bento4dslot| A shares burst! More than a thousand families will be ST? The truth is here!

Shao Hao, a reporter from China Fund News.

On April 12, the new "National Nine articles" and a series of supporting measures and solicitation drafts of the Securities and Futures Supervision system were issued. In order to implement the new "National Nine articles", the exchange has formulated and revised a series of rules, which will not pay dividends for many years or the proportion of dividends will be on the low side.Bento4dslotThe company is included in ST.

The reporter noted that according to the standard of dividend amount in the newly revised rules, some market participants estimated that "more than 1000 companies in A shares will be ST because of their low dividend amount." In an interview, the reporter found that the analysis methods and conclusions of the above statement are far from the actual situation.

Take the Shanghai Stock Exchange as an example, the relevant provisions of the "Stock listing rules" on the main board of the Shanghai Stock Exchange have been revised to further improve the stability and predictability of cash dividends.

The first is to take strong restraint measures for companies that have the ability to pay dividends but do not meet the standards.

Specifically, for a company with positive net profit and undistributed profits in the parent company's statement in the most recent fiscal year, if the total cumulative cash dividend in the last three fiscal years is less than 30% of the average annual net profit in the last three fiscal years, and the cumulative dividend in the last three fiscal years is less than 50 million yuan, ST will be implemented.

At the same time, the rules point out that if a listed company buys back shares and cancels them with cash as consideration, it shall be included in the calculation of the total amount of cash dividends.

It is worth noting that while the rules sound the "alarm" for listed companies that do not pay dividends for many years, they also take full account of the actual situation and improve the accuracy of the policy through some more refined provisions.

First, the new regulations take into account the company's available profits, profits and the long-term nature of no dividend or low dividend ratio. On this basis, the motherboard requires that for companies with positive undistributed profits and consolidated net profits in the parent company's statement in the last year, ST will be implemented if the cumulative dividend in three years is less than 30% of the average annual profit, and the cumulative dividend amount is less than 50 million yuan.

Second, Science and Technology Innovation Board also took into account the actual situation of the company, adjusted the cumulative dividend amount in three years to no less than 30 million yuan, and took into account factors such as R & D amount and proportion.

At the same time, the dividend rules set a transitional arrangement that will be formally implemented on January 1, 2025, and companies that do not meet the requirements still have time to improve their dividend situation.

"the key point of the rules is to impose hard restrictions on companies that have conditions but do not pay dividends and that the proportion of dividends is on the low side. While reminding investors that the proportion of dividends is on the low side, they can effectively urge more companies capable of paying dividends to increase the intensity of dividend repurchase and effectively enhance investors' sense of achievement." Some people in the industry said.

In fact, the current dividend action force of listed companies has been significantly improved compared with earlier.

Take the Shanghai stock market as an example, first, a high proportion of dividends are common.

According to statistics, the total cash dividend of Shanghai companies in 2022 is 1.Bento4dslot.72 trillion yuan, an increase of more than 12% over the same period last year, is the main force of dividends in the capital market.

A total of 1528 companies pay out cash, of which more than 70% of the dividends are more than 30%, accounting for 84% of the number of profitable companies. The dividend ratio of 764 companies has exceeded 30% for three consecutive years, 117 companies have paid dividends of more than 50% for three consecutive years, and 107 companies have paid out more than 1 billion yuan in cash for three consecutive years. Among them, 17 companies, including six major banks, PetroChina, Sinopec, Changjiang Power, Guizhou Moutai and China Ping an, have paid dividends of more than 10 billion yuan for three consecutive years.

In terms of interim dividends, the new rules also actively promote listed companies to pay dividends many times a year, guiding companies to increase the frequency of dividends when conditions are available, so as to stabilize investors' expectations of dividends.

In 2023, 118 Shanghai companies have launched quarterly dividends (excluding annual dividends), totaling 227.4 billion yuan, of which three barrels of oil interim dividends are 81.6 billion yuan and the three major telecom operators are 63.1 billion yuan. Through many dividends in a year, listed companies fully convey the signal that the company's profitability is stable and its financial position is good, and enhance the market image.

Judging from the latest annual report data, this positive trend has also been continued.

Since 2024, 630 Shanghai companies have disclosed their annual dividend plans for 2023, with a total expected amount of 1.14 trillion yuan, of which more than 70 per cent share more than 30 per cent. In terms of dividends, 111companies paid out more than 1 billion yuan and 20 companies paid out more than 10 billion yuan.

Among the cash payout companies, 136 are central enterprises, with a total dividend of 803.1 billion yuan, with a median dividend ratio of 31.24%, which is the main force to return investors.

Among them, the total cash dividends of ICBC, China Construction Bank and Agricultural Bank of China were 109.2 billion yuan, 100 billion yuan and 80.8 billion yuan respectively, 48 central enterprises paid more than 1 billion yuan, and 15 central enterprises paid more than 10 billion yuan.

In terms of dividend yield, based on the share prices that closed on April 12, 312 companies had a dividend yield of more than 3%, including 46 central enterprises, and 117 companies had a dividend yield of more than 5%, of which 17 were central enterprises. Cosco sea control, china Shenhua, Everbright bank and other central enterprises have dividend yields of more than 6%.

113 companies have a dividend yield of more than 3% for three consecutive years, 35 companies have had a dividend yield of more than 5% for three consecutive years, and 10 companies, including Jianfa shares, Daqin Railway, Bank of Communications and Bank of China, have achieved dividend yields of more than 5% for five consecutive years. Industries with relatively high dividend yields include banking, coal, mining and transportation.

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