深滬兩市大股東掀起減持潮 嚇壞散戶

Large shareholders of a number of companies listed in Shanghai and Shenzhen have been reducing their holdings since the beginning of May, according to disclosures to the bourses concerned.

根據相關交易所披露，自5月初開始，滬深兩市不少上市公司的大股東持續減持。

Market observers said this paring of holdings may dent small investors' confidence and hurt prices of the stocks concerned.

市場觀察人士稱，減持行爲可能會挫傷小投資者的信心，並拖累相關股價。

In the first seven trading days this month, large shareholders sold 543 million shares worth 14.02 billion yuan in various companies, according to the China Securities Journal.

《中國證券報》稱，在本月頭7個交易日裏，大股東拋售各公司股票5.43億股，總價值達140.2億元，幾乎相當於5月份全月減持市值。

This almost matched similar selling through all of May, which saw big shareholders' sales of 435 million shares worth 14.43 billion yuan.

5月份，大股東減持了4.35億股，價值爲144.3億元。

According to the Journal, 45 companies, through 52 filings, disclosed large shareholders' plans to sell 1.216 billion shares worth 29.14 billion yuan or $4.43 billion.

根據《中國證券報》報道，45家企業在52份申請文件中披露大股東計劃出售12.16億股，價值值291.4億元。

They will sell these shares gradually in three months to a year as per regulations. A big shareholder is required to disclose any substantial paring of its holding and complete such sales within a given timeframe.

這些大股東將按規定在三個月到一年的時間逐步售出股份。一個大股東須在給定的時間內披露其控股的實質減持和完成售股的情況。

Since the beginning of May, big shareholders in nine companies listed in Shanghai and Shenzhen disclosed that they are going to sell all their holdings. Among them, three firms will see big shareholders selling shares worth more than 1 billion yuan within 12 months.

自五月初以來，在上海和深圳上市的九家公司的大股東披露將售出其持有股。其中，三家企業的大股東在一年內賣出價值超過10億元的股份。

Many of the companies that are seeing selling by large shareholders are small- to medium-cap enterprises in emerging sectors such as biochemicals and high-tech. For instance, Shanghai Hile Bio-Pharmaceutical Co Ltd, a drugmaker, has seen heavy selling in their counters.

據該報報道，大股東所減持的很多企業都是生化藥劑、高科技等新興行業的中小型企業。例如，製藥企業上海海利生物製藥有限公司就發生過股票大量拋售的情況。

On May 3, the first trading day of the month, shares in Hile Bio-Pharma closed at 42.97 yuan in Shanghai. But by June 1, they fell to 16.37 yuan. They closed at 15.22 yuan on Friday, marking a 65 percent decline since May 3.

5月3日是本月的第一個交易日，海利生物製藥股在滬收盤價是42.97元。然而到了6月1日，股價跌至16.37元。5月17日，該公司的收盤價是15.22元，這意味着自5月3日以來他們下跌了65%。

Although the meltdown is attributable to the automatic price shrinkage due to the company's 13-for-10 stock split on May 4, the large shareholders' selling is also believed to be a major factor.

儘管因爲該公司5月4日股票分割比例是13:10，本次危機是由自動價格收縮造成的，但是大股東售股也被認爲是一個主要因素。

A research note from Ping An Securities said quite a number of companies in emerging sectors listed recently, suggesting that large shareholders may be exiting to secure their gains.

平安證券的一份研究報告指出，許多新興行業企業最近才上市，這表明大股東可能會爲確保他們的收益而退出。

Citing filings, analysts attributed the selloff to big shareholders' desire to stay liquid.

分析人士援引一些申請文件稱，將這些拋售歸因於大股東想要保持其資產流動。

A research note from Chang Xin Asset Management said recent paring of holdings had a limited impact on the A-share market so far, given the small size of sales relative to the whole market. But small investors holding shares in these stocks may feel the pinch due to falls in prices.

長信資產管理公司的研究報告稱，由於相對整個市場而言，大股東售股規模還算小，迄今爲止，近期減持對A股市場影響有限。但由於股價下跌，中小額投資者持股可能會感受到壓力。

Zhang Shaofen, 56, a Shanghai-based small investor, said it is understandable if big shareholders like institutional investors reduce their holdings to boost their liquidity. But, if individuals such as company founders or senior executives, or their family members, are behind such sales, it could mean they are cashing out or eager to get rid of the company's shares for some reason.

今年56歲的張少芬是上海的散戶。她表示，如果大股東是機構投資者爲了提高資產流動性而減持，那麼是可以理解的。但是，如果售股背後是企業的創始人或高級管理人員，或者他們的家庭成員，這可能意味着他們是出於某種理由而要套現或是想要清倉。

"Usually, individual large shareholders have close knowledge of a company's profitability, operations and financial situation. If such individuals sell shares in bulk deals, small investors may interpret the move as a sign of erosion of confidence in the company's future."

“通常情況下，個人大股東對企業的盈利能力，運營和財務狀況有親身的瞭解。如果這些大股東在大規模交易售股，散戶可能會認爲是持股人對企業未來的信心逐漸降低了。”

But brokerages said block deals do not necessarily mean big shareholders are giving up on the company or that they are cashing out or exiting for good.

但一些券商表示，大規模股份交易並不一定意味着大股東要放棄這家企業、或是要兌現，或是永遠退出。

A research note from Guangfa Securities said some block deals could well be in anticipation of possible mergers and acquisitions. MA activity usually stands a better chance of success when the equity structure is clear and simple.

廣發證券的一份研究報告稱，一些大規模股權交易很有可能是對合適的併購的預期。股權結構簡單清晰時，併購活動通常有可能有機會成功。