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Interface News reporter | Zhang Yi

Wind data statistics show that a total of 51 companies have had their restricted shares released this week, with a total of 3.681 billion shares released. Calculated based on the latest closing price (the same below), the market value of the released shares is 59.433 billion yuan.

There are 9 companies whose market value exceeded 1 billion yuan after the ban was lifted this week.Huaqin Technology(603296.SH) ranked first, with a market value of more than 7 billion yuan.Fudan Microelectronics（688385.SH）、Haitong Securities（600837.SH）、Huahong Company(688347.SH) andXiamen Tungsten New Energy(688778.SH) The market value of the four companies’ unblocked shares exceeded 6 billion yuan.

There are 12 companies with more than 100 million shares released, the top three of which are Haitong Securities,Bank of Chongqing(601963.SH) andShenDa Shares（600626.SH）。

Huaqin Technology, the leading smart hardware ODM, will be listed on August 8, 2023. On August 8, 2024, the company will face the lifting of the one-year lock-up period for the original shareholders of the initial public offering and the initial public offering strategic placement shares. The number of shares to be lifted will be 158 million shares, accounting for 15.58% of the total share capital, which is nearly twice the circulating shares before the lifting of the lock-up, and the market value of the lifted shares is approximately 7.709 billion yuan.

This time, Huaqin Technology has lifted the ban on the holding of 33 shareholders, including the tenth largest shareholder, Inter Products (Chengdu) Co., Ltd., China Mobile Equity Fund,QualcommWireless Communications Technology (China) Co., Ltd. However, these shareholders, especially the shareholders of the initial strategic placement, suffered losses instead of profits from their investments this year.

Huaqin Technology's issue price was 80.80 yuan per share, but its stock price fell below the issue price on the first day of listing. Over the past year, the company's stock price has fluctuated widely, rarely rising above 80 yuan. The latest closing price was 69.18 yuan per share (after readjustment), and the latest market value is 49.5 billion yuan.The relevant shareholders suffered a paper loss of about 14%. The shares released this time are dispersed, and the stock price will continue to be under pressure.

In the past year since its listing, Huaqin Technology's biggest problem is that its operating income has not increased. The company's operating income in 2023 and the first quarter of 2024 increased by -7.89% and -3.52% year-on-year respectively. The reason for the stagnation of revenue is related to the sluggish consumer electronics industry in recent years.

Despite the industry downturn, Huaqin Technology is still expanding its layout at this time. The company recently disclosed an investment intention announcement, and the company plans to acquire 80% of the shares of Yiluda Holdings for HK$2.85 billion.

The target company is a professional electro-acoustic product company engaged in headphones, microphones and speakers, with operating income of HK$4.549 billion and net profit of HK$540 million in 2023. In this acquisition, Yiluda Holdings promised that the total actual net profit realized in 2024, 2025 and 2026 will not be less than HK$750 million.

Huaqin Technology's move is intended to improve its smart wearable business layout. However, the company's performance in the future will depend on the recovery of the consumer electronics industry.

Fudan Microelectronics, a company engaged in ultra-large-scale integrated circuit design, is facing the lifting of the three-year initial public offering restricted shares this week. The number of shares to be lifted is 216 million, accounting for 26.41% of the total share capital, with a market value of approximately 6.891 billion yuan.

There are two shareholders of Fudan Microelectronics who have lifted the ban, includingShanghai Fudan UniversityFukong Technology Industry Holdings Co., Ltd. and Shanghai Fuxin Vango Integrated Circuit Technology Co., Ltd. The company has no actual controller.

The company's stock price and performance trends are synchronized, both rising first and then falling. Fudan Microelectric's performance grew rapidly from 2020 to 2022, and its net profit attributable to the parent company increased from 133 million yuan to 1.077 billion yuan. However, in 2023, the operating income did not increase again, and the net profit attributable to the parent company dropped by more than 30% to 719 million yuan. In the first quarter of 2024, the net profit attributable to the parent company further declined by more than 10% year-on-year to 161 million yuan.

During the same period, Fudan Microelectric's stock price reached a peak in October 2022, breaking through 100 yuan/share, and then slipped, with the latest closing price being 31.85 yuan/share.

Although the stock price has shrunk by nearly 70% from its peak, Fudan Microelectronics' latest stock price has still increased by more than 400% from its issue price of 6.23 yuan per share. The original shareholders usually have lower holding costs, so the yield rate after the lifting of the ban will be higher accordingly.

According to the plan, Haitong Securities will release 5.98% of its total shares from the fixed increase this week, with a market value of about 6.742 billion yuan. The only shareholder to release the restricted shares is Shanghai Guosheng (Group) Co., Ltd.

However, the stock prices of the securities sector, which "depends on the weather for their livelihood", have not performed well in recent years, and the shareholders' accounts of the shareholders who were released from the lock-up period suffered a floating loss of about 25%.

Haitong Securities' semi-annual performance forecast shows that the company expects to achieve a net profit attributable to shareholders of RMB 919 million to RMB 1.167 billion in the first half of the year, a year-on-year decrease of 69.53% to 76.00%.

It has been one year since the wafer foundry Hua Hong Technology Co., Ltd. went public. Although the company's unblocked shares accounted for 10.92% this time, the circulating shares increased by 92%, and the unblocked market value was 6.655 billion yuan.

The company has 28 shareholders whose shares are unlocked in this round, including several venture capital companies and investment funds, with dispersed stakes and the need for post-investment exit. The company's stock price trend is unlikely to improve.

Huahong's stock price has already fallen below its issue price. Its issue price was 52 yuan per share, and its latest closing price was 35.48 yuan per share.It has fallen by more than 30% from the issue price.

The semiconductor market is sluggish, and Hua Hong's performance has changed since its listing. Before its listing, its net profit attributable to shareholders in 2022 exceeded 3 billion yuan, and in 2023, its net profit attributable to shareholders fell by about 35% to 1.936 billion yuan. In the first quarter of 2024, its net profit attributable to shareholders fell by 78.76% to 222 million yuan.

During the institutional exchange, Tang Junjun, president and executive director of Huahong, said, "The capacity utilization of the three 8-inch plants and the first 12-inch plant is close to full capacity. We are currently building the second 12-inch plant and plan to complete it and put it into production before the end of the year."

This week, the three-year restricted shares of Xiamen Tungsten New Energy, a new energy material company, were released, accounting for 51.48% of the shares, with a market value of 6.437 billion yuan. The company's performance and stock price change significantly with the new energy material cycle.

The current situation is a trough for all new energy materials. Xiamen Tungsten New Energy's revenue fell by about 40% last year, and its net profit fell by more than 50%. The semi-annual report just released shows that the company's operating income in the first half of the year fell by another 22.43% to 6.30 billion yuan, and its net profit attributable to the parent company fell by 6.12% to 239 million yuan.

The stock price of Xiamen Tungsten New Energy once exceeded 168 yuan per share during the strong cycle of new energy materials, and the latest closing price is only 43.04 yuan per share (after readjustment).

This week, the number of shares released from lock-up accounted for more than 50% of the total share capital of three companies, namely Xin Ganjiang (873167.BJ), Shenzhen Deepwater Planning and Research Institute (301038.SZ) and Xiamen Tungsten New Energy.

There are 7 companies whose number of shares released is more than double the number of shares outstanding before the lifting of the ban. In addition to the above 3 companies, there are also Mengguli (301487.SZ), Huaqin Technology, WeiDa Optoelectronics (873001.BJ) andBixing IoT(688671.SH), all of which are the release of restricted shares of the initial public offering. Due to the large increase in the number of circulating shares, the release of restricted shares of such companies has a relatively large impact on their own stock prices.

In terms of the types of unblocked shares, the unblocking of restricted shares of original shareholders of the initial public offering was the main type this week. Among them, there were 24 companies with restricted shares of original shareholders of the initial public offering, 5 companies with strategic placement shares of the initial public offering, 3 companies with both restricted shares of original shareholders of the initial public offering and strategic placement shares of the initial public offering, 3 companies with institutional placement shares of the initial public offering, 6 companies with institutional placement shares of private placement, 8 companies with restricted shares of equity incentives, and 2 companies with general shares of equity incentives.

Among the companies whose restricted shares for private placement were released, the shareholders of Runze Technology (300442.SZ) saw a return on private placement of more than 110%; the return on the release of restricted shares for related shareholders of Anochi (300067.SZ) was about 50%.

In addition, Wind data shows that this week, several companies have released restrictions on their restricted shares for private placements and their initial strategic placement shares, and the relevant shareholders are in a floating loss state.

Among the companies whose restricted shares for private placement were released, shareholders of Haitong Securities and Shangpin Home Furnishing (300616.SZ) saw paper losses of more than 20%.

Among the companies whose strategic placement shareholders’ lock-up period was lifted in the initial public offering, the rate of return on the release of lock-up period for the strategic placement shareholders of Dekeli (688205.SH), Mengke Pharmaceutical-U (688373.SH), AMEC (688380.SH), and Bioxing IoT (688671.SH) was around -45%, all of which are STAR Market companies; the book loss of the shareholders of Minbao Optoelectronics (301362.SZ) who had their lock-up period lifted was nearly 40%.