news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

(Original title: [Comment] Mengguli, Blue Arrow Electronics and other companies plummeted, and the original shares were reduced and it was necessary to patch them up)

By Wu Zhibang

In recent trading days, stocks with restricted shares have plummeted, such as Mengguli (301487.SZ), Blue Arrow Electronics (301348.SZ), and Beaufort (688793.SH). Take Mengguli as an example. The company disclosed on the evening of August 7 that 46.73% of the company's total share capital will be released on August 9, 2024. After that, the company's stock price plummeted by 19.98% on August 9 and continued to plummet by 16.23% on August 12. The company's stock price was cut in half in a short period of time.

Past yearsIPOThe number of shares increased rapidly, compared with the low-priced sharesOriginal stockThe premium in the secondary market is naturally more attractive to original shareholders. In order to cope with the impact of the lifting of the ban on original shares on the market, the regulatory authorities issued the most stringent new rules on share reduction for major shareholders in history, which indeed reduced the impact of major shareholders' share reduction on the market to a certain extent. However, after the so-called "large non-tradable" share reduction trend was suppressed,ShareholdingThe proportion of "small non-tradable shares" below 5% still forms a market barrier. At present, this is not just a change in investor sentiment. Some "small non-tradable shares" have completely lost their urge to cash out and are almost "clearing out" or "limit down" to reduce their holdings.

Take Mengguli mentioned above as an example.stockThe number of shares accounts for 46.73% of the company's total share capital. Without considering dividends and capital costs, the reference cost price of most original shareholders is only 5.32 yuan per share. The current market premium is naturally more attractive than the original shareholders' share price.SecuritiesHarbin Xuanhua Street Securities Sales Department, Northeast Securities Changchun Ziyou Road Securities Sales Department, Nanjing Securities Nanjing Gaochun Zhenxing Road Securities Sales Department, Bohai Securities Suzhou Jingde Road Securities Sales Department, Haitong Securities Mudanjiang Ping'an Street Securities Sales Department, etc. sold stocks ranging from 35.2268 million yuan to 82.5682 million yuan. Then on August 12, Huatai Securities Tianjin Dongli Development Zone Erwei Road Securities Sales Department, Shenwan Hongyuan Tongxiang Heping Road Securities Sales Department,CITIC SecuritiesThe seats of Jilin City Jilin Street Securities Branch, Institutional Branch, Changjiang Securities Zhijiang Park Road Securities Branch and other branches also sold off heavily, with the selling amount ranging from 42.1054 million yuan to 113 million yuan.

Judging from the stock price trend and transaction data of Mengguli, it is obvious that some original shareholders have implemented a clearance-style reduction of holdings and a limit-down-style reduction of holdings, without considering the ability of the secondary market to take over. Of course, in the face of such high book profits, it is reasonable to cash out in large quantities. However, in the context of a weak market, the selling of some original shareholders of Mengguli at all costs has brought a great impact on market confidence, and it is likely to further spread to the overall market.

Personally, I think that in addition to putting restrictions on the reduction of holdings by major shareholders, the reduction of holdings by some original shareholders should also be restricted, otherwise it is easy to cause systemic risks. For example, if the release date of all original shareholders is linked to the dividend amount of the listed company, taking Mengguli as an example, the dividend amount after the company went public was only 11.4904 million yuan, whileA sharesThe financing amounted to 309 million yuan. The release date of all original shareholders should be postponed until the cumulative dividend amount exceeds the total A-share financing amount, that is, after the dividend amount exceeds the financing amount, all restricted shares can be released. Although the dividend amount is not worth mentioning compared with the huge amount of cash raised from the release, it is enough to stimulate the willingness of listed companies to give back to the market.

Secondly, it is necessary to set a limit on the proportion of restricted shares sold on the same day or month. Some original shareholders of Mengguli have completely ignored the market's ability to absorb their share reductions. Therefore, the regulatory authorities can consider requiring all shareholders to reduce their holdings within 25% or even less of their total holdings every three months to prevent a stampede of share reductions once the restrictions on "small non-tradable shares" are lifted.

From the perspective of market risk prevention and control, it is necessary for the trading department to make more obvious risk warnings for such huge stocks that have been unblocked. If investors are aware of the risks and sell their stocks, it will naturally prompt the stock price to return steadily and prevent some individual stocks from suddenly falling off a cliff.

As mentioned in this article, it is not enough to just put the restriction on the original shareholders, as the huge amount of "small non-tradable shares" also has a huge impact on the market. In addition, the "small non-tradable shares" of companies such as Mengguli have completely ignored the market's perception, which has brought a huge impact on the confidence of the entire market. Therefore, it is necessary to also put a tight ring on the reduction of "small non-tradable shares".