Click to see more listed company shareholders increase or decrease holding data(Source: Eastern Fortune Network)
The announcement of a reduction in a listed company does not necessarily mean that there is a problem with the company's operations, and there is no need to over-interpret it.
On May 26, the CSRC issued "Several Provisions on Shareholders and Directors of the Listed Companies to Reduce Shareholdings" for more than 140 days. The new regulations have improved the original reduction regulations, and the sword refers to the market chaos such as clearance-type reduction, "precision" reduction, and bridge reduction. Gui Haoming, chief analyst of Shenwan Hongyuan Securities, said that from the practice of several months, the reduction of the new regulations is particularly effective in combating the impulse of “clearance reduction”.
Indeed, from the perspective of the introduction of the new regulations, the positive effects began to appear. Some listed companies intend to reduce their shareholdings to adjust or terminate the reduction plan. The adjustment plan mainly involves reducing the holding method and reducing the number of holdings. However, as the market conditions warmed up, the reduction of listed companies showed a certain degree of recovery in September.
In this regard, a brokerage analyst told the "Securities Daily" reporter that compared with more than 3,000 listed companies in the A-share market, the number of listed companies that announced the reduction plan is not much, especially the "clearance reduction" The scale has fallen dramatically. At the same time, the announcement of the reduction of holdings by listed companies does not necessarily mean that the company has problems in its operations. Major shareholders may reduce their holdings due to factors such as equity pledge, short-term capital turnover, and use of their own funds. Therefore, there is no need to over-interpret this.
Wang Hanfeng, an analyst at CICC, believes that the new rules require more types of shareholders to announce the reduction of their holdings (the main increase is that shareholders who have entered through a fixed or initial entry but have a shareholding ratio of less than 5%) need to disclose or reduce The base number of the shareholders holding the announcement has increased compared with the previous one. Among the 49 notices announced in the new announcement from August 15 to September, 31% were due to the new regulations, and the actual scale of the reduction did not increase significantly. This can also be given from the side. Confirmation.
Although the reduction of holdings of listed companies has declined after the announcement of the new regulations, it is not to be overlooked that violations of regulations are still in place. In this regard, the Shanghai and Shenzhen exchanges continue to maintain a high degree of attention. Taking the circular of the Shenzhen Stock Exchange every Friday as an example, the Securities Daily reporter found that since May 26, at least 10 companies have issued regulatory letters for the Shenzhen Stock Exchange because of violations. For example, in the October 13th report, Yunyi Electric's controlling shareholder Xuzhou Yunyi Technology Development Co., Ltd. disclosed the company's shares through the block trading system in the first quarter of 2017.
It is worth noting that at the press conference of the China Securities Regulatory Commission on October 13, Chang Depeng, spokesperson of the China Securities Regulatory Commission, informed: In the case of Shandong Molong, Zhang Enrong and Zhang Yunsan were the controlling shareholders, chairman and general manager of the listed company. The information advantage and controlling position, selling the company's stock before the release of the major loss inside information of the listed company, the fish market, the plot is bad, is a ugly typical case of "eat phase", seriously infringing the legitimate rights and interests of small and medium investors.
In this regard, Chang Depeng reiterated that the CSRC will deal with the chaos and severely crack down on the similar large-scale shareholders and directors of the listed company, such as high illegal reduction or even clearance-type reduction and related violations.