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。① Two GEM companies, CIMC Auto and Runze Technology, revealed on the same day that their holdings were expected to be reduced by a number of private equity fund shareholders, and that the relevant entities were all linked to Ping An of China. ② Insurance capital has recently accelerated the pace of position adjustments. Since this round of the market, at least 6 A-share companies have had their insurance holdings reduced. ③ On October 9, a number of leading insurers spoke out, which will further play the role of a “stabilizer” and “booster” of the capital market.
Financial Services Association, October 11 (Reporter Zou Juntao) Since the launch of the A-share market, more and more insurers have taken the opportunity to speed up the pace of position adjustments.
On the evening of October 10, two GEM companies, CIMC Vehicles (301039.SZ) and Runze Technology (300442.SZ), simultaneously issued pre-disclosure announcements on the majority shareholders' holdings reduction. Among them, CIMC Motor's announcement revealed that the two shareholders plan to reduce their total A-share holdings of the company by no more than 10,000,000 shares, accounting for no more than 0.53% of the total share capital; Runze Technology's announcement revealed that the four shareholders plan to reduce their total holdings of the company by no more than 4,100,000 shares, accounting for no more than 0.24% of the company's total share capital.
A Financial Services Association reporter noticed that the two companies mentioned above disclosed that the relevant holdings reduction entities are all indirectly related to Ping An of China, and they are all equity private equity funds. According to CIMC Vehicle's announcement, the two holdings reduction entities are companies that indirectly hold 100% of the rights of Ping An Insurance (Group) Co., Ltd. (“Ping An China”); Runze Technology announced that the actual controllers of the four holdings reduction entities were controlled by Ping An of China or their executive affairs partners and formed a concerted actor relationship.
The Financial Services Association reporter noticed that not a few insurance funds are taking advantage of this round of market conditions. According to incomplete statistics, at least 6 A-share companies have had their insurance holdings reduced since this round, involving many insurance companies such as China Life Insurance, Taikang Life, and Sunshine Life. Industry insiders pointed out that the reduction in insurance capital holdings is mainly due to the need for insurance asset allocation and strategic adjustments; it is not a uniform adjustment in the industry.
China Ping An Affiliated Private Equity Fund reduced holdings of two A-share companies
According to CIMC Auto's announcement on the evening of the 10th, it recently received a “Notice Letter of Reduction Plan” issued by Ping An Capital Co., Ltd. - Shanghai Taifu Xiangzhong Equity Investment Fund Partnership (Limited Partnership) (“Shanghai Taifu”), Ping An Capital Co., Ltd. - Taizhou Taifu Xiangyun Equity Investment Partnership (limited partnership) (“Taizhou Taifu”). The two private equity funds plan to reduce their total holdings of the Company no more than 10,000 A shares within 3 months after the date of disclosure of this announcement Shares, that is, no more than the company's total 0.53% of share capital.
According to the announcement, the fund managers of both funds are Ping An Capital Co., Ltd. Shanghai Taifu's executive partner is Ping An Capital Co., Ltd., and Taizhou Taifu's executive partner is Shenzhen Ping An Decheng Investment Co., Ltd. Shenzhen Ping An Decheng Investment Co., Ltd. and Ping An Capital Co., Ltd. are all enterprises that are indirectly 100% owned by Ping An of China. Shanghai Taifu and Taizhou Taifu are controlled by the same entity and are acting in concert.
△ Screenshot from CIMC vehicle announcement
According to the announcement, the above shares are all derived from shares acquired by the company prior to its initial public offering. As of the disclosure date of the announcement, Shanghai Taifu held 71,184,088 A-shares of CIMC Motors, accounting for 4.90% of CIMC's A-share capital, accounting for 3.80% of the company's total share capital; Taizhou Taifu held 69,483,605 shares of CIMC's A-share shares, accounting for 4.78% of the company's A share capital and 3.71% of the company's total share capital.
On the evening of the same day, Runze Technology issued an announcement. Recently, it received the “Share Reduction Plan” from Ningbo Fengwen Equity Investment Fund Partnership (Limited Partnership) (“Ningbo Fengwen”), Ningbo Meishan Bonded Port Area Pingsheng Ankang Equity Investment Fund Partnership (Limited Partnership) (“Pingsheng Ankang”), Shanghai Weiguan Investment Partnership (Limited Partnership) (“Shanghai Weiguan”), Tianjin Ping An Consumer Technology Investment Partnership (Limited Partnership) (“Ping An Consumption”) “Letter”, scheduled within 3 months after 15 trading days from the date of disclosure of this announcement (i.e. (November 1, 2024 to February 1, 2025) Reduce the company's total share holdings by no more than 4,100,000 shares (no more than 0.24% of the company's total share capital) through centralized bidding or bulk transactions.
△ Screenshot from Runze Technology's announcement
According to the announcement, the source of the reduced shareholding was shares with limited conditions of sale issued to the above four companies to purchase their shares in Runze Technology Development Co., Ltd. (“Runze Development”) when implementing major asset replacements, issuing shares to purchase assets, and raising supporting capital and related transactions in 2022. As of the disclosure date of the announcement, the above four companies held a total of 92,631,330 shares of Runze Technology (accounting for 5.3838% of the company's total share capital).
CIMC Vehicle and Runze Technology stated in the announcement that the implementation of this holdings reduction plan will not lead to a change in the company's control and will not affect the company's continued operation. Furthermore, there is uncertainty about the implementation of this holdings reduction plan, and the relevant holdings reduction entities will take the opportunity to decide whether to fully or partially implement the current share reduction plan based on market conditions, the company's stock price situation, etc.
Since the current round of the market, at least 6 A-share companies have had their insurance holdings reduced
Regarding the reason for the reduction in holdings, it was disclosed in the CIMC Vehicle announcement as “withdrawal required”, and the Runze Technology announcement disclosed it as “own financial requirements.” Analysts pointed out that A-share sentiment has improved markedly recently. The stock prices of many listed companies have risen quite a bit, and the trading volume has also clearly increased. It is inevitable that some shareholders will choose to take advantage of the present at this time. Yang Delong, chief economist of Qianhai Open Source Fund, said that along with the rise in the market market, the market value of listed companies also increased. Some companies announced plans to reduce their holdings, which shows that the market has some differences over this round of market rise.
According to data, CIMC is a semi-trailer manufacturer. The company produces, sells and aftermarket services for seven types of semi-trailers in major markets around the world; Runze Technology is a big data technology enterprise. The company uses computing power as a means, and smart applications as a model to provide next-generation digital economy industry technology, products, services and system solutions for various industries.
According to the latest semi-annual report, CIMC Motor's total revenue for the first half of the year was 10.7 billion yuan, down 20.56% year on year, and net profit to mother was 0.563 billion yuan, down 70.33% year on year; Runze Technology's total revenue for the first half of the year was 3.575 billion yuan, up 112.47% year on year, and net profit to mother was 0.967 billion yuan, up 37.64% year on year
Despite the large difference in performance, both companies' stock prices have risen quite sharply, driven by this round of market conditions. According to Wind data, as of the close of trading on October 11, CIMC's stock price rose 20% in the past 30 days, and Runze Technology rose 31.75% in the past 30 days. Looking at the extended cycle, CIMC Vehicle's year-to-date stock price increase is only 9.38%, while Runze Technology's year-to-date increase is 20.18%.
A Financial Services Association reporter noticed that since the start of this round of the market, at least 6 A-share companies have disclosed that their insurance holdings have been reduced.
In addition to CIMC Vehicle and Runze Technology, Huaxi Biotech revealed on October 8 that China Life Insurance's private equity fund Guoshou Chengda will reduce its shareholding by no more than 2.50%; Wanfeng Aowei revealed on October 8 that Centennial Life will reduce its shareholding by 1% through centralized bidding transactions from August 2, 2024 to September 27, 2024. China Merchants Highway revealed on October 7 that Taikang Life will reduce its shareholding by no more than 0.4%. Huakang Medical revealed on September 24 that Sunshine Life will reduce its shareholding by no more than 3%.
On October 9, a number of leading insurers from China Insurance, China Life Insurance, and China Taiping spoke out through the media, saying that as a long-term and stable source of capital, insurance funds are of great significance to the healthy development of the capital market and will further play a good role as a “stabilizer” and “booster” of the capital market.
