On February 7, the first day of the opening of A-Shares in the year of the tiger, 390 million restricted shares held by three fixed increase shareholders of Haitong Securities Company Limited(600837) (600837, SH; yesterday’s closing price of 11.60 yuan) – Shanghai Haiyan Investment Management Co., Ltd., Shanghai Electric Group Company Limited(601727) (Group) head office and bright food (Group) Co., Ltd. were listed and circulated.
The price of the additional shares held by the shareholders on December 8, 2020 was determined to be 6008 {835} per share. After two cash dividends, it was reduced to 12.27 yuan per share after fixed price increase and right restoration. Although with the help of the “good start” of A-Shares on February 7, Haitong Securities Company Limited(600837) withstood the listing pressure of restricted shares and closed at 11.60 yuan / share, the current market price still has a floating loss of about 5.4% from the fixed increase price at that time.
It is worth mentioning that according to the data of China stock market news choice financial terminal, in addition to Haitong Securities Company Limited(600837) , the market prices of China Securities Co.Ltd(601066) , Nanjing Securities Co.Ltd(601990) , Xiangcai Co.Ltd(600095) , Tianfeng Securities Co.Ltd(601162) are also lower than the fixed increase price. And Xiangcai Co.Ltd(600095) two fixed increases, both of which fell below the fixed increase price.
781 million shares remain to be lifted
In August 2020, Haitong Securities Company Limited(600837) issued 1.5625 billion A-Shares to 13 specific objects such as Shanghai Guosheng (Group) Co., Ltd., with an issue price of 12.8 yuan per share, raising a total of 20 billion yuan. Participants include foreign investment banks, local listed companies in Shanghai and a group of funds and asset management institutions.
In the early stage, UB sag, Harvest International Asset Management Co., Ltd., China Huarong Asset Management Co., Ltd., Shanghai Dlg Exhibitions & Events Corporation Limited(600826) Co., Ltd., Shanghai Chengtou Holding Co.Ltd(600649) , fuanda Fund Management Co., Ltd., JPMorgan Chase Bank, National Association, Qilu Zhongtai Private Equity Fund Management Co., Ltd The restricted shares with a lock-in period of 6 months held by Bay Area Industrial Finance Investment (Guangzhou) Co., Ltd. were lifted on February 5, 2021. Among the three lifted shareholders, Shanghai Haiyan Investment Management Co., Ltd. holds 234.3 million shares, Shanghai Electric Group Company Limited(601727) (Group) head office holds 78.2031 million shares, and bright food (Group) Co., Ltd. holds 78.125 million shares.
After the lifting of the ban, the restricted shares with a lock-in period of 48 months held by Shanghai Guosheng (Group) Co., Ltd. have not reached the lifting period, with a total of 781 million shares.
After the release of the mid-term report and annual report in 2020, Haitong Securities Company Limited(600837) has carried out cash dividends, including 2.8 yuan for 10 and 2.5 yuan for 10 (both before tax). The cost of fixed increase shareholders fell to 12.27 yuan per share. However, based on the closing price of 11.60 yuan on February 7 Haitong Securities Company Limited(600837) , the floating loss range of the three fixed increase shareholders still reached 5.4%, with a total floating loss of about 260 million yuan.
several bonds were broken after they agreed to increase
According to the data of China stock market news choice financial terminal, except for Haitong Securities Company Limited(600837) , the market prices of China Securities Co.Ltd(601066) , Nanjing Securities Co.Ltd(601990) , Xiangcai Co.Ltd(600095) , Tianfeng Securities Co.Ltd(601162) are also lower than the fixed increase price, and Xiangcai Co.Ltd(600095) has fallen below the fixed increase price twice.
At present, the highest fixed increase floating loss rate is China Securities Co.Ltd(601066) . On December 29, 2020, China Securities Co.Ltd(601066) issued a fixed increase announcement, saying that the additional 110 million shares were issued at a price of 35.21 yuan, and the total amount of funds raised was 3.884 billion yuan. After deducting the issuance cost of 36.2358 million yuan (excluding value-added tax), the actual net amount of funds raised was 3.848 billion yuan. China Securities Co.Ltd(601066) at that time, it was originally decided that the maximum issuance would not exceed 13 billion yuan, but the actual issuance scale was far lower than the expected upper limit.
Even if it is far below the ceiling, China Securities Co.Ltd(601066) has failed to change the decline of stock prices. On February 7, China Securities Co.Ltd(601066) closed at 26.73 yuan per share, and the floating loss of fixed increase shareholders was about 23.17%.
This can also explain why securities companies now prefer stock allotment – in the just completed Citic Securities Company Limited(600030) stock allotment, Citic Securities Company Limited(600030) shares received more than 97% subscription. Maybe ordinary investors don’t like allotment, but for securities companies, replenishing capital through allotment is more operable under general market conditions.
The refinancing pressure of listed securities companies in the year of the tiger is still not small. According to the statistics of China stock market news choice financial terminal, the stock allotment plan has been announced at Orient Securities Company Limited(600958) , Caitong Securities Co.Ltd(601108) , China Industrial Securities Co.Ltd(601377) . According to the current amount of funds to be raised, the total scale is 38.8 billion yuan.
In addition, the additional issuance plans of six securities companies, including Polaris Bay Group Co.Ltd(600155) , Sealand Securities Co.Ltd(000750) , Guangdong Golden Dragon Development Inc(000712) , China Greatwall Securities Co.Ltd(002939) , Sinolink Securities Co.Ltd(600109) , Guangdong Golden Dragon Development Inc(000712) , are on the way, with a total ceiling of about 39.3 billion yuan. The upper limit of the total raised funds is about 78.1 billion yuan.
