Jinbei Automobile told the Beijing Business Daily reporter that in addition to the announcement disclosed by the company in 2018, the company has also communicated with the local securities regulatory bureau in recent years on the issue of cash dividends. "It is unlikely that the company will achieve cash dividends in the next 1-2 years, but in the long run, in the next 3-5 years, the company's management is also working hard to achieve the conditions for cash dividends as soon as possible. The person in charge said.

From the perspective of the company's net profit, Jinbei Automobile has achieved a turnaround in 2021, of which in 2021, 2022 and the first three quarters of 2023, the company's attributable net profit will be about 195 million yuan, 150 million yuan and 191 million yuan respectively.

The two shares have not paid dividends since they were listed

It should be pointed out that in the A-share market, there are also stocks that have been listed for more than ten years but have never paid dividends.

According to statistics, Boxin shares and Broadcom shares have never paid dividends since they were listed. According to the data, Boxin shares landed on the A-share market in June 1997, the company is currently mainly engaged in equipment comprehensive service business, intelligent hardware and its derivatives business, commodity trade business, since the listing, Boxin shares have never paid dividends.

On February 20, the staff of the secretary office of the board of directors of Boxin Co., Ltd. said in an interview with a reporter from Beijing Business Daily that the company has not paid dividends in recent years because it does not meet the conditions for dividends, and the undistributed profits of the parent company are negative.

According to the 2023 annual performance forecast disclosed by Boxin, the company expects to achieve attributable net profit of -73 million yuan to -45 million yuan in 2023, compared with the same period last year, and is expected to achieve attributable net profit of -123 million yuan to -95 million yuan after deducting non-profit.

Broadcom shares were listed in 2004, the company's main business is mainly higher education, supplemented by a small amount of computer information technology, and there has been no dividend after listing. In response to related questions, a reporter from Beijing Business Daily called Broadcom for an interview, and the staff of the other party said that the company's announcement shall prevail.  

After combing, among the A-share "iron roosters", there are many individual stocks that do not pay dividends because they do not meet the dividend conditions. In this regard, Su Peike, chief researcher of the Institute of Public Policy of the University of International Business and Economics and director of the special committee of Huaxia Sixiang Think Tank, said in an interview with a reporter from Beijing Business Daily that there are problems with the quality of some listed companies in the A-share market.

Beijing Business Daily reporter Ma Changchang