The largest repurchase plan in the history of A-shares: China’s Ping An’s billion-dollar market
On the evening of October 29, China Ping An announced that the company will repurchase the domestic and overseas shares issued by the company according to the fluctuations and changes in the capital market and the company's stock price. The total amount of repurchase will not exceed 10% of the total issued share capital of the company. . Based on the total market value of 1.13 trillion yuan and the 10% repurchase limit, the capital limit for repurchase funds is 113 billion.
The data shows that since the repurchase in 2011, in addition to the repurchase of the *ST oil service in 2014 due to the reorganization of the 6.303 billion yuan, the previous highest repurchase was the 5 billion yuan that Baosteel completed at the end of May 2013. purchase. China Ping An's launch of more than 100 billion repurchase is expected to become the largest share repurchase of A shares.
It is planned to repurchase no more than 10% of the shares
On the evening of October 29, Ping An issued five proposals passed by the EGM, the fifth of which was the “Proposal on Reviewing the Shares of the Repurchased Companies and Related Authorizationsâ€. According to the appendix, Ping An intends to repurchase domestic and overseas shares issued by the company according to the fluctuations and changes in the capital market and the company's stock price, and the total amount of repurchase shall not exceed 10% of the total issued share capital of the company.
As of the close of October 29, China Ping An closed at 62.00 yuan, with a total market value of 1.13 trillion yuan. Based on the 10% repurchase limit and the current share price, the capital limit for repurchase funds is 113 billion. Ping An’s announcement stated that the repurchase funds include its own funds and funds that meet the requirements of regulatory policies and regulations. The repurchase will not have a material adverse impact on the company’s working capital and balance sheet.
Ping An said that the repurchase of shares is to maintain the stability of the company's operation, development, and stock price, to protect and protect the long-term interests of investors, and to maximize the value of shareholders. At the same time, further improve and improve the company's long-term incentive and restraint mechanism to ensure the sustainable and healthy development of the company's operations.
Will be used in the "enhanced version" employee stock ownership plan
On October 26, the Standing Committee of the National People's Congress deliberated and approved the revised company law, and made special revisions to the provisions of the company law share repurchase. The revised "Company Law" clarifies that in six cases, the company may repurchase shares of the company, including (1) reducing the company's registered capital; (2) merging with other companies holding shares in the company; (3) Shares are used for employee stock ownership plans or equity incentives; (4) Shareholders disagree with the company's merger and resolution resolutions at the general meeting, requiring the company to acquire its shares; (5) Converting shares for conversion to listed companies for conversion to Corporate bonds of stocks; (6) Listed companies are necessary to maintain corporate value and shareholders' equity.
Insiders pointed out that the "long-term service plan" for employees launched by Ping An today can be regarded as the "enhanced version" of the employee stock ownership plan, which is the third in the company's repurchase situation.
On the same day, Ping An announced the "Long-Term Service Plan (Draft)". According to the draft, the plan covers Ping An Group and its member companies. The plan participants should be core talents who play an important role in the overall performance and long-term development of the company.
Many companies have released repurchase plans
On October 26, the Standing Committee of the National People's Congress deliberated and approved the revised company law, and made special revisions to the provisions of the company law share repurchase. The CSRC said on the same day that it will conscientiously implement the "Revision Decision" and standardize and support the share repurchase of listed companies in accordance with the law. After the announcement, several companies responded quickly.
Among them, only on the evening of October 28, 23 A-share companies will repurchase. Among them, 16 companies including Hengli and Tuowei disclosed the repurchase plan, and the controlling shareholders and chairman of the six companies issued repurchase proposals, and one company raised the repurchase amount. According to the upper limit of repurchase scale, the repurchase plan of 16 listed companies is about 6.2 billion yuan. The above company's share price has also been sought after by the market today.
On the evening of October 29th, in addition to China Ping An, Mei Nian Health also launched a repurchase plan of RMB 3-5 billion. Previously, two financial institutions had issued repurchase plans.
On the evening of October 26, Soochow Securities issued a repurchase announcement, intending to buy back shares of no less than 200 million yuan or more than 300 million yuan in the next six months, and the repurchase price will not exceed 6.8 yuan.
On the evening of October 17, Founder Securities announced that it intends to use the centralized bidding transaction or other methods approved by the China Securities Regulatory Commission to repurchase the company's A shares with its own funds. The total amount of funds does not exceed RMB 100 million. The price does not exceed 6 yuan / share.
Galaxy International believes that most of the above companies plan to buy back shares because of the revised "Company Law." As A-share stocks are extremely affected by the news, these companies may attract investors' attention in the short term. At the same time, H-share companies with healthy balance sheets, such as Conch Cement and GAC, may also be repurchased for stocks due to revised regulations. Both companies are in a net cash position, with 2018 P/E ratios being medium.
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