The Limited Times

Now you can see non-English news...

Unicorns become independent and "cut" animal business soup, GOGOX lock-up period shows signs, retail investors rely on two strategies to protect themselves

2022-07-07T04:11:58.364Z


After the Hong Kong-made unicorn Shangtang (0020) was "unblocked" during the lock-up period, its stock price was cut in half. Become a "cut" beast


After the Hong Kong-made unicorn Shangtang (0020) was "unblocked" during the lock-up period, its stock price was cut in half. Become a single "cut" beast!

In fact, the three major Hong Kong-made unicorns, Shangtang, Youhe (2347) and GOGOX Kuaigou Taxi (2246), were in the limelight at the beginning of their listings, but the stock prices have since "dropped endlessly"!

The slump of SenseTime made everyone pay attention to how the lock-up period for investors before the listing of new economic stocks was arranged, and their "cost price" was generally lower.

To this end, experts have dismantled some "illusions" during the lock-up period. If retail investors want to protect themselves, they must firstly see the specific lock-up arrangements, and secondly, they must pay attention to the Central Clearing and Settlement System (CCASS) to capture the shadows of big households.


After the lock-up period of Hong Kong-made unicorn Shangtang was "unblocked", its stock price once hit a new low of 2.38 yuan, and its market value evaporated by more than 100 billion.

﹙ Profile picture ﹚

Star new stocks, "people stepping on people" incident, the market value has evaporated 100 billion yuan, many people blame the big fund owners to sell the goods after the "unlock", and the word "lock-up period" has become a concern.

The so-called "lock-up period", for ordinary companies, refers to a period of time after the company's listing, during which controlling shareholders and cornerstone investors cannot sell their shares, usually at least 6 months from the listing date.

As for new economic stocks, there have been many rounds of financing before listing. The Hong Kong Stock Exchange requires that the main pre-listing investors of companies with the same shares with different rights have a statutory lock-up period for "50%" of their shares to be locked for 6 months.

The definition seems clear, but unicorns are not only general listed companies (such as GOGOX and Youhe), but also companies with different rights of the same share (such as SenseTime), as to whether pre-listing investors can ship products during the lock-up period, But there are different arrangements.

SenseTime’s prospectus pointed out that the pre-listing investor’s commitment was “substantially similar” to the lock-up commitment of the relevant shareholders (substantial shareholders) during the first 6 months, except for certain special circumstances, but did not elaborate on what “special circumstances” are; GOGOX It means that some pre-listing investors agreed to lock up their shares for 6 months, but some pre-listing investors are not subject to the lock-up arrangement, namely Cainiao, VisionCarnation, Fortune Huaxin, Bright Huaxin, UBS and other 13 investors, About 70.71 million shares are involved.

As for Youhe, the definition of the lock-up period is the most "authentic", that is, investors must lock up their shares for 6 months before listing.

GOGOX pointed out that some pre-listing investors agreed to lock up their shares for 6 months, but some pre-listing investors were not subject to the lock-up arrangement.

﹙ Profile picture ﹚

Is the lock-up promise not credible?

Regarding the difference in the lock-up period of listed companies, Liang Jiewen, investment manager of Honggao Securities, said that the Hong Kong Stock Exchange stipulates that the controlling shareholders and cornerstone investors of general listed companies lock up their shares for 6 months. Companies with different rights to shares are an exception, mainly targeting the “50%” shares held by investors before listing for 6 months.

If you violate the ban on sales of the Hong Kong Stock Exchange, you may face serious consequences such as being reprimanded by the Stock Exchange.

Even though the Hong Kong Stock Exchange only requires that the "50%" shares held by SenseTime be restricted, SenseTime shareholders and pre-listing investors still made "overweight" commitments. On the other hand, some pre-listing investors of GOGOX also agreed to lock up their shares for 6 months , but is the reference effect strong?

Liang Jiewen pointed out that the so-called "commitment" is only a private agreement between the company and its shareholders and investors, and is not bound by the Hong Kong Stock Exchange. "We will not know the content of the agreement, let alone the consequences of violating it." If they violated With promises, retail investors can't file lawsuits. He laughed and said, "The promises are actually what you believe, but not if you don't!"

Taking Tencent (0700) as an example, Tencent's major shareholder, South African media group Naspers and its Dutch listed subsidiary Prosus, did not abide by the 3-year ban on sales after selling more than 100 billion yuan last year, and announced last month that they would deploy in an orderly manner. to sell on the open market.

SenseTime's pre-listing investor lock-up commitment is "roughly similar" to the relevant shareholders' lock-up commitment during the first 6 months, and the meaning is slightly vague. Liang Jiewen believes that this is just a "conservative way of writing" by lawyers, and the text does not refer to "" In theory, investors can still sell some shares during the lock-up period before listing, but the stock price of SenseTime only fell by 5% on the eve of the lifting of the ban (June 29). It is believed that SenseTime shareholders and pre-listing investors "obeyed the rules" and did not sell in advance.

Retail investors do not want to be reduced to leeks, so they can pay attention to the position changes of CCASS and capture the shadows of big players.

﹙ Profile picture ﹚

CCASS captures the shadow of the big family

In view of the different definitions of the lock-up period for each company, the "commitment" of shareholders is only a promise. If retail investors do not want to become leeks, they can pay attention to the changes in CCASS's positions and catch the shadow of big players.

Liang Jiewen pointed out that since most investors will buy and sell shares through banks or brokerages, which are kept and settled by CCASS, company shareholders transfer physical shares to CCASS, and there are only two possibilities: mortgage shares and trading shares. Or the bank, there will be related costs, and there is also the risk of the securities company embezzling assets, if the company's shareholders do not take the next step, they will not do it!"

Taking SenseTime as an example, CCASS shows that market intermediaries accounted for less than 6% of the total share capital in early June, to 57.65% on the eve of the lifting of the ban.

As for the other two Hong Kong-made unicorn companies, the market intermediary position of Youhe has not changed for the time being, and is still 12.64%; while the market intermediary position of GOGOX has increased by 6.38 percentage points since its listing, reaching 16.66%, a significant increase.

Does more CCASS stock mean more selling pressure on the stock price?

Liang Jiewen said that the increase in CCASS positions may not necessarily be 100% due to the company's shareholders wanting to sell the goods, and it may also be privatized, "If Henderson (0012) CCASS goods suddenly increase, the market may speculate that the major shareholder Li Shau Kee wants to be privatized, and the stock price will naturally rise. However, soon after the listing of new economic stocks, the market will infer that there is a greater chance of shareholders wanting to sell, and the stock price may face selling pressure, so retail investors should be careful.

Before the listing of GOGOX, investors held 204 million shares, and the cost per share was 12.717 yuan to 18.3847 yuan. Based on the current price, investors before the listing of GOGOX “lost their hands”.

(GoGoVan FB photo)

Significant changes in GOGOX positions

Liang Jiewen believes that new economic companies have conducted multiple rounds of fundraising before listing, and there are many investors in the early stage, and it is difficult to sit in the same boat after listing. If you lose money on investment, you have to sell it!” Retail investors can also see whether shareholders are optimistic about the company’s prospects.

Therefore, it is very important to calculate the investor's "trump card" before listing, including the number of shares held and the cost price.

Looking through the information, it was found that before Shangtang went public, investors held 63.2% of the total share capital, and the cost per share was 0.157 yuan to 3.21 yuan. At current prices, investors in the D round have also fallen into losses, approaching C-Prime series investors. The buying price is 2.47 yuan.

As for the shareholding ratio of investors before the listing of GOGOX was 29%, the cost per share was 12.717 yuan to 18.3847 yuan. Based on the closing price on Wednesday (6th), most of the investors before the listing of GOGOX "lost their hands" and shipped out The pressure can be strong.

As for Youhe, investors held 26.7% of the total share capital before listing, and the cost per share was between 1 yuan and 1.89 yuan.

As of Wednesday's close, Shangtang was at 2.6 yuan, down 32.5% from the IPO price; GOGOX was at 12.46 yuan, down 42% from the IPO price; Youhe was at 1.44 yuan, down 31.4% from the IPO price.

Source: hk1

All news articles on 2022-07-07

You may like

Trends 24h

News/Politics 2024-03-28T06:04:53.137Z

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.