Since 2022, listed companies have intensively issued announcements on the progress of company repurchase and major shareholders' increase in holdings.

After a number of listed companies released relevant plans, they implemented "real money" in a very short period of time, many of which spent more than 100 million yuan, which obviously boosted investor confidence.

　Fast repurchase

　　Some listed companies immediately implement the repurchase plan after releasing the repurchase plan.

Wind data shows that 14 listed companies have carried out repurchase operations within a week after releasing the repurchase plan. Listed companies such as Zhonghuan Shares, Hengmingda, Jixin Technology, Ningbo Huaxiang, Dali Technology, and Huada Gene are even more The repurchase was implemented within 3 trading days of the release of the repurchase plan.

　　Jixin Technology will implement the repurchase plan on the day after the release of the repurchase plan.

The company disclosed its repurchase plan on January 24. It plans to repurchase not less than 25 million yuan (inclusive), not more than 50 million yuan (inclusive), and the repurchase price does not exceed 8.94 yuan per share. The repurchased shares will be used for the company. Follow-up implementation of equity incentives or employee stock ownership plans.

On January 25, the company repurchased 5,692,700 shares for the first time through a centralized bidding transaction, accounting for 0.58% of the company's total share capital.

　　Some listed companies have completed repurchase programs in just a few days.

Taking Zhonghuan Shares as an example, the company announced on the evening of January 11 that the planned repurchase amount is not less than 355 million yuan and not more than 391 million yuan.

From January 12th to 13th, the company repurchased about 9.5153 million shares of the company through centralized bidding through the special securities account for repurchase shares, with a total transaction amount of 391 million yuan (excluding transaction fees).

The company has completed the repurchase in accordance with the disclosed repurchase plan.

　　Wind data shows that since 2022, a total of 302 listed companies have released repurchase progress, and 60 companies have repurchased more than 100 million yuan. Listed companies in the materials, semiconductor, pharmaceutical, food and other industries have the highest repurchase amount.

　　Fu Lichun, founding partner and chief economist of Yuntai Capital, said that before the Spring Festival holiday, A-shares experienced continuous corrections, and some listed companies actively carried out market value management and implemented repurchase plans for the purpose of maintaining stock price stability.

Shareholders actively increase their holdings

　　While listed companies are actively repurchasing their own shares, important shareholders are not "idle".

A number of important shareholders of listed companies issued plans to increase their holdings before the Spring Festival, and they increased their holdings by a large proportion just after the Spring Festival holiday.

　　Since 2022, the number of important shareholders of listed companies that have implemented the shareholding increase plan has increased significantly year-on-year, and a total of 78 important shareholders of listed companies have implemented the shareholding increase plan.

In the same period in 2021, only 24 important shareholders of listed companies have implemented a shareholding increase plan.

　　Lianchuang Optoelectronics announced on the evening of February 7 that the controlling shareholder Electronic Group has accumulated 500,000 shares in the company, with an increase of 12.4898 million yuan, exceeding 50% of the lower limit of the planned increase.

Previously, the company announced that the controlling shareholder plans to increase its holdings through the Shanghai Stock Exchange’s securities trading system with its own funds within 12 months from January 26. The cumulative amount is not less than 20 million yuan and not more than 100 million yuan.

　　The staff of Lianchuang Optoelectronics Securities Department told the China Securities Journal that the controlling shareholder actively implemented the increase in holdings, mainly to safeguard the interests of small and medium investors and the stability of the capital market, and to boost the confidence of the majority of investors. increased holdings.

boost investor confidence

　　Fu Lichun said that whether it is a repurchase or an increase in holdings, listed companies and important shareholders are sending positive signals to investors that the stock price is undervalued and the stock price will rise in the future.

Especially after releasing the repurchase and holding increase plan, they took out "real money" for substantive operations, indicating that listed companies and important shareholders are optimistic about the company's intrinsic value and long-term development prospects.

　　Since 2022, the phenomenon of "flickering" repurchases of listed companies and "flickering" holdings of important shareholders has decreased.

In order to prevent the occurrence of "flickering" repurchase and other behaviors, the regulatory authorities have taken multiple measures in recent years to continuously improve regulatory measures.

On January 5, the China Securities Regulatory Commission issued the "Rules for the Share Repurchase of Listed Companies", which requires that after the disclosure of the listed company's share repurchase plan, it may not be changed or terminated without sufficient and legitimate reasons.

If it is really necessary to change or terminate, it shall comply with the relevant regulations of the China Securities Regulatory Commission and the Exchange, and perform corresponding decision-making procedures.

　　Pan Helin, executive dean of the Digital Economy Research Institute of Zhongnan University of Economics and Law, believes that repurchases often have certain requirements on the cash flow of listed companies.

If a listed company fails to fully fulfill its commitments due to various reasons, it will not only trigger a crisis of investor confidence, but may also be subject to "special attention" from regulation, which will have a negative impact on the company's development.

Listed companies should proceed from the actual operating conditions, study the development stage of the enterprise, and decide whether to repurchase.

For mature companies, if the stock price is sluggish, repurchase is conducive to the long-term development of the company; for growth companies, before issuing a repurchase plan, they should consider whether they have continuous cash flow support.

(Dong Tim)