Statistics show that 24 listed textile and apparel companies have not paid dividends for three years, and another nine have a profit ratio of less than 30%. Among them, the four companies do not want to pay dividends but also want to circulate money, and they seriously lack the sense of responsibility of returning shareholders. In the textile and apparel industry, there are 33 listed companies, accounting for nearly half of the listed companies, are faced with the right to no longer have the right to blame.
From the end of February to the end of February, the listed company's 2011 annual report disclosed positively, and the broader market's indecency has caused investors to pay more attention to more affordable cash dividends. In addition, the China Securities Regulatory Commission recently reaffirmed in the announcement that listed companies should improve their dividend policy and actively return shareholders, which in turn makes the annual dividend of listed companies become the focus of the market.
What is particularly worth noting is that listed companies fail to pay dividends for three years, or that dividends account for less than 30% of profits, they are no longer allowed. In the textile and apparel industry, 33 companies that account for nearly half of the listed companies are faced with no rights. Then ** å°´å°¬ å°´å°¬ å°´å°¬.
Regarding the reasons for the non-profit dividends of listed companies, many companies clearly stated that due to the increased demand for funds in the future, dividends are not distributed to protect the company's long-term development. In fact, among these listed companies that do not pay dividends all year round, the reasons for non-profit dividends vary, and some companies choose to motivate management teams to motivate more; but for those listed companies that are not actually bad, this practice is lacking. Itâ€™s rewarding shareholdersâ€™ sense of responsibility.
"Cash distribution rules" inspection time!
Of the 24 listed companies that have not paid dividends for three years, 18 are listed before 2007, and 15 companies have not paid dividends for 5 consecutive years. The sponsoring agency confirmed that the specific criteria for the dividend distribution of the fixed-income company had not been issued, but the â€œwindow guidanceâ€ for the relevant approval companies was indeed in progress.
According to public information, in order to curb the bad habits of listed companies that only circulate money and receive no dividends, the China Securities Regulatory Commission issued the "Decision on Modifying Certain Rules for Cash Dividends of Listed Companies" ("Cash Distribution Rules") as early as October 2008. As required by the regulations, one of the conditions for a listed company to publicly issue (including additional issuance, allotment of shares, and convertible bonds) is that it must meet the "profits accrued in cash distributed in the last three years not less than the annual average distributable profits realized in the last three years." 30 percent."
According to this provision, listed companies that have accumulated profits in cash for the last three years that are less than 30% of the annual average distributable profits realized in the last three years do not have requalification.
In the textile and clothing industry, according to the latest statistics of Wind Information, there are 24 companies in 72 listed companies that have not paid dividends in the past three years; in addition, 9 companies have dividends, but the share of profits is less than 30%. In other words, a total of 33 listed companies, accounting for nearly half of the total number of textile and apparel companies, did not have the right to repeat this year.
The author notices that of the 24 listed companies that have not paid dividends for three years, 18 are listed before 2007, and 15 companies have not paid dividends for 5 consecutive years.
It is worth noting that in the cash dividend regulations issued by the China Securities Regulatory Commission in October 2008, private placements are not subject to this restriction. However, there are various indications that the New Deal of the â€œDividendâ€ of the China Securities Regulatory Commission has been pushed from the IPO of the listed company and the listed companies including the refinancing sector. At the same time, the author has been confirmed from the sponsoring agencies that the specific criteria for increasing the dividends of the company have not been issued, but the â€œwindow guidanceâ€ for the relevant approval companies is already in progress.
"This means that from 2012 onwards, reinstitutions including fixed additions are likely to be linked to the dividend distribution of the company," said a senior sponsor.
"While there is no dividend, but also those who wish to trap money," what makes people feel puzzled is that many listed companies that propose re-planning are simply not in line with the conditions of "dividend ratio". Analysts said that while the domestic stock market is paying more and more attention to information disclosure, the regulators should also coerce the listed companies to violate the relevant regulations on dividends and link them with the executive compensation evaluation system.
Bank of China Cashmere Industry: Sales Increased and Presented Less Since the company has only paid dividends in 2004, the 2010 annual report introduced the â€œRMB 0.6 (pre-tax) per 10 sharesâ€ distribution plan, with a total annual dividend distribution of RMB 16.68 million. The proportion of accumulated dividends is 28.82%, still not reaching the red line of 30%. However, the company announced on November 24, 2011 that it plans to allocate no more than 3 shares to all its shareholders. The total amount can be allocated to no more than 166.8 million shares, and the net proceeds from allotment of stocks will not exceed 650 million yuan. The sales volume of yarn and cashmere products in the current period increased compared to the previous year, and the sales price increased year-on-year, which increased operating income and profits. The company expects 2011 net profit to be between 150 million and 166 million yuan, an increase of 95.39% from the same period last year to 116.23%.
In the third quarterly report of 2011, among the top ten circulating shareholders, the new Ping An Trust held a product of 27.62 million shares; Xinhua Life Insurance's one product held 2.48 million shares; Private Mending Mori has withdrawn from the top ten in this period. The number of shareholders decreased by 2.75% from the previous period.
Shenzhen Textile A: The scale of assets has steadily increased The company has not paid dividends in the past three years. Announcement on February 11, 2012, that no less than 8.80 yuan/share is expected to be issued in private to no more than 170 million shares. The total amount of this fundraising does not exceed 1.47 billion yuan. The Shenzhen Investment Controlled Shares shall not be transferred within 36 months, and the shares subscribed for by other specified objects may not be transferred within 12 months. On January 10th, 2012, the company disclosed its earnings report. The 2011 net profit was 51.59 million yuan. The steady increase in asset size, improvement in interest margin, and effective cost control resulted in a total profit growth of 34.6% year-on-year.
In the third quarterly report of 2011, the total number of shareholders continued to decrease. The top 10 tradable shareholders, Haitong Securities, slightly lightened up 100,000 shares to 47.88 million shares, while another ** held 3384 million shares.
Tianshan Textile: honing the non-public offering of Tianshan Textile is also playing the idea of â€‹â€‹circling without red. According to public information, Tianshan Textile has not conducted a cash delivery in the past three years, but on March 18, 2011, it proposed to conduct a non-public offering. It is expected that the amount of fundraising will be about 2.8 billion yuan. Announced on July 12, 2011, the general meeting of shareholders agreed to extend the validity period of the resolution for the non-public issuance of the A shares plan by one year. Earnings per share of the stock for the first three quarters of last year were -0.02 yuan, and the main business income and net profit increased by 3.91% and -226.86% year-on-year respectively. The purchase of raw materials increased and the price of raw materials increased. The inventory for the first three quarters of 2011 was 280.64 million yuan, an increase of 30.67% over the previous period.
The third quarterly report of 2011 disclosed that among the top ten tradable shareholders, the newly entered Guoxin Securities held 3.03 million shares; the number of shareholders decreased by 12.58% from the previous period, and the chips were concentrated from the previous period.
ST Xinlong: Operational losses still push forward ST Xinlong is also doubtful in this regard. Since 2002, dividends have never been paid. The company announced on October 13, 2011 that it was planned to increase the stock by no more than 4.48 yuan/share to no more than 121 million shares, and that the net fundraising amount not exceed 520 million yuan to invest in two projects and repay loans. Although the private placement has not yet been formally linked to dividends, it is shameful that the decade will not redistribute any dividends. The company expects 2011 net profit -16 million yuan (2,958,200 yuan in the same period of last year), from the profit to profit.
In the third quarterly report of 2011, the top ten circulating shareholders did not have **, **, QFII and other related institutions; the number of shareholders increased by 4.93% from the previous period, and the chips were more concentrated.
Some analysts said that in the international mature stock market, the dividend policy of listed companies is transparent, consistent and stable, and investors are announced in advance. Listed companies that do not pay attention to shareholdersâ€™ returns will be abandoned by investors. While the domestic stock market is paying more and more attention to information disclosure, the supervisory level should also have mandatory measures for the listed companies to violate the relevant provisions of dividends, and be linked with the executive compensation evaluation system to fundamentally protect the interests of investors.
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