The hottest number is that the spring of shell res

2022-07-25
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The spring of "shell resources" in shushuo is coming! Mechanical equipment plate becomes a gold mine

the spring of "shell resources" in shushuo is coming! Mechanical equipment plate becomes a gold mine

09:17 source: financial circles/

original title: the spring of "shell resources" in number theory is coming! Abstract: 85 listed companies are expected to become excellent shell resources. These shell resources cover 24 industries, of which the largest are in the mechanical equipment and electronics sectors, 13 and 7 respectively

in the financial sector, the theory of numbers is used to see through the essence of listed companies and measure China's capital market with numbers

in the past weekend, the management finally supported the A shares, which was good for the centralized bombing. One of them is that the CSRC has decided to shorten the interval between the planned reorganization and listing of the IPO enterprises from three years to six months, support high-quality enterprises to participate in the M & A of listed companies, and promote the quality improvement of listed companies. Today, the concept stocks of shell resources took the lead in breaking out, setting off a wave of limit trading. If the belt deformation is too large, it has become one of the leading sectors. So, which listed companies can become excellent shell resources

85 listed companies are expected to become excellent shell resources

as of the closing of the 19th, there were 3554 listed companies in the two cities, 181 companies with a total market value of less than 1.5 billion, 1283 companies with a total market value of less than 3 billion, and 2111 companies with a total market value of less than 5 billion. It can be said that at present, a shares are full of shell resources. So, how to select relatively high-quality shell resources? We mainly start with the following conditions:

1. Private companies with small market capitalization

generally speaking, shell resources are concentrated in private companies or Sino foreign joint ventures. At the same time, the smaller the market value of a listed company, the lower the acquisition cost and more convenient for the acquirer to take over, making it easier to be selected. Specifically, shell companies with a total market value of less than 5billion yuan are more popular

2. Companies with poor operation

according to the historical data in recent years, most of the companies with backdoor restructuring have weak operation ability, relatively poor performance and low equity concentration

in terms of net profit, this paper selects the companies with the latest and last year's annual reports with non net profit less than 5million yuan and asset liability ratio less than 70%. In terms of shareholding ratio, companies with the shareholding ratio of controlling shareholders less than 40% and the shareholding ratio of the top ten shareholders promoting the commercialization of military silicone material technology less than 60% will be selected

3. The gem cannot backdoor

4. Companies that have not issued additional shares in the past three years

can raise more funds by increasing their stock issuance. Considering the time factor, this paper temporarily excludes the companies that have issued additional shares in the past three years and have sufficient book capital, that is, companies that are not short of money

5. The possibility of newly listed companies is small.

China's company law stipulates that the shares issued before the company's public offering of shares shall not be transferred within one year from the date when the company's shares are listed and traded on the stock exchange

in combination with historical data, companies listed less than one and a half years are excluded here

6. Eliminate violations

the measures for the administration of material assets reorganization of listed companies stipulates that the material assets reorganization of listed companies shall comply with the following requirements: the listed company and its controlling shareholders and actual controllers in the recent three years are not under investigation by the judicial organ for suspected crimes or the CSRC for suspected violations of laws and regulations; The listed company, its controlling shareholders and actual controllers have not been publicly condemned by the stock exchange in the past 12 months, and there is no major breach of trust that the company hopes to cooperate with the Jilin provincial ban

based on the above analysis ideas, we selected 85 companies that can be used as high-quality shell resources

so what are the characteristics of these companies

the machinery and equipment sector has the most high-quality shell resources.

among these shell resources, 25 have a total market value of less than 1.5 billion, accounting for 29.41%. We have never forgotten our original intention for you; There are 75 enterprises with a value of less than 3billion, accounting for 88.24%. St Hongsheng is the listed company with the lowest market value, followed by *st Chuangxing and St zhunyou

according to the net profit deducted in the latest period, 70 listed companies had negative net profit deducted, accounting for 82.35%. Haima automobile, *st Tianma and Steyr suffered the most heavy loss, with loss amounts of RMB 351million, RMB 251million and RMB 149million

from the perspective of asset liability ratio, the asset liability ratio of 60 listed companies is less than 50%, accounting for 70.59%. Among them, the three companies with the lowest asset liability ratio are Bowen technology, Zhongfang shares and Fenghua shares, accounting for 5.15%, 7.97% and 8.49% respectively

from the perspective of shareholding ratio of controlling shareholders, the shareholding ratio of controlling shareholders of 72 listed companies is less than 30%, accounting for 71.71%. Among them, the lowest top three are baomo shares, Wanli shares and Yushun electronics, accounting for 5.58%, 6.57% and 8.42% respectively

based on the shenwanyi level industry classification, these shell resources cover 24 industries, of which the mechanical equipment and electronics sectors have the most shell resources, 13 and 7 respectively, and the media, non bank finance, defense and military industry and light industry manufacturing have the least shell resources, all with only one. It is worth mentioning that there are 11 st concept stocks, accounting for 12.94%

insiders said that shortening the time interval between the reorganization and listing of IPO companies will help to reduce the institutional cost and listing time cost of IPO companies that have not yet been listed by leveraging the capital market, and will help high-quality companies to be listed to make use of the capital market to become bigger and stronger

other market participants said that the current A-share market has been significantly adjusted. In order to revitalize the stock market, the CSRC has liberalized the review of mergers and acquisitions. This time, the interval between the reorganization and listing of IPOs will be shortened, or the review of backdoor listing will be appropriately liberalized, which will help high-quality enterprises to land in A-shares in multiple ways

although this policy can promote the development of excellent companies to be listed to a higher level, what are the risks

shell selling by gambling is quietly rising

in fact, the first case of shell selling by gambling in the A-share market was the China super group and Shenzhen xintenghua, which signed the equity transfer agreement on October 10, 2017. At that time, China super group made a five-year performance commitment. However, in August this year, because Shenzhen xintenghua failed to pay the equity transfer payment on schedule, CSL group has torn its face. The transaction was stillborn and failed to complete. This year, there were three cases of gambling shell selling in the A-share market, namely Songfa in August and helitai and Xilinmen in October

in these gambling shell selling cases, the buyer has higher and higher requirements for the shell seller, which is mainly reflected in the performance commitment and performance compensation in the gambling agreement. For example, the gambling commitment of the controlling shareholders of CSL prefers stable performance rather than growth. In terms of performance compensation, the transferor only needs to compensate the difference between the promised net profit and the realized net profit, and does not involve the multiplier of the valuation of the transfer of the controlling right; However, Wen Kaifu, the controlling shareholder of helitai, added the transfer of controlling shares as pricing in the performance commitment compensation, which is almost the same as the asset restructuring of general listed companies

nowadays, the quiet rise of bet type agreements means that equity transfer has been "alienated" into stock price arbitrage will become history. The current shell resources everywhere mean the reversal of the relationship between supply and demand. The resource quality of shell sellers will have higher requirements, and it will be difficult for shell sellers to realize the idea of "taking money and leaving"

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