With the implementation of the new rules of the CSRC, more and more listed companies have announced the termination of the reduction. According to incomplete statistics from Caijing, 78 listed companies have announced the termination of their shareholding reduction plans, and the number of such listed companies is still increasing.

On the evening of August 27, the Ministry of Finance and the China Securities Regulatory Commission made the latest adjustments to the stamp duty on securities transactions, reduction of holdings, IPO (initial public offering) and refinancing rhythm, and financing margin ratio. Among them, stamp duty is halved for the first time in 15 years, and the new rules on reduction of holdings are also organically combined with breaking, breaking net and dividends for the first time.

according to the new rules, listed companies have broken, broken net situation, or in the last three years did not carry out cash dividends, the cumulative cash dividend amount is less than the last three years of the average annual net profit of 30%, the controlling shareholders and the actual controller shall not reduce their holdings. At the same time, the CSRC said that it would strictly control the total amount of shareholders' reduction of other listed companies and guide them to reasonably arrange the pace of reduction according to the market situation.

In fact, since 2007, the China Securities Regulatory Commission has gradually regulated the regulations on shareholding reduction. In 2007, 2015, 2016, 2017, and 2022, the relevant regulations on shareholding reduction have been changed and adjusted.

The new regulations on reduction of holdings have not only generated feedback at the level of listed companies, but active funds in the secondary market have also begun to pay attention to stocks that cannot be reduced in accordance with the new regulations. In the mainstream market software, there has even been a classification of sectors that cannot be reduced.

78 listed companies to terminate the reduction

Wind (wande) data show that in just a few days after the implementation of the new reduction rule on August 27, 78 listed companies have announced the termination of the reduction plan for shareholders or senior executives, including sci-tech board company (688012.SH), comino (688185.SH), etc. dozens of listed companies have issued announcements promising not to reduce their holdings. the new rule has been implemented and received positive feedback at the level of listed companies.

The China Securities Regulatory Commission stated in the new regulations on shareholding reduction that it is stepping up efforts to amend the ''Several Provisions on Shareholding Reduction of Shareholders, Directors, Supervisors and Senior Executives of Listed Companies'', improve the level of effectiveness of the rules, refine relevant liability clauses, and increase violations of shareholding reduction. The crackdown. Some investors are worried that before the introduction of specific regulations, some small and medium-sized shareholders who have not been explicitly restricted from reducing their holdings will increase their holdings. Wind data show that after the introduction of the new rules on August 27, no new listed companies announced their reduction.

Wu yuefeng, director of investment in jiayue, believes that small non-tradable shares (holding less than 5% of non-tradable shares) have an assessment period and capital cost. the quasi-level one should consider withdrawing and the second level should deal with redemption. "the nature of strict control of small non-tradable shares is similar to suspending the trading authority in the north". therefore, strict control of small non-tradable shares may be counterproductive.

Looking back on several previous adjustments to the reduction by the SEC, it is basically in a period of significant market volatility. In 2007, the China Securities Regulatory Commission issued the "Rules for the Management of the Company's Shares Held by Directors, Supervisors and Senior Management of Listed Companies and Their Changes", which stipulated the reduction of the holdings of directors, supervisors and senior managers of listed companies. During the period of sharp fluctuations in the stock market in 2015, the China Securities Regulatory Commission issued "Document No. 18", prohibiting shareholders and managers of listed companies from reducing their holdings within six months, and imposed severe penalties for illegal reductions. In January 2016, on the eve of the end of the implementation cycle of "Circular 18", the China Securities Regulatory Commission issued the "Regulations on the Reduction of Shares by Major Shareholders, Directors, Supervisors and Senior Executives of Listed Companies" to regulate the reduction of shareholders and management. This regulation was revised in 2017 to regulate behaviors such as "bridge reduction" and "malicious reduction. In 2022, the CSRC kept pace with the times and optimized the rules for the change of shares and short-term trading of the directors and supervisors.

Guotai Junan said that overall, the intention of the CSRC to optimize the reduction of holdings is to protect the balance of funds at both ends of the market investment and financing. For the first time, the regulatory statement combines financing behavior with investor returns, reflecting the regulatory attitude of safeguarding the interests of investors.

Raises secondary market capital concerns

After the introduction of the new rules, many brokerage research institutes began to measure the impact of the new rules. According to Shen Wanhongyuan's data, under the new regulations, there are 2203 companies that do not meet the conditions for reduction (excluding real estate), accounting for 42.1 percent of the total, with a market value of 29 trillion yuan, accounting for 35.5 percent. Among them, the number of companies in machinery and equipment, electronics, medicine and other industries that do not meet the conditions for reduction is the highest, and the market value of banks, electronics, medicine and biology is the highest, since 2016, the scale of the actual controller's reduction has totaled 433.8 billion yuan. The simulation of the new reduction limit will reduce the historical actual controller's reduction by 18% since 2016 ".

the research of guotai junan found that the industries restricted by the reduction of holdings are mainly distributed in the pro-cyclical related industries such as banking, real estate and coal. the companies restricted by the reduction of holdings due to insufficient dividends are mainly distributed in the fields of science and technology growth represented by media, communication and electronics, as well as some consumer goods fields represented by social service retail, agriculture, forestry, animal husbandry and fishery, textile and clothing, investors are advised to pay attention to the investment opportunities brought about by the subsequent increase in the intrinsic value and dividend ratio of related enterprises.

In the secondary market, the existing market software has begun to summarize the relevant stocks of the non-reduction sector, and funds have begun to flow into the sector, causing the relevant stocks to rise sharply in the short term.

some of the subject stocks listed in the communication software can not be reduced

As the new rules on the reduction of holdings on the break, the net has been required, so the break like a more concentrated science and technology board has become the focus of the market. On August 31, the Shanghai Composite Index fell 0.55 per cent, the Shenzhen Composite Index fell 0.61 per cent, the ChiNext Index fell 0.69 per cent, while the Kechuang 50 rose 0.32 per cent, with turnover reaching 80.64 billion yuan.

CRE Board 100 billion blue chip SMIC (688981.SH) is in a state of non-reduction, overlay chip concept three-day increase reached 11.68. In addition, the company's second new stock Shengbang Safety (688651.SH) out of the triple board, and a one-day increase of 20%, but the stock does not belong to the non-reduction sector.

In terms of other stocks, the main board stock Gengxing shares (600753.SH) has also gone out of the trend of three consecutive boards. This stock is a concept stock that cannot be reduced.

On August 31, at least 13 daily limit stocks were in the non-reduction sector, and the impact of the new reduction rules in the active capital market is further fermenting.

this article comes from wechat public number "reading a school" (ID:dushuyizhi007), author: Zhang yun, 36 krypton authorized to publish.