Spin Off Rules Landing "Concept Stocks" Hurricane Up To Standard, Less Vigilant "Li Gui" Spoiler.
On Friday, the securities and Futures Commission issued a number of regulations on the listing of subsidiaries of Listed Companies in China (hereinafter referred to as the "Regulations"), and the A share market was quickly detonated.
In December 16th, the concept of A shares split up sharply, the index of Wind split up 2.32%, Donggang shares, Shanghai electric and so on rose by more than 6%, and Liaoning's Cheng Da, Ding long shares and allied American holdings rose more than 3%.
On the same day, Shanghai electric and United States holdings have expressed their intention to split the listed companies on the investor interaction platform.
This is not a case. According to incomplete statistics of the twenty-first Century economic report, as of now, the A share market has made clear that it will promote about 40 subsidiaries of some subsidiaries (or some businesses).
"With the diversification of management strategies of listed companies, the demand for business focus and balanced development with the help of splits has been gradually highlighted. Allowing the listed companies to meet certain conditions to split up in the domestic market is conducive to improving the management level and quality of listed companies and promoting the development of high quality economy." Wang Jun, a strategist at Bank of China, commented.
But in the specific combing process, the reporter found that many of the 40 listed companies that had the intention to spin off did not meet the three consecutive year's profits proposed in the regulations. The parent company accumulated three years' profit of not less than 600 million yuan after excluding the subsidiary company, and the parent company did not receive the administrative penalty of the SFC within the past 3 years, and the public's condemnation was not received in 1 years.
Watch out for speculation
According to the above regulations, the subsidiary companies of listed companies that meet the corresponding conditions can be split up in the mainland. Among them, the threshold for net profit of the parent company in the recent three years has dropped to 1 billion yuan from the solicitation draft, which has significantly expanded the scope of enterprises that meet the requirements for the listing and listing of the company. The above mentioned provisions have significantly increased the net profit of the listed companies in the past 600 million years.
Sun Jinju, assistant director of the open source securities and research institute director, said: "(after the profit threshold is released), we judged that the number of companies increased by more than 50% after the draft was relaxed compared with the draft requirements."
However, in twenty-first Century, the economic news reporter noticed that although the profit conditions were somewhat relaxed, there were many listed companies that did not meet the relevant rules in some of the enterprises that claimed to push the spin off of their subsidiaries.
Previously, on the interactive platform, it clearly indicated that it would promote the first flight energy saving of the first flight of the subsidiary company. The net profit in 2018 was a loss of 748 million yuan, which did not meet the three consecutive profit.
In April this year, when accepting investor research, he said, "at present, the shareholding system reform of the three subsidiaries of the company has been completed, which will further improve the corporate governance structure. If the conditions meet the requirements, the company's key component is the western material, which has been profitable for three consecutive years, but the accumulated net profit in the 2016-2018 years is only 136 million yuan, which is far below the minimum threshold requirement of 600 million.
Reporters also found that, once explicitly stated that the gold shares and Lifan shares, which were listed in the domestic listing of the subsidiaries, did not meet the requirements of three consecutive years of profit and net profit totaling more than 600 million. However, the new three board listing and crystal technology had just been terminated. Due to the huge deficit in 2018, the subsidiary company's science and technology launch board is expected to be postponed or postponed.
In addition, on the 15 day, on the interactive platform, it stated that the south of the Five Ridges stock, which will actively prepare for the separation and listing, will meet the requirements in terms of profit requirements, net profit and registered capital ratio. However, due to flaws in the corporate governance level, the Hengrun group of South of the Five Ridges shares will not have A shares in the short term. In May this year, the trillion shares of Chi Chi share had just received the supervision letter from the Shenzhen stock exchange because of the fact that the actual amount of the repurchase shares did not meet the total planned amount disclosed in the buyback plan.
In fact, during the interview process, many analysts told reporters that although the conditions for relaxation were relaxed, the actual threshold was not low.
According to Shen Wan Hongyuan research and statistics, according to the three years, three years of continuous profits, the existence of subsidiaries, the net profit of not less than 600 million yuan in the recent three years, the listed companies and their controlling shareholders and the real controlling persons have not been punished by the SFC within the last 36 months, and the public has not been publicly condemned by the stock exchange in recent 12 months, the number of eligible A share listed companies is 253, accounting for only 6.75% of the total number of A share listed companies.
In Sun Jinju's view, the number of enterprises that actually meet the conditions of separation is even less.
"Considering the need to be listed for 3 years, the subsidiary companies need to meet the listing requirements, the parent subsidiary business is relatively independent, and there is no significant unfavorable competition in the same industry. We expect that the number of companies that meet the requirements of the division will not be much, and it is expected to be around 150. "Sun Jin Ju said.
New three board early agitation
Although there are not many "A" targets, but at the other end of the capital market, a large number of new three board markets of A share listed companies have already been agitated ahead of time. Stock prices of Liaoning big stock holding company, big biological company, and big family laser holding company have risen sharply.
"We have counted the A shares in the new three board hanging brand companies, and estimated that there are about more than 30 enterprises in line with the relevant provisions of the listing and distribution," he said.
Take the big biology as an example, the parent company Liaoning Cheng Da directly owns 60.74% of the big biology, and has made three consecutive profit and net profit totaled 3 billion 414 million yuan. Cheng Da biology is an important holding subsidiary of Liaoning Cheng Da pharmaceutical sector. It is mainly engaged in rabies vaccine production. In 2016 -2018, the net biological profit of large organisms was 457 million yuan, 556 million yuan and 613 million yuan respectively, accounting for 47.63% of the total profit of the parent company, which was lower than the 50% red line.
Since August 2019, up to December 16th, the share price of big bio has risen by 57.46%. Yuan Heng photoelectric, which is similar to its situation, also surged 66.93% in the same period.
"There are some companies that are good. The valuation given by the market does not fully reflect the true value of the enterprise, because the market is not active, and before the listed companies can not be listed in the domestic market, there is no exit channel, these enterprises can only follow the equity valuation of the primary market." Said the seaside.
According to the seaside, the listing of the rules of listing will help to improve the valuation of qualified new three board enterprises and promote employee motivation and new industries in the multi business listed companies.
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