1. Ex-rights price = net value of unit before ex-rights - dividends per share

2. How to calculate the ex-rights reference price?

There are two formulas for calculating the ex-rights reference price, which are different for the Shanghai Stock Exchange and the Shenzhen Stock Exchange.

Shanghai Stock Exchange:

Ex-rights reference price = (closing price on equity registration date + allotment price × allotment rate – dividend payout rate) / (1 + bonus share rate + allotment rate)

(The result is rounded to 0.01 yuan).

Example: A listed company's allocation plan is to give out 3 shares for every 10 shares, 2 yuan in cash, and 2 shares for every 10 shares. The allotment price

is 5 yuan. The closing price on the equity registration date is 12 yuan, then the ex-rights reference price of the stock is:

(12+0.2×5-0.2)/(1+0.3+0.2)=8.53 (yuan)

For another example, the closing price of Gezhouba on the equity registration day was 11.65 yuan, the allotment ratio was 2.727273 for 10 shares, and the allotment price was 8 yuan. According to the formula, its ex-rights price was 10.87 yuan, which was consistent with the number displayed on the day of the allotment and ex-rights of the stock.

Shenzhen Stock Exchange:

Different from the Shanghai Stock Exchange, its calculation method is based on market capitalization.

Ex-rights reference price = (total market value on equity registration date + total number of allotments × allotment price - total cash distribution) / total share capital after ex-rights

(The result is rounded to 0.01 yuan).

Among them:

The total market value on the equity registration date = the closing price on the equity registration date × the total share capital before ex-rights.

Total share capital after ex-rights = total share capital before ex-rights + total number of bonus shares + total number of allotments.

Example: A listed company in the Shenzhen Stock Exchange has a total share capital of 100 million shares, and the closing price on the equity registration date is 10 yuan. According to its dividend and stock distribution plan, *** will give away 30 million bonus shares and 20 million yuan in cash. , the total number of allotments is 10 million shares, and the allotment price is 5 yuan, then its ex-rights reference price is:

(10×10001000×5-2000)/(10003001000)=7.36 (yuan)

If you use the calculation formula of the Shenzhen stock market to calculate the Shanghai stock market, there will of course be differences. It should be noted that the ex-rights reference price only provides a reference price for investors as the previous closing price on the ex-rights day, and serves as a benchmark price for determining the price limit range, while the opening price on the ex-rights day is still generated by call auction. , determined by the wishes of the buyer and seller.

Note: The ex-rights reference prices of several stocks that have recently gone ex-rights in the Shenzhen Stock Exchange are different from those calculated by the formula. The situation is as follows: several stocks that have recently gone ex-rights, such as Nanfeng Chemical, etc., have state-owned shares and Legal person shares give up the allotment, and only public shares participate in the allotment. In this case, the calculated ex-rights reference price will be different from that under ordinary circumstances. Investors need to pay attention to the "total number of allotments" in the formula.

How is Nanfeng Chemical’s ex-rights price determined?

Nanfeng Chemical (0737) recently implemented a rights issue plan: 3 shares for every 10 shares, with a price of 8.50 yuan per share. On June 23

Nanfeng Chemical's closing price was 14.73 yuan. On June 25, the computer showed that Nanfeng Chemical's ex-rights price was 14.16 yuan. We calculated its ex-rights price according to the formula of rights issue. The ex-rights price of the rights issue is 13.29 yuan/share. How is this ex-rights price calculated?

Similar problems have been encountered by other listed companies. The main reason for the different ex-rights prices of rights issues is the different formulas used.

In fact, the calculation of the ex-rights price of rights issue can be divided into two situations:

1. When a listed company implements a rights issue plan, if the state shares, legal person shares, individual shares, etc. Subscription,

The formula for calculating the ex-rights price of the stock is:

The closing price on the equity registration date + the allotment price × the allotment ratio

The ex-rights price =--- －－－－－－－－－－－－－－－－ (1)

1+allotment ratio

2. If state shares or legal person shares give up part or all of the allotment rights, If the company’s actual total number of allotments is less than the original allotment amount, the ex-rights price should be calculated based on the actual number of allotments:

The closing price on the equity registration date × original share capital + allotment price × actual number of allotments

Ex-rights price =-------------------(2)

Original share capital + actual number of allotments

Nanfeng Chemical's 1998 allotment of shares was based on the company's existing total share capital of 183.77 million shares, with 3 shares allotted for every 10 shares. The total number of shares to be allotted was 55.131 million shares, of which 36.531 million shares should be allotted to legal person capital and 1,860 shares to be allotted to public shareholders. Thousands of shares. Since the company's legal person shareholders have made a written commitment to give up all 36.531 million shares that should be allotted, the actual total amount of the allotment is 18.6 million shares to public shareholders. Its ex-rights price should be calculated according to formula (2):

14.73×183770008.50×18600000

Ex-rights price=－－－－－－－－－－－－－－－ ---= 14.16 yuan/share

1837700018600000

From this, it can be concluded that the ex-rights price of Nanfeng Chemical is 14.16 yuan/share.