Recently, several investors have left messages on interactive platforms or other platforms, stating that the proportion of the top ten circulating shareholders of Bojun Technology (300926.SZ) has reached 105.75%, and questioning whether there is a data disclosure error or if shareholders have illegally sold restricted shares through the securities lending business.
Additionally, Wind data also shows that as of the first quarter of 2024, the proportion of the top ten shareholders holding circulating shares of the company is 105.75%, while as of the 2023 annual report and the 2023 semi-annual report, the proportions were 23.27% and 19.66%, respectively, which are within the normal range.
In response to this, Bojun Technology issued an announcement on June 25th titled "Announcement on the Explanation of Shareholders' Equity Situation," stating that neither the top 10 shareholders nor the top 10 unlimited sale circulating shareholders of the company have engaged in securities lending. The reason for the aforementioned phenomenon is due to the inconsistency in data standards.
Inconsistency in Data Standards Before and After
According to the first-quarter report disclosed by Bojun Technology, the total holdings of the top 10 unlimited sale condition shareholders of the company amount to 220 million shares.
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On April 1, 2024, the company disclosed an announcement regarding the conversion of convertible corporate bonds in the first quarter of 2024. The announcement showed that as of the end of 2023, the total share capital of Bojun Technology was 279 million shares. Of these, the number of restricted shares was 209 million shares, accounting for 74.80%; the number of non-restricted shares was 70.26 million shares, accounting for 25.20%. As of March 31, 2024, the total share capital of Bojun Technology was 279 million shares, of which the number of restricted shares was 71.03 million shares, accounting for 25.48%; the number of non-restricted shares was 208 million shares, accounting for 74.52%.
Based on this, some investors interpreted it as the proportion of the top ten circulating shareholders exceeding 100% (i.e., 220 million shares / 208 million shares), reaching 105.75%. This has also caused quite a bit of controversy among investors.
In response, Bojun Technology stated that the 220 million shares disclosed in the first-quarter report included 75% of the executive lock-up shares held by executives each year, mainly considering that this data emphasizes the identity of the shareholders and accurately lists the order of shareholders' shareholding quantities. If the executive lock-up shares are excluded, the "holding situation of the top 10 unlimited sale condition shareholders" totals 126 million shares.
The number of non-restricted shares disclosed on April 1, 208 million shares, has already excluded the executive lock-up shares, mainly considering that this data emphasizes the attributes and quantities of the circulating shares, and therefore the company disclosed this data. Hence, the data standards of the two are inconsistent.
Additionally, Bojun Technology also stated that the number of non-restricted shares disclosed on April 1 was also incorrect. After the company's self-inspection and verification, as of March 31, 2024, excluding the executive lock-up shares, the company's "unlimited sale condition shares" are 185 million shares, not 208 million shares.According to consistent and accurate data calculations, as of the end of the first quarter of 2024, the shareholdings of the top ten circulating shareholders of the company account for 68.03% (excluding executive locked shares) and 78.81% (including executive locked shares) of the company's unrestricted shares.
Favored by Institutional Capital
Bojun Technology is a professional manufacturing enterprise of automotive precision components and precision molds, mainly engaged in the research and development, design, production, and sales of automotive precision components and precision molds. The company supplies body parts and other products for models of whole vehicle manufacturers such as Li Auto, Geely Auto, Seres Auto, BYD Auto, and Changan Auto.
Several securities firms have given "buy" ratings to Bojun Technology, and believe that the company has high-quality downstream customers, modular business volume, accelerated company development, and are optimistic about the performance growth in 2024. The first-quarter report shows that the company achieved a revenue of 798 million yuan, a year-on-year increase of 93.31%; the net profit attributable to the company was 101 million yuan, a year-on-year increase of 193.03%.
As of the end of 2023, due to the company's executives holding restricted shares, the top ten circulating shares of Bojun Technology were completely occupied by social security funds and public funds. Among the top ten circulating shares, the proportion of institutional holdings in circulating A-shares reached 23.27%. The National Social Security Fund 116 Portfolio, the National Social Security Fund 502 Portfolio, the HaiFutong National Policy Orientation Mixed Fund, and the Dongfanghong Rui Feng Flexible Allocation Fund held shares at proportions of 4.54%, 3.59%, 2.88%, and 2.86%, respectively.
Bojun Technology went public on January 7, 2021, and some of the shares issued before the initial public offering were unlocked on January 8, 2024, with a quantity of 186 million shares, accounting for approximately 66.56% of the total share capital. Among them, the actual number of shares available for market circulation was 77.0499 million shares, accounting for about 27.63% of the total share capital.
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