财联社记者注意到，上述两家公司披露相关减持主体均与中国平安间接关联，且均为股权私募基金。中集车辆公告，两家减持主体均为中国平安保险（集团）股份有限公司（简称“中国平安”）间接持有100%权益的企业；润泽科技公告，四家减持主体实际控制人为中国平安或执行事务合伙人受中国平安控制而构成一致行动人关系。CIMC Vehicles and Range Intelligent Computing Technology Group, two GEM companies, both disclosed that multiple private equity shareholders are expected to reduce their holdings on the same day, with all relevant parties having links to Ping An Insurance. Recently, insurance funds have been speeding up their portfolio adjustments, and at least 6 A-share companies have been reduced by insurance funds since the current market upturn. On October 9, several leading insurance companies stated that they will further utilize the capital market as a "stabilizer" and "booster".
Financial Associated Press, October 11 (Reporter Zou Juntao) Since the start of this round of market upturn, more and more insurance funds have taken advantage of the opportunity to accelerate their portfolio adjustments.
On the evening of October 10th, CIMC Vehicles (301039.SZ) and Range Intelligent Computing Technology (300442.SZ), two GEM companies, simultaneously released announcements regarding the pre-disclosure of major shareholder's reduction. Among them, CIMC Vehicles announced that two shareholders plan to collectively reduce the company's A-share holdings by no more than 10,000,000 shares, accounting for no more than 0.53% of the total share capital; Range Intelligent Computing Technology announced that four shareholders plan to collectively reduce the company's holdings by no more than 4,100,000 shares, accounting for no more than 0.24% of the total share capital.
Financial Associated Press noted that the relevant entities disclosed in the above two companies' reduction statements are indirectly related to Ping An Insurance, and they are all equity private equity funds. In the announcement by CIMC Vehicles, both parties reducing holdings are enterprises in which Ping An Insurance (Group) Company of China Limited (referred to as 'Ping An Insurance') indirectly holds 100% equity; in the announcement by Range Intelligent Computing Technology, the four reducing entities are controlled by Ping An or by the executive partner with China Ping An control, thus forming a concerted action relationship.
Financial Associated Press reporters noted that there are quite a number of insurance funds adjusting their portfolios during this market rally. According to incomplete statistics, at least 6 A-share companies have been reduced by insurance funds since the current market upturn, involving many insurance companies such as China Life Insurance, Taikang Life Insurance, and Sunshine Life. Industry insiders pointed out that the reduction of insurance funds is mainly due to the needs of asset allocation and strategic adjustments, rather than industry-wide adjustments.
Ping An Insurance-related private equity funds reduce holdings in two A-share companies.
According to the announcement by CIMC Vehicles on the evening of October 10th, they recently received a 'Reduction Plan Notification' letter from Ping An Capital Limited Liability Company - Shanghai Taifuxiang Equity Investment Fund Partnership (Limited Partnership) (referred to as 'Shanghai Taifuxiang'), and Ping An Capital Limited Liability Company - Taizhou Taifuxiangyun Equity Investment Partnership (Limited Partnership) (referred to as 'Taizhou Taifuxiang'), stating that the two private equity funds plan to collectively reduce the company's A-share holdings by no more than 10,000,000 shares within 3 months after 15 trading days from the disclosure date, through centralized bidding transactions, not exceeding 0.53% of the company's total share capital.
The announcement stated that the fund managers of both funds are Ping An Capital Limited Liability Company. The executive partner of Shanghai Taifuxiang is Ping An Capital Limited Liability Company, and the executive partner of Taizhou Taifuxiang is Shenzhen Ping An Decheng Investment Co., Ltd. Shenzhen Ping An Decheng Investment Co., Ltd. and Ping An Capital Limited Liability Company are enterprises in which Ping An indirectly holds 100% equity. Shanghai Taifuxiang and Taizhou Taifuxiang are under the same control,body and are consistent actors.
The screenshot is from the announcement of CIMC Vehicles.
The announcement shows that the above shares all come from the shares obtained before the company's initial public offering. As of the disclosure date of this announcement, Shanghai Taifu holds 71,184,088 A-shares of CIMC Vehicles, accounting for 4.90% of the A-share capital, and 3.80% of the company's total capital; Taizhou Taifu holds 69,483,605 A-shares of CIMC Vehicles, accounting for 4.78% of the company's A-share capital and 3.71% of the total capital of the company.
On the same evening, Range Intelligent Computing Technology Group issued an announcement stating that it has recently received the 'Notice of Share Reduction Plan' issued by the concerted actions Ningbo Fengwen Equity Investment Fund Partnership (Limited Partnership) (referred to as 'Ningbo Fengwen'), Ningbo Meishan Bonded Port Area Pingsheng Ankang Equity Investment Fund Partnership (Limited Partnership) (referred to as 'Pingsheng Ankang'), Shanghai Weiguan Investment Partnership Enterprise (Limited Partnership) (referred to as 'Shanghai Weiguan'), and Tianjin Ping An Consumer Technology Investment Partnership Enterprise (Limited Partnership) (referred to as 'Ping An Consumer'). The plan is to reduce the company's shares by a total of no more than 4,100,000 shares (0.24% of the total share capital of the company) within 3 months after 15 trading days from the disclosure date of this announcement (from November 1, 2024 to February 1, 2025) through centralized bidding or block trade.
The screenshot is from the announcement of Range Intelligent Computing Technology Group.
The announcement indicates that the shares for reduction come from the major asset replacement and issuance of shares to purchase assets and raise matching funds and related party transactions by Range Intelligent Computing Technology Group in 2022 to issue restricted condition shares to the above four companies to purchase the equity of Range Development Company (referred to as 'Runze Development') they hold. As of the disclosure date of this announcement, the four companies hold a total of 92,631,330 shares of Range Intelligent Computing Technology Group, accounting for 5.3838% of the total share capital of the company.
CIMC Vehicles and Range Intelligent Computing Technology Group stated in the announcement that the implementation of this shareholding reduction plan will not lead to a change in the company's controlling interest and will not have an impact on the company's ongoing operations. In addition, the implementation of this shareholding reduction plan is uncertain, and the relevant shareholding entities will decide whether to fully or partially implement this shareholding reduction plan based on market conditions, the company's stock price, etc.
At least 6 A-share companies have experienced shareholding reduction by insurance funds since the current market trend.
Regarding the reasons for the shareholding reduction, CIMC Vehicles disclosed in the announcement as 'exit requirements,' while Range Intelligent Computing Technology Group disclosed as 'self-financial needs.' Analysts pointed out that recently A-share market sentiment has significantly improved, with substantial increases in the stock prices of many listed companies and a significant rise in trading volume. Some shareholders choose to cash out at this time. Chief Economist Yang Delong of Qianhai Kaiyuan Fund stated that with the rise in market trends, the market value of listed companies has also increased, and some companies announcing shareholding reduction plans indicates a certain divergence in the market regarding this upward trend.
Information shows that CIMC Vehicles is a semi-trailer manufacturer, the company engages in the production, sales, and after-sales market services of seven major types of semi-trailers in the main global markets; Range Intelligent Computing Technology Group is a big data technology company, providing new-generation digital economy industry technology, products, services, and system solutions for various industries based on computing power, digital technology as a means, and intelligent applications as demonstrations.
The latest semi-annual report shows that in the first half of the year, CIMC Vehicles had a total revenue of 10.7 billion yuan, a year-on-year decrease of 20.56%, with a net income attributable to the parent company of 0.563 billion yuan, a year-on-year decrease of 70.33%; Range Intelligent Computing Technology Group had a total revenue of 3.575 billion yuan in the first half of the year, a year-on-year increase of 112.47%, with a net income attributable to the parent company of 0.967 billion yuan, a year-on-year increase of 37.64%.
Despite significant performance differences, both companies have experienced significant increases in stock prices driven by the current market trend. Wind data shows that as of the close of October 11th, CIMC Vehicles had a 30-day stock price increase of 20%, while Range Intelligent Computing Technology Group had a 30-day increase of 31.75%. Looking at a longer period, CIMC Vehicles had a year-to-date stock price increase of only 9.38%, while Range Intelligent Computing Technology Group had a year-to-date increase of 20.18%.
Caixin reporters have noticed that since the start of this market trend, at least 6 A-share companies have disclosed being subject to shareholding reduction by insurance funds.
In addition to CIMC Vehicles and Range Intelligent Computing Technology Group, Bloomage Biotechnology Corporation Limited disclosed on October 8th that China Life Insurance's private equity fund Guoshou Chengda will reduce its shareholding by no more than 2.50%. Zhejiang Wanfeng Auto Wheel disclosed on October 8th that PICC Life will reduce its 1% stake through centralized auction trading from August 2, 2024 to September 27, 2024. China Merchants Expressway Network Technology Holdings revealed on October 7th that Taikang Life will reduce its shareholding by no more than 0.4%. Huakang Medical disclosed on September 24th that Sunshine Life will reduce its shareholding by no more than 3%.
On October 9, the people's insurance, China life insurance, China Taiping and other leading insurance companies have spoken out through the media, stating that as a long-term, stable source of funds, insurance funds are of great significance for the healthy development of the capital markets, and will further play a role as a "stabilizer" and "booster" for the capital markets.
