With the implementation of a series of policy "combination punches", incremental funds ran into the market, and the A-share market ushered in a strong rebound. Wind data shows that in the past five trading days, the Shanghai Composite Index has risen by 12.81%, the Shenzhen Component Index has risen by 17.83%, and the Beijing Stock Exchange 50 has risen by 18.16%. Among them, on September 27, the GEM index soared by 10% in a single day, setting the largest single-day increase in history.
At the same time, many listed companies have disclosed announcements on reducing their holdings. According to incomplete statistics, since September 25, more than 50 listed companies have disclosed shareholding reduction plans involving controlling shareholders, actual controllers, more than 5% of major shareholders and company executives; There are also some major shareholders who have completed their shareholding reduction plans during the period when the stock price has soared.
There are two main reasons for the shareholders of these listed companies to reduce their holdings: one is the shareholders' own capital needs, and the other is the withdrawal of the fund when it expires. In addition to the need to cash out, some of the shareholding reduction plans reflect the financial pressure faced by major shareholders and the unpromising prospects of listed companies.
Source: Wind
More than 50 shareholders plan to reduce their holdings
In the past few days, a number of listed companies have disclosed the plans of major shareholders to reduce their holdings.
Zhongtian Rocket (003009. SZ) announced on the evening of September 29 that Guohua Civil-Military Integration Industry Development Fund (Limited Partnership), a shareholder of more than 5% of the company's shares, plans to reduce its holdings of the company's shares by centralized bidding or block trading within 3 months after 15 trading days from the date of disclosure of the announcement, accounting for about 2.5% of the company's total share capital.
Fullhan Micro (300613. SZ) announced on September 27 that Jiezhi Holdings Co., Ltd. (hereinafter referred to as "Jiezhi Holdings"), one of the shareholders of the company's controlling shareholder and actual controller, Mr. Yang Xiaoqi, one of the persons acting in concert, plans to reduce the company's shares by a total of no more than 2,286,500 shares, that is, no more than 1% of the company's total share capital, within 3 months after 15 trading days from the date of disclosure of the announcement.
Palmread Technology (603533. SH) announced on September 27 that Zhang Lingyun, one of the company's controlling shareholders and actual controllers, intends to reduce his holdings of the company's shares through block trading, and the number of shares to be reduced will not exceed 8,777,936 shares (that is, no more than 2% of the company's total share capital). The shareholding reduction plan shall be implemented within 3 months after 15 trading days from the date of disclosure of this announcement, and the total number of shares to be reduced shall not exceed 2% of the total share capital of the company within any consecutive 90 natural days.
In addition to the reduction of major shareholders, there are also senior executives who have formed a group to reduce their holdings. On September 27th, Emma Technology (603529. SH) disclosed that due to its own capital needs, Luo Qingyi, deputy general manager of the company, intends to reduce his holdings by a total of no more than 673,750 shares through centralized bidding or block trading, and the reduction ratio does not exceed 0.0782% of the company's total share capital; Zheng Hui, deputy general manager and chief financial officer, plans to reduce his holdings by a total of no more than 455,000 shares through centralized bidding or block trading, and the reduction ratio will not exceed 0.0528% of the company's total share capital. The shareholding reduction period is within 3 months after 15 trading days from the date of disclosure of the announcement of this shareholding reduction plan.
Since the beginning of this year, the share price of Emma Technology has risen by 44.89%; Among them, the cumulative increase in the past five trading days was 10.7%.
Among all the companies that have announced plans or progress to reduce their shareholdings, Dongpeng Beverage (605499. SH) attracted attention from the outside world with a higher amount of reduction.
On the evening of September 25, Dongpeng Beverage announced that Tianjin Junzheng Venture Capital Partnership (Limited Partnership) (hereinafter referred to as Junzheng Investment), a shareholder of more than 5% of the company, reduced its holdings of 4.3645 million shares of the company through block trading and centralized bidding from July 25 to September 24, 2024, accounting for 1.09% of the company's total share capital.
The average price of this reduction is 221.74 yuan, according to which the amount of cash in this round of Junzheng Investment is 968 million yuan. Dongpeng Beverage's share price has risen 37.18% since the beginning of this year, of which it has risen 9.05% in the last five trading days.
In addition, Vantone Development (600246. SH) announced on September 26 that its shareholder GLP Capital Investment 4 (HK) Limited ("GLP") reduced its holdings of 51,776,999 shares of Vantone Development Co., Ltd. ("GLP") by 2.61% from July 2, 2024 to September 25, 2024 through centralized auction transactions and block transactions.
Among them, from July 2, 2024 to September 25, 2024, GLP reduced its holdings of 31,903,250 shares through block trading, with a reduction ratio of 1.61%, a price range of 5.51-6.51 yuan, and a total amount of 190.1218 million yuan.
Why did the major shareholders make a move at this time?
The reasons for this round of major shareholders to reduce their holdings are mostly related to their own capital needs and fund withdrawals.
According to Insigma (600797. SH) announced on the evening of September 27 that Zhejiang Insigma Group Co., Ltd. (hereinafter referred to as "Insigma Group"), the largest shareholder of the company holding 8.19% of the company's shares, intends to reduce its total holdings of the company's shares by centralized bidding transactions not exceeding 9.45 million shares, and the total proportion of the proposed reduction does not exceed 0.92% of the company's total share capital; The reason for the reduction is due to its own capital needs.
The high proportion of pledges indicates that major shareholders may face greater financial pressure. Wind data shows that 67.26 million shares of Insigma currently held by Insigma Group are in a state of detention, with an equity pledge rate of nearly 80%, and the pledge has fallen by 24.63% so far.
Since the beginning of this year, Insigma's share price has fallen by 17.87%. As the stock price continues to fall, a high percentage of pledged stocks may hit the liquidation line. In the last five trading days, Insigma's stock price has risen by 8.76%. Taking advantage of the high stock price to reduce holdings and cash out will help ease the financial pressure on major shareholders.
Also reducing holdings "due to their own needs" is the actual controller of Zhangyue Technology. It is worth noting that the stock price of Palmread Technology has risen by 16.38% in the last five trading days, but it is still down 8.71% this year.
At the same time, Titanium Media App noticed that in the past year and a half, Palm Reading Technology has continued to be reduced by the company's third largest shareholder, Beijing Quantum Leap Technology Co., Ltd. Equity penetration shows that the company is 100% owned by Douyin Co., Ltd.
The sluggish performance may be one of the reasons why Palmyue Technology is not "welcomed" by major shareholders. According to the financial report, the net profit of Palmread Technology has declined for three consecutive years; In the first half of this year, not only did it fail to reverse the decline, but it suffered losses for the first time. Specifically, in the first half of the year, the company achieved a total operating income of 1.332 billion yuan, a year-on-year increase of 5.06%; The net profit loss attributable to the parent company was 47.7072 million yuan, compared with a profit of 38.2484 million yuan in the same period last year, the non-net profit loss was 56.0289 million yuan, the profit was 32.3993 million yuan in the same period last year, and the net cash flow from operating activities was -144 million yuan, compared with 124 million yuan in the same period last year.
In addition to the financial pressure and cash-out needs of major shareholders, there are also many companies that reduce their holdings due to the withdrawal of funds.
For example, Zhongtian Rocket said that the reason for the proposed reduction was that Guohua Fund had entered the exit period, and according to its fund partnership agreement, it was necessary to complete the project exit within the fund period
According to the data, Zhongtian Rocket was listed in September 2020, Guohua Fund is the original shareholder of the company, and by September 25, 2023, all the shares of Zhongtian Rocket held by Guohua Fund have been lifted. Up to now, Guohua Fund holds 8,596,901 shares of Zhongtian Rocket, accounting for about 5.53% of the company's total share capital.
Since the beginning of this year, the share price of Zhongtian Rocket has fallen by 14.31%, and the last five trading days have risen by 14.02%.
Also suffering shareholder reductions due to the expiration of the fund is Fullhan Micro. According to the announcement, Jiezhi Holdings, the shareholder who plans to reduce its holdings this time, holds 13,637,603 shares of Fullhan Micro Co., Ltd., accounting for 5.96% of the company's total share capital. Since the beginning of this year, Fullhan's share price has fallen by 13.73%, and the stock price has risen by 16.51% in the last five trading days. (This article was first published on the Titanium Media App, by |.) Ma Qiong, ed. | Cao Shengyuan)