In July this year, the Science and Technology Innovation Board will usher in a new round of lifting the ban.How to minimize the impact of the centralized lifting of the ban on the company's stock price has become the focus of common attention in the industry.
Wei Fengchun, chief economist of Chuangjin Hexin Fund, said in an interview with a reporter from "Securities Daily", "Inquiry transfer is an institutional innovation and an active exploration of the Sci-Tech Innovation Board's shareholding reduction model. It maintains market stability. , transaction fairness and other aspects have played a positive role.”
According to the announcement of the listed companies, a reporter from Securities Daily has sorted out that so far, a total of 24 batches of shareholders of 18 companies on the Science and Technology Innovation Board have completed inquiries and transfers, successfully “handed over” to professional institutional investors, with a turnover of about 13.2 billion yuan.
Provide a more convenient exit channel
The Science and Technology Innovation Board has created an inquiry transfer mechanism to provide shareholders with a more convenient exit channel while not having a direct impact on the secondary market.
On June 25, Xinfengang released an announcement on the results of the inquiry and transfer. He Hongchen, the company's director and third largest shareholder, transferred 1,819,400 shares, accounting for 1.30% of the total share capital, at a price of 28.5 yuan per share.The transferee is Bosera Fund, Shenzhen Hengtai Rongan Investment Management Co., Ltd. and other 6 institutions.It is worth noting that this is the third inquiry transfer initiated by Xinguang shareholders since May. Before that, Shandong Hi-Tech, the company's state-owned shareholder, transferred 1% and 1.5% of the shares respectively, and the two prices were 21.39 yuan per share, 23.30 yuan per share.
In fact, most of the above-mentioned 18 companies on the Sci-tech Innovation Board are industry leaders with good fundamentals. In addition to the completion of 3 batches of inquiry and transfer by Xinguang shareholders, the 4 shareholders of Tiannai Technology, Western Superconductor, Kingsoft Office and Zhongwei Company are all 2 batches of inquiries and transfers have been completed successively.
When it comes to the inquiry transfer mechanism, a certificate representative of a company that has completed two batches of inquiry transfers told the Securities Daily reporter that the pricing and transaction links of the inquiry transfer on the Science and Technology Innovation Board are fair and transparent, expressing the investor’s confidence in the company. Public evaluation of value.At the same time, the transfer of shares is more than 1% of the total share capital, which also reduces the impact of large-scale reduction of shareholders' shareholding on the stock price.
According to the inquiry transfer rules, the lower limit of the inquiry transfer price shall not be lower than 70% of the average stock transaction price (referred to as the average transaction price) in the 20 trading days prior to the date of sending the subscription invitation letter.The above-mentioned 24 batches of completed inquiries and transfer prices ranged from 70.76% to 96.91% of the average transaction price, with an average of 85% of the average transaction price, of which 16 batches were finally priced above the reserve price.
"Inquiry transfer to a certain extent will make investors have expectations in the price range. With reference to reasonable valuations, the effect is obvious." Chen Li, chief economist of Chuancai Securities, was interviewed by a reporter from "Securities Daily" express.
A variety of reduction methods have their own characteristics
In addition to the inquiry transfer, the common methods for shareholders of the Sci-Tech Innovation Board to reduce their holdings are block transactions and agreement transfers. These three methods of reducing holdings have their own characteristics and will not have a direct impact on the secondary market.
Wind information data shows that as of June 27, the number of large-scale transactions of companies on the Science and Technology Innovation Board this year was 672 million shares, with a transaction value of 30.046 billion yuan.In terms of transfer by agreement, since the beginning of this year, shareholders of two companies on the Science and Technology Innovation Board have completed 3 transfers by agreement. In January and May, Tonghua Dongbao, a shareholder of Tebao Bio, reduced their holdings of the company by 5.04% and 5.0025% respectively through negotiated transfer.
"From the perspective of the three methods of reducing holdings, agreement transfer is more suitable for transactions between shareholders with the same intention and close cooperation, and the pricing is flexible and not restricted by the market environment. Block transactions are more convenient and flexible, and are the mainstream of current market transactions. The block trading market is relatively more active, and the threshold for buyers and sellers to connect is low. Compared with agreement transfers and block transactions, inquiry transfer is open and transparent, the process is clear, and the transfer of ownership is more standardized." express.
"The inquiries for bulk transactions and agreement transfers are relatively simple, and compared with inquiry transfers, the fairness may be slightly lacking. Inquiry transfers are assisted by securities companies to conduct inquiry pricing, which requires quotations from multiple public funds and securities firms. Fairness and rationality are high, and they are more attractive to institutional investors." Wei Fengchun said.
"Compared with the transfer by inquiry, the reduction method of block transactions is more flexible, but the impact on the secondary market is slightly larger than that of transfer by inquiry." Chen Li said.
In addition to the above three ways of reducing holdings, according to the reporter’s understanding, if the listed company on the Science and Technology Innovation Board corresponding to the lifted shares is a constituent company of the Science and Technology Innovation 50 Index, its shareholders can also choose to purchase through ETFs according to their own circumstances. The lifted shares held are converted into the Science and Technology 50ETF Fund.In April 2022, Kechuang 50ETF will be included in the pilot scope of collective subscription business.
"Although this method of reducing holdings can effectively alleviate the pressure of holding reductions, this method is not a direct reduction plan, which requires the full support and approval of the shareholders of the holding reduction. It is also necessary to determine the income of the Kechuang 50ETF while reducing the holdings, which is highly professionally difficult. , the market participation and maturity are both low, resulting in fewer companies currently recognized." The above-mentioned STAR board company representative said.
The lifting of the ban on the small peak has limited impact on the market
Wind information data shows that in July, 10.534 billion shares of the Science and Technology Innovation Board will be lifted, the highest this year, mainly for IPO shares.Based on the closing price on June 27, the market value of the lifting of the ban reached 263.067 billion yuan.
"Although the Science and Technology Innovation Board faced a large number of lifting of bans in July, there is no need to worry too much." Wei Fengchun said, first of all, from the current point of view, the dividends of the stock market are still there.If the overall market goes up and the stock market is thriving, it is expected that shareholders, core employees, directors and senior supervisors may not be willing to reduce their holdings after the ban is lifted.Secondly, my country's industrial transformation and upgrading goals are clear. The Sci-Tech Innovation Board is dominated by growth stocks, which are strongly supported by the state in the long run. In this case, the reduction and transfer of shares may be an occasional behavior.Finally, the introduction of professional institutional shareholders by companies listed on the Science and Technology Innovation Board may be beneficial to the company's growth, promote more perfect corporate governance, and more orderly operations.From an investor's point of view, it is a way of value investing.
Chen Li also believes that, in general, the lifting of the ban on the Science and Technology Innovation Board will not have much impact on the secondary market.Because the market has already had certain expectations, and some companies have adopted the mode of asking price transfer to reduce their holdings, it will buffer the impact on the stock price.
