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01 This round of A-share market has lasted for two months since it was launched on September 24, and 39 listed companies in Shandong have announced shareholding reduction announcements, involving a reduction of 390 million shares, of which 29 companies have announced new shareholding reduction plans.

02 If the shares in the above announcement are reduced, the scale will be roughly 6 billion yuan, of which there are 5 companies that plan to reduce their holdings of more than 500 million yuan, 9 companies that plan to reduce their holdings of 100 million to 200 million yuan, and 15 companies that plan to reduce their holdings of less than 100 million yuan.

03 There are various reasons for shareholders to reduce their holdings, including personal life needs, the needs of the company's operation and development, and the choice of appropriate time for equity investment companies to reduce their holdings.

04At the same time, 9 Lu-share companies signed special reloan agreements with banks to repurchase and increase their holdings, demonstrating shareholders' confidence in the company.

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September 24 is widely considered to be the start date of the current round of stock market rally, and as of November 22, this round of market has lasted for two months. During this period, 39 listed companies in Shandong announced the announcement of shareholding reduction, involving the reduction of 390 million shares, of which 29 companies announced new shareholding reduction plans, and 10 companies announced the progress of the previous shareholding reduction plan. If the shares in the above announcement are all reduced, the scale will be roughly 6 billion yuan (if the reduction has been completed, it will be calculated according to the announcement reduction price).

According to wind statistics, from September 24 to November 22, all major indices hit new highs in the year in 39 trading days; On October 8, A-shares set a historical record of 3.45 trillion yuan.

"In a bull market, any operation of listed companies and their major shareholders in the market may become the focus of investors' attention." Yin Peizhi, a private equity fund manager in Jinan, told the Economic Herald, "Especially when I see the company issuing an announcement to reduce my holdings, I will pay special attention to it." ” 

Yin Peizhi believes that there are many reasons for major shareholders to reduce their holdings of their own stocks, "shareholders reduce some stocks due to personal life needs, and some equity investment funds choose the right time to reduce their holdings after the listed stocks are invested, which are relatively common situations." If a major shareholder suddenly or continuously reduces its holdings of a larger number of shares, it is more reflective of its attitude towards the company, and fund managers tend to avoid such companies when investing. ”

Data source: Wind Economic Herald trainee reporter Zhao Shuai

29 Lu stocks disclosed new shareholding reduction plans

Judging from the time of the announcement of the shareholding reduction, among the 29 Lu-share companies that newly disclosed the shareholding reduction plan, 3 issued announcements in September and 18 announced in October; As of November 22, 12 companies have made announcements in November. Among them, the commoners of Sotama (301017. SZ), Mori Kirin (002984.SZ), Ouma Software (301185. SZ), Huifa Food (603536. SH) issued two shareholding reduction announcements.

Among the 29 newly reduced companies, 22 of the company's shareholders reduced their shares from the company's pre-IPO acquisition, and 6 companies' shares came from equity incentives, agreement transfers, non-public offerings, corporate reorganization and transfer, etc.; Among them, the Beijing branch of Minsheng Bank reduced its holdings in Dongyue Silicon (300821. SZ) is derived from bonded assets.

Based on the closing price of each stock on November 21, the reporter of the Economic Herald calculated that if the shares in the above announcement are reduced, the scale will be roughly 6 billion yuan (if the reduction has been completed, it will be calculated according to the price of the announcement). Among them, there are 5 companies that plan to reduce their holdings of more than 500 million yuan, 9 companies that plan to reduce their holdings of 100 million to 200 million yuan, and 15 companies that plan to reduce their holdings of less than 100 million yuan.

Gamble Pet (301498. SZ), the second largest shareholder GOLDEN PROSPERITY INVESTMENT S.A.R.L, the third largest shareholder, Beijing Junlian Shengyuan Equity Investment Partnership (Limited Partnership), and its concerted actor Zhuhai Junlian Boyuan Equity Investment Partnership (Limited Partnership) announced that they plan to reduce their stakes by 2%. Based on the closing price of the stock on November 21, the proposed reduction scale is about 1 billion yuan, ranking first in the scale of reduction.

Ganbao Pet will be listed on the GEM in August 2023, and its main business is the research and development, production and sales of pet food. According to public information, in the third quarter of 2022, 2023, and 2024, the company's revenue will be 3.398 billion yuan, 4.327 billion yuan, and 3.671 billion yuan respectively, an increase of 31.96%, 27.34%, and 17.96% year-on-year respectively; The net profit was 266 million yuan, 430 million yuan and 472 million yuan respectively, an increase of 87.32%, 61.65% and 49.84% year-on-year respectively.

Haikan Co., Ltd. (301262. SZ), the second largest shareholder of Ningbo Meishan Bonded Port Zone Puhua Huixin Equity Investment Partnership (Limited Partnership) (hereinafter referred to as "Puhua Huixin"), and the third largest shareholder, Anhui Zhongcai Financial Holding New Media Industry Fund (Limited Partnership) (hereinafter referred to as "Zhongcai Financial Holding"), plan to reduce their holdings by 4.30% and 3.25% respectively. It is worth noting that PwC and Zhongcai Financial Holding claimed that the reduction price was not lower than the initial issue price (minus dividends during the period).

The Economic Herald reporter noticed that the issue price of Haikan shares on June 9, 2023 was 30.22 yuan, and the total dividend per share since listing was 1.138 yuan, so the estimated reduction price should not be less than 29.08 yuan. As of now, the company's share price does not meet the conditions for reducing holdings; If Puhua Huixin and Zhongcai Financial Holding reduce their holdings at a price of 29.08 yuan, the scale of the reduction is expected to be 915 million yuan.

In addition, Tianyue Advanced (688234. SH), Bloomage Biotech (688363. SH), Lianhong Xinke (003022. SZ) three companies plan to reduce their holdings of more than 500 million yuan, and the shareholders of the group and equity investment institutions will reduce their holdings.

The reasons for the reduction varied

The Economic Herald reporter noticed that the shareholders of the above-mentioned reductions include corporate executives, equity investment enterprises (funds), employee shareholding platforms, etc., and most of the reasons for the reduction of equity investment enterprises (funds) are due to the needs of the company's operation and development, and most of the shareholders and company executives reduce their holdings because of their personal capital needs.

Due to a dispute over a financial contract, 84,074,500 shares (accounting for 7.01% of the total share capital) held by Feldspar Investment Co., Ltd. were judicially transferred to the Beijing branch of Minsheng Bank. As of October 29, the Beijing branch of Minsheng Bank has reduced its holdings of Dongyue Silicon Materials three times, with a scale of 8.5253 million shares, 6.3 million shares and 9.5 million shares respectively. After the completion of this reduction, Minsheng Bank Beijing Branch also holds 59,779,300 shares of Dongyue Silicon Materials, accounting for 4.98% of the total share capital.

The third, fourth, and fifth largest shareholders of Soyu Civilians respectively disclosed their shareholding reduction plans, planning to reduce their holdings by 5%. As the fifth largest shareholder of Shuyu Civilian, Ali Health Technology (China) Co., Ltd. reduced its stake in Shuyu Civilian for the first time after two years of the lifting of the embargo; The company's second and third largest shareholders, Jinan Shuyu Jinyun Investment Partnership (Limited Partnership) and Jinan Shuyu Tongcheng Investment Partnership (Limited Partnership), as the company's actual controller Li Wenjie, also plan to reduce their holdings of 1% of the company's shares.

According to public information, Shuyu civilians achieved revenue of 7.078 billion yuan in the first three quarters, a year-on-year increase of 8.32%; net profit attributable to shareholders of listed companies was -13 million yuan, a year-on-year decrease of 108.15%. Among them, the company's revenue in the third quarter was 2.259 billion yuan, a year-on-year decrease of 0.6%; net profit attributable to shareholders of listed companies was -37 million yuan, a year-on-year decrease of 263.75%.

The number of shareholders who plan to reduce their holdings is relatively large. Chunxue Food announced that some of the company's natural person shareholders have a large amount of personal loans and bank loans due to the need to repay securities and non-transaction transfer to pay taxes and fees, so they can only rely on reducing part of their shares; Regarding the disclosure of the shareholding reduction plan of the eight executives of Ouma Software, the staff of the company's board secretary's office told the Economic Herald reporter, "The eight executives have reduced their holdings all for personal capital needs, not a unified arrangement of the company." ”

Shareholders of 9 companies completed the reduction of their holdings

In addition to the 29 companies that added shareholding reduction plans, 10 companies announced the progress of the previous shareholding reduction plans during this period. In addition to Victall shares (605001. SH) did not reduce its holdings, and the remaining 9 companies reduced their holdings by a total of 510 million yuan, of which the major shareholders of Qilu Bank reduced their holdings by 300 million yuan.

On July 10, Qilu Bank (601665. SH) announced that Chongqing Huayu Group Co., Ltd. (hereinafter referred to as "Chongqing Huayu"), a shareholder of more than 5% of the company, intends to reduce its holdings of no more than 63,698,900 shares of Qilu Bank from August 1 to October 30. As of October 22, Chongqing Huayu has completed the shareholding reduction plan, with a reduction amount of 300 million yuan and an average price of 4.72 yuan. The Economic Herald reporter estimated that during the reduction of Chongqing Huayu, the share price of Qilu Bank rose by 16.84%, and the average stock price was 4.83 yuan.

Similarly, Shuangyi Technology (300690. SZ) shareholder Wang Qinghua reduced his holdings of 669,500 shares and 593,000 shares of the company through block transactions on September 30 and October 23 respectively, at a price of 17.97 yuan and 247,300 yuan respectively. Benefiting from the increase in the share price, the price of the second block trade increased by 37.62% compared to the first.

However, not all shareholders have enjoyed this round of market increases. Xianda Co., Ltd. (603086. SH) shareholder Chen Mingyu plans to reduce his holdings of 12.4 million shares between June 27 and September 24. As of September 23, Chen Mingyu reduced his holdings by 11.44 million shares, with a reduction amount of 45.95 million yuan and an average price of 4.01 yuan. Since the completion of Chen Mingyu's reduction, the share price of Xianda shares has risen all the way, from September 24 to November 21, its share price rose by 32.61%, if calculated according to the average price of 4.47 yuan in this range, the reduction will be reduced by 5.26 million yuan.

Nine Lu stocks signed a special loan agreement for repurchase

Major shareholders are not optimistic about the company's performance due to large-scale reductions, but buybacks and increases demonstrate shareholders' confidence in the company. This round of market was ignited and continued thanks to the support of a package of policies.

On September 24, the financial management department proposed a number of reform policies, including reducing the reserve requirement ratio and policy interest rate of banks to guide the market interest rate down; Reduce the interest rate of existing mortgages and set a uniform minimum down payment ratio; Establish new monetary policy tools, such as the 500 billion yuan first phase of swap facilitation operations and the first phase of 300 billion yuan of special refinancing for stock repurchase and holdings, to support the stable development of the stock market.

Since October 18, the financial management department has launched the swap facility of securities, funds, insurance companies and stock repurchase and refinancing, and the market feedback has been positive. It is reported that the first batch of 50 billion yuan of swap facilitation operations have been implemented, and more than 120 listed companies have disclosed repurchase and refinancing. Up to now, the two cities have disclosed a total of 163 announcements related to "special refinancing for repurchase and increase holdings", with a total loan ceiling of about 36.7 billion yuan.

According to Wind statistics, up to now, 9 companies in Shandong have announced that they have signed special reloan agreements with banks to repurchase and increase their holdings. Tongyu Heavy Industry Co., Ltd. (300185. SZ), Linuo Special Glass (301488. SZ) was the first two companies to announce that they had received special loans. In August this year, Tongyu Heavy Industry planned to repurchase 100 million to 200 million yuan of the company's shares. On October 20, Tongyu Heavy Industry announced that after the promulgation of the new policy of special refinancing for repurchase and increase holdings, it signed a loan contract with China Construction Bank and obtained a loan amount not exceeding the total amount of repurchase.

On the same day, Linuo Special Glass also announced that it had obtained a special re-loan quota from China Construction Bank to repurchase and increase its holdings, and its controlling shareholder, Linuo Investment Holding Group Co., Ltd., planned to use the repurchase special loan to repurchase 50 million yuan to 100 million yuan of the company's shares.

(Zhao Shuai, trainee reporter of Popular News and Economic Herald).

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