129812656058180000_6Editor's Note: recently, the China Securities Regulatory Commission many times, increase the intensity of cash dividends of listed companies after, enhance returns to shareholders, an increase in overall dividend levels a-share listed companies. 2011 annual report shows, 1645 proposed 2011 profit allocation (including converted into share capital) programmes accounted for 68.46% of the total number of listed companies. Under the programme, is expected to cashDividends amounting to 606.764 billion yuan, up 21.21% over the previous year, 2011 total number of listed companies to achieve net profit of 31.35%. Today this version from the dividend policy of promoting, industries and companies of the generous bonuses, percentage of new shares dividends since going public, and never participating companies, four angles, listed mining company cash return on this coreInvestment value.
44 companies never cash dividends over the years over the past decade, cash dividends of listed companies in China's a-share market is always unsatisfactory, however, with the regulators on the dividends of listed companies increasingly never pay dividends listing "stingy person" under the expected regulatory pressure changes, new hot market and investment opportunities. 10 from theNon-cash dividend company 44, according to the securities daily Centre for market research data and statistics show, not including 2011 new shares for the first time, never cash dividend since the listing of the company a total of 72.
Of which, time to market for more than ten years, but has never been cash dividends of the company reached 44. Specifically, spinning in the Gold Cup, ST SST 2 companies, such as continuous 20 has never been cash dividend; run-run investment resources, silver, green, bright China holdings of the Central Plains and other 4 companies for 19 years has never been cash dividend; *ST kejian for 18 years has never been cash dividend; ST liyang, ST Baocheng, in the welfare industry, *ST West shaft, *ST song, Liao, Ying yin in the special group, S*ST forward, share, SST TMSC, Tibet travel, medical reasons, New Hualian, Tom *ST Park City, ST company, Wan Shing industry, Wan fang real estate, Ruyi group, Shanghai Jen 18 companies have never cash dividends for 16 consecutive years; Xiangyang bearing, the ST East, Asia-Pacific, ST powerzinc, *ST Dan *ST, air control, *ST, WestNorth chemical, 8 home company continuous 15 years never for had cash dividend; jinyu car city, and waves Shakespeare shares, and tianshan textile, and large Dragon real estate, and chart shares, 5 home company continuous 14 years never for had cash dividend; with force cement, and Lanzhou Yellow River, and Dae won shares, 3 home company continuous 13 years never for had cash dividend; ST days Dragon, and ST Imperial Taiwan, 2 companyFor 12 years has never been cash dividend; Pearl holdings have never cash dividends for 11 consecutive years. Three kinds of reasons companies never pay dividends of listed companies are not causes there are three main classes of cash dividends, in addition to the company's losses or accumulation, undistributed profit is negative, and is in a development phase or expansion phase, external demand for cash, there are very few companies accumulated net profitPositive and good cash flow but no cash dividends for many years in a row.
According to statistics, from the nearly four-year net profit and cash flow situation, since 72 listed companies has never been cash dividends in the company, for four consecutive years of net profit and cash flow positive companies for four consecutive years with 8. In terms of net profit, with the exception of Central Plain green 2009 vested in the parent company's net profitOutside the reduced compared with a year earlier, the remaining 7 listed companies, net profit growth for four consecutive years, which, Hangzhou-teeth forward 2011 vested in the parent company's net profit grew to $ 149.2766 million, run the State shares a vested in the parent company net profit has increased to $ 199.3964 million and cement in 2011 with power vested in the parent company's net profit grew to240.7404 million Yuan, huaren pharmacy 2011 vested in the parent company's net profit grew to $ 87.5609 million, and morning star Chen a vested in the parent company's net profit grew to $ 61.0056 million, ocean science and technology a vested in the parent company's net profit grew to $ 42.0722 million medical reasons, pass a belonging of publicNet profit of the division grew to $ 70.0025 million. In terms of cash flow, only from 2011, with cement-the net cash flow from operating activities amounted to $ 790.0284 million; medical reasons through the net cash flow from operating activities amounted to $ 84.634 million; huaren pharmacy net cash flow from operating activities amounted to $ 59.5309 million; Technology in net cash flow from operating activities amounted to $ 45.6596 million;-Star e net cash flow from operating activities amounted to $ 44.5005 million; Zhongyuan green net cash flow from operating activities amounted to $ 39.8901 million; and Hangzhou gear net cash flow from operating activities amounted to $ 23.8211 million; run State shares business liveThe net cash flow of $ 5.8484 million for. In addition, earnings per share from the last 4 years, since 72 listed companies has never been in cash dividends of companies, 40 listed company earnings per share is 4 years in a row, is worthy of note, 2011 7 listed companies earnings per share at more than $ 0.5, the 7 listed companies: PearlHoldings ($ 1.1), cement ($ 0.95), Internet Group ($ 0.9), Tian-Guang fire ($ 0.59), China State shares ($ 0.55), T��V Rheinland in shares ($ 0.54), plus clean soft ($ 0.5). Taken together, more concern is with the cement. With cement since March 19, 1999, IPOHou, continuous 13 years never for had cash dividend, and from its recently 4 years of net profit situation view, has continuous 4 years implementation net profit for are and continued growth, its cash flow situation also better, 2011 each unit cash flow more high reached 3.13 Yuan, is all listed yilai never for had cash dividend of listed company in the to implementation continuous 4 years net profit for are and continued increasedLong company ample cash flow in most companies, its 2011 earnings up to $ 0.95 per share.
This reward shareholders in the future for the company to provide a material basis. Three such as ferrous metals industry dividends 66 shares the most generous rate of over 1-year deposit rates recently, China Securities Regulatory Commission position more than once, want perfect dividend policies of listed companies and its decision-making mechanisms, scientific decisionRed policy, transparency enhanced dividend, increasing shareholder returns.
In this regard, listed companies made a positive response, 2011 levels significantly higher cash dividends of listed companies. 2011 annual report shows, 1645 proposed 2011 profit allocation (including converted into share capital) programmes accounted for 68.46% of the total number of listed companies. Under the programme, is expected to cashDividends amounting to 606.764 billion yuan, up 21.21% over the previous year, 2011 total number of listed companies to achieve net profit of 31.35%. Dividend cash dividend data set three major sectors in accordance with the above terms, this year weighted average dividend payout ratio, 29.57%, 2,228 profit 1600 gives cash dividends of listed companies, accounted for more than71.81%.
From the perspective of industry, according to the daily market of Securities Research Center, black metal, and light industry manufacture three types of transport industries have the highest weighted average dividend payout ratio, is typical of the high returns. First of all, ferrous metal industry expected dividends amounting to $ 7,480,103,600, aggregate profit is 17,672,113,200 Yuan,Dividend payout rate of 42.33%, ranking industry first at the claim level. Ferrous metal industry currently has 34 listed company, profitable company 29 last year, and has 4 losses, profit companies account for more than 85.29%; estimated number of cash dividends the company reached 19, industry companies 55.88%, 65.52% of the total number of profitable companies.Second, the transport industry-wide pay dividends amounting to $ 23,941,642,500, aggregate profit is 17,672,113,200 Yuan, dividend payout rate of 41.33%, ranking success level II. Current transportation industry 83 listed companies, profitable company 77 last year, has 6 losses, profit companies account for more than 92.77%;Scoring the Red company number reached 65, industry companies 78.31%, 84.42% of the total number of profitable companies. Third, light industrial manufacturing industry-wide pay dividends amounting to $ 3,418,921,800, aggregate profit is 8
Diablo 3 Gold,297,858,700 Yuan, dividend payout rate of 41.2%, third ranking success level. Now light industry manufacturing industryThere are 84 publicly traded companies, profitable company last year 75, 9 losses, profit companies account for more than 89.29% anticipated dividends the company number reached 53, industry companies 63.1%, 70.67% of the total number of profitable companies. 66 company dividends over 1 year saved it 1600 companies cash dividends, dividend amount per shareThursday closing price is the ratio of cash stock interest rate is higher than the one-year fixed deposit rates (3.5%) has 66, Shen Wan respectively belong 17 level industries, including transportation, machinery and equipment, financial services, three high cash stock interest rate the company is most concentrated, beat the remaining companies in more than 6. Transport 13 companies expected high rate of cash dividendsIn 1-year CD. Among them, Yantian port cash $ 0.35 per share, corresponding to Thursday's closing price of $ 4.34, unit rates of up to 8.06% of the unit; the Nanjing-Shanghai express cash $ 0.36 per share, corresponding to Thursday closing price of $ 6.11, dividend yield is 5.89%; da-Qin railway dividend rate reached 5.17%. In addition, Baiyun Airport, WAN link speed,Shanghai Airport, aviation, port group, Shandong Highway, the south Fujian high-speed, deep, shenchiwan a, Jin Jiang investment such as stocks shares above the 1 year CD interest rates. Analysts believe that since April 5, running up 6.14%, 0.38% runs to lose the market. Gold company in the first quarter as most shippingCompany performance low point for the year. A quarterly results CSCL and China shipping development loss more than expected, but will turn around in the second quarter; the Chinese ocean-going losses narrowed in the second quarter is the probability of the event. Maintain a share shipping stocks outperform in the second quarter.
In addition, a configuration value in infrastructure sector in shock, sorted for railways, airports, highways and ports. Machinery and equipment8 companies expect cash shares above 1 year CD interest rates. Where chint electric $ 7 cash per share, corresponding to Thursday closing price $ 15.49, units of the unit rate for 4.52%; ruiqi shares followed suit, unit interest rate is 5.39%. In addition, drum in Shandong, Wenzhou hongfeng, three general medicine, science and technology, digital, Eicon Technology stocksDividend rates on top of the 1-year CD. Finance Unit has 6 companies expect cash unit above 1 year CD interest rates. Bank cash $ 0.155 per share, corresponding to Thursday's closing price of $ 3.07, the unit unit rate is 5.05%; followed by China Construction Bank, stock interest rate is 5.04%. In addition, agricultural Bank of China, industrial and commercial bank, Minsheng Bank andEverbright Bank stock dividend rates are above the 4%. "Stingy" era will end good steady dividends stocks on May 9, SFC published a circular on further matters related to the implementation of cash dividends of listed companies required to take further measures to improve the returns to shareholders of listed companies. Next, focus on listed companies in the Securities and Futures Commission will monitor properly carry out their dividend commitments, Not rewarded planning and commitment of the company, will take the necessary measures of supervision and inspection. Market analysts pointed out that this may be SFC initial public position on the a-share "stingy person" take measures, but the attitude of the SFC still calm, only the introduction of mandatory dividends policies to fundamentally eliminate the "stingy person", a listed company expected stable dividends is within reach, The boom should be more secure. Opened the "stingy person" forces plucked prelude, according to statistical data, despite the nearly three-year cash dividend of listed companies over the proportion of the total number of listed companies in the same period, the average amount of cash dividends per share increased, but dividends of listed companies is still far from ideal, with the large gap compared to mature markets. Mainly in: dividends wishesIs not strong, active awareness of return on shareholders clearly enough; lack of specific planning of dividend, poor predictability; average dividend of listed companies of a much too low. Since the Chairman of the SFC since he assumed office, burned the first listed company on fire is to enhance shareholder returns. In General, higher dividend rates of developed countries to developing countries, higher dividend payout rate, dividend yield andNational small differences in interest rates. This reflects the maturity of the market share more fully, value investing is more important.
Dividend mean domestic listed companies is a big weakness of shareholders have been blamed, for bonus system reform, become the new deal in the securities of a bright color. In early November last year, the Commission announced, will require listed companies to gradually clear bonus plan, and shall not be arbitrarily changed. ThisA clear return on dividend policy requires public companies plan, including the cash dividend policy and allocation mechanisms, and new IPO of the company began. Released after IPO prospectus of the company, and are declared in the draft "important tips" made a special emphasis on the description of the bar on the dividend policy. Xinhua said in the prospectus of insurance, "in addition to the annual dividend ratio of 10%,Division shall be approved at the general meeting of shareholders after profit appropriation plan timely payment of profits to shareholders, if there are delays, the company should delay interest on unpaid amounts paid to the shareholders during the period. "; Suzhou torin you promised" allocation in a cash profit of not less than a year when available for allocation of profits of 25%, or the most recent three years of cumulative distribution in cash profit of not less than the last three75% of the year annual distribution of profits. "In December 2011, SFC gem IPO introduced the new deal the requests stated in the prospectus after listing specific reward plan, dividend policy and dividend plan.
Thus, one on the "stingy person" forces plucked the war began, was seen as being market known as "mandatory dividend new deal". Image stabilizationBonus corner March 18 this year, Chairman of the China Securities Regulatory Commission, Mr Guo to Zhejiang research, progress in the understanding and straighten various trading venues
SWTOR Power Leveling, visit of the securities business, and discussion with representatives of parts of individual and institutional investors. Mr Guo said after listening to members ' views and suggestions, dividends from company ownership of listed companies, the supervision DepartmentDoor in respected companies operate independently on the basis, encouraging guide sustained by listed companies, clear and transparent decision-making mechanisms and the dividend policy, said investors also want to know why not dividends. On May 7 the SFC Chairman Mr Guo speak out "fool to investors when days are gone", the SFC action again on 9th, posted on the Web site of the SFCNotice of matters related to the implementation of cash dividends of listed companies (hereafter referred to as the circular) and answering a reporter's question, said it will focus on the cumulative net profit and cash flow better, but for many years was not listed on the dividends of listed companies, as well as high cash dividends of the company soon, preventing a large shareholder cash dividends are tools. Market participants pointed out that, from the Commission a series ofActions can be seen listed company expected stable dividends is within reach. Listed companies annually will get part of the net profit as retained earnings, equivalent to internal financing for companies in the coming year to increase investment and partly as cash dividends paid to investors, become a phased return of investors. Although dividends will result in reduction of the value of the company. However, reasonable and appropriateRed is necessary. Some merit are often willing to pass a higher dividend payout rate of the company distinguishes itself with the low quality of the company, to attract investors. So the dividends become those with good profitability and profit potential company release signals the necessary methods. Only stable dividend in order to better reflect the stock's intrinsic value, can become a value investor judgment dataSo as to better guide investors realize the real value of investment. Wary of new shares proportional dividend 11 dark save risk shareholder cash dividends are all investors are eagerly looking forward to the happy event, but just listing to raise funds to implement development projects for companies large percentage of cash dividends to investors wary. Recently, the China Securities Regulatory Commission officialThe further notice of matters related to the implementation of cash dividends of listed companies, to take further measures to improve the returns to shareholders of listed companies.
At the same time, listed soon will be a high proportion of cash dividends of companies, focus on prevention became the major shareholder cash dividends are tools. New stock dividends before tax $ 0.37 each only as far as the securities Journal Research CenterStatistics show that as of May 11
TERA Gold, listing under a year of age, in Shanghai and Shenzhen a total of 230 new listings, Board has 36, the gem has 100, small and with 94. Dividend of 50, 21% percentage, average per new share dividends before tax $ 0.3721. Boards only have 5 stocks: Lukang, science and technology, jiangnanjiajieEast, Kun shares, material science and technology, wenfeng shares per share dividend before tax respectively: $ 0.2 $, 0.15, and 0.8, 0.8 and $ 0.42.
45 remaining stock is a gem and only small, we can see that listed on large scale in the near future mainly small and the gem of the dividend. 45 and small time new shares total only gemUnit tax Qian dividend for 16.25 Yuan, which, total 11 only stock each unit tax Qian dividend in 0.5 Yuan above: violet ARIMA (1.5 Yuan), and light media (1 Yuan), and electric branch homes (1 Yuan), and Wan Chang technology (0.9 Yuan), and Beijing June are (0.6 Yuan), and sea Cisco (0.6 Yuan), and lang attitude shares (0.6 Yuan), and heroic technology(0.6 Yuan), and are sea magnetic material (0.5 Yuan), and Katsuaki surface industry (0.5 Yuan) and Yantai Wan Run (0.5 Yuan) according to securities market under research center data statistics displayed, in has implementation dividend of 45 only venture board and junior times shares in the, has 6 only stock each unit tax Qian dividend in 0.1 Yuan following: sea can up (0.06 Yuan), and Nantong forging ($ 0.1), Wei (0.1), Toho bio (0.1), Shanghai steel (0.1) and hongli opto-electronic (0.1). , Sea of the first actual fundraising reached 12.8 billion in 2011, basic earnings per share of $ 0.59. Shanghai steel first raised at least $ 1.9 billion of funds, basic earnings per share of $ 1.08.High ratio cash dividend needed Dang alert in has implementation high ratio cash dividend of 11 home company in the, each unit tax Qian dividend accounted for each unit basic income reached 50% above of total 6 home company: violet ARIMA (100%), and pipeline media (53%), and electric branch homes (91%), and Wan Chang technology (130%), and Beijing June are (67%), and sea Cisco (68%)��
These companies are listed in the near, regardless of the actual operation of the company, Qiang Ran large proportion of cash dividends, investors need to Polish my eyes. Purple Huayu dividend up to the pre-tax per share. The company went public in October 26, 2011, starting fund-raising 5.698 billion yuan. Published in the 2011 annual report showed that earnings per share for the 1.39Yuan, undistributed profits $ 3.52 per share, net assets per share of $ 11.71. Published on January 30, 2012 "for every 10 shares converted into 10 shares distribution of cash dividend $ 15 (plus tax)" programme of profit distribution for 2011.
Then two sessions, stocks even harvested two daily limit. Turn company sent the high dividend programme is well above market expectations, the cityHas expressed doubts about its send high motivation: company growing doubts, send high turn lifted stocks are under or cover. Facts verified this, on January 31, the three institutions appears in the seller's seat, totals $ 15.23 million sold on February 1, the three agencies totals $ 38.92 million sold, on February 2, selling institutions increased to four seats, shipping $ 34.39 million;January 31 to February 2 in just 3 days, body sold a total amount of nearly $ 90 million.
According to estimates, as of February 2, under the high to go Oh good, about 80% already out of 3.6 million shares of restricted stock, remaining 80.9 million shares are still waiting for an opportunity to sell now. Has been described as "a gem the checking unit capacity" of the electric power Research Institute. After the listing,Although the unit at one point break, but by virtue of the Agency "take under our wings" and dongwu securities, huatai securities brokerages, such as favor, electric power Research Institute's performance remains strong after listing. 2011 medium-term launched every 10 shares of the company are $ 10 increase distribution of 10 units of the medium-term plan, annual report shows company January-June operating income $ 2011.5 to $, an increase of84.97%, achieved a net profit attributable to the shareholders of listed companies of 43.5605 million Yuan, an increase of 72.18%; return $ 1.23 per share. Undeniable is that high to go should be a way to repay the shareholders of listed companies. But in today's a-share market, high to go has become a focus of sought after in the market, so the motives behind it not criticism, orCover lifted shares cashed, or for the original strategic investors to red.
����In the case of company profitability did not last, after downtown, waiting for will be the return value of shares. Online statement Gold: gold online reprint of the above content, does not indicate that confirm the description, for investors ' reference only and does not constitute investment advice. Investor operations accordingly, at your own risk.
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