Offline Placement Of Shares Will Soon Be Lifted, But Listed Companies "Forget" To Make An Announcement

After 6 months of listing, some offline allotment shares are about to be lifted, but some listed companies forget to make an announcement?

The 21st century economic report exclusively learned that such a magical scene really appeared in the A-share market.

On May 11, 2020, Lexus software (688588. SH) was launched on the science and technology innovation board, and 1.87017 million shares of restricted shares were issued offline for initial public offering. The lock-in period was six months, and the listing and circulation date was November 12, 2020.

However, until the day before the listing and circulation of these shares, on November 11, 2020, the announcement of Lexus software came late.

For the "forgetting to make the announcement", Lexus software had to apologize in its "IPO online placement of restricted shares listing and circulation announcement", emphasizing that it was the company's work fault.

No announcement, bad fund manager?

Lingzhi software said in the announcement that, according to the provisions of article 2.3.2 of the Listing Rules of the science and Technology Innovation Board of Shanghai Stock Exchange, a listed company applying for the lifting of the restrictions on the sale of shares shall disclose the indicative announcement five trading days before the lifting of the restriction. Due to the company's work errors, it failed to disclose the prompt announcement in time according to the provisions. The Company Apologizes for the inconvenience caused to investors due to the company's work errors.

According to the announcement, the lifting of the ban on Lingzhi software involves 113 shareholders of restricted shares, corresponding to 18701700 shares, accounting for 0.47% of the company's total share capital. The list of restricted share holders includes the national social security fund 102 portfolio, Penghua reform dividend stock securities investment fund, Huaxia Fund yiyangtiannian No.3 Hybrid Pension products, Boshi Boyu Shanghai Shenzhen 300 index enhanced stock based pension products , Bank of China limited enterprise annuity plan, Sino Italian Life Insurance Co., Ltd. - Sino Italian investment company and other public offering products, social security fund, pension, enterprise annuity fund, insurance fund, etc.

According to the 21st century economic report, the negligence of Lexus software is not a case in point.

Another A-share listed company, which has been listed for six months, is about to lift the ban on off-line allotment shares. However, there is no news from the company, which has damaged the limited fund companies.

The fund manager of a company told the 21st century economic reporter, "after we made a phone call, the company just wanted to make an announcement.".

The fund manager explained that "generally, the company needs to apply to the Shanghai Stock Exchange or the Shenzhen Stock Exchange to determine that this part of the stock can be circulated, and the institution can only sell the relevant shares after reading this data."

"Although the proportion of shares held by the institution in which the listed company is placed offline is not high, if it has been held all the time, it will also increase the management cost of the institution," he said

Similarly, Xiang Fenghua (300890. SZ), which was listed on September 17, 2020, issued a prompt announcement in a hurry on the evening of March 16, 2021 (Tuesday). There will be initial public offering of restricted shares to be listed for circulation. The circulation date is March 18 (Thursday) two days later.

Xiang Fenghua said that the restricted shares listed this time are the initial public offering of off-line allotment restricted shares, involving 4831 allotment accounts for effective offline allotment. The number of shares released from the restriction is 1252394 shares, accounting for 1.2524% of the total share capital after the issuance. The lock-in period is six months, and the restricted shares will expire on March 18, 2021 and be listed for circulation.

On March 26, a senior secretary of the gem explained to the reporter of the 21st century economic report that "for the general off-line placement investors' shares, the listed companies need to go to the China securities registration and Clearing Corporation and the stock exchange for relevant applications. If the procedures are not completed, the shares released will not be able to reach the shareholders' accounts of the fund. Only when the listed companies issue an announcement can the fund companies find shareholders A list of accounts so that the shares can be reduced later. "

He believes that "the lifting of the ban on the sale of shares on the Internet will change the circulating share capital of listed companies, so it must be disclosed. The above procedures generally need to be handled 1-2 weeks in advance. For example, if the announcement is forgotten, it may take time to check the data."

Both the science and technology innovation board and some gem are involved in the 6-month online sales ban

On March 27, 21st century economic reporter learned from a person in the equity capital market department of a securities firm that "at present, all IPO of science and Technology Innovation Board companies need to draw 10% of the accounts from the allocated offline investors and lock them for six months."

In addition, the insiders mentioned that "in addition to the science and technology innovation board, the gem's initial launch also has six-month offline rationing restrictions. In addition, large-scale projects in the main board may also be required to conduct market-oriented inquiry. If it is a market-oriented inquiry, some sales restriction conditions will be set. Compared with the postal savings bank, Beijing Shanghai high-speed railway, and the Three Gorges new, which is going to be listed and issued before this time Energy. "

Wind data shows that, taking August 1 to September 30, 2020 as an example, 126 A-share companies have been listed in this period, and some companies have disclosed the time interval for the announcement of the lifting of the ban on offline allotment shares, which is close to the time interval for the circulation and listing of these shares.

For example, pinwo food (300892. SZ) issued a notice only a few days before the restricted shares were about to be circulated and listed.

Pinwo food was listed on the gem on September 24, 2020, and its IPO offline allotment shares accounted for 1.2897% of the total share capital after the issuance. The sales restriction period was six months. On the evening of March 26, 2021, it announced that the IPO offline restricted shares would be listed and circulated on March 30, 2021, with only four days interval.

According to the announcement, the number of shareholders of pinwo food applying for lifting the share restriction is 5282, including Ruiyuan fund, Qianhai open source fund, Shanghai Shenjiu Asset Management Co., Ltd., Galaxy fund, Huafu fund, Boshi fund, etc. The initial public offering of pinwo food was carried out through the combination of offline and online issuance. After the call back mechanism was started, the final number of shares issued by pinwo food online was 12.875 million shares, accounting for 51.50% of the total amount of this issue; the final online issuance amount was 12.125 million shares, accounting for 48.50% of the total amount of this issue. In the announcement, pinwo food wrote, "among the stocks issued this time, there are no circulation restrictions and sales restriction arrangements for the stocks issued online, which can be circulated from the date of listing on the Shenzhen Stock Exchange. For the offline part, the method of proportional sales restriction is adopted. Among the stocks allocated to each allotment object, 90% of the shares will be available for circulation from the date of listing and trading on the Shenzhen Stock Exchange; the sales restriction period for 10% of the shares will be 6 months, and the sales restriction period will be calculated from the date when the shares are listed and traded on the Shenzhen Stock Exchange. " By the end of March 30, the stock price of pinwo food was 46.15 yuan / share, nearly double the issue price of 26.66 yuan / share. However, compared with the first day's closing price of 77.00 yuan / share, the stock price of pinwo food has been hovering at a low level recently.

Of course, there are also some cases with relatively standardized information disclosure, such as Ruilian Xincai (688550. SH), haimuxing (688559. SH), lvdiharmonic (688017. SH), and South Asia new materials (688519. SH).

21st century economic reporter found that if Ruilian Xincai announced as early as February 22, 2021, 74436100 restricted shares (accounting for 1.0606% of the company's total share capital) will be listed and circulated on March 2, 2021. The restricted shares listed and circulated are the company's initial public offering of off-line restricted shares, with a lock-in period of six months, and the number of off-line restricted shares is 337.

Ruilian new material's announcement time, from the day of lifting the ban on its restricted shares, set aside about a week.

In addition, green harmonic also disclosed on February 18, 2021 that there will be 135709300 offline allotment shares listed and circulated on March 1, 2021, accounting for 1.1270% of the company's total share capital, and the sales restriction period is six months.