A wave of pledge of A shares: over 400% of the controlling shareholder’s pledge rate exceeds 90%
168 companies pledged mortgage stocks reached the liquidation line; the stock size of listed companies’ pledged stocks reached 7.
2 trillion, accounting for nearly 13% of the total market value of A-share listed companies; Huayi’s “brothers” have a relatively high level of pledge in the industry. Recently, Huayi Brothers has stood on the cusp of public opinion.
Due to an announcement of the actual controller’s equity pledge.
Huayi previously plunged.
Huayi Brothers recently responded officially that pledge of equity is not a sell-off of stocks, nor does it mean that they are not optimistic about Huayi’s future, nor will it affect the normal operation of Huayi Brothers.
Some people believe that excessive equity pledges, if not handled properly, will trigger changes in the company’s control and turbulence, and even a “black swan” that may cause market risks.
Since 2018, the Shanghai stock index has fallen from 3587 points at its peak to the recent 3000 points. News of shareholders of listed companies’ equity pledge financing has been repeatedly heard. Recently, some pledged stocks of the controlling shareholders of merged listed companies have been announced that there is a risk of liquidation.Investor market sentiment has taken a hit.
According to statistics from Oriental Fortune Choice, a Beijing News reporter found that as of June 14, the pledge ratio of the controlling shareholders of 424 listed companies exceeded 90%, of which the pledge ratio of the controlling shareholders of 99 listed companies was 100%.
Since June, large companies such as Maiquer and Busen have issued announcements that some of the pledged shares of the controlling shareholder touched the liquidation line and the stocks were suspended.
The amount of equity pledged by listed companies reached 7.
The 2 trillion equity pledge refers to the pledge established by shareholders with their property rights as the subject matter of the pledge. It is a common financing method.
On June 6, Industrial Securities released a research report showing that the scale of equity pledge of listed companies entered a period of rapid expansion since 2014, which increased by nearly one year.
8 trillion. In 2015, 2016, the equity quality deposits of listed companies in 2017 are expected to continue to rise, and the new high-quality deposit scale in 2016 reached a high of 4.
As of June 6, 2018, the stock size of equity pledge of listed companies reached 7.
2 trillion, accounting for nearly 13% of the total market value of listed companies.
The Industrial Securities report shows that from the perspective of the direct scale of equity pledge, the top five industries include machinery, medical and biological, electrical equipment, chemicals, and computers. The total size of pledged A-share listed companies is 8 respectively.
The fair pledged market value accounts for a relatively high proportion of the total market value of the industry. The leverage risks that are overcome include light industry manufacturing, electrical equipment, textiles and clothing, machinery and equipment, and computers, accounting for 36.
8%; especially in the light industry manufacturing industry, the transfer of property rights is widespread within the industry and at a high level.
According to statistics from the Oriental Fortune Choice statistics, as of June 14, a total of 424 listed companies ‘controlling shareholders’ equity pledges exceeded 90%, of which 99 listed companies ‘controlling shareholders’ pledges were 100%.
According to Choice data, among the 424 companies whose controlling shareholder’s equity pledge ratio exceeds 90%, there are 74 companies in the equipment manufacturing industry, 63 in software and information technology service companies, and computer, communications and other electronic equipment manufacturing.The industry is 62.
Over 100 listed companies’ pledged shares of controlling shareholders fell below the liquidation line. According to financial statistics from Flushing, as of June 14, 168 listed companies exceeded the liquidation line of the pledged shares of the controlling shareholder, and their pledged stocks were liquidated.risk.
Since June, according to the announcement of the listed company’s announcement, Maiquer, Busen, Zhongnan Culture, and Ruikang issued listed companies that issued partial announcements that the controlling shareholder’s pledged shares touched the liquidation line and the shares were suspended.
The news that the stocks pledged by the shareholders of the listed company, especially the controlling shareholders, break through the liquidation line often causes fluctuations.
It can be trimmed from the investors’ questions of the Shenzhen Stock Exchange Interactive Exchange and Shanghai Stock Exchange Interactive, the controlling shareholder’s equity pledge ratio, the liquidation line, and whether the shares pledged by the controlling shareholder will be liquidated. These are the key issues that investors are concerned about.
Industrial Securities said in its research report that standard mortgage financing is a normal financing behavior and can obtain more liquidity.
However, when there is a major adjustment 无锡桑拿网 in the secondary market, when the straight-line decline is extended and the forecast price is exceeded, the pledger will notify the pledger to supplement the security deposit or supplementary collateral (optional).
And if it falls below the closing price, or if the pledge financing amount is less than the closing line, the pledger will require the pledger to quickly replenish the deposit or add collateral to the level of the warning line, otherwise the pledger will carry out the closing operation.
A brokerage person told the Beijing News reporter that as the pledger of the listed company’s shareholders, the additional margin will directly affect the short-term liquidity of shareholders’ funds. If a liquidation situation occurs, it may have a certain impact and have a long-term impact on the company.Overall business 苏州桑拿网 development.If the controlling shareholder pledges stocks to sell out, it may also involve the transfer of control.
According to Oriental Fortune Choice data, a reporter from the Beijing News found that out of 424 listed companies whose controlling shareholder’s equity pledge ratio exceeded 90%, the merger of 346 listed companies contracted earlier on January 1, 2018, accounting for sample data.81.
Some of the listed companies with the largest declines were * ST Fukong, which had a decline of 83 before and after the resumption of power.
Among the top ten companies with the largest reductions, seven seats were replaced by listed companies that have implemented delisting risk warnings and have entered the delisting process. The remaining three are Orient, Gudi Technology and Gaosheng Holdings.
From the perspective of market value, since January 1, 2018, the market value of listed companies whose quality assurance ratio of controlling shareholder’s equity exceeds 90% has shrunk significantly.
As of the close of June 14, the total market capitalization of 424 listed companies whose equity pledge ratio was over 90% was 38690.
1.2 billion, a decrease of 9.
From January to June 14, 2018, the Shanghai Composite Index fell by 7.
95%, SZSE Component Index decreased by 8.
66%, the GEM index and the small and medium board index fell by 4 respectively.
53% and 8.
The controlling shareholders did not pledge 88 listed companies, 31 of which were state-owned enterprises and some of the listed companies’ controlling shareholders were “not bad” and did not choose financing channels for pledged shares.
According to Oriental Fortune Choice data, as of June 14, a total of 88 listed companies’ controlling shareholders gradually pledged their shares to 0.
Among them, 31 listed companies are state-owned holding companies.
Among listed companies whose private company’s controlling shareholder’s equity pledge accounts for 0% of their shares, Hailu Heavy Industry is more representative.
Since 2009, the attributable net profit of Hailu Heavy Industry is more than 63.5 million yuan, and the net profit after deduction is also more than 50 million yuan.
The 2018 first quarter report shows that Hailu Heavy Industry achieved operating income4.
$ 5.9 billion, up 141 per year.
26%, attributable net profit of 3069.
20,000 yuan, an annual increase of 48.
57%, net profit after deduction is 2694.
420,000 yuan, an annual increase of 64.
Liang Yuan, president of Shenzhen Noble Capital Management Co., Ltd., told the Beijing News reporter that conventional enterprises are mainly supported by the state’s finances and that liquidity is transferred. From the operating environment of the entire market, state-owned enterprises and central SOEs face less financial pressure.Judging from the state-owned enterprise’s management system and risk control procedures, the state-owned enterprise cannot casually let the controlling shareholder pledge the shares it holds.
The securities broker said that most of the controlling shareholders of private listed companies are also involved in the company’s operations. Once the position is out of control, it will cause distortion and adjustment of the company’s management team, which will affect the company’s normal operation and development to a certain extent.
In the sample, Jianruiwo can “pledge and reduce holdings” in the capital market. It is common for large shareholders to use equity pledge as a financing means to obtain more liquidity. Some listed companies are still in the situation of extremely high proportion of equity pledge.Constant reduction of cash, such as Jianrui Woengeng.
Among the listed companies whose controlling shareholder’s pledge ratio exceeds 90%, there are 36 electrical machinery and equipment manufacturing companies, accounting for 8 of the statistics.
4%, of which Jianruiwo can be criticized by investors.
On the evening of April 11, Jianrui Wengeng announced that its controlling shareholder Guo Hongbao and its concerted parties Ningbo Jianrui New Energy Investment Partnership (Limited Partnership) were gradually pledged5.
9.4 billion shares, accounting for 98 of its total shares in the company.
75%, accounting for 24 of the company’s total share capital.
According to the announcement of Jianrui Woneng, Guo Hongbao replaced the pledge or repurchased shares within the agreed period, and some of the equity mortgages have constituted defaults.
Prior to this, the actual controller Guo Hongbao ran all the way on the way to reduce his holdings.
Guo Hongbao issued a Notice of Reduction Plan to Jianrui Woneng on October 16, 2017, and planned to reduce the company’s shares by no more than 30 million shares through centralized bidding within 6 months after the date of reductionPercentage of the company’s total share capital at that time1.
twenty three%).From November 8, 2017 to November 24, 2017, Guo Hongbao successively reduced its holdings of shares through centralized bidding transactions, with an average reduction of 9.
36 yuan / share, a total reduction of 1301.
990,000 shares, the reduction ratio is 0.
54%, gradually cash out1.
After Guo Hongbao cashed in hundreds of millions of euros before and after, due to the continued sharp decline of Jianrui Ruiwo, it had fallen below the minimum performance protection ratio agreed in the “Stock Pledged Repo Transaction Business Agreement” signed by Guo Hongbao and related securities companies.The pledged shares suffered a strong flat, and the securities company sold 2001 held by Guo Hongbao through centralized bidding transactions.
440,000 shares, accounting for 0 of the total share capital.
83%, Guo Hongbao still holds Jianrui Woneng 11 after passive reduction.
46% of the shares, the actual controller is constantly changing.
A reporter from the Beijing News telephoned Jian Rui Wo Neng’s secretary to the office on the afternoon of June 15th. The other party stated that the situation that the shareholder’s pledged shares broke the liquidation line and needed to supplement the pledge may involve the transfer of control of listed companies.
Huayi’s “brothers” pledge ratio is relatively high in the industry. The research report issued by Industrial Securities shows that in the next few years, the media industry will face a relatively large impact on equity pledge in the short to medium term.
According to Oriental Fortune Choice data, there are a total of 18 listed companies whose radio, television, film, and film recording system operations data can be checked, of which 5 are companies with a controlling shareholder’s pledge amounting to more than 90% of their shares, accounting for the total number of listed companiesOf 27.
According to the incomplete statistics of choice data, from the data of 18 listed companies, the number of pledged by the controlling shareholders of radio, television, film and film and television recording production industry companies accounted for about 53% of their average shareholding.
The Huayi brothers, who have recently been on the cusp, issued 14 announcements on June 12.
The announcement showed that as of June 12, Wang Zhongjun held a total of 6 shares in the company.
1.2 billion shares, accounting for 22 of the company’s total share capital as of March 31, 2018.
The company shares held by Wang Zhongjun were gradually pledged for a total of 5.
2.3 billion shares, accounting for 18 of the company’s total share capital.
Wang Zhonglei holds a total of 1 company shares.
7.2 billion shares, accounting for 6.6% of the previous company’s total share capital
The company shares held by Wang Zhonglei were gradually pledged to a total of 1.
4.7 billion shares, accounting for 5 of the company’s total share capital.
According to preliminary calculations, the brothers of Huayi, the actual controller of Huayi, have pledged 85.
46% of shares are at a high level in the same industry.
The title of the Huayi Brothers Colony, the Wang Brothers pledged equity financing for personal financing needs, intended to be used for project investment and equity investment.
According to media reports, Wang Zhongjun likes art collections and spent 8 trillion to buy art for three years. Wang Zhonglei also invested in companies such as Starlight Entertainment Asia.
The shares of the controlling shareholder of China Digital Media, a listed company that also operates radio, television, film, and film and television recording systems, have not been pledged.
According to the data of Tianyan Inspection, Zhejiang Radio and TV Group indirectly held Huashu Digital TV Media Group Co., Ltd. through Zhejiang Yitong Digital TV Investment Co., Ltd.
Except for Huashu, among the privately held listed film and television companies, the long-term company’s controlling shareholder pledge rate is lower than Huayi.
According to the announcement on May 9th by Guangguang Media, Guangguang Holding’s incremental pledged company shares accounted for 49 of the total number of shares held by the company.
Huanrui Century announced on June 13 that Tianjin Huanrui gradually pledged 41% of its directly held company shares.
94%, accounting for 8.
Beijing News reporter Yanyan Zhang