Kaishan Group Co., Ltd.'s (SZSE:300257) Market Cap Dropped CN¥765m Last Week; Private Companies Bore the Brunt
Kaishan Group Co., Ltd.'s (SZSE:300257) Market Cap Dropped CN¥765m Last Week; Private Companies Bore the Brunt
Key Insights
主要见解
- Kaishan Group's significant private companies ownership suggests that the key decisions are influenced by shareholders from the larger public
- 57% of the company is held by a single shareholder (Kaishan Holding Group Co., Ltd.)
- Using data from company's past performance alongside ownership research, one can better assess the future performance of a company
- 开山集团的重要私人公司拥有权表明,关键决策受较大公众股东的影响。
- 公司的57%股份由一个股东(开山控股集团有限公司)持有。
- 通过公司过去的业绩数据和股权研究,人们可以更好地评估一家公司的未来表现。
To get a sense of who is truly in control of Kaishan Group Co., Ltd. (SZSE:300257), it is important to understand the ownership structure of the business. The group holding the most number of shares in the company, around 57% to be precise, is private companies. Put another way, the group faces the maximum upside potential (or downside risk).
为了了解开山集团股份的控制权归属,我们需要了解其业务的所有权结构。这家公司中持股数量最多的集团是私人企业,确切地说约占57%。换句话说,该集团面临的最大上行潜力(或下行风险)也是最多的。
As a result, private companies as a group endured the highest losses last week after market cap fell by CN¥765m.
因此,上周市值下跌8个百分点后,私人企业集体承受了最高的损失,达9.53亿元。
In the chart below, we zoom in on the different ownership groups of Kaishan Group.
下图是开山集团的不同所有权集团的股权比例。
![ownership-breakdown](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240610/0-71aa59d8ab46d3ea02125f3f3165675f-0-dac5dbfcc09fd5d60bd5531a1fbabbde.png/big)
What Does The Institutional Ownership Tell Us About Kaishan Group?
机构投资者的持股情况对开山集团有何意义?
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 Kaishan Group 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 Kaishan Group's historic earnings and revenue below, but keep in mind there's always more to the story.
我们可以看到,开山集团确实拥有机构投资者,并且他们持有公司的一定比例股份。这可能表明该公司在投资社区具有一定的可信度。但是,最好不要过于依赖机构投资者所谓的“认可”。他们也会出错。当多个机构拥有股票时,它们总会面临“拥挤交易”的风险。当这样的交易错误时,多个交易方可能会竞相快速抛售股票。在一个没有增长历史的公司中,这种风险更高。下面你可以看到开山集团的历史收益和营业收入,但请记住,事情总是更为复杂。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240610/0-71aa59d8ab46d3ea02125f3f3165675f-1-a216805052fe74889dc98f6058678daf.png/big)
We note that hedge funds don't have a meaningful investment in Kaishan Group. Our data shows that Kaishan Holding Group Co., Ltd. is the largest shareholder with 57% of shares outstanding. This essentially means that they have extensive influence, if not outright control, over the future of the corporation. Kejian Cao is the second largest shareholder owning 5.0% of common stock, and National Council for Social Security Fund holds about 1.6% of the company stock.
我们注意到,对于开山集团,对冲基金没有意义的投资。我们的数据显示,开山控股集团有限公司是最大的股东,持有57%的流通股。这基本意味着,他们对公司的未来具有广泛的影响力,如果不是直接控制。Kejian Cao是第二大股东,持有5.0%的普通股,国家社会保障基金持有公司股份约1.6%。
Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. While there is some analyst coverage, the company is probably not widely covered. So it could gain more attention, down the track.
研究机构所有权是衡量和过滤股票预期表现的好方法。通过研究分析师的情绪,也可以达到同样的效果。虽然该公司有一些分析师关注,但它可能没有得到广泛关注。因此,它可能在未来得到更多关注。
Insider Ownership Of Kaishan Group
开山集团的内部股权情况
The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. 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.
公司内部人员的定义可能是主观的,并且在不同的司法管辖区之间有所不同。我们的数据反映了个人内部人员,至少捕捉到董事会成员的记录。公司管理人员向董事会报告,后者应该代表股东的利益。值得注意的是,有时高级管理人员自己也在董事会中。
Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.
大多数人认为内部所有权是积极的,因为它可以表示董事会与其他股东的利益相一致。但是,在某些场合下,这个团体的权力过于集中。
We can see that insiders own shares in Kaishan Group Co., Ltd.. This is a big company, so it is good to see this level of alignment. Insiders own CN¥639m 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.
我们可以看到,内部人员持有开山集团的股份。这是一家大公司,所以看到这种程度的一致性是很好的。内部人员持有6.39亿元人民币的股份(按当前价格计算)。大多数人会说这表明股东和董事会之间存在一致性。不过,最好检查内部人员是否已经在抛售股票。
General Public Ownership
一般大众所有权
With a 31% ownership, the general public, mostly comprising of individual investors, have some degree of sway over Kaishan Group. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.
拥有31%的普通投资者可以在一定程度上影响开山集团的决策。虽然这种所有权的大小可能不足以使政策决策向有利于他们的方向倾斜,但他们仍然可以对公司政策产生集体影响。
Private Company Ownership
私有公司的所有权
Our data indicates that Private Companies hold 57%, of the company's shares. 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.
我们的数据表明,私人公司持有该公司上市股份的57%。可能值得更深入地研究一下。如果关联方如内部人员在这些私营公司之一拥有利益,那么这应该在年度报告中披露。私人公司也可能对公司具有战略兴趣。
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. Consider for instance, the ever-present spectre of investment risk. We've identified 2 warning signs with Kaishan Group (at least 1 which can't be ignored) , and understanding them should be part of your investment process.
虽然考虑拥有公司的不同群体是值得的,但还有其他更重要的因素。例如,不断存在的投资风险。我们已经确定了开山集团的2个警告信号(至少有1个不能忽视),理解它们应该是您投资过程的一部分。
If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future.
如果您像我一样,可能希望考虑这家公司是否会增长或缩小。幸运的是,您可以查看此免费报告,显示分析师对其未来的预测。
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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