The first batch of companies in the science and technology board welcomes the ban: a number of major shareholders "cherish" actual reduction of holdings have limited impact

As the third anniversary of the opening of the science and technology board opening, the first batch of 25 listed companies in the three -year sales period of the three -year sales period will usher in a lifting of the ban. On the evening of July 15, the first batch of companies announced together, and 9 of them said that the shareholders of 9 companies stated that they would not reduce their holdings within 6 months after the ban.

Experts interviewed by the "Securities Daily" reporter believes that many company shareholders actively extend the lock -up period and do not reduce their holdings during a certain period of promise, which confirms the "key minority" of the science and technology board. Lifting the ban is not equal to reducing holdings. Major shareholders and directors of directors need to follow the rules of reducing their holdings. It can be reduced by centralized bidding and reducing holdings within 3 months, which has limited impact on the secondary market. In addition, the science and technology board company has good growth and has long -term investment value. After lifting the ban, it is expected to usher in long -term funds to settle in.

Confidence in medium- and long -term development

Key shareholders of 9 companies "cherish sales"

Specifically, of the above nine science and innovation board companies, 4 companies, including China Tong, Rongbai Technology, Heart Pulse Medical, and Rainbow Soft Technology, voluntarily could not help but extend the lock -up period of 6 months; The largest shareholders of China, who voluntarily could not help but extend the lock -up period for 12 months; three companies, including Tianyi Shangjia, Jiayuan Technology and Huaxing Yuanchuang, and the third largest shareholder of the traffic control technology promised that they would not be within 6 months after the shares were lifted. Reduce holdings.

Based on the closing price on July 15, the above nine companies extended the market value of 80.8 billion yuan in shares that extended the lock -up period and the promised not to reduce their holdings, accounting for more than 40 % of the first batch of 25 companies' theoretical ban on the market value.

Regarding the reasons for extending the lock -up period or the promise does not reduce its holdings, most of the shareholders have stated that they are based on the confidence of the industry's prospects and the future development of the company. At the same time, in order to promote the company's long -term stable development and enhance the confidence of investors. For example, the controlling shareholder and its unanimous actors of Hongshuchi Technology and its unanimous actors are based on their confidence in the company's future development prospects and the recognition of investment value. The recognition of value and the attitude towards the public shareholders, in order to promote the company's sustainable, stable and healthy development, and safeguard the interests of the general public investors.

In addition to the above -mentioned shareholders of the above nine companies, the actual controller of Tianzhun Technology has increased its shareholding in the early stage. After the lifting of the restrictions on the ban on November 17, the restriction shares will not be reduced before November 17.

Sun Jinzheng, vice president of open source securities and director of the Institute, said in an interview with the Securities Daily that due to the lifting of the ban and the subsequent potential pressure, the weaker stocks often performed poorly when the ban on large -scale lifting. However, the controlling shareholder of many science and innovation board companies extend the lock -up period or does not reduce its holdings within a certain period of time, which can enhance all parties' confidence in the company's future development and industry prospects, and reduce the pressure brought by market emotions.

"The shareholders of 9 companies stated that the lock -up period or not reduced its holdings, reducing the pressure on the stock price forbidden to the company's stock price, and helping the peak of the major shareholders of the Science and Technology Board Company to reduce the holdings. Holding rules will further reduce the pressure of concentrated holdings, which will help smooth the impact on the market and maintain market stability. "Shao Yu, chief economist of Oriental Securities, said in an interview with the Securities Daily reporter.

Lifting the ban is not equal to reducing holdings

Real impact on the secondary market is limited

Can not directly draw an equal number between lifting and reduced holdings. Market participants believe that on the one hand, there are obvious differences in the willingness to withdraw from shareholders after the ban, and major shareholders may also consider various factors such as control and maintaining the company's stock price. On the other hand, even if the relevant shareholders need The reduction time is also strictly constrained by the rules of reduction. Moreover, by reducing holdings such as inquiry transfer and community transaction, the transferee is also limited to the sales period.

From the perspective of the major shareholders and directors of the Shanghai Stock Exchange, the major shareholders and the director of the director of the major shareholders and the director of the supervisor will concentrate the total number of shares of the shares of the shares of the company's shares within 90 days. Essence In addition, if the major shareholders also serve as the director of the director at the same time, the upper limit of the annual reduction of its holdings must not exceed 25%of its shareholding. As a result, after preliminary estimation, the science and technology board's lifting shareholders' centralized bidding method can minimize the total market value of the shareholding of the shares of the shares of the shares of the shares of the science and technology board of 2%, which is relatively limited.

In addition, major shareholders and directors of Dong Jiangao shall be disclosed by 15 trading days in advance through centralized bidding transactions. According to reporters, as of July 17, the first batch of listed companies have released the related shareholders' reduction plans for lifting shareholders. Therefore, there is a significant time difference from shares to start to reduce its holdings and then have market impact.

Shao Yu said that reducing holdings after lifting is a normal market behavior. Whether the major shareholders have reduced their holdings have a certain relationship with the company's valuation. As long as the major shareholders have confidence in the company's medium and long -term development, it is also normal for the proper holding of holdings.

Industry insiders said that objectively, reducing holdings is the right to shareholders. It is a reasonable and legitimate exit method for old shareholders before listing. It is a normal market behavior to reduce holdings in accordance with laws and regulations. Wait for rules. What really criticized the market is mainly illegal and illegal reduction, important shareholders, especially the controlling shareholders, "clearance" reduction, and short -term "pulse" reduction.

However, since the opening of the board, the supervision of the science and technology board has paid an eye on various types of violations of the "signs". Once the illegal reduction is reduced, it will be strictly supervised. What's more worth mentioning is that the science and technology board has created a unique inquiry transfer system for A shares. Without impact, it provides a more convenient and market -oriented exit channel for the first shareholders. Since its launch in July 2020, 24 companies have implemented inquiry transfer, with a transaction amount of about 13.2 billion yuan. From the perspective of implementing the effect, the company's stock price fluctuates less before and after inquiry transfer. One week, 15 trading days and one month after the announcement of the inquiry transfer plan, the average stock price rose 3.16%, 3.95%, and 6.55%. Stability provides a buffer band for shares reduction. The reporter learned from a person familiar with the matter that recently, many science and innovation companies are closely related to the work of inquiry transfer, or they will become one of the commonly used ways to reduce their holdings.

Long -term investment value is prominent

After lifting the ban, it will attract long -term funds to "settle in"

In the three years since the opening of the market, the science and technology board has gradually become a "vital army" for the high -quality development of the real economy. The overall performance has maintained a rapid growth, and the growth is prominent. From 2019 to 2021, the compound growth rate of the operating income of the Science and Technology Board Company was 28%, and the compound growth rate of net profit was 70%. In the first quarter of this year, the performance of science and technology board also led other sectors.

According to Wind Information Data, as of July 17, 29 science and innovation board companies have released the semi -annual performance forecast of 2022, of which 20 companies have pre -happy performance (pre -increase, slight increase and renewal). , 344.28%.

Wang Delun, chief economist of Xingzhi Asset Management, said in an interview with the Securities Daily reporter that in the long run, the tendency of science and technology boards will not change. Global breakouts of science and technology industry. In addition, referring to the experience of GEM in that year, the market pressure after lifting the ban was released. With the upgrade of the Chinese technology industry in the previous round of the Chinese technology industry, it became the starting point for the structural bull market of GEM at that time.

Since the opening of the science and technology board, the market has been running smoothly and orderly, and investors' transactions are rational to form investor structures mainly based on professional institutional investors. The industry believes that the increase in individual stocks after lifting the ban will help further enhance the liquidity of science and technology boards and create good conditions for long -term funds such as institutional investors.

Zhang Qiyao, the general manager and chief strategy analyst of the Promotion Strategy Research Center of Xingye Securities Strategy, said that the current public fund and land stocks are still low to the science and technology board, and the low circulation share capital is one of the important reasons that affect institutional investors' willingness to increase allocation. Essence Taking public fund funds as an example, in the first quarter of this year, the order of public equity on science and technology board stocks was basically positively correlated with circulating shares and circulation market value. In the future, as more chips enter the circulation, it will provide better market trading conditions for institutional investors to enter the venue, and will further open up the space for increasing the science and technology board.

On July 15th, the Shanghai Stock Exchange issued the rules and supporting business guidelines for the implementation of the city trading business and the supporting business guidelines. The business business of the municipal business will enter the practical stage. "The implementation of the science and technology board to implement the marketing system will further enhance the liquidity of the science and technology board stocks, restrain market fluctuations, enhance market toughness, and give full play to the role of the science and technology board's" test field ". The steady operation and high -quality development of the board. "Sun Jinzhen said. (Reporter Wu Xiaolu)

[Editor in charge: Li Tong]

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