On March 6 alone, 50 A-share companies issued buyback-related announcements. Wind statistics show that the shareholders of Lingyi Zhizao proposed to repurchase the company's shares, and the three-dimensional shares disclosed the first repurchase plan for the first time, and the rest of the company's repurchase plan was approved by the shareholders' meeting and the repurchase has been implemented. On the 6th, a person from the first capital market told the reporter of the "Public Daily": "Listed companies can send a signal to the market that the stock price is undervalued through repurchases, enhance investor confidence, and help investors explore more investment opportunities." Among the many buyback plans, I focus on companies that are issuing buyback plans for the first time. ”
"Write-off" buybacks are attracting attention
In December 2023, the China Securities Regulatory Commission revised and issued the "Rules for Share Repurchase of Listed Companies", adding the condition of "disk protection repurchase", that is, if it is lower than the highest 50% in the most recent year, it will touch the "disk protection repurchase"; Abolish some of the provisions on the window period for prohibiting repurchases, and adjust the basic conditions for general repurchases of listed companies from "listed for one year" to "listed for six months"; Strictly guard against "flickering repurchases", severely crack down on illegal activities such as using repurchases to engage in insider trading and market manipulation, and prohibit the issuance of shares at the same time as repurchases.
Wind shows that on March 6, from the perspective of the repurchase plan proposed by shareholders, the repurchase amount proposed by the shareholders of Lingyi Zhizao was the highest, and the proposed repurchase did not exceed 100 million yuan; Judging from the first disclosure of the repurchase plan, the three-dimensional shares are intended to be repurchased no more than 541190,000 yuan; Judging from the repurchase plan approved by the general meeting of shareholders, the amount to be repurchased by Lei Zhi Group does not exceed 100 million yuan; Judging from the progress of the implementation of the repurchase, Tomson Beijian, Bloomage Biotech, and Happy Home have the highest repurchase amount, with 21.7 billion yuan, 18.3 billion yuan, 1$7.8 billion; Judging from the completed repurchase, a total of 6 companies repurchased more than 10 million yuan on the same day, and Hainan Mining, Anjie Technology, and Dongfang Tong have completed the highest repurchase amount, repurchasing 300 million yuan and 1500 million yuan, 1$1.9 billion.
Among them, Geke micro rebuke 1500 million yuan to 300 million yuan to repurchase the company's shares, and the repurchase shares** do not exceed 25 yuan shares. Gekewei said: "To promote the long-term and healthy development of the company, further establish a long-term mechanism of risk sharing and benefit sharing between the company, shareholders and core backbone employees, so that all parties can work more closely together to promote the long-term development of the company. ”
Among the companies that disclosed the repurchase plan for the first time on the 6th, Sanwei shares recently deliberated and passed the proposal on the repurchase and cancellation of part of the ununlocked restricted **. The bill involved a total of 64170,000 shares, ** in 7 incentive objects who are no longer eligible for incentives. After the completion of the repurchase, the company will apply to the Shanghai branch of Zhongdeng Company to cancel this part of the restrictive **. After the cancellation is completed, the total number of shares of the company will increase by 103.2 billion shares decreased to 103.1 billion shares, the company's registered capital will be 10$3.2 billion decreased to $103.1 billion yuan.
Regarding the "cancellation" repurchase, a researcher at a brokerage firm in Huatai told reporters: "The cancellation of registered capital will help increase earnings per share and effectively improve the return on investment of the company's shareholders." ”
Pharmaceutical stock buybacks are strong
In terms of industries, the repurchase of pharmaceutical stocks is stronger than that of other industries. At the beginning of 2024, the pharmaceutical industry has experienced a rapid pace**, and the current valuation level is in the historical bottom range. As of March 4, the overall valuation of the pharmaceutical industry was 2566 times, which is lower than the average of the last five years. As of March, the valuation level of the pharmaceutical sub-industry from high to low were: chemical pharmaceuticals 3063 times, medical equipment 2688 times, medical services 2505 times, Chinese medicine 2479 times, biological products 2333 times.
Under such circumstances, pharmaceutical companies have set off a wave of buybacks, and leaders in the segment such as MGI and Fosun Pharma have taken action to continue to promote the original repurchase plan or start a new round of repurchase plan. The launch of this round of repurchase boom reflects the concept of "investor-oriented" and conveys the determination of "improving quality and efficiency and emphasizing returns".
In response to the current repurchase situation, Yan Xiang, an analyst at Huafu**, believes: "Compared with U.S. stocks, the scale of A-share repurchases is still at a very low level. With the continuous improvement of the policy system and the continuous improvement of the importance of repurchase, more and more A-share listed companies will actively and reasonably use the repurchase tool in the future, which is also conducive to boosting investor confidence, promoting the smooth operation of the capital market, and laying a good foundation for building a long-term mechanism in the capital market. ”
Reporter Zhang Cao.