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Capital accelerated to enter the market. A-share holdings and repurchase continued to heat up

Date: 2022-05-26
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Since the beginning of this year, the A-share market has continued to fluctuate and adjust, and industrial capital has accelerated its entry against the trend. According to the latest data, the repurchase behavior in the A-share market is heating up. During the year, a total of 574 companies implemented the repurchase program, with the accumulated repurchase amount reaching 37.304 billion yuan. The important shareholders of 172 companies increased their holdings, and the number of companies exceeded that of the same period last year.

According to industry experts, on the one hand, the move of industrial capital is conducive to releasing positive signals to the market, boosting the confidence of the A-share market, and promoting the stable operation of the market; on the other hand, it is also conducive to listed companies establishing a mature capital market investment mechanism, promoting the return of market investment style to value investment, and promoting the perfection of resource allocation function of China's capital market.

Repurchase plans have been released more frequently than the same period last year.

On May 23rd, Haitian shares announced that the company recently received a notification letter from Fei Gongquan, the actual controller and chairman. On May 20th, 2022, Fei Gongquan increased the holding of 236,900 shares of the company through centralized bidding in the Shanghai Stock Exchange system, accounting for 0.05% of the company's total share capital. Fei Gongquan plans to continue to increase the company's shares by means of centralized bidding with his own funds within six months from May 20th, 2022. The planned cumulative increase (including this one) is not less than 30 million yuan and not more than 60 million yuan.

On May 22nd, Weir shares announced that due to the continuous growth of the global semiconductor market and the industrial investment opportunities brought by the fluctuation of the capital market, Shaoxing Weihao, a wholly-owned enterprise of the company, plans to increase the shares of Beijing Junzheng by centralized bidding or block trading for no more than 4 billion yuan, and the accumulated number of Beijing Junzheng shares after the increase will not exceed 50 million shares, which will not exceed 10.38% of Beijing Junzheng's total share capital.

Large-scale repurchase of listed companies is also continuing. On the evening of 22nd, Plum Blossom Bio announced that in response to the policy call, based on the confidence of the company's future development and recognition of the company's value, the company plans to buy back the company's shares with its own funds for cancellation and reduction of registered capital. The total amount of repurchase funds is not less than 800 million yuan (inclusive) and not more than 1 billion yuan (inclusive). The total amount of repurchased shares does not exceed 10% of the total issued shares of the company, and the price of repurchased shares does not exceed 12 yuan/share.

SuperMap Software announced that, based on its high recognition of the company's intrinsic value and firm confidence in its future development prospects, and in order to enhance investors' confidence in the company, safeguard the interests of investors, and further establish and improve the company's long-term incentive mechanism to help the company's long-term development, the company plans to use its own funds to buy back the company's shares through centralized bidding transactions to implement employee stock ownership plans and/or equity incentives. The total amount of repurchase is not less than 60 million yuan (inclusive) and not more than 100 million yuan (inclusive), and the repurchase price is not more than 22 yuan/share.

Since the beginning of this year, the increase and repurchase behavior in the A-share market has been heating up, significantly exceeding the same period last year. According to Wind's data, as of press time on May 24th, 574 companies in the A-share market have implemented repurchase plans this year (compared with 501 in the same period last year), with a cumulative repurchase amount of 37.304 billion yuan, of which 85 companies have a cumulative repurchase amount of more than 100 million yuan, and four companies, namely Hengli Petrochemical, SF Holdings, Sanliu and Rong Sheng Petrochemical, all have a cumulative repurchase amount of more than 1 billion yuan, with a repurchase amount of 2 billion yuan and 2 billion yuan respectively.

In terms of holdings, Wind data shows that since the beginning of this year, a total of 172 companies in the A-share market (compared with 137 in the same period last year) have issued important shareholder holdings plans, among which shareholders of many companies have chosen to increase their holdings several times. The highest shareholder holdings of China Mobile, SAIC and Dongfang Shenghong all exceeded RMB 1 billion, among which the highest shareholder of China Mobile China Mobile Communications Group Co., Ltd. reached RMB 5 billion.

Confidence in the market continues to boost, and the investment mechanism is maturing.

'Since the beginning of this year, the number of listed companies and the amount involved in the A-share market that announced the implementation of the repurchase increase greatly compared with the same period of last year, among which the main purpose is to implement the equity incentive plan.' Chen Li, chief economist of Sichuan Finance Securities and director of the research institute, said that this was mainly because the A-share market as a whole has been continuously adjusted back this year, and the listed companies' stocks have fallen sharply, and their valuations are at a low level. On the one hand, enterprises and shareholders can release positive information to the market through share repurchase and shareholding increase, boost investors' confidence, stabilize stock prices and safeguard investors' rights and interests. On the other hand, at present, the stock price of listed companies is relatively low, and the valuation returns to a reasonable range, which is beneficial for listed companies to promote equity incentive plans and make investment plans at a lower cost, and reduce the impact on the company's cash flow.

In the opinion of experts, the accelerated entry of industrial capital into the A-share market at this time also released a very positive signal. 'Industrial capital is a very important or even basic force in the capital market. Some fluctuations in the capital market are, to some extent, some opportunities for industrial capital, because they will be based on long-term and substantial return on investment rather than short-term fluctuations in stock prices. Therefore, they are also a stabilizing force for the whole financial investment.' Fu Lichun, an economist and founding partner of Yuntai Capital, said that industrial capital is often active in the primary market, but it is not so frequent in the secondary market. If there is a concentrated and large-scale increase of industrial capital in the market, it proves that they are optimistic about the relevant investment targets and markets. For investors who are optimistic about long-term fundamentals, the increase of industrial capital has certain reference significance. At the same time, it has a strong stabilizing effect on the market.

Chen Li also believes that the accelerated entry of industrial capital into the A-share market will, on the one hand, help release positive signals to the market, boost the confidence of the A-share market, and promote the stable operation of the market; on the other hand, it will also help listed companies to establish a mature capital market investment mechanism, promote the market investment style to return to value investment, and promote the sound resource allocation function of China's capital market.


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