Since 2020, the A-share index has fallen too much
As the saying goes, no debt is light, but for some important shareholders of A-share listed companies with a high proportion of pledge, life is not easy.
According to the statistics of China stock market news choice, 5897 equity pledges of important shareholders have been closed, accounting for 26.21%; Another 1320 transactions have reached the early warning line but have not reached the closing position, accounting for 5.87%. As of the closing on March 8, the controlling shareholders of 239 A-share listed companies had pledged their own companies, accounting for more than 80% of their shareholding, a total of 79.396 billion shares, with a pledge market value of 458721 billion yuan.
pledge market value reaches 2.26 trillion
According to the statistics of China stock market news choice, as of March 8, 2022, a total of 1630 A shares had been pledged by the controlling shareholder, with a total of 248639 billion pledged shares and a pledge market value of 2.26 trillion yuan. Among them, the minimum pledge amount is Kunlun Tech Co.Ltd(300418) ( Kunlun Tech Co.Ltd(300418) ) 200000 shares, accounting for only 0.14% of the shareholding proportion of the controlling shareholder; Up to Inner Mongolia Baotou Steel Union Co.Ltd(600010) ( Inner Mongolia Baotou Steel Union Co.Ltd(600010) ) 8351 million shares, accounting for 33.3% of the shares held by the controlling shareholder.
Further, there are 239 A-share listed companies with a pledge proportion of more than 80% by controlling shareholders, involving 79.367 billion shares, with a total corresponding pledge market value of 458721 billion yuan. Among them, taking shenwanyi industry as the reference basis, among the 31 industry classifications, the basic chemical industry and media and entertainment industry have the most listed companies pledged by the controlling shareholders, all of which are 17; The pharmaceutical and biological sector also focused on 16 listed companies, and the pledge rate of controlling shareholders exceeded 90%.
It is worth noting that since 2022, 51 A-share listed companies have prompted important shareholders to reduce their holdings passively, including Ningbo Sunlight Electrical Appliance Co.Ltd(002473) , Zhejiang Reclaim Construction Group Co.Ltd(002586) , Xinjiang Haoyuan Natural Gas Co.Ltd(002700) , Guangdong Rongtai Industry Co.Ltd(600589) , St Jinzheng, Yihua Healthcare Co.Ltd(000150) , etc.
On February 14, Ningbo Sunlight Electrical Appliance Co.Ltd(002473) announced that Ningbo Golden Sunshine electric heating technology Co., Ltd. (hereinafter referred to as golden sunshine), the shareholder of the company, informed by email that due to the breach of the stock pledge business handled by golden sunshine, First Capital Securities Co.Ltd(002797) from January 25, 2022 to February 11, 2022, 984600 shares of the company held by golden sunshine were sold through the secondary market, And may continue to close positions and sell in the future. As of February 14, Jin Yangguang held Ningbo Sunlight Electrical Appliance Co.Ltd(002473) 28015400 shares in total, and has accumulated 244617 million Pledged Shares, accounting for 89.31% of its total shares.
On March 8, Yihua Healthcare Co.Ltd(000150) issued an announcement and recently received the notification letter on passive reduction of shares of the company from Lin Zhenggang, a shareholder holding more than 5%. Lin Zhenggang applied to Jinan Intermediate People’s court for execution to dispose of the Yihua Healthcare Co.Ltd(000150) shares held by him because the stock pledge repurchase handled by Lin Zhenggang to Zhongtai Securities Co.Ltd(600918) involved breach of contract. Within 6 months after 15 trading days from the date of announcement, Yihua Healthcare Co.Ltd(000150) no more than 17553900 shares (2% of the total share capital) will be passively reduced by centralized bidding. As of the date of announcement, Lin Zhenggang held Yihua Healthcare Co.Ltd(000150) 74192100 shares, accounting for 8.45% of the shares of the listed company.
Similar to Xinjiang Haoyuan Natural Gas Co.Ltd(002700) , since Hu Zhongyou, chairman of the board of supervisors, failed to return the share pledge financing of Minsheng securities within the time limit, Minsheng securities will start the default disposal procedure and forcibly reduce the holding of 5.286 million shares of “St Haoyuan” shares in its account (1.25% of the total share capital).
on March 7, 3, Minsheng securities has implemented the disposal procedures for breach of contract. Hu Zhongyou securities account passively reduced Xinjiang Haoyuan Natural Gas Co.Ltd(002700) 110000 shares through centralized bidding trading on that day, with an average reduction price of 3.98 yuan / share. After this equity change, Hu Zhongyou also held 21034000 Xinjiang Haoyuan Natural Gas Co.Ltd(002700) shares, accounting for 4.9793% of the total share capital of the listed company from 5%
real estate and building high pledge
It should be noted that if the listed companies in the relevant industrial chain are included, the total number of A-share companies with a pledge rate of more than 80% in real estate and construction is 24.
In recent years, under the top-level strategic design of real estate without speculation, with the state’s key control over the real estate industry, relevant enterprises in the real estate field have exploded frequently.
In the latest statistics, among the three companies that have real estate businesses in the latest statistics, the controlling shareholders of the Hna Infrastructure Investment Group Co.Ltd(600515) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\thepledge rate of 10 companies is also more than 90%. In addition, there are 14 Listed Companies in the architectural decoration category “shortlisted”. The pledge rate of controlling shareholders of individual shares such as Rightway Holdings Co.Ltd(600321) , Suzhou Yangtze New Materials Co.Ltd(002652) , Shenzhen Universe (Group) Co.Ltd(000023) , Hubei Sanxia New Building Materials Co.Ltd(600293) , Flower King Eco-Engineering Inc(603007) , Misho Ecology & Landscape Co.Ltd(300495) , etc. is 100%.
Among them, Hna Infrastructure Investment Group Co.Ltd(600515) main businesses include airport, real estate, property, etc., and good news has been coming out this year. On January 7, Hna Infrastructure Investment Group Co.Ltd(600515) announced that the corresponding situation of “delisting risk warning” caused by the company’s acceptance of reorganization by the court has been eliminated, and the company will apply to the Shanghai Stock Exchange to cancel the corresponding “delisting risk warning”.
However, the listed company will continue to be superimposed with delisting risk warnings and other risk warnings. The stock abbreviation is still ” Hna Infrastructure Investment Group Co.Ltd(600515) “, and the daily rise and fall limit of stock price is still 5%. As of March 8, the stock price of Hna Infrastructure Investment Group Co.Ltd(600515) year has fallen by 13.91%, but since February, the stock has stabilized, and the stock price fluctuates around 4 yuan / share.
In addition, Vantone Neo Development Group Co.Ltd(600246) , Shenzhen Wongtee International Enterprise Co.Ltd(000056) , Macrolink Culturaltainment Development Co.Ltd(000620) and other real estate stocks, although the pledge rate of controlling shareholders is very high, there is still much room for their share price compared with the previous low.
Among them, Shenzhen Wongtee International Enterprise Co.Ltd(000056) since its launch at the end of December 2021, the range has increased by more than 80%. Its share price once rose from around 4 yuan / share to a three-year high of 9.3 yuan / share, with a high margin of safety.
But in fact, as a veteran real estate enterprise, Shenzhen Wongtee International Enterprise Co.Ltd(000056) recent stock price trend has little to do with the real estate industry. Facing the downward cycle of real estate, Shenzhen Wongtee International Enterprise Co.Ltd(000056) is seeking transformation. Its development strategy is “business management + technology” and layout the semiconductor industry. On March 2, Shenzhen Wongtee International Enterprise Co.Ltd(000056) announced that it planned to invest 50 million yuan in Yuanhe semiconductor at the valuation of 500 million yuan before the investment, holding 9.09% equity.
In contrast, Shanghai New Huang Pu Industrial Group Co.Ltd(600638) , Rightway Holdings Co.Ltd(600321) share prices are weak and hovering at perennial lows. On February 21, Rightway Holdings Co.Ltd(600321) failed to reach the lower limit of the repurchase plan, and then terminated the repurchase of its own shares. In this regard, the Shanghai stock exchange quickly issued an inquiry letter asking Rightway Holdings Co.Ltd(600321) to explain the stock pledge risk of major shareholders and other issues.
On March 9, Rightway Holdings Co.Ltd(600321) replied that the controlling shareholder Zhengyuan real estate took the land and real estate involved in the Beijing project (the assessed value of the collateral is about 12 billion yuan) and other collateral as the main credit enhancement measures, and the pledge of Rightway Holdings Co.Ltd(600321) 358 million shares (accounting for 95.42% of the shares held) as the supplementary credit enhancement measures to finance Dalian Branch of Bohai bank. For the equity pledge, Zhengyuan real estate and Bohai bank did not clearly agree on the relevant terms such as early warning line, closing line and pledge rate. There is no risk that the Pledged Shares need to make up their positions or be forcibly closed due to the reduction of pledge rate.
basic chemical industry is relatively safe
Due to the high increase in the early stage, the controlling shareholders of basic chemical listed companies are relatively safe from the trend of the secondary market.
according to statistics, during this year (as of March 8), the pledge rates of the 17 Listed basic chemical companies Baotou Tomorrow Technology Co.Ltd(600091) , Xinlun New Materials Co.Ltd(002341) , Ningxia Xinri Hengli Steel Wire Rope Co.Ltd(600165) and Ningxia Xinri Hengli Steel Wire Rope Co.Ltd(600165) have almost reached 100%. At the other end, Guangxi Hechi Chemical Co.Ltd(000953) recently, the limit has been raised continuously, and the share price has soared by more than 70% during the year; Far new energy rose by more than nearly 25%, and the stock price was at an all-time high
Specifically, the biggest risk is Baotou Tomorrow Technology Co.Ltd(600091) , which fell by more than 36% during the year, and the share price has been lower than 2 yuan / share for a long time. To make matters worse, 6 Sichuan Lutianhua Company Limited(000912) 020 net profit is negative and the operating income is less than 100 million yuan. The 2020 financial and accounting report is issued with an audit report that cannot express an opinion. According to the preliminary calculation, the operating income of the financial department will continue to be .
If Baotou Tomorrow Technology Co.Ltd(600091) financial products do not have a clear solution, the 2021 financial accounting report may be issued with a non-standard opinion audit report. According to the relevant provisions of the exchange, the listing of the shares of the listed company may be terminated.
In addition, the Pledged Shares of Jiangsu Yabang Dyestuff Co.Ltd(603188) controlling shareholders exceeded 99.99%, and the share price decreased by 24.5% during the year; On March 9, the share price closed at 4.76 yuan / share, a record low since its listing in 2014. On January 27, Jiangsu Yabang Dyestuff Co.Ltd(603188) released the performance forecast for 2021. The net profit is expected to lose 119 million yuan, a decrease of 492 million yuan compared with the same period of last year; After deduction of non profits, Jiangsu Yabang Dyestuff Co.Ltd(603188) net profit is expected to suffer a loss of RMB 338 million, a decrease of RMB 279 million and a year-on-year decrease of 45%.
As early as December 30, 2021, Xu Yunxia, one of the actual controllers of Jiangsu Yabang Dyestuff Co.Ltd(603188) has experienced passive reduction. Xu Yunxia is the chairman and general manager of the listed company. From October 15 to 18, 2021, Xu Yunxia was disposed of Jiangsu Yabang Dyestuff Co.Ltd(603188) 432500 shares held in the account, accounting for 0.075% of the total share capital, with a disposal amount of RMB 2322800. The move stems from the fact that the trust loan between Yabang Group, the controlling shareholder of Jiangsu Yabang Dyestuff Co.Ltd(603188) and Guojing company, is due, and the court disposes of the shares held by Xu Yunxia and pledged in the above debts to repay the debts owed by Yabang Group to Guojing company.
The reporter called the company’s stock price , and the staff said that the company’s stock price is not affected by the stock price held by the company’s listed stock price is not ideal for the above stock price held by the staff of times. At present, the closing line price of the Pledged Shares of the controlling shareholder is unclear, and the notice of closing risk has not been received. If there is the latest situation, the listed company will make an announcement in time.
Generally speaking, although the pledge proportion of basic chemical stocks is high, the risk of closing positions for controlling shareholders is relatively small due to the sharp rise of share prices in recent years. For example, Yuanxin energy, Guangxi Hechi Chemical Co.Ltd(000953) , zangge mining, Qinghai Jinrui Mineral Development Co.Ltd(600714) , Jiangsu Chengxing Phosph-Chemical Co.Ltd(600078) and other stocks are all big bull stocks in the past two years, and the high share price has certain security.
However, since 2022, under the influence of multiple factors, strong oil prices have continued to disturb the market. In this context, let the downstream continue to be under pressure, and the market’s expectations for inflation also change.
among the industries to which Shenwan belongs, three industries rose on March 9, with coal, power equipment and public utilities leading the rise; The industries with the largest decline were real estate, petroleum and petrochemical, with a decline of 3.01% and 2.94%. The basic chemical industry fell by 1.99% on the same day. In the basic chemical industry, the net outflow of main funds throughout the day was 1.94 billion yuan. There were 352 stocks in the industry, 69 of which rose on the same day and 5 of which rose by the limit; 280 fell and 1 fell by the limit
media and entertainment gather ST shares
In contrast, the media and entertainment section is not optimistic. Among the 17 stocks with a pledge rate of more than 80% by the controlling shareholders, most stocks fell to varying degrees, and only China United Travel Co.Ltd(600358) , shengxunda and Xiamen 35.Com Technology Co.Ltd(300051) achieved a rise in share prices.
Further, there are seven cap stocks including Shanghai U9 Game Co.Ltd(600652) , Egls Co.Ltd(002619) , Beijing Shuzhi Technology Co.Ltd(300038) , Whole Easy Internet Technology Co.Ltd(002464) , Shenzhen Liantronics Co.Ltd(300269) , Xiamen 35.Com Technology Co.Ltd(300051) , Hunan Tianrun Digital Entertainment & Cultural Media Co.Ltd(002113) ; As of March 8, Shanghai U9 Game Co.Ltd(600652) , Egls Co.Ltd(002619) still ranked the top two places in the decline list, and the share price fell 41.45% and 41.33% respectively during the year.
There are many star companies here, Shanghai U9 Game Co.Ltd(600652) is one of them. Now the stock is covered with stars and hats, and the equity held by the controlling shareholder has no choice but to be auctioned by the judiciary.
Since the beginning of January, Shanghai U9 Game Co.Ltd(600652) share price has been depressed, and has suffered 12 limit falls so far. On January 27, Shanghai U9 Game Co.Ltd(600652) released a performance forecast, which showed that it was expected to lose 65 million yuan to 80 million yuan in 2021. The listed company had suffered a net profit loss for two consecutive years and its operating income was less than 100 million yuan. Therefore, Shanghai U9 Game Co.Ltd(600652) shares faced the risk of delisting.
Affected by this news, Shanghai U9 Game Co.Ltd(600652) can no longer be stable, and the share price quickly fell below 2 yuan / share and fell to around 1.5 yuan / share.
Behind this, the shares held by Liu Liang and Dai Lin decreased rapidly. On January 7, the Shanghai U9 Game Co.Ltd(600652) 23166400 shares held by Liu Liang have been judicially disposed, accounting for 99.98% of his shares and 2.78% of the total share capital of the listed company.
This equity change is of great significance. Before this judicial disposal, Liu Liang and Dai Lin, who acted in concert, held a total of 53072200 Shanghai U9 Game Co.Ltd(600652) shares, accounting for 6.37% of the total share capital of the listed company; After this judicial disposal, the two only held Shanghai U9 Game Co.Ltd(600652) 29905800 shares, accounting for 3.59% of the total share capital of the company, and the shareholding ratio decreased to less than 5%. As of February 19, Liu Liang and Dai Lin held 170982 million shares of the company, and the total shareholding ratio further decreased to 2.05%.
Today, the market value of Shanghai U9 Game Co.Ltd(600652) is only 1.3 billion yuan, and the wealth of Liu Liang and Dai Lin has shrunk from the peak of 6 billion yuan to less than 30 million yuan. In addition, the Shanghai U9 Game Co.Ltd(600652) 367 million shares held by Dai Lin are being auctioned, with 3757 onlookers and only one person signing up, but the bidder has not bid yet; Another 6075800 shares will start shooting on April 7.
Egls Co.Ltd(002619) the staff of the board office said that almost all the shares held by the controlling shareholders had been pledged and had long been sold out The company has tried its best to save the market, but it still faces no other risks. In order to protect the rights and interests of investors, Egls Co.Ltd(002619) has repeatedly issued delisting risk tips. There is no need to learn from other listed companies and make some painful announcements to stimulate the stock price occasionally at present, the stock price of Egls Co.Ltd(002619) is only 0.9 yuan / share. If it is below the par value for 20 consecutive trading days, it will trigger delisting conditions
In addition to st stocks, H&R Century Union Corporation(000892) , Dasheng Times Cultural Investment Co.Ltd(600892) , Huayi Brothers Media Corporation(300027) , Beijing Tensyn Digital Marketing Technology Joint Stock Company(300392) and other stocks are not optimistic. The pledge ratios of their controlling shareholders are 98.92%, 80.57%, 87.3% and 99.96% respectively. The stock price continues to decline and risks are gathering.
On March 9, Huayi Brothers Media Corporation(300027) share price hit an intraday low of 3.02 yuan, a new low since December 2012; Year to date, Huayi Brothers Media Corporation(300027) accumulated decline of more than 20%. As of February 23, Wang Zhongjun and Wang Zhonglei held Huayi Brothers Media Corporation(300027) 609 billion shares in total, with a shareholding ratio of 21.98%; The two pledged 538 million shares, accounting for 88.28% of their shares. At that time, Huayi Brothers Media Corporation(300027) announced that the shares pledged by Wang Zhongjun and Wang Zhonglei were not disposed of at present, and their share pledge would not lead to the risk of change of actual control of the company.
In terms of operating performance, Huayi Brothers Media Corporation(300027) january 28 announced that the net profit attributable to the parent company in 2021 is expected to be 225209 million yuan ~ 337139 million yuan, compared with a loss of 1.048 billion yuan in the same period of last year, reversing the loss year-on-year; However, after deducting non profits, the amount of Huayi Brothers Media Corporation(300027) loss still reached 927 million yuan to 938 million yuan.
