A Shares To Stabilize 4700 Times Behind The Increase: Important Shareholders "Go And Stay"

Behind the end of the Shanghai stock index's return to 3000 points, the choice of major shareholders of the listed companies represented by major shareholders and Dong Jiangao is attracting special attention.

In twenty-first Century, according to the Wind data, according to the statistics of the stock change deadline, in December 18th, more than 2200 important shareholders carried out a total of more than 4700 holdings in 1179 listed companies, involving more than 110 billion yuan. Correspondingly, the important shareholders of the 1896 listed companies in the same period have been reduced by more than 20 thousand times. However, from the perspective of market performance, more frequency of reduction does not cause obvious disturbance to the A share market.

In the industry view, the departure of many important shareholders is related to the lifting of the ban on the frozen shares of some of the previous IPO projects. In addition, some major shareholders of listed companies are trapped in the financial position and have to obtain more liquidity through reduction. But this year's market performance clearly shows that the normal market reduction does not have a greater impact on the risk of A shares.

It is worth mentioning that under the relatively low valuation of the market, some state-owned capital and industrial capital began to become a new major shareholder of listed companies quietly through the way of placards. Some analysts believe that with the increase of A share market activity and the intensification of bull market expectations, the phenomenon of licensing is expected to further increase.

The game of A share increase or decrease

After eleventh breakthroughs of 3000 points in the year, the Shanghai stock index is still sticking to this integer pass.

Exchange data show that since the 10 trading days since December 5th, the Shanghai Composite Index has risen 4.83%, while the gem index has risen by 7.09%.

During the year of A shares, many important shareholders of listed companies have quite different attitudes.

In twenty-first Century, economic statistics reporter Wind statistics found that as of December 18th, since 2019, 2243 important shareholders (including major shareholders and Dong Jiangao) have carried out a total of 4589 holdings to 1179 listed companies, involving 15 billion 508 million shares in total holdings, involving a reference value of 113 billion 776 million yuan.

Among them, Liu Junjun became the largest shareholder of listed companies this year. The number of holdings increased to 65 times. In addition, WOO Swee Lian, Zhuhai GREE financial Cci Capital Ltd, Guangdong Guang Xin Holding Group Co., Ltd. and Hongtai state owned capital investment and operation group limited company of Hongkong and Hongkong, the four major shareholders of listed companies increased their holdings during the year, followed by more than 30 times.

"When A shares are undervalued, it will play an important role in maintaining market value and maintaining market stability." Beijing a TMT listed company secretaries said.

At the same time, more important shareholders chose to reduce their holdings. Reporter statistics found that around this year, around 1896 listed companies, the number of important shareholders has been reduced by 20953 times, involving funds of up to 413 billion 545 million yuan.

In the industry view, one of the reasons for the reduction in the number of A shares in the year is related to the reduction in the number of venture capitalists resulting from the increase in the number of IPO companies started in 2016.

"The 2015 stock market crash caused IPO to stop for some time. In 2016, IPO's return to normality led to the end of the three year freeze period for some institutional shareholders, and some of the venture capital institutions have liquidity demand objectively, so it may lead to more reduction events." A venture capital firm in Beijing said, "but because of the influence of the market, many of these venture capitalists will choose bulk or agreement to avoid excessive fluctuations in stock prices due to bidding, which is not a good thing to stabilize their investment performance."

The reduction of information supports this trend. Data show that Shenzhen Innovation Investment Group Co., Ltd., Suzhou KangBo Yanjiang venture capital center (limited partnership), Shenzhen Zhong Zhou Venture Capital Co., Ltd., Changjiang Growth Capital Investment Co., Ltd. and other venture capital shareholders were among the top ten in the year, of which the Shenzhen Venture Group has reduced the number of holdings by up to 209 times.

"Allowing venture capital shareholders to exit effectively after the lifting of the ban period and exit from compliance is the normal embodiment of the investment and financing functions of the capital market. Therefore, we should also take an objective view of this phenomenon. The institutional inclusion of the reduction of shareholders of venture capital is also an encouragement to the formation of the primary market and venture capital." A venture capital firm in Beijing said, "and many venture capitalists are also reducing the impact on the market through bulk and agreements."

The new placards are waiting for the opportunity.

In addition to the reasons why venture capital has left the market, another reduction is related to the measures taken by major shareholders of listed companies to cope with the financial difficulties.

"Mainly in 2018, the risk of stock pledge was more exposed, which led to many brokers in 2019 not willing to take risks in stock pledge business, and some stock brokers had not been cleaned up, so they did not want to carry out more increments." A credit financing business in Beijing, a brokerage firm, said, "if you can not get financing through stock pledge, then it is possible for large shareholders to reduce liquidity and ensure liquidity."

Insiders pointed out that it is necessary to reestablish the new rules.

"At present, some large shareholders can not get money because of stock pledge. They can only wait for the two level market to reduce their holdings to get liquidity and optimize their own assets structure, but some stocks are frozen because of the new rules being reduced, and they can not be realized through mortgage, but it is easy to exacerbate their business difficulties." A broker who is close to the regulatory level said frankly, "the appropriate amendment to reduce the rules is also the protection of the real economy."

Although most of the important shareholders who were reduced in 2019 accounted for the majority, some capital was waiting for the opportunity to become a new important shareholder.

In December 6th, the Qingdao intermediate range announcement said that the gold investment increased 37 million 473 thousand and 800 shares of the company's shares through two private investment funds, reaching the total share price of 5%, and the investment of the gold group was the Xugong Group and the Xuzhou SASAC behind it.

Coincidentally, in the evening of December 17th, the Wangfujing announcement said that the company shareholder Chengdu Industrial Investment Asset Management Co., Ltd. (hereinafter referred to as Chengdu industrial investment) accumulated 19 million 170 thousand shares in the month through collective auction and accounted for 2.47% of the total share capital. After the completion of the completion of the shareholding, Chengdu's industrial shareholding reached 5% of the shareholding ratio of the Wangfujing.

According to the statistics of reporters, since December this year, more than 6 listed companies have welcomed the new important shareholders' placards.

In the industry view, the emergence of more placards and industrial capital and local state assets are moving around, which means that the strategic investment value of some listed companies is being further valued.

"Because the valuation of many companies is relatively low at present, some industrial capital and state assets may arrange for some listed companies according to business synergy, which is also related to the investment value of equity assets, of course." A Beijing private equity agency official said.