Vanke released after ALarge transactionsThe information is sold by Southwest Securities Shenzhen Binhe Avenue Sales Department. The number of shares traded is 89,724,500 shares, and the total amount involved is 2.684 billion yuan. The buyer uses institutional seats.
The above-mentioned bulk transaction accounted for 0.81% of Vanke's shareholding. Currently, there are only enough shares available to sell and only Dai Shenghua can sell.
Obviously, after the announcement of the asset clearance plan, Yu Shenghua began to enter the implementation phase.
Stronger support information is that the bulk of the transaction involved 89,724,500 shares (undisclosed full figures), and the number of shares of AXA 2 held by Yan Shenghua is also 89,724,500, which is the same figure.
According to a brokerage Chinese reporter’s estimate, the 9 asset management plans owned by Yu Shenghua together hold 1.142 billion shares of Vanke, involving 10.34% of the equity ratio. With reference to the closing price, this part of the stock market value reached 34.164 billion yuan. If the immediate clearance is made, the estimate can be 150.51 billion yuan profit in safety and security (taking into account dividends during the period).
Among them, the reduction of holdings of 2.7 billion yuan on the 17th has successfully realized a profit of 1.183 billion yuan.
How much can Sheng Shenghua sell in the future? According to the regulations for reducing holdings, Yu Shenghua’s maximum reduction ratio in 90 days will not exceed 2%, which means that Yu Shenghua may reduce the holdings of up to 131 million shares and involve a market value of 3.921 billion yuan in the future.
This also brings a Ji Shenghua arithmetic title: Hold 10.34% equity, sell up to 2% every 90 days, ask how many days to sell all?
Simple calculation: 10.34%/2%=5.17 (times), that is to say, Yu Shenghua scored at least 6 times to reduce holdings, each time is limited to 90 days, so from April 17th, Ji Shenghua It will take 540 days (1.48 years) to complete the clearance of the 9 asset management plans in the future.
Yu Shenghua Asset Management plans to begin clearance
Vanke A on Tuesday traded 89.7245 million shares, accounting for 0.81% of Vanke's total share capital, involving a total amount of 2.684 billion yuan.
Up to now, there are four main companies that hold more than 0.81% equity of China Vanke. They are Shenzhen Metro, Yushenghua, Anbang Insurance and Nexus Capital Management Limited, which holds shares through H shares. The shareholding ratio is 25.63%% respectively. , 25.40%, 6.73% and 1.37%, excluding H-share shareholders do not look at, only the top three shareholders holding shares, Sheng Shenghua announced reduction plans.
On April 3 of this year, Sheng Shenghua confirmed that it will wind up 9 asset management plans. It plans to complete the disposal of Vanke shares through bulk transaction or agreement transfer, that is, to reduce Vanke's share of 1.142 billion shares. The number of shares is about 40% of all shares held.
According to the new regulations for reduction in holdings issued last year, controlling shareholders and holdings of shareholders holding more than 5% of their shares must disclose relevant information before, during and after the reduction. Specifically, the reduction plan shall be announced 15 days prior to the implementation of the reduction, and the information such as the number, source, reason, time interval, price range, etc. of the reduced shareholdings shall be disclosed; when the time or number of reductions is more than half, the progress of the reduction shall be announced; After the implementation is completed, the result of the reduction is announced.
Therefore, the sale operation on the 17th can be confirmed by Sheng Shenghua.
In addition, Yan Shenghua’s asset management plan “South Korea”, established by South Assets, holds a total of 89,724,515 shares (ie, 89.7245 million shares), and disclosed a total of 89.7245 million shares (undisclosed shares) disclosed in this block trade. The number) is consistent, and the seller of the bulk transaction is also directed to Sheng Shenghua.
According to a brokerage Chinese reporter’s estimate, the 9 asset management plans of Dai Shenghua together hold a total of 1.142 billion shares of Vanke, involving an equity ratio of 10.34%. With reference to the closing price of 17 days, this part of the equity market value reached 34.164 billion yuan, such as immediate clearance, estimation It is safe to secure 15.051 billion yuan in profits.
Among them, Yu Shenghua's market value of 2.7 billion yuan in holdings on the 17th has successfully realized a profit of 1.183 billion yuan.
3,921 million in the next 3 months
When Yu Shenghua started Jiancang Vanke in 2015, he probably did not expect that the new regulatory requirements in the next two years would allow them to sell their shares in advance, directly affecting their profitability in this investment.
If we say that the "Provisional Regulations for the Operation and Management of Private Equity Asset Management Business of Securities and Futures Institutions" issued in 2016 determines that Yu Shenghua has only one track of liquidation and asset management plans, that is, the new shareholding reduction plan issued by 2017 will be the shareholders of listed companies on the Shenzhen Stock Exchange. The Implementation Rules for Reducing Shareholdings of Directors, Supervisors and Senior Management Personnel determine how Sheng Shenghua can be liquidated.
On January 30 this year, Vanke Independent Director Liu Weiwei Public Development stated that Yu Shenghua has held 10.34% of Vanke shares through 9 asset management plans. Among them, 7 asset management plans have expired in November and December 2017. The seven asset management plans together hold 6.89% of China Vanke shares.
Liu Yuwei said that the above-mentioned assets management plan of 6.89% equity held by Vanke has damaged the interests of investors, especially small and medium investors, and requested the Commission to order the 7 asset management plans that Yu Shenghua has already expired to immediately wind up. Renewal.
Liu Yongwei’s rules are mainly based on the Provisional Regulations for the Operation and Management of the Private Equity Asset Management Business of Securities and Futures Trading Institutions, which began on July 18, 2016, and in particular, Article 16 (2): “Not in compliance with this Regulation. For Article 4 (1), (4), (5) and (7), the leverage ratio shall not be increased prior to the expiry of the contract, and the scale of net subscription may not be added to the priority share, after the contract expires. Be liquidated and not renewed."
Therefore, the 9 asset management plans of Mr. Yu Shenghua’s own “1:2” leverage have been postponed for two months after Liu’s propaganda, but they can only eventually be liquidated.
However, Yu Shenghua has publicly stated that in order to reduce the market impact of the reduction, “avoid volatile stock prices and affect the smooth operation of the market”, only large transactions or agreement transfer will be completed to complete the disposal of Vanke shares and asset management plan liquidation.
With reference to the new regulations on reduction of holdings, the controlling shareholder and the shareholder holding more than 5% of the shareholdings of the shareholder shall be required to reduce the number of shares held through competitive bidding within arbitrarily 90 natural days by no more than 1% of the total share capital. The number of shares must not exceed 2% of the total share capital and the total amount must not exceed 3%.
Therefore, based on this estimate, after Sheng sells on the 17th, he can sell up to 1.19 million shares in the next 90 days, and it can sell 131 million shares, which can be reduced to 3,921 million yuan.
Then the question came: Known China Resources Management plans have 10.34% stake, and they can only sell 2% of equity every 90 days. How many talents can be sold?
Simple arithmetic calculation: 10.34%/2%=5.17 (times), that is to say, Yu Shenghua scored at least 6 times for reduction, each time limited to 90 days, so from April 17th, Hao Sheng It will take 540 days (1.48 years) to complete the clearance of the 9 asset management plans.
So the conclusion is that although these asset management plans have already expired, it will be visible in the future that it will be extended for about one and a half years.
It is worth noting that the pick-up party for this block trade is certainly not easy to find, because on the one hand it needs sufficient financial resources, and on the other hand it also needs to be willing to lock up positions for six months and bear price fluctuations during the period of commitment.
According to the new regulations for reduction, in order to prevent the “bridge reduction” behavior of large-scale transactions, the transferee of large-scale transactions can not be transferred within 6 months; for large shareholders, through decentralized reduction through consistent actions, it is clear that major shareholders are consistent with it. The actor’s shareholdings are combined and calculated, and they collectively abide by the number of reductions and share the relevant reductions.
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