Since this year, A-Shares have fallen continuously, and the gem index has fallen by nearly 18%. The hot track stocks fell sharply last year, and some of the two financing businesses and stock pledge of securities companies have repeatedly approached the closing line.
According to statistics, as of February 18, the number of A-share pledged shares was 577.923 billion, accounting for 5.5% of the total share capital, and the market pledge market value was 5140.498 billion yuan. In 2020, the huge credit impairment of securities companies caused by the "explosion" of stock pledge business of more than 32 billion yuan is still vivid. A new round of stock price slump has aroused investors' concerns about the huge credit impairment of securities companies.
new energy and medicine
Cheng equity pledge "hardest hit areas"
According to the statistics of Hithink Royalflush Information Network Co.Ltd(300033) Ifind, according to the average closing line of stock pledge (130%), as of February 18, the Pledged Shares of 901 listed companies were lower than the closing line. Among them, the new energy and pharmaceutical industries became the "hardest hit areas" of stock pledge, with 74 and 54 companies on the list respectively; Real estate followed, with 36 companies pledging shares below the closing line.
Specifically, in terms of new energy sector, the new energy index, photovoltaic industry index, wind power sector and hydrogen energy sector have fallen all the way since the fourth quarter of 2021. Since December 2021, the wind new energy index has once fallen by more than 20%. For Contemporary Amperex Technology Co.Limited(300750) , which has attracted much market attention, the cumulative decline in the five trading days after the Spring Festival holiday this year was about 17.3%, and the market value evaporated by more than 170 billion yuan. However, the share price of Contemporary Amperex Technology Co.Limited(300750) then rebounded rapidly and temporarily fled the warning line.
The stock pledge risk of the pharmaceutical sector is more prominent. According to wind data, star stocks Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Changchun High And New Technology Industries (Group) Inc(000661) , Hangzhou Tigermed Consulting Co.Ltd(300347) and Autek China Inc(300595) have all fallen by more than 30% this year.
In late January, the stock price of Changchun High And New Technology Industries (Group) Inc(000661) fell for four consecutive limits. It was rumored that the two financial "positions" of Changchun High And New Technology Industries (Group) Inc(000661) were "broken", and the stock pledge was close to the closing line. The company specifically responded to this. The company said that after confirming with the pledgor and the company's indirect controlling shareholder Longxiang Investment Holding Group Co., Ltd. and Changchun New Area Development Group Co., Ltd., the relevant shareholders will take supplementary guarantee measures such as supplementary property mortgage, supplementary guarantee and prepayment to ensure that the mortgagee will not take the means of closing positions.
Some listed companies were forced to close their positions because their shareholders could not supplement the pledge in time. On December 16, 2021, Guizhou Bailing Group Pharmaceutical Co.Ltd(002424) announced that Jiang Yong, a shareholder holding more than 5% of the company, would auction 22997200 shares held by him through asset judicial auction to solve the debt problem due to the debt problem with Galaxy Securities, the creditor.
As of the closing on February 18, based on the shenwanyi industry as the reference basis, among the 31 industry categories, the sector with the most stock pledge transactions was pharmaceutical biology, with a total of 2176 pledges involving 244 listed companies, and the number of pledged shares involved was only second to the real estate industry, reaching 34.25 billion shares.
pressure drop scale has become
theme of securities companies' stock pledge business
In fact, after the rapid development and rapid progress in scale in the early stage, the equity pledge business of securities companies has ushered in a new stage of intensive introduction of policies and stricter business supervision. The stock pledge business of securities companies has entered a contraction period, and the pressure drop scale has become the main theme of the stock pledge business of securities companies in recent years.
A person from a small and medium-sized securities company in the North said that at present, the risk control and compliance are relatively strict. The stock pledge business of most small and medium-sized securities companies is light, and the stock pledge is generally concentrated in large and medium-sized securities companies.
According to statistics, as of February 18, Citic Securities Company Limited(600030) ranked first in the latest market value of stock pledge, with RMB 169.6 billion, Haitong Securities Company Limited(600837) , Guotai Junan Securities Co.Ltd(601211) ranked second and third with RMB 145.458 billion and 121.783 billion respectively.
From the overall situation of the current disclosure of data, in 2021, the securities industry will usher in a "harvest year", and only a few securities companies' net profits have declined. Among them, Central China Securities Co.Ltd(601375) , Orient Securities Company Limited(600958) , Guoyuan Securities Company Limited(000728) , Everbright Securities Company Limited(601788) and other securities companies have disclosed the provision for asset impairment in 2021, Central China Securities Co.Ltd(601375) , Orient Securities Company Limited(600958) , Guoyuan Securities Company Limited(000728) , Sealand Securities Co.Ltd(000750) are mainly dragged down by the stock pledge repo business.
Faced with the risks brought by the equity pledge business, Huatai Securities Co.Ltd(601688) once released a research report and analyzed it, "Head securities companies usually have large business volume and low concentration. Even if they encounter some risk situations due to relatively radical risk control standards, they can control the relevant proportion at a controllable level. However, small and medium-sized securities companies have relatively small asset volume and high concentration. The proportion of risk projects of some radical small and medium-sized securities companies is significantly higher than that of peers. Under the background that the stock risk has not been fully resolved, There are certain risks. "
According to the above-mentioned securities companies, although shareholders often "burst their positions" and defaulted on the occasion of the market downturn, which has caused a considerable drag on the profits of securities companies, stock pledge is one of the most important gold absorption sectors outside the traditional business of securities companies, "Money is quick and easy to make money. Moreover, after the credit impairment of more than 32 billion yuan was accrued in the whole industry in 2020, the credit risk left over by history has been basically cleared, and many small and medium-sized securities companies also want to grab this cake."
