Photovoltaic leader Longi Green Energy Technology Co.Ltd(601012) (601012. SH), Tianjin Zhonghuan Semiconductor Co.Ltd(002129) (002129. SZ) successively launched a silicon wafer price war, leading to the collapse of photovoltaic equipment leader Wuxi Shangji Automation Co.Ltd(603185) (603185. SH). The share price of the latter fell by more than 50% in two months, and the market value evaporated by more than 50 billion yuan. Today, Wuxi Shangji Automation Co.Ltd(603185) faces the lifting of the ban on a large number of restricted shares of more than 26 billion yuan.
According to the announcement, 171 million initial restricted shares were listed and circulated on Wuxi Shangji Automation Co.Ltd(603185) December 28, accounting for 62.17% of the total share capital, which is 1.67 times that of the circulation before the lifting of the ban. Based on the latest closing price (the same below), the market value of Wuxi Shangji Automation Co.Ltd(603185) lifted this time is 26.597 billion yuan, which is the largest company lifted this week.
In the past two years, the company once had unlimited scenery and was a hot “ten times stock”.
Taking advantage of the photovoltaic heat, Wuxi Shangji Automation Co.Ltd(603185) share price rises all the way with the silicon wafer price, from 22.31 yuan / share at the end of 2019 to 358 yuan / share at the beginning of September 2021, with an increase of 14 times in the range. After that, it took a sharp turn.
The sharp drop in the share price of Wuxi Shangji Automation Co.Ltd(603185) is not only related to the industry price war, but also related to its upcoming large-scale lifting of the ban and the expected reduction of holdings after the lifting of the ban.
The lifting of the ban involves 11 shareholders, including 9 natural person shareholders and 2 legal person shareholders. Including Yang Jianliang, Hang Hong, Yang Hao, Li Xiaodong and Dong Xixing, the actual controllers of the company. The above persons are also the directors and supervisors of the company.
Despite the sharp drop in share prices, the earnings of original shareholders are still high. The issue price of Wuxi Shangji Automation Co.Ltd(603185) was 34.10 yuan / share. After two transfers during the period, the issue price fell to near 19 yuan / share, and the latest closing price of the company was 155.43 yuan / share. Compared with the issue price, the company’s share price has also increased by more than 7 times, not to mention that the holding costs of original shareholders are far lower than the issue price.
Wuxi Shangji Automation Co.Ltd(603185) details of the lifting of restricted shares
In fact, currently Wuxi Shangji Automation Co.Ltd(603185) is in the window period of reducing holdings of many executives. According to the reduction notice on August 19, the company’s deputy general manager Ji Fuhua, chief financial officer Wang Yong and board secretary Zhuang Kejie all put forward the reduction plan. All three hold important positions in Wuxi Shangji Automation Co.Ltd(603185) , and the collective reduction plan also brings pessimistic expectations to the market.
Wuxi Shangji Automation Co.Ltd(603185) executive reduction plan (within 6 months from September 9, 2021)
As of early December, Ji Fuhua had completed the reduction of the top grid. During this round of lifting the ban, he also had 296400 restricted shares to be lifted. In addition, the other two executives can still reduce their holdings, but there is uncertainty about whether to reduce their holdings, the quantity of reduction and the price of reduction.
At present, the price of silicon material and silicon wafer is still high, but it is loose.
Jibang consulting shows that the leading silicon wafer enterprises have lowered their quotations again, driving other enterprises to follow up, and the downstream market is still in a state of adjustment. Silicon wafer enterprises have successively signed orders in January of next year, with a strong bearish atmosphere in the market.
At the annual conference of China’s photovoltaic industry in 2021, Jibang consulting predicted that with the gradual implementation of silicon material production expansion, it is expected that the silicon material price will have an inflection point in mid-2022 and begin to enter the downward channel. In the third and fourth quarters of 2022, the price of silicon material will fall steadily.
Under the resonance of the bearish atmosphere of silicon price and the expectation of lifting the ban, Wuxi Shangji Automation Co.Ltd(603185) aftermarket pressure still exists. However, because the stock price has responded to expectations in advance, the downward space is limited, and its P / E ratio is about 23 times, which has a certain valuation advantage compared with its peers.
Overall, a total of 87 companies lifted the ban on restricted shares this week, with a lifting number of 4.711 billion shares and a lifting market value of 100.485 billion yuan.
Among them, there are 9 listed companies with more than 100 million shares lifted, including Sinomach Heavy Equipment Group Co.Ltd(601399) (601399. SH), Yangmei Chemical Co.Ltd(600691) (600691. SH), Inmyshow Digital Technology (Group) Co.Ltd(600556) (600556. SH), Wasu Media Holding Co.Ltd(000156) (000156. SZ), etc.
There are 24 listed companies with a market value of more than 1 billion yuan. Except for Wuxi Shangji Automation Co.Ltd(603185) , the market value of Inmyshow Digital Technology (Group) Co.Ltd(600556) , Pylon Technologies Co.Ltd(688063) (688063. SH) has exceeded 8 billion yuan, and the market value of Changsha Jingjia Microelectronics Co.Ltd(300474) (300474. SZ), Marssenger Kitchenware Co.Ltd(300894) (300894. SZ), Avic Heavy Machinery Co.Ltd(600765) (600765. SH) has exceeded 4 billion yuan.
Among them, the income of shareholders of nethong concept stock Inmyshow Digital Technology (Group) Co.Ltd(600556) lifted exceeded 380%, and the income of shareholders of chip stock Changsha Jingjia Microelectronics Co.Ltd(300474) also exceeded 350%.
In addition, there were 11 companies whose number of tradable shares was more than double that before the lifting of the ban, including Bingyang technology, Marssenger Kitchenware Co.Ltd(300894) , Fengguang precision (430510. BJ) and Haomiao Technology (831856. BJ), which increased by more than 200%, and were all the first restricted shares. Due to the large increase of circulating shares, the lifting of the restricted shares of such companies has a relatively great impact on their stock prices.
In terms of the types of shares to be lifted, there are 30 restricted shares of the original shareholders, 5 strategic placement shares, 9 general Placement Shares and Placement Shares of the initial institutions, 20 Placement Shares of private placement institutions, 14 equity incentive restricted shares, 8 general equity incentive shares and one non tradable restricted shares.
(interface News)
