A high proportion of listed companies pledge danger frequent risk prevention and control very difficult


Multi "mine" clear "chronic illness" step by step with the relevant listed company's share price dropping, some shareholders equity of the pledged situation appears unable to add lead to liquidation of collateral。In this regard, the parties in the intensive "mine", with a view to the impact to a minimum within the range。(Recommended reading) open exposures in leveraged finance supervision department strict supervision, financial nest, the background of the rigid payment and other financial chaos, and effectively guard against systemic risk, some preliminary rely on credit expansion capital to maintain operation of the main market difficulties high proportion of part of the controlling shareholders of listed companies pledged shares, a-share market once again become a point of local risk。  Statistics show that since May has a number of listed companies active or exposed announcement, shareholders of company stock pledged faces liquidation risk。  May 5, bogged down in regulatory investigations, whirlpool * ST delisting risk Pegasus disclosure, the stock pledged repo operations with the controlling shareholder Kashi Galaxy securities wind days expired on March 1, the above-mentioned business pledge target for the company 2.9.3 billion shares (total equity of 24.62%, accounting for Kashi frozen Galaxy cumulative total number of shares to be pledged 82.16%), Tianfeng Securities to be related to the underlying collateral disposal, could cause the Company's controlling shareholder changes。May 15, the company then announced that the company received a written Huarong securities issued "About require listed companies to publish Pegasus * ST announcement of open breach notification letter" notification letter display, the Galaxy Kashi 3175 pledged shares the stock has also been liquidated。Since the resumption of trading on May 14, * ST Pegasus sustained limit。  May 10, southerly shares announcement, the controlling shareholder of the actual controller Yang Zishan cum one part pledged shares hit a closing line, and the company was unable to get in touch with Yang Zishan, there is not been able to cover short positions, or de-pledge pledge their shares, leading to a forced risk unwinding。May 21, the North Group News bulletin, due to the recent abnormal fluctuations in stock prices, the controlling shareholder of Dragon Group holds shares of some companies facing the risk of liquidation。May 22, Jinlong Machinery & Electronics announced that due to the company's share price fell sharply recently, leading to the controlling shareholder of Golden Dragon Group pledged some shares hit a closing line, there is a risk of liquidation。  After the encounter shares closing risk, some shareholders will take certain measures, such as taking a margin, supplemented pledge or early repayment of its way to avoid the risk of the occurrence of pledged shares to be liquidated。But part of inability or unintentional sinking of shareholders, the shares will be pledged strong level。  Case in point as Qianshan medicine machine, May 7 Qianshan medicine machine released about the company directors, executives company stock holdings suffered a passive open reduction announcement, April 24, April 25, May 4, due to the stock-secured by securities companies did not breach the requirements of supplement quality or advance repurchase the underlying securities, securities companies disposed of directors Zhong Bo, securities, collateral subject number one actual controller Huang Shengqiu total of the company's total share capital 0.99%。  Pledged high proportion of the pain experienced price adjustment since mid-2017, for some listed companies, a high proportion of equity pledge to be hanging over their heads the "sword of Damocles"。This is especially prominent in the context of the current deleveraging。Overall market up since mid-2017, taking into account the expected weak economic, financial institutions superimposed on corporate financing conditions tightened, a high proportion of shares pledged more face liquidity risk。When triggered fell cordon and closed line, triggering panic in the market sell-off, will form a vicious cycle, leading to more stock hit a closing line pledge。The high proportion of equity pledge of company shares tend to be more sensitive。  Although the overall equity of the current A-share listed companies pledge little risk, but some of the higher proportion of pledged stocks, especially themselves in financial difficulties or adjustment period in listed companies, the market is still regarded as the focus of "minefield"。  Data show that as of May 18, A shares pledged a total of 3443 there is equity, accounting for 97 of the total A-share listed companies.86%, almost "no shares do not charge"。From the stock section pledge ratio distribution, the ratio is less than 10% of the pledge has 1623, accounting for 47.14%; proportion of collateral 1068 has between 10% -30%, accounting for 31.02%。There are 129 listed companies in the proportion of share pledge over 50%, accounting for 3.75%, of which a few stocks pledged even more than the proportion of 70%。  A high percentage of risk has long been pledged to bring regulators to pay close attention。January 12, "pledged repo transactions and stock registration and settlement business approach (revised 2018)" published and implemented on March 12。The new rules limit the financiers qualification, concentration and pledge of shares of stock pledged to strengthen control of the pledge business risk。The new regulations limit the concentration of a single stock pledge, pledge overall ratio does not exceed 50%; a single securities company, a single information management products only as a financier received a single A-share equity pledge shall not exceed 30%, 15%。  Yao Pin Tong Securities Finance pointed out that from the comparison data, the pledge after implementation of new regulations, overall mortgage market is still rising proportion。But from the point of view of plate tectonics, the larger impact of the new regulations for small board and GEM, after March 12 Nisshin regulation implementation, the proportion of small and medium pledge to create a slight decline, while the proportion of board pledge unaffected, still on the rise。  Song Qinghui economists believe that although the current overall market risk is not open, but there are some stocks equity pledge a certain risk, especially those with a high percentage of shareholder equity pledge, more need to guard against the risk, once open, will result in control of the company easy to master。Investors should price at a high level and a high proportion of stocks pledged to remain vigilant, the share price may at any time since the fall open。  Risk prevention and control strode to face the risk of local equity pledge is evolving, the parties actively respond。  For high proportion of equity pledge to expose part of the controlling shareholder of the company, insolvent liquidation risk when stock price volatility, the Shanghai Stock Exchange, said the need for early prediction, rapid disposal, to avoid the risk of spills, become risk factors that affect the sound operation of the market。The Shanghai Stock Exchange based on information disclosure and risk of the release, carefully and steadily carry out disposal。  Information disclosure, the controlling shareholder of the Exchange requires detailed disclosure of relevant creditworthiness, and take active steps to resolve the credit crisis; urge the company to ensure stable production and operation, investigation and whether there is a potential exposure, avoid secondary crisis。After the release in terms of risk, we require the company to verify the situation timely resumption of long-term suspension, the gradual release of risk transactions, avoiding the risk of sustained accumulation of accumulation。From a practical point of view, even if the controlling shareholder pledged shares liquidated holdings also subject to the new regulations, and to fulfill the pre-disclosure obligations and not unduly impact the secondary market; risks related cases disposed of has not spill happens, few companies share prices continuous limit, but did not affect the overall market trading order。  According to a special comb the Shanghai Stock Exchange on the Shanghai stock market risk controlling shareholder pledged, on the whole, the vast majority of the controlling shareholder of Shanghai Stock Exchange pledged in the safe range。Controlling shareholders pledge proportion of more than 80% of the approximately 150 companies, where larger companies do not risk more than 50。Issued to these companies, the Shanghai Stock Exchange has been related to the controlling shareholder letter supervision, and subject to an appointment to talk, and urge them to make financial arrangements ahead of time, and effectively guard against the risk of collateral。On this basis, the Shanghai Stock Exchange to further verify whether the relevant controlling shareholder funds used to conceal the existence, security breaches and other acts, timely accountability Responsibility, recently has started disciplinary proceedings against a number of irregularities body。In addition, institutional arrangements, the Shanghai Stock Exchange revised format guidelines related announcement, focus on strengthening information disclosure refinement of the controlling shareholder of the high proportion of pledge, requiring full disclosure of the controlling shareholder of creditworthiness, carefully assess the impact of the high proportion of listed companies pledge。  Some fall into open crisis of listed companies are also active in "self-help"。May 22, Yu Heng Pharmaceutical announcement, the actual controller, Yu Heng Group and persons acting in concert after learning that the pledge liquidation risk, the first time with financial institutions and creditors in a timely manner to explain the situation, and actively through the sale of assets, revitalize the capital, try a variety of ways to introduce strategic investors, and actively resolve the liquidation may lead to the risk of equity pledge。The actual control on the introduction of strategic investors in health matters and Investment Investment Holdings Limited and its related parties, intermediaries consultations, the parties concerned have not yet signed a formal share transfer agreement。  A number of listed company said it is establishing a tracking mechanism shareholder equity pledge case, in particular the possible risk of burst positions as an important direction of the company's risk management and control。Shanghai, a listed company secretaries believe that listed companies should be more active in shareholder equity pledge to master the information, or even take the initiative to warn you of possible risks to the market。  In addition, brokerage and other financial institutions and creditors also pledged a controlling stake in the business chain in their own risk。China Securities News correspondent from investment and securities brokerage office, the State Securities, Minmetals securities was informed that the industry has already begun to sort out the equity brokerage business pledge, and strictly control the proportion of pledge, pledge of strict control, the risk is more concentrated pledgor column blacklist。However, the brokerage agency said shareholders of listed companies for the disposal of equity pledge, the need to weigh their own interests and regulatory requirements, the risk can not be outside the protection of their own interests, so as not to impact on the market。