Anhui Guangxin Agrochemical Co., Ltd.'s (SHSE:603599) Market Cap Dropped CN¥364m Last Week; Individual Investors Bore the Brunt
Anhui Guangxin Agrochemical Co., Ltd.'s (SHSE:603599) Market Cap Dropped CN¥364m Last Week; Individual Investors Bore the Brunt
Key Insights
主要见解
- Significant control over Anhui Guangxin Agrochemical by individual investors implies that the general public has more power to influence management and governance-related decisions
- 50% of the business is held by the top 7 shareholders
- 11% of Anhui Guangxin Agrochemical is held by Institutions
- 个人投资者对安徽广信农化的重大控制意味着普通大众对管理和治理决策具有更大影响力
- 前七大股东持有了该公司50%的股份。
- 安徽广信农化11%的股份被机构持有
A look at the shareholders of Anhui Guangxin Agrochemical Co., Ltd. (SHSE:603599) can tell us which group is most powerful. We can see that individual investors own the lion's share in the company with 47% ownership. In other words, the group stands to gain the most (or lose the most) from their investment into the company.
观察安徽广信农化股份有限公司(SHSE:603599)的股东可以告诉我们哪个群体最有权势。我们可以看到个人投资者拥有该公司47%的股权,换句话说,该群体在投资该公司中有最多(或最少)的收益。
And following last week's 3.9% decline in share price, individual investors suffered the most losses.
在上周股价下跌3.9%之后,个人投资者遭受了最大的损失。
In the chart below, we zoom in on the different ownership groups of Anhui Guangxin Agrochemical.
在下面的图表中,我们放大了安徽广信农化的不同所有权群体。
What Does The Institutional Ownership Tell Us About Anhui Guangxin Agrochemical?
安徽广信农化的机构投资者持股较高,这意味着为这些机构工作的分析师们看好这只股票。但就跟其他股民一样,他们也可能走错。若多方投资机构持有该股,存在“涌入交易”的风险。在没有增长历史的公司中,这种风险更高。你可以查看下文列出的安徽广信农化的历史盈利和营业收入,但请牢记故事有很多版本。
Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.
机构投资者通常将自己的回报与常见的指数回报进行比较。因此,他们通常会考虑购买包括在相关基准指数中的较大公司。
We can see that Anhui Guangxin Agrochemical does have institutional investors; and they hold a good portion of the company's stock. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Anhui Guangxin Agrochemical's historic earnings and revenue below, but keep in mind there's always more to the story.
我们可以看到安徽广信农化确实有机构投资者,他们持有公司的很大一部分股票。这表明该公司在投资社区中具有一定的信誉度。然而,最好谨慎依赖机构投资者所带来的所谓验证。他们有时也会犯错误。当多家机构都持有一支股票时,总是存在着“挤入交易”的风险。当这种交易出现问题时,多方可能会争相抛售股票。这种风险在一个没有增长历史的公司中更高。您可以在下面看到安徽广信农化的历史收益和营业收入,但请记住故事总有更多的内容。
Hedge funds don't have many shares in Anhui Guangxin Agrochemical. Anhui Guangxin Group Co., Ltd. is currently the company's largest shareholder with 39% of shares outstanding. For context, the second largest shareholder holds about 4.5% of the shares outstanding, followed by an ownership of 3.1% by the third-largest shareholder. Jin Xiang Huang, who is the third-largest shareholder, also happens to hold the title of Chairman of the Board.
对于安徽广信农化来说,对冲基金持有的股份并不多。安徽广信集团有限公司目前是该公司的最大股东,持有39%的股份。在此背景下,第二大股东持有约4.5%的流通股份,第三大股东持有3.1%的股份。第三大股东黄金翔兼任董事长。
We also observed that the top 7 shareholders account for more than half of the share register, with a few smaller shareholders to balance the interests of the larger ones to a certain extent.
我们还观察到,前7名股东拥有超过一半的股份登记册,还有一些小股东来平衡较大股东的利益。
While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. There is a little analyst coverage of the stock, but not much. So there is room for it to gain more coverage.
尽管研究公司的机构所有权可以为您的研究增加价值,但研究分析师的推荐也是一个好礼。该股票受到的分析师覆盖范围很小,但不多。因此,它有更多的空间获得更多的覆盖范围。
Insider Ownership Of Anhui Guangxin Agrochemical
安徽广信农化的内部所有权
While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves.
虽然内部人员的具体定义可能是主观的,但几乎所有人都认为董事会成员是内部人员。公司管理层应向董事会回答问题,后者应代表股东的利益。值得注意的是,有时高层管理人员也会成为董事会成员。
I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.
我通常认为内部人士持股是一件好事。但是,在某些情况下,它会使其他股东更难以对董事会的决定进行问责。
Our most recent data indicates that insiders own some shares in Anhui Guangxin Agrochemical Co., Ltd.. It is a pretty big company, so it is generally a positive to see some potentially meaningful alignment. In this case, they own around CN¥278m worth of shares (at current prices). Most would say this shows alignment of interests between shareholders and the board. Still, it might be worth checking if those insiders have been selling.
我们最近的数据表明,内部持有广信股份有限公司的一些股份。这是一家相当大的公司,因此看到一些可能具有意义的一致性是一个积极的信号。在这种情况下,他们拥有价值约2.78亿元人民币的股份(按当前价格计算)。大多数人会说这显示了股东与董事会之间利益的一致性。不过,值得一提的是,可能值得检查一下这些内部人是否一直在卖出股份。
General Public Ownership
一般大众所有权
The general public-- including retail investors -- own 47% stake in the company, and hence can't easily be ignored. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.
包括零售投资者在内的普通公众拥有该公司47%的股份,因此不容忽视。虽然该集团不能决定一切,但它肯定可以对公司的经营产生实质性影响。
Private Company Ownership
私有公司的所有权
It seems that Private Companies own 39%, of the Anhui Guangxin Agrochemical stock. It might be worth looking deeper into this. If related parties, such as insiders, have an interest in one of these private companies, that should be disclosed in the annual report. Private companies may also have a strategic interest in the company.
看起来,私营公司拥有安徽广信农药股份39%的股份。这可能值得进一步深入研究。如果相关方,如内部人员,在其中一家私营公司中有利益,则应在年度报告中披露。私营公司可能还对该公司有战略利益。
Next Steps:
下一步:
While it is well worth considering the different groups that own a company, there are other factors that are even more important. Like risks, for instance. Every company has them, and we've spotted 2 warning signs for Anhui Guangxin Agrochemical (of which 1 makes us a bit uncomfortable!) you should know about.
虽然考虑拥有一家公司的不同群体是非常值得的,但还有其他更重要的因素。比如风险。每家公司都有风险,我们已经发现了安徽广信农药的2个警示信号(其中1个让我们有点不舒服!)你应该知道。
But ultimately it is the future, not the past, that will determine how well the owners of this business will do. Therefore we think it advisable to take a look at this free report showing whether analysts are predicting a brighter future.
但最终,决定该业务所有者将获得多大利益的是未来而非过去。因此,我们认为最好查看此免费报告,以了解分析师是否预测更光明的未来。
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
注:本文中的数据是使用最后一个财务报表日期结束的为期12个月的数据计算的。这可能与全年年度报告数据不一致。
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