The Beijing stock exchange will usher in the first peak of lifting the ban since its establishment this month. The data show that the total market value of 20 listed companies is about 53.12 billion yuan.
It is reported that this is the first large-scale lifting of the ban since the opening of the Beijing stock exchange. From the current situation, although some stocks have callback, there has been no significant fluctuation. In the past two months, the restrictions on the sale of three individual stocks of the Beijing stock exchange, senxuan medicine, Jilin Carbon Valley and golden years, have been lifted, and the share price has risen instead of falling.
Brokers told reporters that there is no need to worry too much about this. The probability of this round of lifting of the ban on the Beijing stock exchange causing a significant impact on the market is small. The centralized lifting of the ban in February was mainly caused by the additional extension of the lock-in period of shareholders of the first batch of listed companies at the early selection level for 6 months.
The total market value of Beijing stock exchange was 53.2 billion yuan
According to wind data, in February 2022, a total of 1.014 billion restricted shares of 20 companies listed on the Beijing stock exchange were lifted. Based on the closing price on February 16, the total market value of the lifted shares reached 53.120 billion yuan.
In terms of the scale of lifting the ban of a single company, as of the closing on February 16, 2022, the market value of beiteri and senxuan pharmaceutical accounted for 94.05% of the total scale of lifting the ban of 20 companies.
(picture: list of 20 individual shares lifted by Beijing stock exchange in February 2022 and the number of shares lifted source: wind)
Beiteri is the largest in the market value of these companies, with 332 million shares lifted on February 9. Based on the closing price on February 16, the total market value of the lifted ban is 42.29 billion yuan. The current market value of the company is 50 billion yuan, with a total market value of 50.8 billion yuan.
Followed by senxuan medicine, 345 million shares were lifted on February 9, accounting for 80.92% of the total share capital of the company. Based on the closing price on February 16, the total market value of the lifted ban is 7.67 billion yuan, accounting for more than 80% of the company's current market value.
The market value of the remaining 18 companies is less than 1 billion yuan. Among them, Deyuan pharmaceutical, Kaitian gas, Litong technology, golden years, driving force, Jilin Carbon Valley, Haomiao technology and Fangda Co., Ltd. have lifted the ban with a scale of more than 100 million yuan.
It is understood that the first batch of 32 selected companies were listed in July 2020. In July 2021, the first batch of major shareholders of selected companies ushered in the collective lifting of the ban.
However, due to the low share price of some selected companies after listing, at the end of January 2021, some triggered the clause "if the closing price of the company's shares for 20 consecutive trading days within 6 months after the initial offering is lower than the offering price, or the closing price at the end of 6 months after the offering is lower than the offering price, the lock-in period will be automatically extended for 6 months". As a result, the original 12-month lock-in period of some selected companies has been increased by another 6 months.
Public information shows that in August this year, listed companies on the Beijing stock exchange will also usher in a round of centralized lifting of the ban, which is due to the birth of a number of new listed companies in the selected layer in August 2021.
Limited market impact
From the perspective of the 20 companies involved in the lifting of the ban on shares in February, the current market value of 18 companies has increased significantly compared with that at the time of listing, among which 7 companies such as Jilin Carbon Valley, Changhong energy and senxuan medicine have increased by more than 100%.
So, will this round of lifting the ban have a great impact on the stock price and market value of relevant individual stocks?
In this regard, Zhou Yunnan, founder of Beijing Nanshan investment, told reporters that it is normal for investors to have such concerns, but don't worry too much, because this pressure may be more psychological, and the real market pressure may not be large.
According to Zhou Yunnan, according to the Listing Rules of the Beijing stock exchange, the reduction of more than 5% of shareholders and directors, supervisors and senior executives needs to be pre disclosed at least 15 trading days in advance. If they plan to reduce their holdings by more than 1% within three months, they need to be pre disclosed 30 trading days in advance. This system design of pre disclosure of holdings reduction can also give small and medium-sized investors enough time to deal with it, which is conducive to stabilizing market expectations.
Anxin securities also believes that under the investment principle of "performance is king", the market does not need to worry too much about the pressure of lifting the ban on the company with pre increased performance of the Beijing stock exchange. In the long run, the lifting pressure of blue chip companies has little impact on the market value.
It was listed on the third board of Kechuang on December 22, 2014, and was delisted on December 22, 2014. From the stock price trend after Western Superconducting Technologies Co.Ltd(688122) listing, the stock price of the company fluctuated on July 22, 2020, that is, around the time point when 61% of the shares were lifted, which shows that the market has made a certain response to the large lifting pressure of the company.
"But for a long time, with the company's growth and fulfillment, the company's share price has ushered in a further rise, and the long-term growth investors have achieved relatively higher returns." Anxin Securities believes that for companies with good fundamentals and a long-term positive trend, the lifting pressure has a relatively small impact on the stock price, and investors should hold such companies for a long time.
Lifting the ban does not mean reducing holdings
In fact, lifting the ban does not mean reducing holdings. At the same time, this round of lifting the ban also tests the market value management ability of listed companies.
Zhou Yunnan said that from the perspective of willingness to reduce holdings, the lifting of the ban does not necessarily mean that the holdings will be reduced. In particular, most of the objects of this round of large-scale lifting of the ban are the company's major shareholders, directors, supervisors and other core old shareholders. Even if the holdings will be reduced, the proportion of reduction is expected to be relatively small. It can be seen from the recent announcement of the reduction plan that the actual large-scale reduction intention of major shareholders is small, which may also be closely related to the high growth of enterprises in the Beijing stock exchange as innovative small and medium-sized enterprises, and the reduction intention of core shareholders in the period of rapid development of enterprises is small.
He believes that from the perspective of the reduction process, according to the rules of the Beijing stock exchange, if the restricted shares are lifted, the shareholders of the company need to go through the lifting procedures in advance and disclose the lifting announcement three trading days before the lifting date. However, if the procedures are not completed, the lifted shares cannot be listed and traded; At the same time, the reduction plan must also be disclosed in advance.
From the perspective of the two companies with large scale of lifting the ban this month, the proportion of holdings reduction that has been disclosed recently does not account for a high proportion of the scale of lifting the ban.
On January 7, beiteri announced that eight directors, supervisors and senior managers, including he Xueqin, chairman of the company, Huang Youyuan, vice chairman and Ren Jianguo, general manager, planned to reduce their holdings of 2.07 million shares of the company from February to July this year. Based on the closing price of beiteri on February 16, the cash out amount of the above directors and supervisors may exceed 200 million yuan.
From July to December last year, Huang Youyuan, vice chairman of the company, reduced 172900 shares, Ren Jianguo, general manager, reduced 22300 shares, Huang Yingfang, director, reduced 90000 shares, and Zhang Xiaofeng, Secretary of the board, reduced 139900 shares, with a total reduction of about RMB 30 million.
In addition, on February 9, the ban on 36.74 million shares held by Tong Zhenming, a shareholder of senxuan pharmaceutical with a shareholding ratio of 8.6%, was lifted. That night, senxuan medicine disclosed that Tong Zhenming planned to reduce his holdings of no more than 4.2692 million shares from March 3 to September 2 due to the need of personal funds.
Anxin Securities pointed out that the logical core of whether shareholders reduce their holdings or not lies in the growth and rationality of valuation. On the whole, the main reduction pressure of blue chip companies with good fundamentals is relatively small after the centralized lifting of the ban; Companies with weak growth and high valuation may face relatively large pressure to reduce their holdings.
