① Netizens gather to observe the phenomenon of the top ten circulating shareholders of Jiangsu Bojun Industrial Technology holding a total shareholding ratio of more than 105%. ② Is it another case of Margin Trading causing trouble? There are many speculations among investors, what is the truth behind it? ③ The company responds: there is no Margin Trading, and it is not caused by differences in disclosure standards.
On June 24th, there was a continued fermentation of the news that the top ten circulating shareholders of Jiangsu Bojun Industrial Technology Co., Ltd. hold a total shareholding ratio of 105.75%, and shareholders may sell restricted stocks through margin brokers.
As early as June 21st, many netizens left messages on the Bojun Technology Bar questioning the total shareholding ratio of the top ten circulating shareholders of the company exceeded 105%. Some investors also asked the company about it on Interactive Easy, but as of the close on the 24th, the company did not respond, and public opinion fermented quickly. Netizens speculated a lot, “Did someone sell the non-circulating stocks?” “Net short?” “Finally found an example that cannot be fully bought, it can’t be completed at all…” It even led to a queue for “checking in”.
According to Wind, as of the end of the first quarter of this year, the total shareholding ratio of the top ten circulating shareholders of Jiangsu Bojun Industrial Technology Co., Ltd. was 105.75% “The total shareholding ratio of the top ten circulating shareholders exceeded 100%. Plus, the number of holdings by retail shareholders, is the total shareholding ratio more than 200%?” This data obviously does not conform to common sense, naturally arousing the market's doubts. What is the truth behind it?
The company quickly responded: There is no violation of margin trading or differences in disclosure standards
On June 25, Jiangsu Bojun Industrial Technology Co., Ltd. issued an announcement regarding the explanation of the shareholder's shareholding status and refuted the rumors: the top ten circulating shareholders of the company do not have margin trading, and the reason for the appearance of 105.75% is due to differences in disclosure standards.
First of all, the company's self-examination and obtaining of the Securities and Futures Company's "Margin trading securities lending data" show that as of the beginning and end of the first quarter of 2024, the top ten shareholders holding more than 5% of the company's shares, the top 10 shareholders and the top 10 unlimited circulation shareholders did not carry out margin trading.
Secondly, the company gave an explanation for the reason that the top ten circulating shareholders accounted for 105%. When disclosing the financial report for the first quarter of this year, the total number of "shareholding of the top 10 shareholders with unlimited sale conditions" was 219.8 million shares, which emphasized the shareholder's identity and accurately listed the number of shares held by the shareholder, so the data disclosed by the company included 75% of the executive lock-up shares per year. 'Top 10 unlimited sale condition shareholders' totaled 125.7 million shares (excluding executive lock-up shares). On April 1, the company disclosed an announcement about the conversion of convertible bonds into shares in the first quarter of 2024. Considering that this data emphasizes the attributes and quantity of the circulating shares, the data disclosed by the company excluded the executive lock-up shares. The company's "unlimited sale condition share capital" is 207.8 million shares.
According to the above data, the total shareholding ratio of the top ten circulating shareholders of the company mentioned in the report = 219,755,567 (excluding executive lock-up shares) / 207,798,034 (excluding executive lock-up shares) = 105.75%. The reason why this ratio is greater than 100% is due to different data standards.
According to verification and correction, As of the end of the first quarter of 2024, the total number of unlimited sale condition shares held by the company's top ten circulating shareholders accounted for the total number of unlimited sale condition shares of the company (both the numerator and denominator exclude executive lock-up shares): 125,732,252/184,808,614 = 68.03%;
The total number of unlimited sale condition shares held by the top ten circulating shareholders of the company accounted for the total number of unlimited sale condition shares of the company (the numerator and denominator both include executive lock-up shares): 219,755,567/278,831,929=78.81%.
In fact, some netizens in the Bojun Technology Bar gave the answer that the statistics are incorrect. Some netizens said, "The chairman holds the circulating shares, and some executives hold the restricted shares. The total number of circulating shares in the denominator subtracts the restricted shares, but the numerator does not, so the top ten circulating shares hold 219 million shares, and the total share capital minus the restricted shares, divided by the result is 105.75%."
At present, Jiangsu Bojun Industrial Technology Co., Ltd. has updated the shareholding ratio of the top ten circulating shareholders on three-party platforms such as Wind.
Jiangsu Bojun Industrial Technology Co., Ltd. is a listed company specializing in automotive parts. In terms of its main business, the company replied to investors on June 7th on the interactive platform and stated that it supplies relevant vehicle body parts for Li Auto, Geely Auto, Chongqing Sokon Industry Group Stock, BYD Company Limited, Changan Automobile and other car manufacturers, and the company currently supplies some products indirectly through Tier1 customers to enjoy the S9.
Jiangsu Bojun Industrial Technology Co., Ltd. landed on the Growth Enterprise Board in January 2021, with an issue price of 10.76 yuan. After listing, its opening price on the first day was 36.5 yuan, up 239% from the issue price. Its highest historical price reached 38.2 yuan. It closed down 2.94% on June 24th at 19.17 yuan, with a total market value of 7.751 billion yuan.
Although the stock price has not been able to return to the high point of the first day of listing after multiple highs, the performance of Jiangsu Bojun Industrial Technology is quite impressive. Data shows that in 2023, the company's revenue was about 2.6 billion, an increase of 87% year-on-year; the net profit attributable to shareholders was about 310 million, an increase of 108% year-on-year. Brokerage research reports believe that the company's downstream customers are of high quality, the modular business is expanding, and the company's development is accelerating. It is expected that the company's revenue will increase by 50% to 80% year-on-year this year, and net income is expected to increase by 40% to 70% year-on-year.
Therefore, since the beginning of this year, including Everbright Securities, Yongxing Securities and other 16 brokerages have given Jiangsu Bojun Industrial Technology a "buy" rating.
Institutional holdings once exceeded 30%.
Although the market value of Jiangsu Bojun Industrial Technology is less than 10 billion, it has been favored by institutional investors since its listing. From foreign investment to public funds, brokerage asset management, institutional investors have always occupied a place in the top ten circulating shares. At the end of 2023, the proportion of institutional investors' holdings reached more than 32%.
The 2021 annual report shows that including Societe Generale, HTSC, JPMorgan, Morgan Stanley, and CICC Hong Kong Asset Management, the top ten circulating shareholders of Jiangsu Bojun Industrial Technology are new entrants. In 2022, foreign investment banks successively withdrew, Western Lide Quantitative Growth, Ruiyuan's Ruiyuan Wenjin Configuration has been held for two years, and three collective wealth management, Huaxia's Huaxia Anhua Flexible Configuration, Huaxia's quality selection mixed, and Huaxia's industrial selection and other three public funds have successively become the top ten circulating shareholders of Jiangsu Bojun Industrial Technology.
By 2023, the National Social Security Retirement Pension Combination entered the market. Due to the restriction of the company's executives' shares, the top ten circulating shares of Jiangsu Bojun Industrial Technology were completely occupied by social security funds and public funds. At the end of 2023, the total holdings of institutional investors reached 32.21%, and the proportion of institutional holdings in the top ten circulating shares reached 23.27%. The holding ratios of National Social Security Fund 116 Combination, National Social Security Fund 502 Combination, Haifutong National Policy Guidance Hybrid, and Dongfanghong Ruirong Flexible Configuration were 4.54%, 3.59%, 2.88%, and 2.86%, respectively.
At that time, there were 110 public funds holding Jiangsu Bojun Industrial Technology, with a shareholding ratio of 22% of the circulating shares. In terms of stock price performance, despite fluctuations, the company still achieved a growth of over 23% throughout 2023.
In the first quarter of this year, due to the fact that public funds only disclose their top ten heavy positions, the institutional holdings of Jiangsu Bojun Industrial Technology showed a sharp decrease, with a fund holding ratio of only 1.73%. Hong Kong Central Clearing Company of northbound funds entered the top ten shareholders, and the National Social Security Fund 116 Combination slightly reduced its position.
