As the most distinctive hype theme in the A-share market, the "unknown and serious" annual hype theme of high-send transfer to has once again entered the warm-up stage. This year, 32 companies have launched high-send transfer plans, and 2 companies have launched The plan of giving away 10 shares to 30 shares has tied the historical record of high gift transfers for A shares and . However, there are still more than 3 months left until the end of the annual report disclosure.
What’s important is that this year’s high-send transfers have three major differences from previous years:
First, the starting price of this year’s high-send transfers is higher , starting with 10 to 20 this year. What’s more important is that two companies have launched 10 to 30 High allocation plan;
Secondly, there are many companies that only transfer but not send this year, except Donghua Software Company announced a bonus of 10 shares for every 10 shares, while the other 31 companies only transferred shares to increase share capital and distributed cash. This has also become an anomaly in this year’s theme of high bonuses;
The third company launched a bonus program this year and received There are particularly many regulatory letters. Since last year, the exchange has been paying close attention to high-speed transfers and has issued letters of concern and inquiries to many companies that have released high-speed transfer plans. This year, such letters of concern have been sent intensively.
Although it has never been known how Gao Sen Zhuan became a positive factor for stocks, and although regulators have repeatedly issued various Gao Sen Zhuan inquiry letters in an attempt to guide investors to view Gao Sen Zhuan rationally, But it still cannot dispel the enthusiasm for chasing high-quality transfers in the secondary market. Faced with the ability of high-quality transfers to create wealth and the incomprehensible characteristics of A-shares, one can probably only say, "Although I don't know why it is a good thing, the stock price will It’s right to go up!”
A-shares’ 10-year high returns are turning into an arms race
High transfer is probably the cheapest market value management method. You don’t have to work hard to communicate with investors like a Chinese company, and you don’t need to engage in mergers, acquisitions, reorganizations, and private capital raising. You can even save the effort of doing PPT and a few accounting entries. A single company announcement can affect the stock price expectations in the secondary market, and it may even trigger several daily limit increases. Everyone can use something as good as
, but after frequent use, the A-share market quickly formed an aesthetic fatigue and an arms race. In recent years, the threshold for high gift transfers has been increasingly raised. At first, even 10 for free and 5 for transfer could attract funds. Note that later on, 10-for-10 transfers were called high-send transfers, but in the past two years, people who didn’t have 10-for-10 transfers were embarrassed to call themselves high-send transfers.
data can also support this intuitive feeling.
According to statistics from China Securities Journal, since 2006, A-shares have launched a "10-for-10-for-10-plus" distribution plan, which has increased year by year from 25 in 2006 to an astonishing 338 stocks in 2015. At the end of 2015, there were 2,807 stocks.
This means that in 2015, stocks with high bonuses and transfers accounted for 12.04%, and almost one out of every eight A-shares announced high bonuses and transfers. If high bonuses and transfers are representative of growth, then high-growth stocks in A-shares It can be said to be everywhere.
In addition, the threshold for "top allocation" of A-shares with high bonuses has also been raised. It has changed from "10 bonuses to 10", which was the highest 10 years ago, to "10 bonuses to 30" in 2015. It is not yet known whether this will be the case in 2016. This record will be refreshed. It is worth mentioning that in 2015, a total of 115 stocks launched distribution plans that were more than "10 for free and transferred to 15". In comparison, 10 for free and transferred to 10 is obviously not enough.
Considering that the annual report disclosure period ends at the end of April, it is not yet possible to judge whether this year's high transfer intensity can fully surpass that of 2015.
2016High gift transfer, starting price of 20% for 10% off
Although the annual report disclosure period has just begun, 32 listed companies have already eagerly released high gift transfer plans, and 2 of them have launched a "10% off for 30% off" allocation. The plan and transfer intensity are already in line with the highest level in 2015.
Among the 32 companies, only Donghua Software announced a 10-for-10 share transfer, and the remaining 31 companies were all converting shares. Among them, 21 companies announced a 10-to-15 bonus, 14 companies announced a 10-to-20 bonus, and 8 companies announced a 10-to-15 bonus. 25 and above, among which Easytech and Jinli Technology announced that every 10 shares will be converted into 30 shares.
In terms of sector distribution, the 32 stocks with high sales volume are currently concentrated in the electronics, electrical equipment and media sectors, and they are all small and medium-cap stocks. The average market value is only 14 billion yuan, of which 12 companies have a market value of no more than 10 billion yuan. .
Easy is currently the leader in high-delivery transfer.On November 28, 2016, the company issued an announcement saying that it intends to use the total share capital on December 31, 2016 as the base, and to distribute cash dividends of all shareholders of RMB 0.90 (including tax) every 10 shares; Shareholders increased by 30 shares per 10 shares. Since November, the special stock price of Yihe has risen by 76.62%, and has risen by 50.16%since December. It is worth noting that
is worth noting that despite the announcement of high transfer announcements, the annual report performance of three stocks including Ruizawa, Yonghe Zhikong and Youa shares in Hainan has the risk of decline. Stocks, but the company's performance preview states that the company's net profit in 2016 is expected to have a growth of -24.02%to 1.31%year-on-year, and the lower limit of the performance growth of Yonghe Zhikong and You A shares will also be -10%and -5, respectively. %.
data shows that the above 32 high -delivery transfer stocks have increased by an average of 9.93%since November, and the median increase has reached 5.05%. It has risen by 89.43%. The high transfer plan launched by the stock is "10 rpm and 28 parts 1 yuan."
will only transfer to the company to become the mainstream
0 this year, but this year will only be transferred.
carefully investors may find that among the 32 high -transfer companies this year, except for Donghua Software, which announced 10 shares per 10 shares, the remaining 31 stocks only have increased share capital and distribution. A high phenomenon in the theme of this year. Compared with historical data,
has been rarely appeared in high transfer of shares, but the situation with shares and conversion ratio as low as 1:32 has not yet appeared. The data shows that 33 of 33 high -transfer stocks in 2015 involved the share delivery, accounting for about 10%. In 2014, more than 306 high -transfer transfer of individual stocks involved the share delivery. It was about 13.07%. In 2013, there were 173 high -transfer stocks, of which 23 stocks involved high transfer, accounting for about 13.29%. Why do so many companies choose to transfer stocks instead of shares? On the one hand, it may be considered in tax saving consideration, and on the other hand, it may be considered by the perspective of supervision.
In financially, it is considered a distribution method for shareholders' net profit. The distribution of funds is from retaining income. Tax. In contrast, the transfer of stocks means that the company transforms capital reserve into a share capital. It is the internal structural adjustment of shareholders' equity and does not need to be taxed. From the perspective of tax -saving, listed companies prefer to turn on shares rather than sending shares.
Exchange densely publishes concern and inquiry letter
, in addition, the regulatory layer has a stricter regulatory attitude towards listed companies, and has also become one of the consideration factors for high -delivery of listed companies.
On November 23, 2016, the Shenzhen Stock Exchange's website issued a document to modify the format of the high -delivery plan announcement. It is required that the high -transfer announcement must disclose the preview of the performance. The company's high proportion of delivery ", the new announcement format includes the following content:
1) Combining business performance growth in combination with the company's industry characteristics, company development stage, business model, revenue during the reporting period, and net profit growth rate, future development strategy, etc. Explain whether the high -proportion transfer scheme matches the company's performance growth.
2) The non -recurring profit and loss during the reporting period has a greater impact on the company's performance (more than 30%of net profit), and its amount should be explained.
3) If a company that pre -discloses a high -proportion transfer scheme has not disclosed the reporting period of the reporting period, it shall also disclose the performance preview at the same time.
4) In principle, the company's high proportion of the company's high proportion of the company's high proportion is not supported (net profit decreased by more than 50%year -on -year). If the loss or performance declines sharply, the company discloses the high -proportion transfer plan, and it shall fully disclose the performance data of the year (when disclosed the disclosure of the semi -annual high -proportion transfer plan) or the next half of the year (when disclosed the annual high ratio transit plan) performance forecast data, calculation data, calculation Process, relevant indicators, and basis, this prediction must be reviewed by the company's board of directors.
is also worth noting that the exchange has been paying close attention to high transfers since last year, and has issued a attention letter and inquiry letter to a number of companies that publish high transfer solutions. This year's follow -up letter is densely sent.Up to now, many companies such as Zhiguang Electric, Leo Co., Ltd., Hailide, Julong Pipe Industry, Tianlong Group and other companies have received inquiry letters from the exchange. The inquiry focuses on whether the high transfer plan is consistent with the company's growth. match. Is
's high free transfer a "price illusion"?
In the propaganda of the regulatory authorities, investors have always been advised not to speculate on high transfers, but this seems to be of no use.
The Investor Education Center of the Shenzhen Stock Exchange released news at the end of 2015 that "high transfers" have no substantial impact on shareholder rights and the company's profitability. Investors need to understand the essence of "high transfers" and fully understand Investment risks under the concept of "high transfer" to avoid losses caused by following the trend of speculation
Similarly, in the In the research reports on the high transfer, professional analysts will also tell investors very seriously that the high transfer is only an internal adjustment of shareholders' equity and will not affect the company's return on net assets, nor will it affect the company's fundamental operating conditions. To put it bluntly, the problem of high transfer is actually similar to the question of who is more valuable, 1 hundred yuan or 10 yuan.
However, each company has a problem. After securities companies remind investors of the risks, they will still remind investors not to miss the high-send transfer market, and there are various methods to help investors screen high-send transfer potential stocks - because this is indeed a hot spot
Yes, high-send transfers. This is the theme of "although there is no benefit, but it will rise"
But why is the high discount transferred? Will it rise? There are currently two explanations popular in the
market. One is the high growth signal theory, and the other is the liquidity improvement theory. The former believes that high returns send positive signals to the market that future performance will maintain high growth; Some believe that Gaofengzhuan reduces the company's stock price and improves stock liquidity by sending shares.
Northeast Securities. A research report believes that both hypotheses are insufficient to explain, and believes that investors’ “price illusion” and reflexivity towards the nominal price of stocks have led to high stock prices in the A-share market.
Northeast Securities said that investment. Investors irrationally believe that stocks become cheaper after the nominal price decreases, and are therefore willing to pay higher premiums for stocks with high dividend expectations. In terms of "reflexivity", after investors observe the phenomenon of high-send transfer companies being sought after in previous years, even investors who are unwilling to pay a premium for cheap name prices will form a "high-send transfer = rising stock price"
There is a saying in Cantonese called "Listen to the past and don't refute the past", which means to listen to the story and don't refute it. story, otherwise there would be no way to tell the story. The hype of high-speed transfers in A-shares is probably the A-share version of "listen to the past and don't refute the past." If we really want to study the details of high-speed transfers, I'm afraid there will only be a lot of black people. Question mark - is this okay?
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