During the period of annual report disclosure of listed companies, along with the performance announcement, there are also distribution plans of each company. At present, those who launch high transfer or large proportion cash dividend schemes are mostly GEM (Growth Enterprise Market) and SME (Small and Medium Enterprises) board companies. Some newly listed companies in the fourth quarter of last year are facing the upcoming lifting of restrictions on their offline allotment shares. With the promotion of high transfer and performance, business level favorable news, the funds which were trapped in the new share subscription before can smoothly "unwind" at this time due to the high share price. However, what troubles them is how to judge whether these GEM and SME board companies positioned by "growth" have welcomed investment opportunities. After "unwinding", whether to leave or stay is difficult to decide.
The "lifting of restrictions" coincides with "high transfer". Recently, more and more companies disclosed their 2011 annual reports, among which GEM and SME board companies proposed distribution plans of high transfer even with a large proportion of cash dividends. The messages of high transfer and performance growth of some newly listed companies from October to December last year have significantly promoted the trend of their stock prices.
Tsinghua Huiyu suspended trading on January 19th and pre-disclosed its 2011 profit distribution plan on January 21st: 10 shares converted into 10 additional shares with a cash dividend of 15 yuan. The company landed on the GEM on October 26, 2011, and the shares held by institutions participating in the "new share subscription" were lifted on January 30th. After resuming trading, Tsinghua Huiyu's stock price hit two consecutive daily limits, and after the daily limit was opened on February 1st, the trading volume surged, with a turnover rate exceeding 30%. Thereafter, the stock price continued to rise, although it has been adjusted sharply in recent days, it still remains at a premium compared to the issue price. Before the pre-disclosure of the high transfer plan, Tsinghua Huiyu's stock price fell to a new low of 25.69 yuan after listing, shrinking by 16.6% compared to its issue price of 30.8 yuan.
There are about 10 GEM and SME board companies that issued and listed since late October 2011. Their institution allotment shares were all lifted recently, and most of these companies transferred a large number of shares or distributed cash dividends, such as Zanyu Technology, Sungrow Power Supply, and Ronglian Technology, among which many companies' stock prices have surged recently. Calculated based on the closing price on February 29th, Ronglian Technology has risen by 40% compared to its issue price more than two months ago.