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The stock price rises, the shareholder accelerates to flee, and the shareholding of the A share is reduced.

April 15, 2019 20:47
source: First finance

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[The stock price rises and the shareholders speed up to flee. A-shares are smashed and followed by the “returning”. On the one hand, the A-share market is picking up, and the listed company’s stock price is picking up; on the other hand, it is the over-proportion of the major shareholders, and the “first-before-be-played” reduction of the non-disclosure. Liuyao shares announced on April 14 that Jiutai Fund, a shareholder holding more than 5% of the company, reduced its holdings of 2.39 million shares in the first trading day after the announcement of the reduction plan, which constituted a violation of regulations. .

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On the one hand, the A-share market is picking up, and the stock price of listed companies is picking up;shareholderOur over-proportion and non-disclosure of the "first sequel" are reduced.

Liu Yao shares April 14announcementSaid that the company holds more than 5% of the shareholders of JiutaifundIn the 15 trading days after the announcement of the plan to reduce the shareholding, the “preemptive” reduction of 2.39 million shares constitutes a violation of regulations.

Major shareholders of A-share listed companies have violated regulations and reduced their holdings. According to the first financial reporter, since February 2019, at least more than 10 listed companies, including Liuyao shares, have held more than 5% of their shareholders, and they have violated regulations. In addition to the disclosure of less than 15 trading days to preemptively reduce holdings, it is not uncommon for over-proportion reduction and undisclosed advance reduction.

Different from the previous violations of the controlling shareholder and the director of the Dong Dynasty, the recent violations of regulations,Main forceFrom various funds. In addition to venture capital and private equity funds, even public funds are included.

Although the reasons for illegal reductions are varied, there is a common feature of listed companies whose shareholders have reduced their shareholdings. In the recent market, stock prices have risen. Except for individual companies, most companies that have been illegally reduced have increased by more than 30% since February 2019.

Violation of regulations

Liuyao shares announced on the evening of April 14 that the company was informed on April 12 that Jiutai Fund, a shareholder holding more than 5% of the shares, had reduced its shareholding in the company within 15 trading days after the announcement of the reduction plan. Formed a violation of regulations.

According to the announcement, from April 11 to 12, Jiutai Fund reduced the holdings of Liujiu shares by 2.39 million shares and 0.92% of the total shares through the centralized bidding at a price of 34.54 yuan to 34.83 yuan. More than 83 million yuan.

The Liuyao shares held by Jiutai Fund mainly come from the subscription of the latter’s fixed increase andDividendThe transfer is increased. Among them, about 12.17 million shares were held through three fixed asset management plans, and the other oneEquity fundIt holds 987,000 shares, and the total number of shares held above is 13.169 million shares, with a shareholding ratio of 5.08%.

According to the disclosure of Liuyao shares on March 23, Jiutai Fund plans to focus on bidding,big dealOr a combination of the two, reducing the holdings of the company's shares. Among them, within 6 months after the 15 trading days from the date of publication of the announcement, 5.18 million shares will be reduced by the centralized bidding, and within a maximum of 90 days, within 6 months after the 3 trading days from the date of the announcement, the block trade will be held. Reduced holdings of 7.987 million shares. However, according to the latest disclosure information, its initial reduction time is only 12 trading days from the announcement time.

It is not uncommon for the disclosure of the time to reduce the holdings, that is, the preemptive reduction. Public information shows that only in February 2019, including Liupi shares, at least more than 10 listed companies holding more than 5% of shareholders, there have been violations.

Yuanzu shares disclosed on February 15 that shareholders holding 11.3485% (hereinafter referred to as "Zhuo International") plan to reduce the company's 14.4 million shares. However, only a few days after the disclosure, Cho Oo International reduced its holdings of 53,700 shares on February 21. On April 4, Yuanzu shares received a notice, and Zhuo International was issued a warning letter by the Shanghai Securities Regulatory Bureau due to violation of regulations.

Egg-like creatureShareholder reductionAt the time, it seems to be "anxious." Based on February 12th, the base egg biologist disclosed that it had a total of 20.87 million basic egg creatures and a shareholding ratio of 11.49%. It is planned to reduce 11.16 million shares from March 6 to September 2. However, on the day of disclosure, Weiss Capital reduced its holdings by 533,800 shares and cashed in to 14.73 million yuan.

In addition to the non-compliance with the pre-disclosure time limit, some shareholders of listed companies have also experienced excessive proportion reduction.

According to Daxie Intelligence’s disclosure on February 1, the shareholder of Beijing Huakang Ruihong Investment Center (hereinafter referred to as “Beijing Huakang”) with a shareholding ratio of more than 5% is planned to be within 6 months after 15 trading days from the date of disclosure. A total of 1.9 million shares will be reduced by a total of 0.98%. On March 18th, Beijing Huakang reduced its holdings, but reduced its shareholding by 44,000 shares.

The same is true of Zhongyeda. According to the announcement, from February 21 to March 14, the company’s shareholders holding more than 5% of the company’s share price reduced the company’s approximately 6.21 million shares, and the average transaction price was 8.05 yuan/share, accounting for the company’s total share capital. 1.14%. The shareholder's plan for reduction of shares was disclosed in September 2018. Although there was no violation of the time limit for reduction, it violated the proportion of major shareholder's shareholding transaction reduction within 3 months, and should not exceed 1% of the total share capital of the listed company. Provisions.

Some listed companies are even secretive when they reduce their holdings: in the absence of disclosure, they will quietly sell cash.

According to the disclosure of Shenli shares, Zhongke Jinyuan, which originally held 2.04% of the company's shares, reduced its holdings by 100,000 shares on the 1st and 4th of March, accounting for 0.083%, and the amount of reduction was about 1.74 million yuan. However, before the reduction, Zhongke Jinyuan did not disclose in advance 15 days ahead of schedule.

If the ratio of single shareholding is used, Zhongke Jinyuan does not need to be announced in advance. However, public information shows that Zhongke Jinyuan and Zhongke Jiangnan, Zhongke Yanfa, Zhongke Lushan, Zhongke Longjiang and other four companies constitute a concerted action, holding a total of 13.5 million shares of Shenli, accounting for 11.18%, must be disclosed in advance before the reduction.

In addition, Huamai Technology also announced on April 12 that its 11.19% shareholder held a total of 1.329 million shares through a block trade from April 4 to 10, with a reduction of 21.01 million yuan. However, before the shareholding reduction, the shareholder did not disclose the reduction plan in advance, which constituted a violation of regulations.

Venture capital shareholders act as the main force of illegal reduction

In the big bull market in 2015, there was also a wave of shareholder violations in the A-share market. However, unlike the case of controlling shareholders and natural persons last time, the main force of this violation is the various investment institutions. In addition to venture capital and private equity funds, public funds have also emerged.

Jiutai Fund, which illegally reduced Liuqiu shares, is a public fund and a subsidiary of Jiuding. According to public information, Jiutai Fund was established in July 2014 with a book capital of 200 million yuan. It was funded by Kunwu Jiuding Investment Management Co., Ltd., Tongchuang Jiuding Investment Management Group, Lhasa Kunwu Jiuding Industrial Investment Management Co., Ltd. and Kyushu Securities. 26%, 25%, 25% and 24%.

According to the disclosure of Liuyao Shares, before the implementation of the shareholding reduction plan, Jiutai Fund-managed Jiutai Fund-Huitong Dingzeng No.3, Huitong Dingzeng No.4, Huitong Dingzeng No.6, three asset management plans, respectively It holds 2.5 million shares of Liuyao, 6.62 million shares, 3.06 million shares, and holds about 987,000 shares in another fund.

According to the previous disclosure, the illegal reduction and reduction of Zhongyeda is a fund named Xinghe Capital Event Strategy Phase 3, the fund type is private equity securities fund, holding about 9.08 million shares of Zhongye before the reduction. After the move, they held a total of 3.976 million shares.

Compared with public funds and private equity funds, the above-mentioned shareholders who violate the rules and regulations are basically venture capital and equity investment funds. Daxie Intelligence, Jiji Bio, Huadong Technology, Shenli Shares, Zhongyeda and many other companies are all the same.

According to the basic egg biodisclosure, the company's pre-disclosure of Weiss Capital, which was substantially reduced on the same day, was actually held through three private equity adqq shares, and both were limited partnerships. Among them, Suzhou Jiefu Investment Co., Ltd. holds 11.371 million shares, with a shareholding ratio of 6.1133%; Hangzhou Weisjielang Equity Investment Partnership and Hangzhou Weisi Investment Partnership hold 8.58 million shares and 882,000 shares, respectively. They were 4.6128% and 0.4742%, respectively.

The above shareholder of Huamai Technology is also a venture capital enterprise. The announcement shows that the company that has not disclosed the reduction of Huamai Technology is known as the Shanghai Financial Development Investment Fund (Limited Partnership, hereinafter referred to as “Shanghai Finance”). According to third-party inquiry information, Shanghai's financial business scope is equity investment and related consultation.

Zhongke Jinyuan, the shareholder of Shenli’s illegally reduced shareholding, is a well-known enterprise under the name of the China Merchants Promotion Department. According to the disclosure, Zhongke Jinyuan and four companies including Zhongke Jiangnan and Zhongke Yanfa, as their concerted actors, are executive partners and delegates, all of which are China Merchants Investment Management Group and Shanxiang Shuang.

Why are venture capital institutions in a hurry to clear their positions?

Cognitive deviations, omissions in program execution, and operational errors, and the listed shareholders who have violated regulations and reduced the above-mentioned regulations are also varied.

Liuhua shares said in the announcement that it was informed by the Jiutai Fund that it had violated the regulations and immediately confirmed to the other party that the reason for the reduction was due to the cognitive bias of its account management personnel on the reduction regulations. According to the basic egg creature, the reduction of Weiss Capital is caused by the misoperation of its traders.

Shenli shares said that during the process of reducing the holdings of Zhongke Jinyuan, the five funds of the Chinese Department that need to hold shares should sign and disclose before they can reduce their holdings. After the signature of Zhongke Jinyuan, its staff mistakenly believed that the plan was completed when the signature was completed, so the reduction was implemented.

After the violation was sold, Zhongke Jinyuan immediately bought it backhand. According to the disclosure, the above-mentioned Zhongyeda shareholder traders found that after reducing the holding ratio by more than 1%, in order to make up for the operational errors, they also bought 552,000 shares in the same way. A special product of Jiutai Fund also bought 900 shares of Liuyao on April 12, which was illegally reduced.

Not only is the recent violation of regulations, A-shares have played a major role in the tide of reductions since November 2018. Taking Botian Environment as an example, in November 2018, the company's three shareholders with PE status proposed to hold a total of about 125 million shares, accounting for about 31% of the shares, all of which will be reduced in the next six months or more, involving market value. More than 2 billion yuan.

Prior to the reduction of Liuyao shares, Jiuding was a privately held product that had been cleared of shares in a number of listed companies. According to public information, since December 2018, the main body of the Jiuding Department has planned or completed the reduction of shares of listed companies such as Xinjiang Torch, Jiangshan Oupai, Jinneng Technology, Jiewei Food, Dr. Glasses, etc. Clearance reduction.

For whatever reason, from the point of view of selling, the shareholders of the above companies all sold a relatively good price through illegal reduction.

According to the disclosure of Liuyao shares, the initial shareholding cost of Jiutai Fund is 55.28 yuan/share, and the number of shares held is about 7.24 million shares. After two transfers in 2017 and 2018, before the reduction, the number of shares held by the company increased to 12.17 million shares, and the cost of holding shares fell to around 32.5 yuan.

However, after the completion of the fixed share of Liuyao, it continued to fall. At the lowest, it fell to 24.77 yuan. Even at the re-emphasis price, Jiutai Fund was in a loss. Before and after the lifting of the ban in February 2019, it coincided with the rise in A-shares. Since February 11, Liuyao shares have risen from less than 27 yuan to 37.1 yuan at the highest. When Jiutai Fund reduced its holdings, it not only solved the problem, but also had certain profits.

The situation of Shanghai Finance is different. The Huamai Technology shares held by it have been obtained before the company went public. After the listing of Huamai Technology in June 2017, the company's share price has risen to 40.3 yuan. By the end of January 2019, it had fallen to a minimum of 11.48 yuan. The average price at the time of Shanghai's financial reduction was 15.56-16.9 yuan, which is basically near the recent high point.

Zhongke Jinyuan’s Shenli shares are also the original shares of the IPO. Since February 11, Shenli shares have also seen a slight increase. As of March 18, the cumulative increase was close to 15%, the highest in the near future. When Zhongke Jinyuan reduced its holdings, it was in the stage of just rebounding.

The company's biggest gains since February 2019 have also reached 30% or even higher. Since February 11, the share price of the basic egg biotech has risen from less than 27 yuan to the highest of 44 yuan, with a cumulative increase of about 60%. The highest growth rate of Zhongyeda, Huamai Technology, Daxie Intelligence and Yuanzu shares also reached the same period. About 30%, the increase of Daxie Intelligence is about 40%.

(Article source: First Finance)

                (Editor: DF142)

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