The Tide Of Lifting The Ban On Science And Technology Innovation Board Is Surging

After the biggest lifting tide in July, there is still a large scale of lifting the ban in August and September.

According to the statistics of the 21st century economic report, in August, a total of 49 science and Technology Innovation Board companies were lifted, with a total of 3.791 billion shares. Based on the closing price on August 30, the market value of the 49 companies was 177.226 billion yuan.

In September, the scale of the lifting of the ban of science and technology innovation board has been greatly reduced, and the number and market value are less than half of that in August.

Although the lifting of the ban does not necessarily mean the reduction of holdings, it is also the "touchstone" of stock prices, which has always attracted the attention of investors.

In order to solve the problem of specific shareholders' demand for reduction and avoid direct impact on the secondary market, the 21st century economic report reporter noticed that there are more and more phenomena of reduction of holding by inquiry transfer mechanism adopted by sci tech innovation board.

On the evening of August 30, Xinyuan shares (688521. SH) announced the results of inquiry transfer by shareholders. The controlling shareholders, actual controllers and directors, supervisors and senior executives of the company participated in the inquiry transfer.

Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, told reporters of the 21st century economic report that "inquiry transfer is a way for major shareholders of listed companies to reduce their holdings. It adopts the method of negotiated bidding. In this way, it can reduce the impact on the price of trading period over the OTC market, at least outside the trading time, which is conducive to reducing the impact on small transactions during normal trading hours, It is a good way to reduce the holdings of large households to large households and institutions to institutions. "

"Compared with centralized transaction bidding and block trading, the whole process of inquiry transfer will be longer. While meeting the demand of venture capital withdrawal, this new channel of reducing holdings also avoids the occurrence of a large number of short-term shares pouring into the secondary market, which will impact on the stock price and cause excessive impact on the company's stock price." YueKai Securities chief strategic analyst Chen Mengjie further said.

In August, the ban was lifted and the market value exceeded 100 billion yuan

According to the statistics of the 21st century economic report, in August, a total of 49 science and Technology Innovation Board companies were lifted, with a total of 3.791 billion shares. Based on the closing price on August 30, the market value of the 49 companies was 177.226 billion yuan.

According to wind industry classification, they belong to materials, industry, information technology and health care industries. Among them, the information technology industry has the largest number of companies, with 19.

These companies also have rich types of shares, including equity incentive common shares, initial general shares, initial institutional placement shares, initial original shareholders' restricted shares and initial strategic placement shares. Among them, nearly 50% of the company's shares are restricted by the original shareholders.

As for the proportion of lifting the ban, 12 companies are less than 1%. However, more companies whose shares were released accounted for more than 10% of the total share capital, and the ratios of Shengxiang biological (688289. SH) and Shijia Photonics (688313. SH) exceeded 50%, which were 50.57% and 60.75% respectively.

In terms of the number of shares to be lifted, there are 29 companies with more than 10 million shares and 8 companies with more than 100 million shares. Among them, the top three companies are Shijia photonics, long term lithium Technology (688779. SH) and Longteng Optoelectronics (688055. SH), with 279 million shares, 348 million shares and 1.503 billion shares respectively. In the segmentation industry, the total number of Companies in the information technology industry was the largest, up to 2.316 billion shares. Shijia Photonics and Longteng optoelectronics also belong to this industry.

In terms of the market value of lifting the ban, 49 companies are all above the level of 10 billion yuan, of which 5 companies are at the level of 10 billion yuan. They are Longteng optoelectronics, Xinyuan shares-u (688521. SH), Shengxiang biology, Kaisai Biology (688065. SH) and kangxinuo-u (688185. SH), with corresponding market value of 11.065 billion yuan, 13.579 billion yuan, 14.391 billion yuan, 16.703 billion yuan and 20.387 billion yuan, respectively. The reporter noted that the top three companies in the market value of lifting the ban are all health care companies.

On August 13, kangxinuo, which ranked No.1 in terms of market value, had 42.7938 million shares of shares restricted by the original shareholders and strategic allotment shares, accounting for 17.3% of the company's total share capital, with the market value of 20.387 billion yuan. It is worth noting that on the same day, there are major shareholders to sell the liquidation type reduction plan.

On August 16, the first trading day after August 13, the shares of conconor fell nearly 10%.

Compared with August, the scale of science and technology innovation board was significantly reduced in September, and the number and market value of the company were less than half of that in August. In September, a total of 42 science and Technology Innovation Board Companies' restricted shares were lifted, with a total number of 636 million shares. Based on the closing price on August 30, the market value of the 42 companies was 67.135 billion yuan.

As far as the industry is concerned, the number of Companies in the information technology industry is still the largest, with 20. In terms of the proportion of lifted shares in the total share capital, 11 companies are less than 1%, and more than 30% of the companies have more than 10% of the total shares. Only Lutheran environment accounts for more than 50% of the total share capital, accounting for 52.04%.

Chen Mengjie believes that "of course, there is still a certain effect of lifting the ban on the science and technology innovation board market. Although the lifting of the ban does not mean the reduction of holdings, if the proportion of lifting the ban is too large, it may suppress the stock price trend in the short term, and the psychological impact before the lifting of the ban may be higher than the actual reduction effect. In the medium and long term, it depends on the company's fundamentals, industry space and competition pattern

However, from the historical point of view, Chen Mengjie believes that the lifting of the ban peak will not lead to a sharp drop in the market, and the reduction behavior after the lifting of the ban does not necessarily occur in the month. Judging from the current market situation, the transaction volume of the two markets has exceeded trillion yuan for 31 consecutive trading days. The superposition of diversified reduction methods also helps to relieve the pressure. In many ways, it is conducive to fully digesting the impact caused by the lifting of the ban, which will not cause too much impact on the market trend.

Inquiry transfer is becoming a new trend of reducing Holdings

As the first inquiry transfer case of the science and technology innovation board, the progress of 9 shareholders' equity transfer of Zhongwei company (688012. SH) has attracted the attention of the outside world.

On August 11, 2020, for the first time, the company tried to transfer by inquiry, which opened a big breakthrough in the system of reducing the holdings of the scientific and technological innovation board.

At that time, Liu Xiaoyu, vice president and Secretary of the board of directors of the company, said in an interview with the 21st century economic news reporter, "we are very glad that after the implementation of the inquiry transfer system, Zhongwei has cooperated with many shareholders in the attempt of inquiry transfer. It is believed that the early formation of consensus, joint decision-making and other measures and practices of many shareholders of the medium and micro companies can also bring inspiration to more scientific and technological innovation enterprises to steadily reduce their holdings. "

It is true that more and more science and Technology Innovation Board companies began to choose this method after the first order of medium and micro companies was opened. This year, eight companies have chosen to reduce their holdings through inquiry transfer, which are Huafeng measurement and control (688200. SH), Shitou Technology (688169. SH), Western superconductor (688122. SH), tiannai Technology (688116. SH), jiabiyou (688089. SH), Weisheng information (688110. Sh), Aidi Pharmaceutical (688488. SH) and Xinyuan shares.

Taking Xinyuan shares of the latest landing related plans as an example, the transferor is the initial investor of Xinyuan shares, including 9 investors including Junxiang investment, Junlang investment, Huaxin Yiyuan, IDG, etc., holding shares in the range of 0-3.66%. The total number of shares held in this transfer accounts for 26.92%, and the reason for the transfer is its own capital demand.

There are 10 transferees in this inquiry, with a total of 20.99 million shares transferred, accounting for 4.28% of the total share capital. The transferred shares need to be locked for 6 months. The inquiry transfer price is 72 yuan / share, which is 84.27% of the average trading price of Xinyuan shares in the 20 trading days before August 18, and 90.40% of the closing price of 79.65 yuan on August 30.

"The base price of" 70% off "has been specified in the inquiry transfer of the science and technology innovation board, and the lower limit of the transfer price shall not be less than 70% of the average trading price of the shares of Kechuang company 20 trading days before the date of sending the invitation for subscription. Institutional investors have professional investment and research capabilities, and can give full play to their professional pricing capabilities. Their investment is mainly in the long term, which can avoid the volatility risk brought by excessive speculation and arbitrage by retail investors. " Chen Mengjie said.

(Intern Chen Huijie also contributed to this paper.)