With the recent overall warming of the A-share market,various types of capital are actively entering the market to "grab shares" through agreement transfers.According to incomplete statistics,since September 24th,more than 30 listed company shareholders have planned to transfer shares through agreement transfers,with the main recipients being industrial capital,private equity funds,and natural persons.

Liu Jianjun,a professor at the School of Finance and Statistics at Hunan University,stated that such agreement transfers help relevant shareholders to "pass the baton" and exit in an orderly manner.If major shareholders directly reduce their holdings in the secondary market,it can easily lead to significant stock price fluctuations,while agreement transfers can reduce the direct impact on stock prices to a certain extent.

A senior securities lawyer also told reporters from Shanghai Securities News: "Listed company shareholders transferring equity to private equity funds through agreement transfers is sometimes a way to indirectly reduce holdings,with private equity playing a channel role.As a method of reducing holdings,agreement transfers should comply with regulations on lock-up periods and reduction ratios to avoid violations."

Many company shareholders have transferred shares through agreements

As the A-share market heats up,the agreement transfers of listed company shareholders have also attracted more attention.Reporters noticed that on the evening of October 9th alone,nearly 10 companies,including Dongjing Electronics,Ruibeika,Jingda Shares,and Fulai New Materials,disclosed plans or progress announcements for agreement transfers.

Dongjing Electronics announced that the company's largest shareholder,Li Qingyue,signed a "Share Transfer Agreement" with Ningbo Ningju Asset Management Center (Limited Partnership) (referred to as "Ningbo Ningju"),and Li Qingyue plans to transfer 14.5 million company shares (accounting for 5.9562% of the company's total share capital) to Ningbo Ningju at a price of 6.27 yuan per share,with a total transfer price of 90.915 million yuan.

Ruibeika's announcement showed that to meet its own operational development needs,the company's controlling shareholder plans to transfer 60 million unlimited sale condition circulating shares it holds to Xu Yumei through an agreement transfer,accounting for 5.30% of the company's current total share capital.There is no association between the transferee and the company's controlling shareholder.

According to Jingda Shares,the controlling shareholder,Te Hua Investment,plans to transfer 170 million shares it holds to Qiao Xiaohui through an agreement transfer,with a transfer price of 4.72 yuan per share and a transfer payment of 802 million yuan.This transfer will lead to a change in the company to a non-controlling shareholder,and Huanan Property Insurance Co.,Ltd.will passively become the single largest shareholder.

In addition,many companies such as Yinli Media and Ruison Technology have disclosed announcements of the completion of the transfer of shares by shareholders through agreements.

This year,agreement transfers among A-share listed companies have been frequent.According to incomplete statistics,since the beginning of the year,more than 250 listed companies have had important shareholders transfer equity through agreement transfers,with a total transfer amount exceeding 210 billion yuan.Three Types of Capital Enter to "Grab Shares"

Upon further analysis of the identities of the counterparties in agreement transfer transactions,they mainly consist of three groups: industrial capital,private equity funds,and natural persons.

Specifically,since September 24th,the transferees of the agreement transfer of shares from 16 listed companies,including Dongjing Electronics,Huafu Fashion,and He Mei Group,have all been private equity funds,with some well-known private equity funds taking over the equity of multiple companies at the same time.

Ningbo Ningju,which is quite famous in the market,recently proposed to become a shareholder holding more than 5% of Dongjing Electronics and General Elevator through an agreement transfer.In addition,Ningbo Ningju has successively acquired about 5% of the shares of Chengbang Shares,Laisheng Tongling,and Suotong Development this year.

At the same time,several natural persons have also frequently participated in agreement transfer transactions.

The transferees of the agreement transfer of equity in 8 companies such as Maixilin,Yingfeng Shares,and Luoxin Pharmaceutical are all natural persons.For example,Luoxin Pharmaceutical recently announced that three shareholders of the company plan to transfer a total of 102 million unrestricted circulating shares (accounting for 9.42% of the company's total share capital) held by them to Yan Jinxia through an agreement transfer.The transfer price is 4.005 yuan per share.The total transaction consideration is 410 million yuan.

Recently,some major shareholders of companies have also planned to introduce strategic investors through agreement transfer.

For example,Guangqi Technology recently announced that its controlling shareholder,Tibet Yingbang Industrial Development Co.,Ltd.,plans to sell 220 million shares of the company it holds (accounting for 10% of the total share capital) through an agreement transfer to introduce 2 to 3 strategic investors.If calculated based on the closing price on October 10th,the strategic investors may invest a total of up to 5 billion yuan in this agreement transfer.

Qihoo 360 announced on the evening of October 9th that the company recently learned that its shareholder,China Electronics Golden Investment Holding Co.,Ltd.,has accepted 34.2586 million unrestricted circulating shares of Qihoo 360 held by Tianjin Qihoo No.1 Technology Partnership (Limited Partnership) through an agreement transfer,accounting for 5% of the company's total share capital.The agreement transfer of company shares has been completed and the registration procedures have been completed.

Industry insiders believe that the agreement transfer method is beneficial for all parties involved.For the market,agreement transfer helps shareholders transfer shares to more capable investors,thereby optimizing the market's resource allocation.At the same time,agreement transfer reduces transaction links and improves transaction efficiency.In addition,agreement transfer is not conducted directly in the secondary market,which has a smaller impact on the market and helps maintain market stability.However,the reporter also noticed that in recent equity agreement transfers,the majority of the recipients are private equity funds and natural persons,accounting for 52% and 26% of the companies involved,respectively,while industrial capital recipients account for less than 10%.

Beware of shell private equity "detour reduction"

A capital market research expert,when interviewed by the reporter,stated that during the transaction process,attention should be paid to the fact that some private equity funds receive listed company shares through agreement transfers without substantial investment,or merely assist shareholders in reducing their holdings,with the private equity acting as a "pass-through".

"Now it is also difficult for private equity funds to raise funds.Engaging in such pass-through business not only increases revenue for private equity but also expands its scale," a private equity fund manager told the reporter."For private equity,it can both expand its scale,collect management fees,support the team,and maintain the company's daily expenses.At the same time,if investment management is done well,after six months of reduction and selling at a higher price,it can also achieve asset appreciation and extract backend performance fees."

On September 30,the controlling shareholders,actual controllers,or shareholders holding more than 5% of the shares of three listed companies,Sanfu Xinke,Aike Shares,and Aipeng Medical,planned to transfer shares to three private equity funds through agreement transfers,with a total transfer payment of about 290 million yuan.

It is worth noting that the three private equity products that intend to take over the shares of listed company shareholders had a remaining scale of less than 10 million yuan by the end of the second quarter of this year,making them truly "mini" funds.

Specifically,Sanfu Xinke announced that the company's actual controller Qu Chenghong and the controlling shareholder,actual controller Shangguan Wenlong,signed a "Share Transfer Agreement" with Shanghai Juntang Asset Management Co.,Ltd.(representing the private equity fund "Juntang Innovation Growth No.1 Private Securities Investment Fund") (referred to as "Juntang Fund") on September 27,2024,intending to transfer a total of 4.65 million shares (accounting for 5% of the company's total share capital) to Juntang Fund,with a transfer price of 26 yuan per share,and a total transfer payment of 121 million yuan.

Aike Shares announced that shareholders holding more than 5% of the company's shares,Zhang Fengbin,Feng Renrong,and Chen Li,signed a "Stock Transfer Contract" with Shanghai Yuanxi Private Equity Fund Management Co.,Ltd.(representing the private equity fund "Yuanxi Zhiyuan No.1 Private Securities Investment Fund") (referred to as "Yuanxi Fund").The three intended to transfer a total of 7.8 million unrestricted circulating shares of the company to Yuanxi Fund through an agreement transfer,accounting for 5.027% of the total share capital after excluding the company's repurchase account shares.The transfer price is 11.88 yuan per share,with a total transfer payment of 92.664 million yuan.

Aipeng Medical also issued an announcement that the company's controlling shareholder and actual controller,Wang Ningyu,intends to transfer his held company's unrestricted circulating shares of 7.058 million shares,accounting for 5.60% of the company's total share capital,to Beijing Zhanghong Private Equity Fund Management Co.,Ltd.(representing the private equity fund "Zhanghong Selection No.1 Private Securities Investment Fund") (referred to as "Zhanghong Fund") through an agreement transfer,with a transfer price of 10.80 yuan per share,and a total payment of 76.2264 million yuan.