Since the implementation of the new regulations for more than half a year, the number and amount of major shareholders, especially controlling shareholders, of A-share listed companies have been greatly reduced through clearing in the secondary market. The mainstream investment direction of the market began to emphasize the company's endogenous growth, but also emphasized performance-driven, profitability and real industry competitiveness.
At the end of May this year, the CSRC revised and issued the "Several Provisions on Shareholders and Directors' Reduction of Shares in Listed Companies", and then the Shanghai and Shenzhen Stock Exchanges respectively issued relevant supporting implementation rules. As of 12 and 18, the new regulations have been implemented for nearly 7 months. Judging from the actual market trend, the number and amount of major shareholders of A-share listed companies, especially the controlling shareholders, have been greatly reduced through clearance in the secondary market. According to the latest statistics of China Merchants Securities, after the introduction of the new reduction regulations, the average monthly reduction scale of major shareholders is 1 10 billion yuan, which is significantly lower than the previous monthly reduction of 26.9 billion yuan (from 20 16 years 10 to 20 17 years May).
Wang Jun, general manager of the research department of Bosera Fund, believes that a series of policies implemented this year, such as new regulations on reducing holdings and refinancing, have dealt a blow to the profit model of earning the price difference between the primary and secondary markets in the past. In the past, investors favored small and medium-sized stocks, waiting for these companies to transform or make outreach mergers and acquisitions to obtain excess returns, and it was easy to fall into the speculative cycle of major shareholders releasing news and then reducing their holdings. Now this investment logic is no longer feasible, and the mainstream investment direction of the market has begun to emphasize the endogenous growth of the company, with more emphasis on performance-driven, profitability and real industry competitiveness.
Decrease in market outflow funds
The short-term market "blood loss point" is blocked, which is one of the biggest highlights after the implementation of the new regulations. According to the statistics of Shanghai Stock Exchange, from the implementation of the new regulations on shareholding reduction in May this year to the end of this year 10, the shareholders of listed companies in Shanghai Stock Exchange have reduced their holdings by 7.33 billion shares, with a total amount of 76.3 billion yuan and an average daily amount of 730 million yuan. From the beginning of 20 17 to the implementation of the new reduction regulation, shareholders of listed companies in Shanghai reduced their holdings of 102 billion shares, with a total amount of 90 billion yuan and an average daily amount of 940 million yuan.
Since June, the index has gradually strengthened to stimulate shareholders' willingness to reduce their holdings. Under the pressure that the number of restricted shares lifted from June to 10 increased by nearly 30% compared with that from June to May, the average daily reduction amount after the implementation of the new regulations is still 23% lower than that before the implementation of the new regulations.
It is worth mentioning that the new regulations on the reduction of holdings can effectively control the number of reductions, and at the same time take into account the right to transfer shares, which can meet the market demand. According to the new regulations, more than 5% shareholders, controlling shareholders and other major shareholders of listed companies need to reduce their holdings through competitive bidding and block trading within 90 consecutive days, which shall not exceed 65,438+0% and 2% of the company's total share capital respectively, and the transferee who accepts the shares of major shareholders through block trading shall be locked up for 6 months.
According to the statistics of China Merchants Securities, from the perspective of shareholder types, the proportion of major shareholders and executives' reduction has dropped significantly; The proportion of specific shareholders (initial shareholders and non-public shareholders) has increased to 52% in August, but the minority shareholders who need to reduce their holdings have not been greatly affected. From the way of reducing holdings, the proportion of reducing holdings in block transactions has dropped significantly. In contrast, the proportion of reduction in agreement transfer increased from 2.9% in June to 22.57% in August.
"Judging from the implementation effect of the new regulations, the scale of cash reduction has shrunk significantly. The new regulations do regulate the behavior of market reduction, which is of great significance for reshaping the incentive mechanism of the market and promoting the capital market to better serve the real economy. " Yang Xiaoqing, a researcher at Geshang Research Center, said. Shen Qing, fund manager of the Shanghai and Shenzhen 300 Index Enhancement Fund of Xingquan Fund, also said that measures such as reducing the holdings effectively prevented certain investors, such as non-size investors, institutions and others, from taking advantage of information advantages, capital advantages, regulatory arbitrage, insider trading and market manipulation to guide investors to participate in long-term investment and value investment, thus promoting the healthy, stable and orderly development of the medium and long-term A-share market.
Focus on serving the real economy
Convertible bonds are easy to issue, fixed-income products are difficult to make, and highly leveraged products are difficult to issue-this is the most obvious feeling of many private equity fund managers this year. The deep-seated reason behind these changes is that the new regulations and supporting rules and regulations regulate the capital flow of listed companies.
Wu Guoping, chairman of Yurong Investment, believes that the funds obtained from the reduction of some restricted shares in the past were not used to support the production and operation of enterprises, but created the myth of "getting rich overnight" for minority shareholders. In the case of limited incremental funds in the market, priority should be given to solving the IPO and reasonable refinancing needs of enterprises and appropriately restraining the lifting of the ban on restricted shares.
Judging from the impact of the new reduction regulations on some securities market businesses, products aimed at arbitrage have cooled down, and some highly leveraged products have been more significantly affected. For example, in recent years, some more popular private fixed-income products have encountered sales difficulties; In the process of merger and reorganization, in the transformation mode of "small step and quick run" of listed companies, small-cap assets with cash withdrawal as the main appeal are more inclined to accept cash consideration. This is related to the extension of withdrawal period, the increase of capital cost and the increase of income uncertainty under the new regulations.
Han, an analyst at Zero2IPO Research Center, believes that the new regulations on reducing holdings have also curbed the blind mergers and acquisitions of listed companies. Regulators are cautious about monitoring the arbitrage in the M&A market, and it will become more difficult for backdoor transactions and blind cross-border mergers and acquisitions in the M&A market in the future.
Ouyang Fan, general manager of the specific asset management department of Bosera Fund, said that in the short term, the new regulations on reducing the holdings have eased the pressure on the secondary market to lift the ban, and the risk appetite is gradually improving. In the medium term, the market trend factors have not changed, and the performance of individual stocks in the shock city may be divided. Industry management ability will become the basic starting point for the market to measure the value of individual stocks, and listed companies with good industry prospects, strong corporate governance ability and strong endogenous growth ability will be favored by funds. In the long run, the standardization of regulatory policies will contribute to the healthy development of the capital market, return valuation to rationality, and promote finance to better serve the real economy.
Yang Ling, general manager of Xingshi Investment, believes that in the long run, the new regulations greatly limit the ability of major shareholders and specific shareholders to reduce their holdings in the secondary market, continue the regulatory orientation of value investment and long-term investment, and benefit large consumption and blue-chip stocks with good fundamentals and performance support. At the same time, growth stocks with performance support may rebound after experiencing previous market fluctuations. In addition, standardizing the "cliff-like" centralized reduction is conducive to maintaining the stability of secondary market transactions, preventing excessive speculation and preventing financial risks.
Less cash.