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Shareholders of listed companies flock to agree to transfer shares to private equity funds. What is the hidden reason?

2024-08-14

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It seems to have become a new "trend" in recent times for actual controllers and shareholders of listed companies to transfer their shares to private equity funds through agreement transfer.

According to incomplete statistics from the First Financial reporter, from August to date alone, shareholders of six listed companies have completed the above operations.

In this regard, some analysts believe that the agreement transfer of shares helps smooth market fluctuations and has less impact on the market than direct reduction of holdings, and also helps optimize resource allocation. However, there are also views that the transfer of equity agreements by shareholders of listed companies to private equity funds is sometimes a way of "reducing holdings in a roundabout way", and private equity funds can play the role of "channel".

Listed companies flock to "transfer by agreement"

On the evening of August 12, Gravity Media (603598.SH) announced that the company's controlling shareholder and person acting in concert Jiang Li and Shanghai Quanqiao Private Equity Fund Management Co., Ltd. (hereinafter referred to as "Quanqiao Fund") signed a "Share Transfer Agreement" to transfer a total of 15 million shares of the company's unrestricted tradable shares (accounting for 5.6% of the company's total share capital) to Quanqiao Fund. The transfer price per share of the target shares is 10.76 yuan, and the total transfer price is 161 million yuan.

Gravity Media is not an isolated case.

On August 8, Sitaili (603520.SH) issued an announcement that on July 20, the company's actual controller Hu Jinsheng signed a "Share Transfer Agreement" with Haoyun Fund and Guotai Junan, intending to transfer his 8.7682 million shares of the company's unrestricted tradable shares to Haoyun Fund through an agreement transfer. The transferred shares account for 2.00% of the company's total share capital. The transfer price is 6.59 yuan per share, and the transfer consideration is 57.7824 million yuan.