Before the Spring Festival, nine new three-board companies have taken the lead in showing the distribution plan for 2018, and some companies plan to send 10 shares to more than 5 shares.
In the A-share market, the introduction of high-selling listed companies has often become the target of market speculation. In the New Third Board, there are 10 cases of sending 100 shares. So, how does high delivery affect the company's stock price?
High transfer effect
Introducing high delivery, on the one hand, indicating that the company is rightPerformanceThe continued growth of the company is full of confidence. The company is in a fast-growing period and helps to maintain a good market image. On the other hand, some companies with high stock prices and low stock liquidity can also lower their stock prices through high delivery and enhance the company's stock. fluidity.
Send bonus shares and capital reserve into share capital to the companyshareholderEquity and profitability do not have a material impact, nor can they directly bring cash returns to investors, but why does “high delivery” always attract the attention of many investors?
As investors generally believe that “high delivery” conveys to the market a positive signal that the company’s future performance will maintain high growth, while the market is “high to send”themeThe pursuit of the stock can also play a role in fueling the stock price. Investors are expected to profit from the stock market appreciation in the secondary market by filling in the market. Therefore, most investors regard “high transfer” as a major positive news, and “high transfer” has become the subject of speculation before the semi-annual report and annual report. On the boardannouncementBefore and after the "high delivery" plan, almost every company's share price has risen sharply or even several times, and some companies have stabilized the hundred yuan by virtue of the "high delivery" theme.
It is noteworthy that after the company announced the “high delivery” plan, the company’s share price was mixed, even different. Some of them had a daily limit after the opening of the plan on the announcement day, but some of them almost fell on the announcement day, and some continued to fall within a few days after the announcement. The reason for this is that the stock price trend of “high delivery” is related to various factors such as fluctuations in the market, the company's operating performance, the previous trend of the stock price, and whether the plan is leaked in advance. Therefore, the risk of “high delivery” cannot be underestimated.
If the company plans to expand its share capital on a large scale, it must have a certain high growth rate in addition to the undistributed profit or sufficient capital accumulation fund, otherwise it will face the next year.Net profitGrowth and equity expansion are not synchronized and reduce the risk of earnings per share.
Rational view of high delivery
The Shenzhen Stock Exchange recently stated that it will hype the concept of high security. give awayConversionThe essence of this is the internal structural adjustment of shareholders' equity, which has no material impact on the company's profitability, and shareholders' equity does not increase. However, in recent years, some companies have carried out speculation on this subject, and at the same time, there have been insider trading, cooperation with the reduction of restrictions and other violations that seriously damage investors' rights and interests. In fact, this high-transfer guidance has detailed regulations on the implementation conditions for high-transfer, and the era of “want to send and send” is gone forever. From the high-transfer guidance, listed companies with reduced or net profit declines and major shareholder reductions or bans are given a red line when implementing high delivery.
If the high-transfer guidance shows that companies with losses and net profits falling by more than 50% year-on-year or earnings per share less than 0.2 yuan after the transfer of shares will not disclose the high transfer plan; the proposed shareholders and controlling shareholders and their concerted actions, Dong There is a reduction in the first three months of the supervision or a reduction plan in the next three months, orRestricted shares(Except for equity incentives and restricted shares) Within three months before and after the expiration of the restricted sales period, the company shall not disclose the high transfer plan; the relevant shareholders shall disclose that there is no reduction plan in the next 3 months and the reduction of the next 4 to 6 months Plan and follow as a commitment to constrain the use of high delivery and reduction.
In this regard, Xingshi Investment pointed out that in mature markets, the logic of high-transfer investment comes from two aspects: on the one hand, it is the optimistic expectation of listed companies to release their future earnings; on the other hand, it is to improve their share price and help to enhance their Liquidity leads to a premium. However, some listed companies in the A-share market use high-transfer to hide many violations. For example, “lifting the car” is high, and the stock price is high.Shareholder reductionCashing out, hedging restrictions on the sale of shares to lift the pressure, causing investors to suffer losses. High-speed transfer without fundamental support, after a brief excitement that benefits a small group of people, is a chicken feather.
For example, the case of the first “fairy stocks” delisting at the end of last year was in the early stage of high-speed transfer without fundamental support. The stock price fell after a short-term pulse, and the result was lower and lower. Withdrawal from the market. The high-transfer guidance has landed at this time, and the system loopholes have been added to standardize the “lifting-style” high-transfer to protect the interests of investors.
Xingshi Investment said that since 2015, the supervision has become stricter towards the irrational high-transfer level: in 2015, the information disclosure was strengthened, and in 2016, the performance of the poor stocks was not supported in principle. This time, the performance, the lifting of the ban, and the reduction The holdings have clarified the quantitative indicators, and put an end to the "high-transfer-cutting leeks" to protect the interests of investors. With the improvement of the high delivery system, only high-growth companies with performance support and real expansion willingness and strength will be approved for high-speed transfer. High delivery will gradually shift from conceptual speculation to rational investment, and investors can evaluate the fundamentals of listed companies accordingly.
The Shenzhen Stock Exchange said that while strengthening the high-transfer supervision, the high-transfer guidance also fully considers the actual needs of the company to expand its share capital and enhance market liquidity. For 10 to 10, it is necessary to meet the conditions that the net profit compound growth rate of the last two years is above 100% or the net assets at the end of the period are more than 100%. For companies that have continued to grow their net profit in the last two years and have a minimum earnings per share of less than $1 in the last three years, they have eliminated the net profit growth requirement and supported the demand for the conversion of the company.
Why does the new three board have a super high transfer?
In the first half of 2018, the New Third Board Company's fire dance software announced that it would send 10 shares and 120 shares to increase 70 shares. Compared with the main board listed company, the new three-board company's high-transfer plan is simply "outrageous."
In fact, as early as 2014, Jiuding Group launched a plan to transfer 1902.78 shares for every 10 shares, which has become the highest record of the new three-board high transfer.
Compared with the two companies listed in the Shanghai and Shenzhen stock exchanges, there is a huge difference.
First of all, compared with the main board, the company's share capital of the New Third Board is relatively low, the company size is relatively small, and the equity base is small.
Secondly, high transfer has a higher undistributed profit or capital reserve. In the A-share market, the capital accumulation of many companies is highly derived from the performance of the company's own operations, and the new three-board company can use the funds raised.
Thirdly, the New Third Board is very different from the main board, the small and medium board, and the ChiNext. The new three boards are mostly institutional investors. It takes more than two years for retail investors to participate.Stock investmentExperience, and the threshold of funds of more than 5 million. Compared with retail investors, the institutional investors of the New Third Board are more professional and rational.
The New Third Board Company sent a high turnover, many not for the stock price, but for the big share capital. After the implementation of the program, the total share capital of Fire Dance Software will increase from 7,082,600 shares to 142 million shares.
(Article source: WeChat public number new three board forum)