The plan was approved by the shareholders' meeting to repurchase the B-share arrow on the string by Dongxu Optoelectronics.
Dongxu Optoelectronics (000413) announced that the company's extraordinary shareholders meeting held on September 30 voted to approve the B share repurchase program. Dongxu Optoelectronics repurchased B shares will enter the actual operation stage.
Dongxu Optoelectronics announced on September 15 that it has repurchased some of the domestically listed foreign shares (B shares) of the company, and plans to spend HK$450 million to repurchase B shares at a price of no more than HK$9 per share. The number does not exceed 50 million shares. The number of shares repurchased accounted for 16.67% of the company's B shares.
It is worth noting that Dongxu Optoelectronics repurchased B shares, and most A-share shareholders voted in favor, reflecting that A-share shareholders are also happy to see the company repurchase B-shares. This is conducive to the deepening of the follow-up B-share reform of Dongxu Optoelectronics, and ultimately to the company's B-share issue.
Or B shares leading the new wave of reform <br> <br> various reasons, now B-share has gradually been marginalized. Dongxu Optoelectronics plans to repurchase 50 million B shares in HK$450 million, triggering new expectations for B-share reform.
B-shares, also known as RMB special stocks, are stocks that are listed and traded on domestic stock exchanges, which are denominated in RMB, subscribed and traded in foreign currencies. The emergence of B-shares has its specific background environment. However, with the large number of H-shares and red-chip stocks, the international financing function of the B-share market has weakened. In fact, B shares are becoming "chicken ribs." Since July 28, 2000, there have been no new shares listed in the B-share market. As of August 31, 2014, there were 103 B-shares in the Shanghai and Shenzhen stock markets. At present, B-shares face difficulties such as inactive trading and prices deviating from the actual value of the company. Reform is imperative.
Before Dongxu Optoelectronics repurchased B shares, several companies have tried to reform the B shares. In August 2012, CIMC B realized “B-to-H†by introducing the listing method, and successfully listed on the Hong Kong Stock Exchange. In February 2013, Zhejiang Energy (600023, shares) integrated the listing of Dongdian B, creating a new The pure B-share "B to A" is the first. Subsequently, in 2013, the Lizhu B-to-H board was successful, and in 2014 Vanke B-to-H board was successful.
Although a number of companies have completed the B-share reforms, their numbers are still relatively small compared to the remaining 103 B-shares, and the B-share reforms still have a long way to go. Market analysts believe that as the policy of B-share reform becomes clearer, the B-share reform in 2014 is expected to accelerate.
In fact, since 2014, the China Securities Regulatory Commission and the two municipal exchanges have expressed their strong attitudes and publicly stated that they will study and solve the development problems of B-share companies and steadily advance the B-share reform. On May 9 this year, the State Council officially released the new "National Nine Articles" and launched the "Several Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market", which mentioned "promoting the connection of the domestic and foreign exchange markets, and researching and promoting mutual recognition of domestic and foreign funds. Mutual recognition of products with stock exchanges. Steadily explore the reform of the B-share market.†The B-share reform was actively promoted in the national policy level.
Analysis of the reasons why Dongxu Optoelectronics launched the B-share reform plan at this time, industry experts said that it is very likely that it will enter the market early in the market to sniff out the B-share reform policy changes, Dongxu Optoelectronics B-share repurchase is likely to be this A prelude to the wave of reforms.
Reform may be out of the new model <br> <br> Market participants pointed out, B-share reform there are nine kinds of potential ways in which the repurchase cancellation, B turn H, B, etc. A turn for the market are well known. But these three methods are not necessarily suitable for all B-share companies. For example, when Dongdian B-transfer A realizes the overall listing of Zhejiang Power, it is only suitable for pure B-share companies, and the asset quality of major shareholders is very high. Therefore, for most B-share companies, to successfully complete the B-share reform, it is necessary for the listed company to negotiate the interests of the A and B shareholders, and also put forward higher requirements for the company's fundamentals.
For Dongxu Optoelectronics, its shareholder reform momentum and company management level are all conducive to solving the B-share problem. From the point of view of shareholder motivation, there is a large discount between Dongxu Optoelectronics A and B. Repurchasing B shares can not only increase the value of B-share investment, but also reduce the valuation gap between AB, thus benefiting A-shares. Reassessment and enhancement of investment value.
At the same time, Dongxu Optoelectronics' fundamentals are optimistic, which also ensures that the company has the ability to solve the B-share problem. As the leading enterprise in China's glass substrate industry, the sixth generation glass substrate production line invested by Dongxu Optoelectronics has been put into production in the first half of the year. The company has also achieved volume supply to LCD panel manufacturers at home and abroad, such as BOE, Longteng Optoelectronics, and well-known Taiwanese manufacturers.
The performance of Dongxu Optoelectronics has doubled for many years. The data shows that Dongxu Optoelectronics has a good financial position in the past three years, and its asset-liability ratio is relatively low. From the end of 2011 to the end of June 2014, the company's asset-liability ratios were 30.55%, 75.59%, 34.97% and 42.37%, respectively. Strong. These have provided a solid foundation for Dongxu Optoelectronics B-share reform.
It can be imagined that Dongxu Optoelectronics' repurchase of 50 million B shares is the first step in its reform of B-shares. In the future, the company will continue to deepen the B-share reform and completely solve the B-share problem.
In this regard, Dongxu Optoelectronics also clearly stated in the announcement that the company's business is in a period of rapid development, and its own funds are used to expand the company's business and expand the company's scale. Therefore, the funds used for B-share repurchase are limited. In order to completely solve the problem that the value of the company's B shares is underestimated, the company plans to study and solve the problems left over from the history of B shares in batches through repurchase in the next few years.
A good many Dongxu photoelectric shares <br> <br> shareholders' meeting, a number of A shares voted in favor, reflecting the A-share shareholders would like to see the company to repurchase B shares. The reason is very simple. There has always been a linkage between AB stocks. Dongxu Optoelectronics will repurchase B shares and will also benefit the A-share market.
Therefore, the repurchase of B shares is not only a measure of the company's strength, but also the B share repurchase has fully protected the interests of shareholders. From Dongxu Optoelectronics itself, repurchasing B shares and then canceling them can increase the company's net assets per share and earnings per share, reduce the stock price-earnings ratio, promote the company's equity restructuring, and help to enhance the value of stock investment. According to the financial report data from January to June 2014, after the completion of this repurchase, Dongxu Optoelectronics' net assets return rate increased to 14.74%.
Due to various factors such as inactive trading, most B-shares are lower in valuation than A-shares (the average discount rate is 44.8% on August 29), and their low stock prices are often dragged down by A-shares. Historical experience shows that the price of A shares of companies that repurchase B shares has also increased significantly during the same period.
In December 2012, Chenming Paper (000488, shares it) announced that it plans to repurchase no more than 150 million B shares at a price of no more than 400 million Hong Kong dollars, and the repurchase price is not higher than 4 Hong Kong dollars per share. The repurchase of B shares has stimulated A-shares in Chenming Paper. From December 12, 2012 to December 11, 2013, Chenming Paper's increase was 30%. In the meantime, Chenming Paper's share price once hit a stage high of 5.24 yuan. In the same period, the Shenzhen Index rose only 1.8%. The increase in Chenming Paper's A-shares far outperformed the broader market. The same story happened in the Livzon Group (000513, stock bar), in 2008, after the Lizhu Group announced the repurchase of B shares, its A share price rebounded nearly 40% within 2 months.
Whether Dongxu B will replicate the success of Lizhu B, or finally come out with a B-share reform path with its own characteristics, which is worthy of market expectations.
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Dongxu Optoelectronics announced on September 15 that it has repurchased some of the domestically listed foreign shares (B shares) of the company, and plans to spend HK$450 million to repurchase B shares at a price of no more than HK$9 per share. The number does not exceed 50 million shares. The number of shares repurchased accounted for 16.67% of the company's B shares.
It is worth noting that Dongxu Optoelectronics repurchased B shares, and most A-share shareholders voted in favor, reflecting that A-share shareholders are also happy to see the company repurchase B-shares. This is conducive to the deepening of the follow-up B-share reform of Dongxu Optoelectronics, and ultimately to the company's B-share issue.
Or B shares leading the new wave of reform <br> <br> various reasons, now B-share has gradually been marginalized. Dongxu Optoelectronics plans to repurchase 50 million B shares in HK$450 million, triggering new expectations for B-share reform.
B-shares, also known as RMB special stocks, are stocks that are listed and traded on domestic stock exchanges, which are denominated in RMB, subscribed and traded in foreign currencies. The emergence of B-shares has its specific background environment. However, with the large number of H-shares and red-chip stocks, the international financing function of the B-share market has weakened. In fact, B shares are becoming "chicken ribs." Since July 28, 2000, there have been no new shares listed in the B-share market. As of August 31, 2014, there were 103 B-shares in the Shanghai and Shenzhen stock markets. At present, B-shares face difficulties such as inactive trading and prices deviating from the actual value of the company. Reform is imperative.
Before Dongxu Optoelectronics repurchased B shares, several companies have tried to reform the B shares. In August 2012, CIMC B realized “B-to-H†by introducing the listing method, and successfully listed on the Hong Kong Stock Exchange. In February 2013, Zhejiang Energy (600023, shares) integrated the listing of Dongdian B, creating a new The pure B-share "B to A" is the first. Subsequently, in 2013, the Lizhu B-to-H board was successful, and in 2014 Vanke B-to-H board was successful.
Although a number of companies have completed the B-share reforms, their numbers are still relatively small compared to the remaining 103 B-shares, and the B-share reforms still have a long way to go. Market analysts believe that as the policy of B-share reform becomes clearer, the B-share reform in 2014 is expected to accelerate.
In fact, since 2014, the China Securities Regulatory Commission and the two municipal exchanges have expressed their strong attitudes and publicly stated that they will study and solve the development problems of B-share companies and steadily advance the B-share reform. On May 9 this year, the State Council officially released the new "National Nine Articles" and launched the "Several Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market", which mentioned "promoting the connection of the domestic and foreign exchange markets, and researching and promoting mutual recognition of domestic and foreign funds. Mutual recognition of products with stock exchanges. Steadily explore the reform of the B-share market.†The B-share reform was actively promoted in the national policy level.
Analysis of the reasons why Dongxu Optoelectronics launched the B-share reform plan at this time, industry experts said that it is very likely that it will enter the market early in the market to sniff out the B-share reform policy changes, Dongxu Optoelectronics B-share repurchase is likely to be this A prelude to the wave of reforms.
Reform may be out of the new model <br> <br> Market participants pointed out, B-share reform there are nine kinds of potential ways in which the repurchase cancellation, B turn H, B, etc. A turn for the market are well known. But these three methods are not necessarily suitable for all B-share companies. For example, when Dongdian B-transfer A realizes the overall listing of Zhejiang Power, it is only suitable for pure B-share companies, and the asset quality of major shareholders is very high. Therefore, for most B-share companies, to successfully complete the B-share reform, it is necessary for the listed company to negotiate the interests of the A and B shareholders, and also put forward higher requirements for the company's fundamentals.
For Dongxu Optoelectronics, its shareholder reform momentum and company management level are all conducive to solving the B-share problem. From the point of view of shareholder motivation, there is a large discount between Dongxu Optoelectronics A and B. Repurchasing B shares can not only increase the value of B-share investment, but also reduce the valuation gap between AB, thus benefiting A-shares. Reassessment and enhancement of investment value.
At the same time, Dongxu Optoelectronics' fundamentals are optimistic, which also ensures that the company has the ability to solve the B-share problem. As the leading enterprise in China's glass substrate industry, the sixth generation glass substrate production line invested by Dongxu Optoelectronics has been put into production in the first half of the year. The company has also achieved volume supply to LCD panel manufacturers at home and abroad, such as BOE, Longteng Optoelectronics, and well-known Taiwanese manufacturers.
The performance of Dongxu Optoelectronics has doubled for many years. The data shows that Dongxu Optoelectronics has a good financial position in the past three years, and its asset-liability ratio is relatively low. From the end of 2011 to the end of June 2014, the company's asset-liability ratios were 30.55%, 75.59%, 34.97% and 42.37%, respectively. Strong. These have provided a solid foundation for Dongxu Optoelectronics B-share reform.
It can be imagined that Dongxu Optoelectronics' repurchase of 50 million B shares is the first step in its reform of B-shares. In the future, the company will continue to deepen the B-share reform and completely solve the B-share problem.
In this regard, Dongxu Optoelectronics also clearly stated in the announcement that the company's business is in a period of rapid development, and its own funds are used to expand the company's business and expand the company's scale. Therefore, the funds used for B-share repurchase are limited. In order to completely solve the problem that the value of the company's B shares is underestimated, the company plans to study and solve the problems left over from the history of B shares in batches through repurchase in the next few years.
A good many Dongxu photoelectric shares <br> <br> shareholders' meeting, a number of A shares voted in favor, reflecting the A-share shareholders would like to see the company to repurchase B shares. The reason is very simple. There has always been a linkage between AB stocks. Dongxu Optoelectronics will repurchase B shares and will also benefit the A-share market.
Therefore, the repurchase of B shares is not only a measure of the company's strength, but also the B share repurchase has fully protected the interests of shareholders. From Dongxu Optoelectronics itself, repurchasing B shares and then canceling them can increase the company's net assets per share and earnings per share, reduce the stock price-earnings ratio, promote the company's equity restructuring, and help to enhance the value of stock investment. According to the financial report data from January to June 2014, after the completion of this repurchase, Dongxu Optoelectronics' net assets return rate increased to 14.74%.
Due to various factors such as inactive trading, most B-shares are lower in valuation than A-shares (the average discount rate is 44.8% on August 29), and their low stock prices are often dragged down by A-shares. Historical experience shows that the price of A shares of companies that repurchase B shares has also increased significantly during the same period.
In December 2012, Chenming Paper (000488, shares it) announced that it plans to repurchase no more than 150 million B shares at a price of no more than 400 million Hong Kong dollars, and the repurchase price is not higher than 4 Hong Kong dollars per share. The repurchase of B shares has stimulated A-shares in Chenming Paper. From December 12, 2012 to December 11, 2013, Chenming Paper's increase was 30%. In the meantime, Chenming Paper's share price once hit a stage high of 5.24 yuan. In the same period, the Shenzhen Index rose only 1.8%. The increase in Chenming Paper's A-shares far outperformed the broader market. The same story happened in the Livzon Group (000513, stock bar), in 2008, after the Lizhu Group announced the repurchase of B shares, its A share price rebounded nearly 40% within 2 months.
Whether Dongxu B will replicate the success of Lizhu B, or finally come out with a B-share reform path with its own characteristics, which is worthy of market expectations.
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