Reporter of the Economic Business: Wang Haimin Reporter of the Economic Business Business: He Jianling
Picture source: Photo Network
With the end of this round of "group stocks" market, the risks of stock pledges conducted by some major shareholders of "group stocks" when the stock price is high have also begun to emerge.
According to Choice data statistics, the closing lines of multiple stock pledge businesses carried out by major shareholders of "Titanium Dioxide Mag" Longmang Baili and "Electronic Mag" Luxshare Precision from January to February this year were about 29 yuan and 38 yuan respectively.
As of today (March 23), the closing prices of Longmang Baili and Luxshare Precision were 28 yuan and 34.35 yuan respectively, which means that the above-mentioned multiple stock pledge businesses may have fallen below the closing line. In addition, according to statistics, the stock prices of many "group stocks" such as Aier Eye Hospital, Zhongju Hi-Tech , have also fallen below the stock pledge warning line.
"group stocks" stock pledge risks gradually emerged
Before this year's Spring Festival, institutions' "group stocks" had experienced a long-lasting market "honeymoon period", and many major shareholders of "group stocks" also chose to pledge their stocks to "cash out" when the stock price was high.
Data source: Choice
According to Choice data statistics, since December last year, more than 20 controlling shareholders of "group stocks" have carried out stock pledge business.
However, with the end of this round of "group stocks" market, the risks of stock pledges conducted by some major shareholders of "group stocks" when the stock price is high have also begun to emerge.
According to Choice data statistics, as of today's closing, the major shareholders of "Electronic Maple" Luxshare Precision and "Titanium Dioxide Maple" Longmang Baili may have fallen below the closing line between January and February this year.
Image source: Choice
For example, according to Choice data statistics, between January and February this year, Xu Gang and Tan Ruiqing, among the top ten shareholders of Longmang Baili , have made 9 stock pledges, of which 5 have closed the position line of about 29 yuan. Among these five stock pledges, 3 were from controlling shareholder Xu Gang, and the pledged shares accounted for a total of 23.9% of his shares. Today, the stock price of Longmang Baili closed at 28 yuan, falling below the closing line of the above five stock pledges.
Image source: Choice Data
Between January and February this year, Luxshare Precision largest shareholder Luxshare Co., Ltd. has made 4 stock pledges, of which 2 of the closing line is about 38 yuan, and the pledged shares account for a total of 2.8% of its shares. With the company's stock price continuing to fall recently, the company's stock price closed at 34.35 yuan today, which has fallen below the closing line of these two stock pledges.
In addition, according to Choice data statistics, as of today's closing, the stock prices of many "group stocks" such as Aier Eye Hospital, Zhongju Hi-Tech , Great Wall Motors, etc. have also fallen below the warning line for the company's major shareholder pledged shares in the previous period, and the situation is not optimistic.
On the eve of today's closing, a reporter from "Daily Economic News" called the secretary of the board of directors published by Longmang Baili . The relevant staff of the company repeatedly told reporters that several stock pledge businesses done by the company's major shareholders have not yet fallen below the closing line. "If there is a risk of falling below the closing line, the company will fulfill its obligation to replenish positions."
Generally speaking, when the stock price is close to the closing line, the brokerage firm will require the pledge party to perform additional pledges or pledge uncompression. From the current perspective, the cumulative pledge ratio of major shareholders of the "group stocks" with risks in the above stock pledge is mostly less than 50%, and there is still a lot of room for additional pledges.
However, as of now, the cumulative pledged shares of Longmang Baili controlling shareholders have accounted for as much as 79.75%. After the company's stock price falls below the closing line, the pressure on its controlling shareholders is greater than that of other "group stocks".
It is worth noting that since late February this year, after the stock price of Longmang Baili turned downward with the "group stock" sector, the company has issued several "good news" announcements, but these "good news" have failed to boost the stock price.
For example, on the evening of March 9, the company announced that it plans to issue restricted equity incentives with a targeted issuance of 152 million shares to 4,999 employees, with a grant price of 16.54 yuan per share.Because the performance conditions for exercising the equity incentive plan are set relatively low and the exercising price is also set relatively low, many investors have criticized them for being suspected of "transfer of interests". In addition, this year, the company has issued announcements on the price increase of its main product titanium dioxide.
brokers concentrate their stock pledge business to "good companies"
Since 2018, as the risks caused by stock pledge continue to be exposed in the securities industry, the overall scale of stock pledge in the industry has been showing a continuous shrinking trend since then.
Judging from the 2020 annual reports that have been disclosed by several brokerages, the scale of their stock pledge business has shown a year-on-year decline of varying degrees.
For example, Zhejiang Securities 's 2020 annual report shows that as of the end of 2020, the scale of the company's stock pledge business dropped from 5.026 billion yuan to 3.963 billion yuan.
Guolian Securities 's 2020 annual report shows that as of the end of 2020, the principal balance of the company's stock pledge repurchase business was RMB 3.083 billion, a significant reduction of 37.27% from the end of 2019's scale of RMB 4.915 billion.
. Judging from the relevant statements of these securities companies in their annual reports, while controlling the scale of stock pledge business, they will also concentrate their business on "good companies".
For example, Guolian Securities pointed out in its annual report that with the implementation of a special action plan to improve the quality of listed companies, measures such as private enterprises to alleviate difficulties and multi-party cooperative supervision have been implemented one after another. The stock pledge repurchase business has shown a trend of structural optimization, and the new business is concentrated on high-quality companies with good profitability.
Zheshang Securities stated that the company's stock pledge business actively responds to policy guidance, taking "high-quality companies, familiar with customers, and good at fields" as the business orientation, and strictly controls the entry-level new projects.
However, judging from the above cases, even the so-called "good company" stock pledge business still has the possibility of risk exposure.
In fact, some securities firms are still scared of the repeated explosions of stock pledge business. Regarding the risk points that still exist in stock pledge business, Guolian Securities admitted in its annual report: "The risk formation of stock pledge business is affected by a variety of factors. It is a certain long-term and complexity to prevent and resolve stock pledge risks. The stock pledge business of own funds still needs to further strengthen credit risk management and focus on preventing individual stock operating risks."
In addition, in recent years, while the supervision has strictly controlled stock pledge risks, the stock pledge business rules of some securities companies have not changed much. For example, although the risks of stock pledge business have continued to be exposed in recent years, securities companies have rarely adjusted the methods of setting cordons and closing lines.
It is understood that since stock pledge is a high-risk business, in order to control risks, securities companies often set up warning lines and closing lines. In the past few years, the warning line was generally 150%~70%, and the closing line was generally 130%~150%. Some more radical securities companies' warning line and closing line were even set to 140% and 120%. The calculation formula for the cordon and closing line is: (market value of the pledged securities)/ (financing amount + interest + other expenses).
A non-banking analyst at a leading brokerage firm told reporters that the current situation of the industry's setting of the cordons and closing lines for stock pledge business is generally the same.
Insider of a large brokerage firm in Beijing told reporters: "The rules of our company's stock pledge business have not changed since 2018. The current settings of cordons and closing lines are the same as before."
Daily Economic News
