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Among them, the five major state-owned banks collectively launched the medium-term dividend plan for the first time.
The new "National Nine articles" in the capital market was launched in mid-April, and then the China Securities Regulatory Commission and the Shanghai, Shenzhen and North Stock Exchange all launched a series of supporting and implementing specific policies, involving dividends, delisting and so on. Interim dividend refers to the middle of the yearFamilyfeudtelevisionshowseason24Dividends, that is, listed companies pay interim dividends in the middle of the year according to their own operation and development. In the 2023 annual report disclosed by listed companies a few days ago, the reporter found that a number of listed companies have made arrangements for this year's mid-term dividends.
Data show that so far, more than 230 listed companies have indicated that they will make arrangements for mid-term dividends in 2024. Among them, the five major state-owned banks collectively launched the medium-term dividend plan for the first time.
According to statistics, in the 2023 annual report, a total of 3635 listed companies on the Shanghai and Shenzhen stock exchanges announced dividend plans, accounting for more than 70%, an increase of more than 10% over the same period last year.Familyfeudtelevisionshowseason242 trillion yuan, an increase of 4% over the same period last yearFamilyfeudtelevisionshowseason24. 0%. The number and amount of dividend companies have reached an all-time high. In addition, the number of companies that have paid dividends for three consecutive years has exceeded 2700, and the number of companies that have paid dividends for five consecutive years has exceeded 1800, an increase of more than 45 per cent and 48 per cent respectively over five years ago.
Zhang Gang, chief analyst of Southwest Securities: according to our statistics, in the 2023 annual report distribution plan, the number of companies with more than 3 yuan per 10 shares has increased by nearly 10% compared with 2022, and the number of listed companies with a high proportion of cash distribution has increased significantly. We also see that many companies formally incorporate the interim dividend into the articles of association of listed companies as a system. This will help to improve the return on investment to shareholders, will attract a larger amount of domestic and foreign long-term capital to enter the market actively, and contribute to the healthy development of the capital market.
In the new "National Nine articles", it is specifically pointed out that it is necessary to strengthen the supervision of cash dividends of listed companies, enhance the stability, sustainability and predictability of dividends, and promote multiple dividends in a year and dividends before the Spring Festival. At the end of April, the Shanghai and Shenzhen Stock exchanges specially revised the Stock listing rules to further strengthen the hard restrictions on dividends.
Recently, from the China Securities Regulatory Commission to the Stock Exchange, a series of rules for dividends, mainly on the basis of respecting the autonomy of listed companies, combine dividends with institutional arrangements such as strengthening corporate governance, information disclosure constraints, reduction of linked controlling shareholders, and implementing risk warnings, and strengthen them in a progressive way. Many companies in the market that had previously planned not to pay dividends have also put forward dividend plans. Through the special activities of the exchange, more than 800 companies have put forward medium-and long-term plans to improve quality, increase efficiency and increase returns. All these will continue to promote the concrete implementation of dividends.
So far this year, more than 20 companies have locked in delisting.
Strengthening the supervision of delisting is also emphasized in the new "National Nine articles" and supporting policies. Recently, the China Securities Regulatory Commission and the Stock Exchange have issued policies and improved rules on strict delisting supervision, and launched a new round of delisting reform.
Since the revision of the relevant delisting rules, a number of listed companies have been punished for financial fraud.
This reform optimizes and improves four kinds of compulsory delisting indicators, namely, major illegal delisting, financial delisting, standardized delisting and transaction delisting, highlighting the crackdown on financial fraud, internal control failure and other chaotic phenomena. Companies with large amounts of fraud in a single year and continuous fraud for many years will be directly "red card sent off". Data show that as of May 15, 25 companies in the A-share market have locked in delisting this year. At the same time, according to the relevant rules, the CSRC will also impose restrictions on listed companies with financial fraud that do not meet the delisting standards. On May 12, four listed companies announced respectively, and on May 10, nine listed companies disclosed that they had been ordered to take corrective measures. Due to the non-operating occupation of a large amount of funds by the controlling shareholder, the local securities regulatory bureau requires the relevant companies to collect the occupied funds within six months. At the same time, the Shanghai and Shenzhen exchanges also issued a letter of concern, requiring the companies involved, controlling shareholders and actual controllers to effectively rectify and put in place to safeguard the interests of listed companies and minority shareholders, otherwise they will be delisted.
Tian Lihui, dean of the Institute of Financial Development of Nankai University, warns against financial fraud and helps investors identify risks earlier. Paying attention to the illegal occupation of funds by major shareholders is a direct protection for minority shareholders. Optimizing and improving the compulsory delisting indicators will effectively improve the quality of listed companies and optimize the allocation of resources. These measures and actions of the new round of delisting reform reflect the determination and action of the China Securities Regulatory Commission and the Stock Exchange.
Foreign-funded institutions are actively optimistic about Chinese assets
The positive changes in the capital market have also further enhanced the investment confidence of international institutions and made them more optimistic about Chinese assets.
A few days ago, the Shanghai and Shenzhen exchanges jointly held a promotion meeting in Paris, and 15 listed companies from the Shanghai and Shenzhen exchanges held a roadshow, which was attended by nearly 200 investors from France and other European countries. At the promotion meeting, the latest development of China's new energy and many other strategic emerging industries was the most frequently asked by investors.
Yang Chao, chief strategist at China Galaxy Securities: their attention to Chinese assets is growing. Listed companies, including electric cars, clean energy and smart manufacturing, will be asked repeatedly. The recent institutional changes of the new "National Nine articles" play a practical role in improving the quality of listed companies and protecting investors, which increases their confidence in investment.
Goldman Sachs said in a research note in May that overseas hedge funds had increased their holdings of Chinese stocks for several weeks. In addition, the data show that as of May 23, the net purchase amount of Beixiang Capital for the year exceeded 92 billion yuan, far exceeding the net purchase amount of last year and the year before. Among them, on April 26, Beixiang Capital bought more than 22.4 billion yuan a day, setting a new one-day record since the opening of the Lugang Link.
Jiang Xianwei, global asset strategist at Morgan Capital Management: in the new "National Nine articles", there is a special reference to the mechanism of increasing dividends. For investors who invest in A shares for a long time, in addition to capital gains, there is also a relatively stable inflow of cash, which is helpful to enhance the willingness of foreign investors to invest.
Zhou Wenqun, Fund Manager of Fidelity Fund Management (China) Co., Ltd.: The release of the new "National Nine Articles" actually positions the entire stock market higher in terms of returning investors. Overall, we feel that the development of the entire stock market is developing in a healthier direction.