In October last year, as Shenzhen’s state-owned assets invested in listed companies and fired the first shot of stock pledge relief, regulators from all parties have spoken out and set up special fund for pledge relief through various financial institutions, in order to resolve the risk of pledge A shares stock pledge. As of now, the total scale of various types of relief funds has reached nearly 700 billion yuan.
At the same time, since the beginning of the Year of the Pig, A-shares have launched a spring offensive. From February 11 to 22, the total market value of A-shares soared by 3.6 trillion yuan in 10 trading days. The risk of equity pledge that has attracted much attention last year has gradually eased as the stock price soared sharply.
Choice data shows that since the Shenzhen government announced the arrangement of tens of billions of relief funds on October 13, 2018, 125 listed companies in A-shares have disclosed the aid announcement and 63 have completed the implementation. More than 60 companies that have completed the aid, the average cumulative share price increase has reached 19.17% since February this year (February 1 to 11), with a total market value of 70.108 billion yuan. The average market value of each company that has completed the aid has increased by nearly 1.113 billion yuan.
With the market value of equity pledges in the A-share market, it has gradually dropped from 6 trillion yuan at its peak in 2018 to 4.82 trillion yuan (February 22 this year), while the number of pledged shares has dropped from 632.9 billion yuan at the beginning of January this year to 629 billion yuan, a decrease of 3.9 billion yuan. It can be seen that as the number of pledged shares decreases, the relief measures implemented in response to the equity pledge crisis have shown initial results.
has been bailed for the market value of enterprises to grow
Since 2018, the scale and proportion of stock pledges of listed companies in private enterprises have reached historical highs, with the total market value of pledges of major shareholders being about 4 trillion yuan. The frequency of equity freezing is significantly higher than in the past few years, and the risk of closing positions has been deteriorating.
As of December 21, 2018, among the 3,566 A-share listed companies, 3,074 companies had pledged shares, and the total market value of stock pledges was 4.3 trillion. Among them, the situation where stock pledges are pledges of controlling shareholders is particularly worthy of attention. The excessive pledge ratio of controlling shareholders may reflect the tight liquidity of shareholders and the lack of financing channels. It causes concentrated financial pressure during the release period, triggering the risk of closing positions when the stock price falls, affecting the stability of the company's control.
Against this background, on October 13 last year, the Shenzhen government announced that it would arrange tens of billions of relief funds to invest in listed companies, firing the first shot of stock pledge relief. Choice data shows that as of now, 125 listed companies in A-shares have disclosed assistance announcements, 63 have been implemented, and SME Board and GEM companies have become the mainstream of assistance.
Tianfeng Securities sorted out that as of now, the total scale of various types of relief funds has reached nearly 700 billion yuan, including: the total scale of relief special funds established by the governments in Shenzhen, Beijing, Shanghai and other places is approximately 353.7 billion yuan; the total scale of securities asset management funds and relief funds is approximately 217.7 billion yuan; the scale of relief special products established by insurance asset management is 108.3 billion yuan; the total scale of relief special bonds established by the Shanghai and Shenzhen Stock Exchanges issuing a total of 1.8 billion yuan. What is the current effect after the
bailout funds enter? Securities Times e Company sorted out the recent situation of 63 listed companies that have completed the support of relief funds. It found that with the continuous rise in stock markets since February this year, the valuation of A-share companies has been greatly restored, and listed companies favored by the relief funds have achieved valuation repair.
htmlFebruary 11 to 22, the total market value of A-shares soared by 3.6 trillion yuan in 10 trading days. Since February this year (February 1 to 11), the 63 A-share companies that have completed the support of relief funds have averaged 19.17%, with a total market value of 70.108 billion yuan. The average market value of each company that has completed the assistance has increased by nearly 1.113 billion yuan. The stock price increase of the above-mentioned companies has been higher than the increase of the Shanghai and Shenzhen 300 Index (9.95%) and CSI 500 Index (14.39%) during the same period.Specifically, the above 63 companies that have completed relief support have 29 companies with a rise of more than 20% since February this year, and 7 companies with a rise of more than 30%, accounting for 46% and 11% respectively. Among them, , Victory Precision rose by as much as 46% during the same period, ranking first.
Shengli Precision was established in 2005. Its registered address is Suzhou High-tech Zone. Its main business is precision manufacturing, intelligent manufacturing and new energy. Most of the customers it serves are foreign companies. According to the pledge data before the bailout, Shengli Precision controlling shareholder Gao Yugen holds approximately 942 million shares of the company, with a shareholding ratio of 27.37%, of which approximately 883 million shares are pledged, and the pledged shares account for approximately 94% of his shares.As the stock price fell last year, the assets of major shareholders shrank by more than 70%, and most equity pledges have been overdue.
In December last year, Dongwu Securities provided liquidity support to Victory Precision through a bailout fund. According to the agreement, the bailout fund acquired 173 million shares held by Gao Yugen at a price of 3.07 yuan per share, with a total transfer price of 531.1 million yuan. The fund's first equity transfer amount of 110 million yuan will be used to repay the equity pledge amount owed by Gao Yugen. The subsequent funds will be paid separately after the relevant pledge holder lifts the corresponding number of shares. All funds of the aforementioned transaction will be used to pay the pledgee's equity pledge arrears.
Currently, the relief funds have arrived, and the equity pledge balance of the actual controller of Shengli Precision has been reduced, reducing the pledge of 173 million shares and reducing the pledge balance of 426.5 million yuan, promptly alleviating the liquidity pressure of the actual controller. The share price of Shengli Precision also rebounded from 2.25 yuan at the beginning of January this year to the latest share price of 3.39 yuan. Based on the transfer price of 3.07 yuan, the bailout fund has currently made a floating profit of 55.36 million yuan. The pledge ratio of
has dropped significantly
Victory Precision's case is just a "small test" of relief funds.
From the perspective of market value, among the 63 listed companies that have completed the implementation of relief funds, their market value has increased significantly since February with the current spring offensive market. The market value of 18 companies increased by more than 1 billion yuan, the market value of 9 companies increased by more than 2 billion yuan, and the market value of 6 companies increased by more than 3 billion yuan. Among them, Tongwei Co., Ltd., which has the largest market value growth since February, has increased by 9.861 billion yuan.
Tongwei Co., Ltd. is one of the top 500 private enterprises in China and is a large domestic private technology enterprise with new energy and agriculture as its main businesses. In November last year, China Life Assets purchased 73.976 million shares of Tongwei Co., Ltd. through the "China Life Assets-Phoenix Series Special Products" account in the form of bulk transactions, accounting for 1.91% of the total share capital. With the approximately 3.09% of the shares it has already held, China Life Assets has purchased a total of 5% of the company's shares through entrusted management funds, becoming the second largest shareholder of the listed company.
This time the increase in holdings was also interpreted by the market as the first order for insurance relief funds to enter the market. "China Life Assets-Phoenix Series Special Products" is the first special product in the insurance industry to participate in resolving stock pledge risks and was established at the end of October last year, with a target scale of 20 billion.
According to the bulk transactions disclosed by Tongwei Co., Ltd., on November 30 last year, the average transaction price of the three transactions purchased by China Life Assets in Tongwei Co., Ltd. was 9.59% off compared with the closing of 8.48 yuan on the same day. According to the latest closing price of Tongwei Stock 13.29 yuan, China Life Assets's increase in holdings has increased by 57% so far, while State-owned Assets' assets have made a floating profit of 416 million yuan.
So what is the overall effect after the current bailout funds are injected? Choice data shows that the market value of equity pledged in the entire market of A-shares has gradually dropped from 6 trillion yuan at its peak in 2018 to 4.82 trillion yuan (February 22 this year), while the number of pledged shares has dropped from 632.9 billion yuan at the beginning of January this year to 629 billion yuan, a decrease of 3.9 billion yuan.
At the same time, among the 63 A-share companies that have completed the implementation of relief funds, the share pledge ratio of listed companies has declined simultaneously. Choice data shows the latest pledge situation. Jinyi Culture's cumulative pledged shares accounted for 53.32%, ranking first; Huachangda, which followed closely behind, was 50.92%, and the pledge ratio of the other companies has been lower than 50%.
Zhongshan Securities pointed out that the sharp decline in the scale of equity pledge is due to a series of intervention measures taken some time ago, such as establishing a bailout fund and financing enterprises. At the same time, the company also took the initiative to release the debt and narrow the scale. Of course, the most important thing is that the stock market gradually stabilizes and rebounds, and the probability of unblocking will naturally increase, and market risks will be resolved. The data of
Tianfeng Securities also confirms the effectiveness of the relief funds to reduce the pledge ratio. Comparison of the stock pledge data on October 18, 2018 and January 14, 2019 when Shenzhen State-owned Assets launched a relief plan. The results show that the proportion of the pledge transactions in stock pledge transactions that fell below the closing line 0-30% of the stock pledge transactions on the day, from 21.93% in October last year to 16.93% in January this year; the proportion of the pledge transactions that fell below the closing line by more than 50%, from 4.59% to 3.22%.
The current share of the business whose stock price fell below the closing line has decreased significantly, which means that since the implementation of the relief plan, the risk of closing stock pledge of listed companies has eased. The relief measures implemented in response to the equity pledge crisis have shown initial results.
The fundamentals of the companies that have been bailed are not bad
Currently, the investment model of the bailout fund mainly includes several major models such as the acquisition of equity of listed companies, the participation of state-owned assets in listed companies' private placement, the restructuring of the controlling shareholder of listed companies, the acquisition of pledged stocks or the direct provision of loans, debt-to-equity conversion/debt-debt restructuring, etc., aiming to alleviate the liquidity pressure caused by stock pledge risks for listed companies through replenishing funds, providing strategic resource integration, and reducing liabilities.
It is worth noting that since the state encourages relief funds to help private enterprises resolve financing difficulties, the CSRC emphasized that financial investment should be made when investing in the relief funds and do not seek control of listed companies.
Judging from the 63 A-share companies that have completed the injection of relief funds, pledge financing and equity transfer are the main models, among which pledge financing models account for more than 80%. Specifically, Shenzhen State-owned Assets provides pledge financing to the aforementioned listed companies through its subsidiary Shenzhen Hi-Tech Investment Group, Shenzhen Hi-Tech Investment Microfinance Company, Shenzhen Hi-Tech Investment Guarantee Group, and Shenzhen Small and Medium Enterprise Credit Financing Guarantee Group, and accumulated pledged shares of 1.505 billion shares.
Which kind of company is more favored by bailout funds? China Merchants Securities pointed out that relief funds prefer to invest in companies with medium market value, with stable fundamentals of companies and individual indicators maintain a high growth rate. The company's performance has highlights in terms of comprehensive revenue and profit.
According to the performance forecast, among the 63 listed companies that have completed the implementation of relief funds, 16 companies are expected to increase their net profit by more than 50% last year, and 8 companies have increased their net profit by more than 100%, including Diou Home Furnishing, and Xinlun Technology expects to increase their net profit by as high as 610% and 580% last year.
On December 12, West China Securities invested to establish a "Stock Industry Supports Private Enterprise Development Series West China Securities No. 1 Single Asset Management Plan" with a scale of 1 billion yuan. Through pledge financing, the above-mentioned products completed the first funding of relief funds on December 17 last year, providing financial support to shareholders of Diou Home Furnishing, while Diou Home Furnishing pledged 41.1 million shares to West China Securities.
From the industry perspective, the investment direction of relief funds is more preferred in innovation areas. Judging from the distribution of Shenwan's first-level industry, the companies suffering from relief belong to the machinery and equipment industry at most, followed by chemical industry, pharmaceutical and biology, media, computer industry, agriculture, forestry, animal husbandry and fishery industries. From a regional perspective, the companies suffering from relief are currently mainly enterprises in developed coastal provinces and cities. Currently, the main concentrated areas of the companies suffering from relief are Beijing, Jiangsu, Zhejiang, Guangdong and Henan .
However, many institutions pointed out that the risk relief work of listed companies' stock pledge will not be achieved overnight or once and for all, and requires long-term combat. Although short-term emergency measures for relief funds are important, further preventing and controlling the risk of equity pledge must start from improving the management system and improving the quality of listed companies, and build a long-term mechanism to resolve equity pledge risks.
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