This week, the market value of A-share restricted stocks increased to approximately 180 billion yuan, the third highest value throughout the year.
Wind data calculations show that excluding newly listed companies, a total of 63 companies have lifted their restricted shares this week, with a total number of 7.431 billion shares. Calculated based on the latest closing price (the same below), the unlocked market value is 179.982 billion yuan. Among them, United Imaging Healthcare (688271.SH) alone has a market value of more than 70 billion yuan after the ban was lifted.
There are 29 companies with a market value of more than 1 billion yuan that have been lifted. In addition to United Imaging Medical, there are also two companies, Anker Innovation (300866.SZ) and Meichang (300861.SZ), with a market value of more than 10 billion yuan. Ningbo Port (601018.SH), Parker New Materials (605123.SH), and Changhong Hi-Tech (605008.SH) have lifted their market value to over 5 billion yuan.
There are 16 companies that have unlocked more than 100 million shares. The top three are Ningbo Port, Jinko Technology (601778.SH), and United Imaging Healthcare.
United Imaging Medical, the leader in domestic imaging equipment, is not only the company with the largest plan to lift restricted shares this week, but also has a plan to increase the number of new tradable shares by more than 10 times, which is relatively rare.
According to the announcement, United Imaging Medical had 539 million initial shareholders and initial strategic placement shares listed on August 22, accounting for 65.44% of the total share capital, which was 1078.60% of the circulating market before the ban was lifted, and the market value after the ban was lifted was approximately 70.767 billion yuan.
United Imaging Medical was listed on the Science and Technology Innovation Board a year ago. It is a medical equipment and services company with a full range of product lines in MR, CT, XR, MI, RT and life science instruments. The company's performance has been outstanding since its listing. In the first half of this year, operating income was 5.271 billion yuan, a year-on-year increase of 26.35%; net profit attributable to shareholders of the listed company was 938 million yuan, a year-on-year increase of 21.19%.
The organization believes that United Imaging Medical’s revenue is expected to exceed 10 billion yuan this year. Guohai Securities analyst Zhou Xiaogang believes that based on the caliber of new domestic market value in the first half of 2023, all product lines of United Imaging Medical are ranked at the forefront of the industry, and it is estimated that this year's operating income will be 11.584 billion yuan, and the net profit attributable to the parent company will be 2.006 billion yuan. .
Tule Securities' research report believes that United Imaging Medical's gross profit margin in the first half of the year was 48.71%, a year-on-year increase of 2.56 percentage points, and believes that the trend of increasing gross profit margin may continue.
The fundamentals are excellent, but United Imaging Medical is facing a lot of pressure to lift the ban. The lifting of the ban involves a total of 75 shareholders, including Shanghai Lianhe Investment Co., Ltd., Shanghai Zhongke State Street Investment Partnership (Limited Partnership) and other companies. The bargaining chips for lifting the ban are relatively loose, and most of the shareholders who lift the ban are organizational shareholders who need to withdraw. In addition, the circulation plate has increased greatly, and the pressure to lift the ban is great.
In the secondary market, United Imaging Medical's stock price also continues to slump. Since the initial stage of listing, the company's latest market value is 108.1 billion yuan, which has evaporated by about 70 billion yuan from the highest level of nearly 180 billion yuan. The rate of return obtained by relevant shareholders from the stock price has dropped to less than 20%.
In order to ease the pressure of lifting the ban, all directors, supervisors, senior management and central technical staff of United Imaging Healthcare issued a commitment to extend the lock-in, promising not to reduce their shareholdings in the company within 6 months after the ban is lifted. However, the promise of not reducing holdings for only half a year has limited confidence in boosting the market.
"The company pays close attention to the lifting of the ban. We will try our best to coordinate all parties and promote the orderly reduction of the company's shareholders." Regarding the impact of the lifting of the ban, United Imaging Medical has publicly responded when it was surveyed by investors. The company said that the company's current circulation is relatively small, and this lifting of the ban is not a bad thing. It is an important opportunity for optimizing the company's equity structure and will increase the liquidity of the company's shares. "What the one-year lifting of the ban brings is an important transition between the original shareholders of the primary market and the professional investment institutions of the secondary market."
United Imaging Medical ranks the top ten in terms of the number of restricted shares released this time
Anker Innovation and Meichang, two companies with a market value of tens of billions, have also lifted the ban on IPO restricted stocks. However, both companies have lifted the ban on IPO restricted stocks with a three-year listing period, and the shareholders who have released the ban are the actual controllers of the two companies. After the actual control of the National People's Congress is planned to be lifted, if you want to reduce your holdings, you need to disclose the reduction plan in advance.
At the same time, Diowei lifted the ban on restricted shares for the one-year IPO. The company's stock price has broken, and some shareholders have lost profits instead of profits. The rate of return for the first strategic placement shareholders to lift the ban is -35.77%.
In addition, there are a total of 18 companies that have more than double the number of tradable shares before the lifting of the ban, all of which have lifted the ban on IPO restricted shares. In addition to United Imaging Medical's new circulation scale exceeding 10 times, the circulation of three companies, Yidian Tianxia (301171.SZ), Nanda Environment (300864.SZ), and Taixiang Co., Ltd. (301192.SZ), has increased by more than 3 times. Weikang Pharmaceutical (300878.SZ), Dahongli (300865.SZ), Mengtai High-tech (300876.SZ), Xuantai Pharmaceutical (688247.SH), Changhong Hi-Tech, Diaowei (688381.SH) six The company's circulation increased by more than 2 times. Due to the large increase in tradable shares, the lifting of the ban on restricted shares of such companies has a relatively greater impact on their stock prices.
Judging from the types of shares that have been released, 36 companies have released their restricted shares this week, and only 5 companies have issued shares through private placements. In addition, 3 companies issued IPO strategic allotment shares, 4 companies released IPO restrictions on original shareholders and IPO strategic allotment shares, 2 companies released IPO general shares and IPO organizational placement shares, 9 equity incentive restricted shares, and 2 equity incentive general shares There are two companies, one each for stock split restricted shares and allotment general shares.