CCTV Special Report: "We Don't Reduce Holdings" (Text Version)

China's stock market fell in the first half of the year, and many investors lost a lot, but during this time, some listed companies announced that they would voluntarily lock up stocks that had been released from the lockdown period.

On June 17, the share reform * 5656 shares of Sany Heavy Industry in the 3rd anniversary of the share reform, before the full circulation, the controlling shareholder Sany Group announced in a high-profile manner that it promised to lift the ban on June 17, 2008 on the 518126188 shares of Sany Heavy Industry that were listed and circulated, and voluntarily continue to lock in for two years from June 19, 2008, within two years, if the secondary market price of Sany Heavy Industry shares is lower than twice the closing price on June 16, 2008 (that is, 55.76 yuan / share), Sany Group undertakes not to reduce its holdings of Sany Heavy Industry through the secondary market.
Xiang Wenbo, President of Sany Heavy Industry: "We are *5656 fully circulating, and we also hope to set an example, that is, everyone pays attention to the healthy development of China's capital market." ”

After Sany Heavy Industry announced the news, on June 18, Sany Heavy Industry opened against the market and rose 8%, * after closing on the stop board, and under the boost of this news, the market also turned from falling to rising, closing out a big white line, Sany Heavy Industry's commitment is like a ray of light exposed in the dark, so that many shareholders see a little hope, for a while, all kinds of praise on the Internet, a Heilongjiang Harbin netizen left a message - responsible, support. A Hangzhou netizen left a message: Zhejiang shareholders sent a congratulatory message with tears! Many articles even refer to Trinity's practice as a righteous act.

Xiang Wenbo: "The Olympic Games are also about to be held, we believe that maintaining social stability and maintaining the stability of the capital market should be the basic responsibility of a listed company, and we hope that through our own behavior, we can advocate and influence all listed companies in the capital market." ”

On June 20, after Sany announced that it would not reduce its holdings, the research silicon stocks issued an announcement, and the controlling shareholder of the General Research Institute promised to hold the shares of listed companies from June 20, 2008 to continue to lock in for two years, and then, the company that promised not to reduce its holdings continued to appear, and major shareholders of listed companies such as Huangshan Tourism / Dingli / Suning Electric Appliances announced that they promised not to reduce their holdings of shares of listed companies.

He Zhenlin, vice president of Sany Group: "I personally think that from a deep level, it is still the size of the non-ban, everyone thinks that a large amount of supply exceeds demand, and this depreciation will definitely occur, so we must stand in the perspective of industrial capital to explain what position industrial capital should be, this is not a simple question of who expresses its position, but industrial capital is facing such a major problem, what position should you stand on, is the real correct position, is the real return to the fundamental position of the stock market." ”

Sany Heavy Industry opened a precedent for major shareholders to voluntarily promise not to reduce their shareholdings, this move attracted a cheer among investors, after Sany, followed by listed companies that made similar commitments, as well as AVIC Precision Machinery, Topband Electronics, Weixing shares and many others, it can be expected that such a team of listed companies will continue to grow, so that now there is a new sector in the stock market, called "big non-lock-up commitment" plate, so, why do listed companies make such a commitment? Let's listen to what Sany Heavy Industry has to say.

Why Sany promised not to reduce holdings, Sany Heavy Industry emphasized that the current stock market fell from 6,000 points to below 3,000 points, more than 90% of shareholders are deeply trapped in it, and even many institutions are not spared, and with the endless decline, the psychology of shareholders has been extremely fearful, and everyone's confidence has been lost, Sany is doing this to arouse everyone's confidence in the stock market.

With the decline of the market since October last year, the stock price of Sany Heavy Industry has also been cut in half, from more than 60 yuan of *5661 to less than 30 yuan now, and the development of the construction machinery industry in Sany is closely related to the investment in national infrastructure construction, the "Eleventh Five-Year Plan" in the eastern region to take the lead in the development, promote the development of the west, promote the gradual implementation of the strategy of the rise of the central region, all contain huge business opportunities in China's construction machinery market, China's construction machinery industry is still in the growth period, Sany has been developing at a rapid pace since its establishment.

Liang Wengen, chairman of Sany Group: "In 2002, our sales were only 100 million yuan, and last year in 2007 it was 18 billion yuan, and we will achieve 100 billion yuan in sales within five years." ”

Last year's sales of 18 billion yuan, sales revenue increased to 100 billion yuan within 5 years, the reporter learned that the 5-year plan of the * 5656 steps - 2008 to achieve more than 23 billion yuan of sales revenue is currently progressing smoothly.

He Zhenlin: "That company like ours has very good performance and very high growth, why should I reduce my holdings of a good company like ours." ”

The reporter learned that at present, Sany will not only not reduce its holdings, but is also considering increasing its holdings of Sany Heavy Industry through the secondary market.

Zhao Xiangzhang, secretary of the board of directors of Sany Heavy Industry: "If the stock price has such irrational fluctuations for a long time, then this will definitely be done." ”
Sany Heavy Industry believes that it shoulders the responsibility of maintaining the stock market, so what are the considerations of other listed companies that follow up? The reporter came to Huangshan Tourism Development Co., Ltd., the third company to make a commitment not to reduce its holdings after Sany.

Huang Huimin, secretary of the board of directors of Huangshan Tourism Development Co., Ltd.: "Although our share capital in Huangshan is not large enough and the market value is not high enough, I think it is necessary for us to show our small and medium-sized investors a responsibility, a responsibility to share weal and woe, to be in the same boat through thick and thin, and to support morally. ”

Huangshan Tourism Board Secretary Huang Huimin told reporters that the major shareholder Huangshan Tourism Group made a commitment not to reduce its holdings, the primary consideration is responsibility, the total share capital of Huangshan Tourism is 470 million shares, the controlling shareholder promised to voluntarily lock in a total of 197.73 million shares for 2 years, accounting for 41.95% of the total share capital, due to the absence of small non, Huangshan Tourism has also become a major shareholder in the two cities * 5656 major shareholders will continue to lock all the restricted shares of the listed company, and deliberately choose to announce the "lock-up commitment" at this time, In addition to responsibility, I want to convey confidence.

Huang Huimin: "At such a downturn now, I even emphasize a moment, Huangshan's stock price is also synchronized with the market, and it has fallen by half, at such a moment, we think that our Huangshan stock price may be our major shareholders think that it is unreasonable, or inappropriate such a moment, in order to express their confidence, so we need to make such a commitment." ”

The reporter noted that in addition to continuing to lock in two years without reducing holdings, the major shareholder Huangshan Tourism Group also promised that within 3 years from February 17, 2009, the lower price would not be less than 30 yuan per share, and on the trading day before the announcement, the closing price of Huangshan Tourism was only 14.44 yuan.

Reporter: "Are you impulsive?" ”

Huang Huimin: "No. ”

Reporter: "Including setting a price of 30 yuan." ”

Huang Huimin: "Because we have been very mature, after many discussions, this number, I just expressed the same as you, *5656 Huangshan used to be 32 yuan, we think at that time, it may be a kind of good expectation for it, I think if we push back three years, this kind of beautiful expectation, we have more reason to believe it." ”

Huang Huimin told reporters that for the intrinsic value of the company, the major shareholders are confident and fully psychologically prepared, but the reporter noticed that after Huangshan Tourism issued a lock-up commitment, the stock price once rose on the same day, and the next day * 5661 rose by 8.6%, and in the following trading days, the share price of Huangshan Tourism did not rise all the way, so how do investors in Huangshan Tourism view this move of the major shareholder?

Huangshan Tourism Investor: "I think it's a good thing, it should be a good thing, because in this case, the interests of major shareholders and listed companies should be consistent." ”

Li Bin, an investor in Huangshan Tourism: "The major shareholders give us confidence, and we will be more confident." ”

Mao Zhengrong, an analyst of the tourism industry of Guojin Securities: "Especially in the current state, I think it is a matter of confidence, and this statement of the major shareholder of Huangshan Tourism, I think it is precisely to give confidence to the market." ”

Lin Yuan, an investor in Huangshan Tourism: "I believe that its reduction may have something to do with the confidence of its management, he knows that it is a money-making thing, why should I reduce my holdings." ”

It seems that in the case of the collapse of the market in the early stage, the firm and clear commitment of Huangshan Tourism Group to lock up the position did make all investors feel confidence, but the reporter also found in the interview that this confidence does not seem to be the decisive factor for them to invest in Huangshan tourism.

Lin Yuan, an investor in Huangshan Tourism: "This does not affect, does not affect the investment decision, I believe this, has no direct impact on me, I do not consider whether it reduces or not." ”

Huangshan tourism investor: "There is no impact, I think Huangshan is a talent, its natural endowment has determined that it is a company similar to the safe nature of bonds, I think the investment in Huangshan should be in a ten-year cycle, and the shareholding cycle should be more than ten years." ”

Mao Zhengrong, an analyst in the tourism industry of Guojin Securities: "I don't think this will affect my judgment on the investment rating and future target price of Huangshan Tourism, because, I think it's just one, it's just a reshaping of market confidence, but it doesn't affect its own fundamentals, our fundamentals are more about the company's management, whether there is a better improvement, to see if the company's operation has further expansion." ”

From the Huangshan Tourism promised not to reduce its holdings, investors saw the confidence of major shareholders in listed companies, and their logic was that as long as the company was in good condition, how could major shareholders be willing to sell a chicken that could lay golden eggs? And since the major shareholder has solemnly promised that he will not sell this chicken at a low price, it proves that this listed company must be a chicken that can only lay golden eggs, is this reasoning valid? Can a pledge not to reduce holdings save the stock market's steady decline? Now there are different voices on the market as well, come and listen.

In an article, Liu Yue of Huaxi Securities believes that the major shareholders who hold "Dafei" in order to protect their controlling position, have no intention of reducing their holdings, so the commitment made is meaningless, such a commitment is suspected of "show", and Liu Yue suspects that there are interests behind it, "At present, the management obviously hopes that the company's major shareholders will come to the market and deliberately cater to the needs of the management. There is a suspicion that the plan for future additional issuance and other plans has been successfully approved to do government public relations. However, some users find this skepticism debatable.

Huang Ming, a professor of finance at Cornell University in the United States: "There is a premise, and this premise is that it will not directly reduce its holdings, nor will it reduce its holdings in disguise, that is, through trusts or in the future through stock index futures, and indeed do it according to their commitments, my view is quite positive under this premise." ”

Ming Huang is Professor of Finance at Cornell University's Johnson School of Business and Dean of the School of Finance at Shanghai University of Finance and Economics.

Huang Ming: "A company that thinks that its selling value is inflated does not dare to make this kind of promise easily, because when a company promises like Sany Heavy Industry, saying that I will not sell within how many years, or I will not sell before the stock price rises, they give me a signal, that is, they are down-to-earth to do business, and they are quite confident in their fundamentals, they feel that they can make a lot of money, they are not in a hurry to cash out, all of these are positive signals, of course, this premise is that he counts what he says, and he does so." ”

Huang Ming believes that Sany and other companies will not reduce their holdings, which will have a very positive effect on stabilizing the current stock market.

Huang Ming: "It's a good effect, it will let many shareholders see that when the stock market continues to fall, not all companies are worthless, but there are a number of companies whose stock prices have fallen to a price that is worth investing in for a long time and holding for a long time." ”

Although He Zhenlin, vice president of Sany Group, is not sure, he believes that the vast majority of China's listed companies will not reduce their holdings, and there may be those who want to reduce their holdings, but they do not account for the mainstream.

He Zhenlin: "To throw away the possibility of the next three indiscriminate companies, it itself is for the purpose of making money, it has no lofty ambitions, it does not want the development of the industry, it is listed for one yuan, it sells for 3 yuan and also wins, I think there are very few such enterprises." ”

However, Huang Ming is not optimistic about whether the vast majority of companies will follow up and make such promises.

In the face of the steady decline of the stock market and the helplessness of investors, including Sany Heavy Industry, many major shareholders of listed companies announced automatic lock-ups, and some major shareholders also took the initiative to increase their holdings of the company's shares in the secondary market, and even adopted the repurchase method like Livzon Group to restore market confidence.

In the current downturn in the market, no matter what the purpose of the "big non" automatic lock-up, this behavior is worth encouraging. The stock market is the stock market for all of us. If the stock market is bad, everyone's interests will be damaged. Therefore, from this point of view, we should encourage more market participants to work hard to maintain market stability and do what they can.

Editor-in-Chief: Zhang Kaihua

Reporter: Meng Qinghai Gu Ping

Cinematographer: Fan Jian'en