387 listed companies spent 65.6 billion yuan to implement repurchase in the first half of the year
Our reporter Wu Xiaolu
In the first half of this year, the A-share repurchase plan and the amount of repurchase implemented increased significantly over the same period last year.
Among them, there were 250 new repurchase plans, a year-on-year increase of 117.74%; the implementation of repurchase costs a total of 65.619 billion yuan, an increase of 171.63% over the same period last year.
Market participants believe that in recent years, the completion of share repurchases of listed companies has increased year by year.
In the first half of this year, the increase in repurchase activity by listed companies was mainly due to three reasons: policy support and encouragement, the company's optimism about future performance growth and the boost to stock prices.
However, the repurchase of listed companies is not a signal of rising stock prices, and investors need to look at it rationally.
According to statistics from Flush iFinD, as of June 30, 243 listed companies issued 250 repurchase plans during the year (based on the date of the announcement of the board of directors' plan), a year-on-year increase of 117.74%.
Among them, there are 187 orders on the Shanghai and Shenzhen Stock Exchange's main board, 54 orders on the Growth Enterprise Market, and 9 orders on the Science and Technology Innovation Board.
"The number of repurchase plans for listed companies has increased this year. First, the company is optimistic about its own performance growth and shares more company growth dividends through repurchase; the other reason is that the delisting rules include delisting of face value and delisting of market value. It is stipulated that risks in this area can be hedged through repurchase." Chen Li, chief economist and research director of Sichuan Finance Securities, said in an interview with a reporter from the Securities Daily.
Li Xing, chief market analyst at Yuekai Securities, told the "Securities Daily" reporter that the stock repurchase of listed companies reflects the company's management's optimism about future development prospects and operating conditions.
The market performance has been divergent since the beginning of the year, and the stock prices of some companies have not performed satisfactorily. The active repurchase of listed companies shows that the management hopes to stabilize the stock price, increase investment confidence, and reduce the room for a sharp drop in the stock price.
Recently, Gree Electric issued an announcement that the purpose of the second phase of repurchase shares was adjusted from "employee stock ownership plan or equity incentive" to "cancellation to reduce registered capital", which triggered heated discussions in the market.
A senior analyst from a brokerage firm told the "Securities Daily" reporter that the repurchase of shares by listed companies is mainly for equity incentives or cancellation.
Cancellation of repurchase shares is conducive to increase earnings per share, but the company's capital requirements are higher.
The use of repurchase for equity incentives can better combine the short-term benefits of employees with the long-term development of the company, and is currently the mainstream direction of share repurchase.
From the perspective of repurchase purposes, among the 250 plans mentioned above, 204 repurchase shares were used to implement equity incentives or employee stock ownership plans, accounting for 81.6%.
Among them, some companies stated that if the repurchased shares fail to implement an employee stock ownership plan or an equity incentive plan, the unused part will be cancelled according to law, and the company's registered capital will be reduced accordingly.
In addition, 14 repurchase orders were used directly for cancellation, and 32 repurchase orders were used to maintain the company's value and shareholders' equity or to convert convertible bonds issued by the company.
"Repurchasing shares for equity incentives indicates that the management hopes to give investors greater confidence and is optimistic about the future development of the company. This shows that the company attaches great importance to and encourages senior management and core technical personnel, which can provide the company with a certain degree of Lay the foundation for good development in the future." Li Xing said.
From the perspective of repurchase implementation, a small number of blue-chip companies have relatively high repurchase amounts, which has led to a substantial increase in the overall repurchase amount this year.
According to data from Flush Shun iFinD, as of June 30, since this year, 387 listed companies have spent 65.619 billion yuan to implement repurchases, an increase of 171.63% over the same period last year. The amount of repurchase implemented in the same period last year was 24.157 billion yuan.
The reporter combed and found that 121 listed companies had implemented repurchase amounts of more than 100 million yuan, of which 8 were more than 1 billion yuan.
Gree Electric, Midea Group, Baosteel Group, China Unicom, and GoerTek’s cumulative repurchase amounts during the year all exceeded 2 billion yuan, respectively 99.93 billion yuan, 9.445 billion yuan, 2.320 billion yuan, 2.005 billion yuan and 2 billion yuan.
From the industry perspective, the repurchase amount of household appliances, computers, electronics and public utilities is relatively high, which are 21.891 billion yuan, 5.378 billion yuan, 4.119 billion yuan and 3.482 billion yuan respectively.
The reporter noticed that since the beginning of this year, with the rebound of stock prices, the share prices of some listed companies have exceeded the upper limit of the repurchase price. The company issued an announcement to raise the upper limit of the repurchase price and continue to implement the repurchase.
For example, in March this year, Haida Group adjusted the repurchase price range from "no more than 70 yuan per share" to "no more than 90 yuan per share".
In this regard, the above-mentioned senior analysts of the securities firm told the "Securities Daily" reporter that the company that revised the repurchase price ceiling and continued to implement repurchase due to the sharp rise in stock prices shows to a certain extent that the management is optimistic about the company's performance and will continue Enhance investor confidence.
"Of course, there are also some companies failing to complete the repurchase plan because the stock price exceeds the upper limit of the repurchase price. This is affected by market factors, which in turn has an impact on the company's repurchase amount. However, the stock price performance depends on the company's own performance and operation management. "The analyst said.
(Securities Daily)