2019 Research On The Stability Of Corporate Governance Structure Of Listed Companies, 150 Transfer Of Control Rights: The Concept Of Speculation Is Hot, And All Parties Are Ready To Move.

The corporate governance structure of listed companies has changed frequently, which is not a very positive factor in the popular ESG investment concept.

In fact, for institutional investors, ESG is gradually becoming an important factor in investment evaluation. In the negative elimination of ESG investment, such listed companies have become the focus of attention.

At the end of 2019, "transfer of control" as the most important hot words of the year, what trend is showing?

With the frequent exposure of the pledge crisis and the emergency of capital chain since 2018, a large number of listed companies' shareholders are in crisis and have to find a way out.

The crisis of some people is a great opportunity for others.

"In the golden age, the market may become more and more active." In December 19th, a private company in Beijing told the business reporter in twenty-first Century.

"Asset prices are at a low level, and there's plenty of room for them to operate." Frankly speaking.

The trough of asset prices is driven by multiple capital in the "open line" competition; the so-called "many space can be operated" has become an important market for capital brokers. To some extent, the capital broker who is just like iron and steel is the business rule of flowing water.

150 transfers of control rights

According to the twenty-first Century economic report reporter statistics, as of mid December this year, there were 150 transfers of control rights of listed companies.

In the 150 cases, 62 of the actual controllers were made up of state assets, accounting for about 41%.

In addition to state-owned assets, some of the listed companies have many familiar faces in the capital market, such as Liu Yonghao, Xie Kun and so on.

"After the change of market environment, the original shareholders of listed companies can not support the normal development of the company, especially some companies have made many expansion in the past few years, and now the situation is even more difficult. So when these companies are unable to deal with large debts, they will need to introduce large funds to relieve them. This is why the transfer of control over the past two years is more frequent. An investment bank of Guotai Junan Securities told the economic news reporters twenty-first Century.

From the perspective of listed companies, the final step to control the transfer of this step, perhaps also very helpless.

A few months ago, a private entrepreneur who had just decided to transfer control of listed companies to local state owned assets felt sorry for our reporter. His whole year's difficulty in seeking capital process was compared with the relaxed mentality after transfer control.

"Private enterprises face great financial pressure since 2018. In recent years, agencies have been chasing us for pledge, but the market has changed, and a lot of pledge has become our burden. Finally, we can only look for external help, but this process is also very difficult. Ultimately, it can be determined. It may still be a lucky part for us. Executives of a listed company in North China told the economic news reporters twenty-first Century.

In fact, state-owned assets have been particularly active in the equity transfer market in the past two years.

In recent cases, many listed companies such as 300053.SZ, 002528.SZ, 002647.SZ, Kang Xinxin and 600076.SH are all controlling shareholders who are changed from individual controlling shareholders to state-owned assets.

The state-owned assets behind these companies include many backgrounds such as Zhuhai, Shenzhen, Beijing, Haidian District, Wuxi and Xi'an.

"For local governments, there is also a demand for this. Previously, many state-owned enterprises have revealed the planning of resources for docking companies, especially at this stage, the equity prices of many listed companies have been relatively low. The broker said.

From the perspective of integration demand, many listed companies' control rights transfer is to meet the layout planning of their industrial chain.

For example, in the case of transfer of control rights in the 300301.SZ group, after taking over, Nanchang Optics Valley offered to gradually release the industrial chain effect through acquisitions and shares in the LED industry, and at the same time, integrated integration around the industrial chain.

From the market point of view, the idea of integration can also respond faster and meet the needs of consumers.

For example, the introduction of local state-owned assets by many environmental protection companies including 002310.SZ, their motives also imply the demand of state-owned assets to link up with the industry.

Conceptual speculation is hot.

Under the increasing number of control changes, there has been another round of speculation in the two tier market.

"The capital chain crisis of the original company is a bad thing, but once we introduce the expectations or plans of the management, the market will expect the company's subsequent improvement, and we will choose to fight the market opportunity at this time." The private placement agency said.

For instance, Mike, Audi, which had been trading for 7 consecutive days, was announced after the announcement of major shareholders' planning for share transfer and related matters related to the change of control rights. 300341.SZ was fired.

Prior to November 14th, Mike Maddie shareholder of Audi and Hongkong International Association decided to transfer 28% of its Audi Mike shares to the construction of Hua Ke. The shareholders of China investment bank and Investment Bank of China Construction Bank are two and 99.78% respectively. Among them, China Construction Bank investment is controlled by the Central Huijin 100%.

Billboard data show that since November 14th, Mike Audi's 11 trading days have been on the list.

Of course, all these can not be ignored. Guosheng securities Ningbo Sang Tian Road Sales Department, CITIC Securities Hangzhou Xin Nan Road Sales Department, Oriental Wealth Lhasa unity Road Second Sales Department frequently list.

Another example is Nanning department store (600712.SH). The company received 8 links from December 4th to December 13th, which also triggered market changes.

Nanning department stores boarded the billboard in December 6th, December 10th, December 11th and December 13th. The first three trading days were net purchases, while December 13th showed net sales. Similarly, hot money also frequently runs through them.

In fact, using this kind of news to hype the stock price has long been a common occurrence in the capital market.

"Sometimes, the two tier market private institutions, the capital side, the purchase target and the capital broker who are in the middle are participants," Li Lei, a private equity investor in Beijing, told the twenty-first Century business reporter. "But with the stricter regulation in the past two years, this is actually more difficult to operate."

On the other hand, the transfer of control rights of many companies is undoubtedly a good selling point listed in the seller's research report, and it also further promotes market sentiment.

For example, for environmental protection industry companies, the previous financial crisis made many organizations avoid talking about the industry. However, with more and more state-owned assets seeking control, the development expectations and favorable results also attracted much attention.

"The turning point in the difficult situation." The definition of a brokerage analyst.

"In fact, many companies will disclose stock prices after disclosing relevant information, but it is not easy to say whether they will continue in the later stage. For example, whether the new shareholders can meet the expectations given by the market, whether the strength of the new shareholders can keep up, whether the real performance of the listed companies can be changed, and so on, if these are difficult to achieve, the share price will not be sustainable. Liu Zhao, chief investment officer of a medium-sized private equity fund in Shenzhen, pointed out.

All parties are eager to move.

No profit can't rise early.

As mentioned by the foregoing agencies, "the market has entered the golden age, and now there are many opportunities."

According to the twenty-first Century economic report reporter, a well-known large brokerage company played a key role in the case of a state-owned company's stake in a listed company.

And for the target side of the capital side, through the acquisition of equity to take over the listed companies, and then achieve the needs of the company's injection into the listed companies, is also promoting the market boom.

"If the demand for capital is increased and assets are injected into the listed companies after the acquisition, the significance of the acquisition will be gone, and neither the original shareholders nor the new shareholders will be very upset because the share price will not go up." Li Lei told the twenty-first Century economic news reporter.

"Before a local state-owned enterprise contacted us, a big background was that the place put forward a target of asset securitization ratio, so by their own business direction and advantage, we sought potential targets for us." A private agency in Beijing has been interviewed.

It disclosed that "after acquiring a listed company, they also have the next plan to accelerate the progress of asset securitization by using the platform of listed companies."

In fact, in view of the market situation this year, many state-owned assets have been listed and listed companies. The feedback from the listed companies is also quite positive. The two tier market reaction is also keen.

Reporter statistics show that in the 142 equity transfer concept stocks, there are 98 stocks up to December 13th this year, the share price is rising, accounting for 69%.

Among them, 9 stocks rose more than 100%.

In twenty-first Century, the economic report reporter visited the China Gold environment of a listed company in an environmental protection industry in East China. Its state-owned assets, the company executives appointed by the new real prosecution team, said: "the listed companies are considered on the basis of the local state-owned assets themselves, not just making financial investments, but first solving the problems left behind by the original real controllers, and will pay more attention to related projects and industries in the future."

Especially at that time, with the endorsement of state assets, the demand of Listed Companies in financing has also been well solved.

After the transfer of control, the company must have passed in the toughest time. And with the strength of state assets, we can actually get some new projects and new cooperation, which will help greatly in the company's performance improvement. Dong Ming, a listed company in North China, told the economic news reporters in twenty-first Century.