On the trading day of the first week after the Spring Festival, the lifting of the ban on A- share restricted shares rose to nearly 70 billion yuan.

Wind statistics show that a total of 85 companies lifted the ban on the sale of restricted shares this week, with 4.798 billion shares lifted. Based on the latest closing price (the same below), the market value of the ban was 69.541 billion yuan.

among them, 19 companies have lifted the ban with a market value of more than 1 billion yuan. the top three are changjiang power (600900.SH), kaisai biology (688065.SH) and Hunan yuneng (301358.SZ), with a market value of 11.358 billion yuan, 8.669 billion yuan and 6.868 billion yuan respectively.

there are 13 companies with more than 0.1 billion shares lifted, the top three being Gansu nenghua (000552.SZ), energy-saving man of iron (300197.SZ) and Changjiang electric power.

Charting: Interface News Securities Group

Hydro Power is the largest company to lift the ban this week. According to the announcement, the company had 0.461 billion fixed-increase restricted shares listed and circulated on February 20, accounting for a small proportion of the total share capital, about 1.88, and the market value of the ban was about 11.358 billion yuan.

This is the additional shares issued by Changjiang Electric Power a year ago. This time, there are two shareholders, namely Yunnan Energy Investment Group Co., Ltd. and Sichuan Energy Investment Group Co., Ltd. two shareholders have a return rate of over 45%, with a floating profit of about 3.7 billion yuan. Shareholders have not yet disclosed their intention to reduce their holdings.

Changjiang Electric Power Performance Express shows that in 2023, the company achieved operating income of 78.062 billion billion yuan, a year-on-year increase of 13.36; the net profit attributable to shareholders of listed companies was 27.389 billion billion yuan, a year-on-year increase of 15.44. The company said that the performance growth was mainly due to a year-on-year increase of 14.015 billion kWh in the power generation of the company's six cascade power stations in 2023.

Yangtze River Power has 5 of the world's top 12 hydropower stations. At present, it operates and manages six cascade power stations in China. The installed capacity of hydropower in the main stream of the Yangtze River reaches 71.695 million kilowatts, ranking first in the world. In recent years, the company has gradually acquired the hydropower assets of the Three Gorges Group, and the installed scale has increased.

in 2023, the Yangtze river power originally had a dry water supply. however, due to the injection of assets from wudongde and Baihetan power stations, the company's cascade power stations were upgraded from four reservoirs to six reservoirs. The balance sheet of assets also contributed to the growth component of the performance.

Guoxin Securities Research Report believes that Changjiang Power is a typical large hydropower cash cow, abundant cash flow to support high dividends and high dividends. Since 2016, cash dividends have accounted for 61% to 94% of the net profit attributable to the mother, and the company's dividend yield has stabilized at more than 3.6 percent in the past three years.

details of lifting the ban on restricted shares of Yangtze power

on February 19, 0.18 billion shares of initial restricted shares were lifted, accounting for about 30% of the total share capital, or about 8.669 billion yuan in market value.

Kaiser Bio went public in July 2020, with a limited sale period of three years, after which the lock-up period was automatically extended by six months as the share price was below the issue price for 20 consecutive trading days within six months of listing. There are 4 shareholders in total, including the controlling shareholder Kaisai Biological Industry Co., Ltd.

Kaisai Bio is a bio-based materials research and development company. In the first three quarters of last year, both revenue and net profit fell, achieving a net profit of 0.314 billion yuan, a year-on-year decrease of about 35%.

Poor performance and worse stock prices. The issue price of Kaisai Biology is as high as 133.45 yuan per share. Since its listing, the company's share price has been on a roller coaster, diving first, then rising, and then diving. The latest closing price is 48.22 yuan per share, and the post-recovery price is only 69 yuan per share, which is almost halved from the issue price.

for this reason, kaisai biology previously proposed to buy back the shares of the company from 50 million yuan to 100 million yuan, and the repurchase of 47.93 million yuan had been completed as of January 31.

It is worth noting that Kaisai Bio also proposed a fixed increase plan on January 30. The planned fundraising does not exceed 6.6 billion yuan. After deducting expenses, the plan will be used to supplement working capital and repay loans. is issued to Shanghai Yao Xiu Biotechnology Partnership, an enterprise controlled by the family of Liu Xiu Cai, the actual controller of the company. The fixed issue price is 43.16 yuan/share, which is in the lowest price range since the company went public, only about 1/3 of the IPO issue price.

details of the lifting of the ban on restricted shares of kaisai biology

Hunan Yuneng, a supplier of cathode materials for lithium-ion batteries, is a company that has just been listed for one year. The company has 26 shareholders lifted the ban, the number of lifting the ban accounted for 33.13 of the total share capital, of which 11 shareholders of the initial strategic placement shares, accounting for 7.49 of the total share capital.

The price of raw material lithium carbonate plummeted last year, and Hunan Yuneng also ended its high growth before listing. Last year's performance was declining. In the first three quarters of last year, the company's net profit fell by about 27% to 1.542 billion yuan.

After the company went public, the stock price also went down. The highest price appeared on the first day of listing, which was 64.98 yuan per share. The latest closing price was 27.46 yuan per share, down nearly 60%. however, the shareholders who lifted the ban still have a floating profit of about 15%.

Wang Yongmei, executive deputy general manager and secretary of the board of Hunan Yuneng, said in an investor survey that the price of lithium carbonate is mainly affected by factors such as supply and demand, market sentiment, and futures prices. The situation is more complicated and it is difficult to predict its changes.

Wang Yongmei also expects the industry as a whole to continue to grow in 2024. Although the industry will also face more intense competition, the company believes that opportunities and challenges coexist.

There are eight companies that have lifted the ban this week, accounting for more than 50% of the total share capital, of which four are from the North Stock Exchange and four are companies on the board. The four companies on the North Stock Exchange are three-dimensional shares (831834.BJ), Yu Seiko (831906.BJ), Consistent Konjac (839273.BJ) and Yi Pharmaceuticals (430478.BJ). The company is Quartet Optoelectronics (688665.SH), South Asia New Material (688519.SH), Cross-Share (688070.SH) and Lopte (688619.SH).

14 companies whose number of shares was more than twice that of the shares in circulation before the lifting of the ban were lifted, all of which were the first original shareholders to lift the ban on restricted shares. In addition to the above eight companies, there are Zhongrun Optics (688307.SH), Hunan Yuneng (301358.SZ), Yirui Bio (300942.SZ), Longxun (688486.SH), Yutai Micro-U(688515.SH) and Tongli (834599.BJ). Due to the large increase in the number of shares in circulation, the lifting of the ban on restricted shares of such companies has a relatively large impact on their own share prices.

from the type of shares lifted, this week to the original shareholders of the first restricted shares lifted the ban mainly. Among them, there are 32 original shareholders restricted shares, 4 initial strategic allotment shares, 4 initial original shareholders restricted and initial strategic allotment shares, 15 initial institutional allotment shares, 20 private placement institutions, and equity incentives There are 7 restricted shares, 1 equity incentive general shares, and 2 initial general shares and initial institutional allotment shares.