reporter | Zhang Yi
editor |
Wind data shows that excluding new shares listed this week, a total of 67 companies have unlocked restricted shares this week, with a total number of 2.933 billion shares. Calculated based on the latest closing price (the same below), the unlocked market value is 63.95 billion yuan. . China Eastern Logistics (601156.SH) and Yili Shares (600887.SH) both have market values exceeding 10 billion yuan after the ban.
According to the announcement, on June 9, 643 million restricted shares of China Eastern Logistics were listed and circulated, accounting for 40.50% of the total share capital, which was more than four times that of the circulation plate before the ban was lifted, with a market value of approximately 14.113 billion yuan after the ban was lifted.
China Eastern Logistics is a pan-aviation logistics company under China Eastern Airlines (600115.SH). It landed in the capital market a year ago. The shares released this time are the first restricted stocks that have been listed for one year.
The aviation industry has been severely impacted by the COVID-19 epidemic, but aviation logistics has benefited from it. China Eastern Airlines Logistics has experienced rapid growth in the past two years. In 2020, the company's revenue increased by more than 30%, and its net profit tripled to 2.369 billion yuan. In 2021, the company's revenue increased again by 47.09% to 22.227 billion yuan, and the net profit attributable to the parent company was 3.627 billion yuan, a year-on-year increase of 53.12%. In the first quarter of this year, operating income increased again by 46.43%, and net profit attributable to the parent company doubled to 1.374 billion yuan year-on-year.
China Eastern Logistics' gross sales profit margin has increased from 13.24% in 2019 to 33.16% in the first quarter of 2022.
Despite the strong growth in profitability, China Eastern Logistics' stock price performance is mediocre, and the market valuation is not high. The company's issue price was 15.77 yuan/share, which once reached 29.40 yuan/share in the initial stage of listing. Within a year, the stock price fluctuated between 18 yuan and 24 yuan, and the latest closing price was 21.95 yuan/share, an increase of about 40% from the issue price. The company's dynamic price-to-earnings ratio is only 6.3 times. There are five shareholders of
that have been lifted this time. The largest shareholder is Legend Holdings , which holds 287 million shares, accounting for 18.09% of the total share capital. There are also Zhuhai Pudong Logistics Development Co., Ltd., Greenland Financial Investment Holding Group, Debon Logistics and Beijing Qunlian Huicheng Equity Investment Partnership (Limited Partnership). The holding cost of these original shareholders of
is far lower than the issue price, which was 2.87 yuan per share during 2017. Will the relevant shareholders choose to exit after the substantial appreciation of their shares?
The original circulating capital of China Eastern Logistics was only 159 million shares, but now the circulating chips have increased to 643 million shares. If relevant shareholders reduce their holdings, it will inevitably have a big impact on the stock price.
Shareholders of Yili, the leading dairy company, did not make a profit after the ban was lifted this time. On June 9, Yili Co., Ltd. had 318 million fixed-increase restricted shares listed for circulation, accounting for 4.97% of the total share capital, with an unlocked market value of 11.497 billion yuan. This is the company's private placement of shares half a year ago.
This list of shareholders is star-studded, including well-known foreign institutions such as Barclays Bank, Goldman Sachs , UBS , Allianz Global Investors Singapore Ltd., JP Morgan Chase Bank, etc., as well as well-known local institutions China Merchants Securities , China-Thailand Capital Management, E Fund , Gaoyi Asset Management, etc., as well as natural person shareholders and well-known investors Wang Jizhong and Huang Hongli Li, a total of 22 shareholders.
html When Yili raised funds via private placement 16 months ago, Yili shares attracted many institutions to snap up shares. At that time, many institutions quoted prices exceeding 40 yuan/share, and the final placement price was 37.89 yuan/share. These 22 shareholders stood out with higher subscription quotations.Yili shares have performed well in the past two years. In 2021 and the first quarter of 2022, there has been an increase of more than 13%, and the net profit attributable to the parent company has increased by more than 20%.
In this year's A share market, Yili shares are considered a company with relatively stable stock price performance. The stock price has corrected by more than 10%. The above-mentioned private placement shareholders have not yet been able to benefit from this investment.
Overall, there are 7 companies that have unlocked more than 100 million shares. The top three are China Eastern Logistics, Yili Shares, and Olin Biotech (688319.SH).
A total of 11 listed companies with a market value of more than 1 billion yuan have been lifted. In addition to the two above-mentioned 10 billion yuan lifts, Olin Biotechnology, Haoyuan Pharmaceutical (688131.SH), Dangsheng Technology (300073.SZ) followed closely Afterwards, the market values after the ban were lifted were 5.447 billion yuan, 4.274 billion yuan and 3.790 billion yuan respectively.
Among them, Dangsheng Technology is listed for private placement shares. The latest stock price has been inverted with the price of private placement , and shareholders who have lifted the ban have suffered a floating loss of about 14%.
In addition, there are a total of 9 companies whose number of shares in circulation is more than double that before the lifting of the ban. All of them are first-time restricted stocks. Among them, the circulation of Olin Biotech has increased by more than 7 times, and the circulation of China Eastern Logistics has increased by more than 4 times. Due to the large increase in circulating shares, the lifting of restricted shares of such companies has a relatively large impact on their own stock prices.
Judging from the types of unlocked shares, there were 12 IPOs of only original shareholders' restricted shares, 5 IPOs of only strategic allotment shares, 4 simultaneous IPOs of original shareholders' restricted shares and strategic allotment shares, and simultaneous IPOs of general shares and IPO institutions. 10 companies have lifted the ban on placement of shares, 17 companies have placed shares through private placement, 13 companies have restricted shares under equity incentives, and 6 companies have issued shares under equity incentives.
