A-shares have seen another "divestment wave", with hundreds of listed companies recently disclosing announcements of shareholder divestment.

If the reduction exceeds 25% of the total number of shares held by the shareholder, the price of the reduction shall be determined according to the market price at the time of the reduction.

As of the date of disclosure of this announcement, Xie Wenbin held 730,700 shares of the company, accounting for 0.1060% of the company's total share capital.

Several private equity firms participated in the equity transfer

Under the strict constraints of the new rules on share reduction, some shareholders of listed companies are planning to sell their shares through transfer by agreement, and many private equity funds are involved among the transferees.

According to reports, from September 24 to October 9, a total of 61 listed companies issued equity transfer announcements, including Luoxin Pharmaceutical (002793.SZ), Huayang International (002949.SZ), etc. Among them, the equity transferors of 28 listed companies involved the company's controlling shareholders, and the equity transferees of some listed companies involved private equity funds.

Shareholders of 17 companies including Huayang International, Chengbang Co., Ltd. (603316.SH), Voger Optoelectronics (603773.SH), Sanfu New Materials (688359.SH), and Aipeng Medical (300753.SZ) transferred their equity to private equity funds.

Taking Aipeng Medical as an example, Beijing Zhanghong Private Equity Fund Management Co., Ltd.-Zhanghong Selected No. 1 Private Equity Securities Investment Fund (hereinafter referred to as "Zhanghong Private Equity") and Aipeng Medical's controlling shareholder Wang Ningyu signed the (Share Transfer Agreement on Jiangsu Aipeng Medical Technology Co., Ltd.) on September 29, 2024. According to the above agreement, Wang Ningyu intends to transfer a total of 7.058 million shares of the company's unrestricted tradable shares held by him to Zhanghong Private Equity through an agreement transfer, accounting for 5.60% of the company's total share capital. The price of this agreement transfer is 10.80 yuan per share, and the total share transfer price is RMB 76.2264 million.

The official website of the Fund Industry Association shows that the private equity fund's management scale ranges from 0 to 500 million yuan, making it a small private equity fund.

As for the purpose of this equity change, according to Aipeng Medical's simplified equity change report, it is for investment needs.

It is worth mentioning that due to the stock price of Aipeng Medical falling below the issue price and the cumulative dividend ratio (including repurchased shares) in the past three years being only 26.28%, less than 30%, the controlling shareholder is currently in a state of restricted share reduction.

According to iFind data from Tonghuashun, in addition to Aipeng Medical, four other listed companies, including Huafu Fashion (002042.SZ), Kanglongda (603665.SH), Wenfeng Shares (601010.SH), and Chengbang Shares (603316.SH), are also in a state of restricted reduction, and the equity transferor involves the controlling shareholder. The five private equity firms that acquired the shares of the above four listed companies are also small and medium-sized private equity firms. Only Jiahong Private Equity, which acquired the shares of the controlling shareholder of Wenfeng Shares, has a management scale of between 2 billion yuan and 5 billion yuan. The remaining private equity firms, including Qiqi Investment, which acquired the shares of Fang Liqiang, the actual controller of Chengbang Shares, Xingjian Private Equity, which acquired the shares of Huafu Holdings, the controlling shareholder of Huafu Fashion, and Helin Fund and Juyin Fund, which acquired the shares of Dongda Knitting, the controlling shareholder of Kanglongda, all have management scales below 1 billion yuan.

This year, the new rules on share reduction have been officially implemented. On May 24, the China Securities Regulatory Commission issued the "Interim Measures for the Management of Share Reduction by Shareholders of Listed Companies", which strictly regulates the reduction of major shareholders from many aspects, including clarifying that controlling shareholders and actual controllers shall not reduce their holdings through centralized bidding or block trading in the event of a break-even or net profit, or dividends not meeting the target, except for reducing shares purchased through centralized bidding or when the reduction plan has been disclosed due to the absence of relevant circumstances. The circumstances in which major shareholders are prohibited from reducing their holdings have been optimized, clarifying that controlling shareholders and actual controllers shall not reduce their holdings in the event of a listed company or their own violations of laws and regulations, and that general major shareholders shall not reduce their holdings in the event of their own violations of laws and regulations.

Increase holdings of U.S. stocks at high levels and cash out at high A-shares.