Listed companies effectively enhanced the level of investor returns.
The foreword of listing is the chisel promise of dividends. The listed companies that have been making profits for many years after listing but have not disclosed their dividend plans are facing the pressure of supervision and investors one after another. In recent months, a few listed companies have received regulatory letters due to poor dividend distribution.
On the interactive platform, many listed companies were asked about dividend distribution. According to the regulatory requirements, ST measures will be officially implemented from January 1, 2025 when cash dividends fail to meet the standards. "The last three fiscal years" in the "assessment period" refer to the years 2022 to 2024. Listed companies affected by the rules need to improve their cash dividends during the transition period.
According to the incomplete statistics of Wind data, First Finance found that this year, more than 30 listed companies with zero dividends in the past five years have put forward profit distribution plans.
The "zero dividend" listed companies also started to make money
In recent years, under the guidance of policies, the enthusiasm of listed companies for dividends has continued to increase. This year, both the number of listed companies implementing annual dividends and the scale of dividends have reached a record high, and listed companies have significantly strengthened their awareness of feedback to investors.
According to the data of the Association of Listed Companies, 3859 listed companies will release annual, quarterly and special cash dividend plans in 2023, with a total dividend amount of 2.24 trillion yuan, up 5.16% year on year. The average dividend payout rate was 36.91%, a year-on-year increase of 3.03 percentage points. The dividend payout rate of 1214 companies exceeded 50%, with an average dividend of 580 million yuan per company, 274 companies with a dividend amount of more than 1 billion yuan, 30 companies with a dividend amount of more than 10 billion yuan, and 117 loss making listed companies with a total dividend of 9.495 billion yuan.
From May to June, listed companies stepped into the implementation period of dividend plan. Wind data shows that 3056 listed companies have completed the implementation of annual dividends, and the amount of cash dividends exceeds 970 billion yuan. Among them, state-owned listed companies have become the main force of dividends. Among the 9 listed companies with cash dividends of more than 10 billion, 6 are state-owned listed companies.
In addition, listed companies that have not paid dividends for many consecutive years have also "changed their normal" this year. According to the incomplete statistics of Wind data, China First Finance and Economics found that more than 30 listed companies with zero dividend in the five years from 2018 to 2022 had put forward profit distribution plans this year.
For example, Xunxing Shares The annual profit distribution plan was released this year. Based on the existing total capital stock of 358 million shares, the company distributed cash dividends of 1.10 yuan (tax included) per 10 shares to all shareholders, totaling 39.38 million yuan (tax included).
As for Xunxing's failure to pay dividends for many years, some investors asked whether there was a risk of being ST. The company responded that because the CSRC's investigation has not been completed, the audit report issued by the audit institution in recent years is a non-standard unqualified audit opinion with emphasis on the event segment, so it does not meet the dividend conditions. In recent years, the company has profits and cash flow, but has not implemented cash dividends. It is expected that cash dividends can be arranged in the corresponding period or realized by modifying the Articles of Association after the conclusion of the filed investigation.
"Dividend more than once a year" has gradually become a new trend
On the interactive platform, dividend has become a high-frequency word for investors to ask questions. In addition, compared with previous years, this year, investors pay particular attention to medium-term dividend arrangements and multiple dividend payments in a year.
For example, some investors Ping An Bank When asked whether to plan medium-term dividend, Ping An Bank replied that in the future, the Bank will consider shareholders' demands and regulatory calls, balance the relationship between shareholders' current returns and the long-term development of banking business, and flexibly carry out medium-term dividend based on comprehensive consideration of performance, capital status and other factors, so as to improve investors' sense of gain.
According to the incomplete statistics of Wind data, First Finance has found that more than 100 listed companies plan to pay dividends in the middle of 2024.
Take the insurance sector as an example, Ping An, China 、 Xinhua Insurance 、 PICC 、 China Life Both have arranged medium-term dividend plans. In the banking sector, six state-owned banks have put medium-term dividend on the agenda. In addition, Minsheng Bank Shanghai Rural Commercial Bank Lanzhou Bank 、 Bank of Shanghai 、 Bank of Suzhou 、 Bank of Nanjing They also issued the announcement on the proposed interim dividend.
In the middle of last year, more than 190 listed companies finally implemented interim dividends, which may be far more than that in the middle of this year.
The new "National Ninth Article" clearly proposes to strengthen the supervision of cash dividends of listed companies. For companies that have not paid dividends for many years or have a low proportion of dividends, limit the reduction of major shareholders and implement risk warnings.
According to the regulatory requirements, ST measures will be officially implemented from January 1, 2025 when cash dividends fail to meet the standards. "The last three fiscal years" in the "assessment period" refer to the years 2022 to 2024. Listed companies affected by the rules need to improve their cash dividends during the transition period.
Several "iron roosters" were named
At the same time, the Exchange is also continuously strengthening the supervision of cash dividends, taking timely regulatory measures against violations, and constantly improving the standardization of cash dividends of listed companies.
In recent months Fangda special steel 、 Jilin Expressway 、 Zhaofeng Shares A number of listed companies, including the company, have been "named and criticized" by the regulator for dividend distribution.
For example, Zhaofeng shares listed on the GEM in 2017 said in the prospectus that the company distributes dividends in cash, stock or a combination of cash and stock. If conditions permit, the company can carry out interim cash dividends. At present, the company is in a growing period. Under the condition of continuous profitability, the company gives priority to cash distribution of profits. The annual cash dividends to shareholders shall not be less than 10% of the profits available for distribution in the current year.
Data shows that from 2020 to 2023, the net profits attributable to shareholders of the parent company of Zhaofeng Shares are respectively 160 million yuan, 126 million yuan, 165 million yuan and 184 million yuan, and the undistributed profits are all positive. However, except for 2021, the company has not fulfilled the above commitments in other years.
This has also aroused great concern of the Exchange. On June 14, Shenzhen Stock Exchange issued a regulatory letter to Mega Feng, requiring the company to learn lessons, make timely rectification, further enhance dividend awareness and improve investors' returns. In addition, Zhejiang Securities Regulatory Bureau also issued a warning letter, deciding to take supervision and management measures to issue a warning letter to the company and record it in the integrity file of the securities and futures market. After receiving the above letter, Zhaofeng Shares promptly made up the dividend plan.
Similar to Jilin Expressway, Shanghai Stock Exchange issued a regulatory inquiry letter to Jilin Expressway on April 15. It is required to explain the reason and rationality of no or less cash dividends for consecutive years under the background of high monetary capital balance and profit for many years.
Jilin Expressway also adjusted the profit distribution plan for 2023 after receiving the letter. Before the adjustment, it was "no profit distribution, no cash dividend, no stock dividend and capital reserve converted into share capital". After the adjustment, it was "cash dividend of RMB 0.90 (tax included) per 10 shares, a total of RMB 170 million (cash dividend ratio of 31.14%)".
In addition, on the evening of June 24, Bank of Zhengzhou The announcement said that recently, we received the "Shareholder Inquiry Letter" from the CSI Small and Medium Investors Service Center, referring to the 2023 profit distribution plan, and proposed not to distribute cash dividends, stock dividends, or transfer capital reserves to share capital. The Investment Service Center still has questions about the Bank of Zhengzhou's failure to pay cash dividends, and exercises the shareholders' right of inquiry in accordance with the law.
Bank of Zhengzhou has not paid dividends for 4 consecutive years, and is the only bank among 42 A-share listed banks that has not paid dividends in 2023.
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