Sino-Singapore Jingwei Client, July 24th (Wu Yihan) On July 23, the first batch of first batch of sci-tech innovation board shares, institutional placements and strategic placements that were partly locked for a period of one year ushered in the second day after the lifting of the ban. There has been a wave of “reduction in holdings” of Chuangban companies.

  According to the statistics of the Sino-Singapore Jingwei client, as of press time, there are 8 sci-tech innovation board companies released by Guangfeng Technology, Xinguang Optoelectronics, Espressif Technology, Hanchuan Intelligent, Wald, Western Superconductor, Jiayuan Technology, and Rongbai Technology Shareholder reduction plan. Calculated based on the closing price on July 23, the shareholders of the above eight companies reduced their holdings to RMB 6.792 billion.

  Market analysts believe that although the lifting of the ban on restricted stocks will not bring a significant impact to the market, for individual stocks, the lifting of the ban on restricted stocks gives the funds their own options to leave the market. When the willingness to hold is strong, it will have a short-term impact on the company's stock price.

   New Jingwei photo by Xiong Jiali in the data map

At least double the cash-out income of shareholders

  From the perspective of stock price performance, in recent days, the stock prices of the above-mentioned eight sci-tech innovation board companies have all gone out of volatility and decline, and the stock prices of the eight companies have retraced more than 35% from their respective stock prices. Nevertheless, as of the close of business on July 23, the latest stock prices of the above-mentioned companies are all higher than their issuance prices.

  Among them, Espressif Technology’s stock price has risen the most since its listing, reaching 116.15%. That is to say, if only the issue price is used for calculation, Espressif Technology’s shareholders can at least double the income of the shares they reduce. The announcement shows that the company's third largest shareholder Shinvest Holding Ltd is the company's third largest shareholder, who intends to reduce its holdings of no more than 3% of the company's total share capital.

  In terms of performance, Wind data shows that there are currently four companies that have disclosed their performance forecasts for the first half of 2020, all of which are expected to see a sharp decline in net profit.

  Among them, Jiayuan Technology expects net profit to fall by 60.89%-73.06%, Rongbai Technology is expected to decline by 47.75%-65.17%, Guangfeng Technology is expected to decline by 74.53%-83.02%, and Xinguang Optoelectronics (the company also expects losses in the first half of the year) is expected A decline of 181.61%-197.16%.

  Judging from the performance of the first quarter of 2020, the net profits of all the above eight companies have declined, among which Hanchuan Intelligent has the largest decline, which is mainly engaged in intelligent manufacturing in automotive electronics, medical health, new energy batteries and other industries. In the R&D, design, production, sales and service of equipment, the net profit in the first quarter of this year fell by 1261.56%.

Western Superconductor's shareholder reduction ratio is as high as 14%

  Among the 8 Sci-tech Innovation Board companies that were reduced by shareholders, Western Superconductor's shareholding reduction by shareholders and the amount of shareholder reductions ranked first.

  The Western Superconductor's announcement shows that the company's shareholders CITIC Metal, Shenzhen Capital, Shaanxi Growth Xinxing and Shaanxi Growth New Materials plan to reduce their holdings of the company's shares by no more than 14%. If calculated based on the closing price on July 23, Western Superconducting has the highest market value among the eight companies mentioned above, at 14.968 billion yuan, and the amount reduced by shareholders reached 2.096 billion yuan.

  Public information shows that Western Superconductor is mainly engaged in the research and development, production and sales of high-end titanium alloy materials and low-temperature superconducting materials. It is the main R&D and production base of titanium alloy rods and wires for aviation in China. The high-end titanium alloys produced are mainly used in the aviation field. , Including aircraft structural parts, fasteners and engine parts. The company's net profit growth rate in the first quarter of 2019 and 2020 was 14.63% and -13.16%, respectively.

  Among the four shareholders who reduced their holdings of Western Superconducting, CITIC Metal is the second largest shareholder of Western Superconducting, and currently holds 15.56% of Western Superconducting shares. The shareholder stated that the reduction is to supplement the company's operating funds.

  The Sino-Singapore Jingwei client found that most of the shareholders who announced the reduction plan of the 8 companies mentioned above are investment institutions, and a few of them are natural person shareholders. It is worth noting that the 5 shareholders who intend to reduce their holdings in Wald Among the shareholders, in addition to the two investment institutions, there are also three directors and executives of Wald Corporation.

  Wald’s announcement shows that Tang Wenlin, the company’s director and deputy general manager, Li Shuhui, the company’s deputy general manager and chief financial officer, and Zhang Zongchao, chairman of the company’s board of supervisors, have planned to reduce their holdings of the company’s shares by no more than 1.98%.

  According to Wind data, Wald is mainly engaged in the research and development, production and sales of various high-end superhard tools and superhard material products. The products are used in consumer electronics, automobile manufacturing, construction machinery, aerospace, energy equipment and other industries. In 2019 and the first quarter of 2020, the company's revenue fell by 2.76% and 20.18%, and net profit fell by 9.47% and 22.39%, respectively.

How to see the lifting of the ban and the reduction of holdings of sci-tech innovation board companies?

  On July 22, the Sci-Tech Innovation Board opened its first anniversary, and the first 25 companies listed on the Sci-Tech Innovation Board also celebrated its first anniversary. On that day, a total of 3.147 billion shares of these 25 sci-tech innovation board companies were lifted, and the total market value of the lifted ban exceeded 180 billion yuan. The 8 companies that announced their shareholder reduction plans on July 23 are among the 25 companies listed above.

  And just one day after the ban was lifted, eight sci-tech innovation board companies announced plans to reduce shareholder holdings. In this regard, many investors are worried that the news of the reduction will cause the stock prices of related stocks to fall, and the lifting of the ban on a large number of restricted stocks on the science and technology innovation board may also put pressure on the market as a whole.

  CITIC Securities pointed out that in the shares of the Sci-tech Innovation Board that were lifted on July 22, venture capital was floating and there was a strong incentive to reduce holdings. For individual stocks, the lifting of the ban on restricted shares gives the funds their own option to leave the market. When shareholders are willing to reduce their holdings, it will have a short-term impact on the stock price. The agency believes that investors can judge the impact of the lifting of the ban on the stock price of individual stocks from four aspects:

  One is to look at the market value of lifted bans, the number of lifted bans and the number of shareholders involved. Generally speaking, the greater the market value of the ban, the greater the number of bans, and the more shareholders involved, the greater the pressure on the stock price.

  The second is to look at the types of restricted stock holders. Generally speaking, restricted shares are divided into the first issue of original shareholder restricted shares, private placement of shares, and equity incentive restricted shares. Investors can estimate the lifting of the ban by thinking about the holder’s desire to reduce holdings. impact.

  The third is to look at the benefits of lifting the ban. Generally speaking, the greater the increase in the current price over the cost price, the higher the incentive for shareholders to reduce their holdings. The benefits of lifting the ban on different restricted shares are also different. The cost price of the original shares is usually much lower than the market price, and the relevant shareholders have higher incentives to reduce their holdings.

  The fourth is to look at the market environment. The short-term trend of stock prices is easily affected by market sentiment. Therefore, investors may be infected by negative sentiments or more sensitive when the market is down. Some disturbances may be amplified and cause stock prices to fall.

  However, CITIC Securities believes that from a market perspective, because the stock market is not influenced by a single factor and the lifting of the stock ban does not mean that shareholders can reduce their holdings at will, the lifting of the ban is not a scourge for the market.

  China Securities Investment believes that this week (July 20-July 26) investors need to pay special attention to the lifting of the first batch of science and technology innovation boards. Due to the substantial increase in the market of the Sci-tech Innovation Board companies that have been lifted this time, the relevant institutions and shareholders have relatively large profits, and the institutions' willingness to reduce their holdings may be stronger, which will have a relatively obvious impact on the Sci-tech Innovation Board in the short term.

  However, the agency also stated that the impact of the lifting of the ban will be short-term. In 2010, there was a concentrated lifting of the ban on the GEM, and then the market went out of a V-shaped reversal; in addition, after July, the scale of the ban on the science and technology innovation board market was lifted. Relatively small, the disturbance to market conditions is relatively limited. It is expected that the market before and after the lifting of the ban will be similar to 2010, and the Sci-tech Innovation Board will drive the market to continue upward. (Zhongxin Jingwei APP)

(The opinions in the article are for reference only and do not constitute investment advice. Investment is risky, and you need to be cautious when entering the market.)

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