Half year old gem with He Dah send red envelopes: Nasdaq almost no dividends

Compared with Nasdaq, China's gem is surprisingly generous (cfp/chart) Author: Southern Weekend reporter Shu Yu is about to be a half year old gem, why the first annual report broke the Chinese stock market not love the old habit of dividends 20 years? Big shareholders will be in advance handsomely rewarded, the share price is finally no longer conspicuous as at April 8, the Gem 46 listed companies announced the 2009 Annual report, of which 43 dividends, 31 increase, 1 Tianquan.　　At present, the profit distribution of listed companies mainly includes cash dividend and capital accumulation fund to increase equity. Big dividends in the overall downturn in the stock market particularly eye-catching, triggering investors sought after.　　Since the Spring Festival, the market has only risen 1%, but the gem index rose 45%. But this generosity has sparked the question of Dingyuan, a professor of accounting at Ceibs International Business School, "now that the chickens are growing so well that they can have more eggs, why worry about giving them to investors?" If a listed company has sufficient cash flow, few investment opportunities and less debt, the high dividend will not affect the daily operation, and the overall income of the shareholders of the circulating stock will rise correspondingly.　　However, wearing a high growth of the outer garment of the Gem company, listed to raise funds is to expand investment, accelerate the development of the company, why hurry to put their hands on the money back to investors? The biggest: a 70% of the profit from the previous year "just finished the IPO to return money to investors, a huge investment plan to spend money but the last year to earn most of the profits."　　"Now the public dividend scheme, the generous person is Shanghai Jia Hao." Shanghai Jia Hao's IPO on October 30 last year raised a total of 320 million funds.　　Not half a year, they are planning to send out valuable cash: their cash dividend is now second in number, with a 7 per 10 share of 6 yuan (including taxes) – with 50.4 million of the total equity as the base, with 30.24 million cash outflows.　　But the company's performance was at the bottom of the gem: 2009 achieved net profit of 43.532 million yuan, an increase of 15.07%.　　The dividend package means that they have paid 70% of their net profit for the year to pay dividends. Paradoxically, they have just made a huge investment plan.　　April 8, Shanghai Jia Hao announced the launch of the yacht manufacturing business, as a long-term investment, according to its Dong Rui, said, it is expected to be three years before the return. The generosity of Shanghai's Jia Hao is questionable when it has just completed an IPO and has returned money to investors, who have spent most of their earnings on the investment plan.　　However, wearing a shares of the first "yacht concept stock" Halo, the stock day strong trading. The most "stingy": money from the super raise "last year's cash, less than half of the cash used for dividends." Still, the company's accounts are on the verge of nearly 400 million of "excess" cash, which was oversubscribed from enthusiastic investors in the IPO. "Even the most stingy company---"Gem One" of the company, but also surprising.　　According to its 09 annual report and distribution plan of March 11, Tweed achieved a net profit of 88.3271 million yuan in 09, this time allocated 2 yuan for each 10-share pie. Based on existing shares, this dividend will cost 26.72 million yuan.　　Although it is much smaller than the net profit achieved in the previous year, the unallocated profit per share is only 0.56 yuan, and the dividend ratio is 30.25%.　　What is even more puzzling is that tweed earned less cash-accounts receivable at the end of last year as high as 210 million, and in 2009 a year only yielded 12.87 million cash inflows, less than half of the cash spent on dividends.　　So where does the cash from the dividend come from? Tweed Last October 30, the IPO, issued 35 million shares, to raise a total of 779 million yuan, but originally wanted to raise the total demand for projects but only 400 million yuan. The fund is close to 1 time times, which means there are nearly 400 million "excess" cash on the company's books. "It is clear that the extra funds provide enough ' ammunition ' for cash dividends.　　Professor Dingyuan Analysis. The money was given to whom. "Through high dividends, shareholders holding large stakes, in the legal provisions of the restricted period, in advance to obtain a generous return." "In whose hands are these generous red envelopes sent?"　　Naturally, investors, and shareholders with a large share of the shares, have been rewarded handsomely in advance for a year (or three years) of restricted time under the law.　　Take a look at "the first share of film and television" Huayi Brothers. October 30 last year, Huayi Brothers IPO, raised a capital of nearly 1.14 billion yuan.　　Stars also with the value of the rise-if the 20 yuan per share (the latest price of 69.1 yuan) calculated, Feng Xiaogang's shareholding is 57.6 million, and the self-proclaimed "small shareholder" Xiaoming's shareholding market value of up to 36 million, ranked the first signing actor. But these are just paper riches.　　Because the first stock is restricted in a year, the star's shares can only wait until October 30, 2010 to lift the ban. The bonus plan shortens the time for stars to wait for wealth.　　Not only do they double their shares, but they get a huge amount of real money. Huayi Brothers in 2009 achieved net profit of 84.5526 million yuan, an increase of 24.22%.　　At the same time, the allocation scheme of 3 yuan (including tax) for 10 shares per 10 shares is proposed. To Feng Xiaogang, "one elder brother" Xiaoming and "one elder sister" Li Bingbing as an example, three people hold 2.88 million, 1.8 million, 360,000 shares respectively.　　After the dividend scheme is implemented, they will not only double the shares in their hands, but also receive 777,600, 486,000 and 97,200 of the cash dividend (after-tax) respectively.　　For retail investors, they are buying stocks at a level two market at a price of more than $60, and the dividend has a different meaning than the shareholders who first bought their shares at a very low price. The decision of the dividend scheme is in the hands of the controlling shareholders, who now collectively make the choice and deriveReturn。 For example, Shanghai Jia Hao, the top ten shareholders took away the dividend of 69%. "Dividend has become a disguised form of large shareholders, management to reduce the means of hedging." "For big shareholders, this is more effective than waiting until the lifting of the ban," says Prof Dingyuan.　　"In addition to the benefits of early redemption, the current tax system for the sale of restricted shares after the lifting of the income according to the" Property transfer income "Levy 20% of the personal income tax, and currently the dividend income is only 10% of the personal income tax. The benefits of high transfer "April 12, China Securities Regulatory Commission of the Board of Directors issued supervision Office of the Deputy Director Li in a meeting to publicly remind that" the current gem pie phenomenon worthy of concern. "　　"Not only can the dividend in advance, the Gem Company's another secret will be" high growth.　　Wind data show that 46 of the companies announced a dividend plan, 31 proposed the programme, of which 17 companies to increase the proportion of 10 shares to 10 shares, of which the distribution of Shenzhou Tai Yue 10 shares to increase 15 shares.　　Gem Collective choice of high growth, a few months the size of a long time, the total share capital doubled, but the total market value has not changed, in addition to the right, the share price per share will become lower. This brings another advantage, the stock price is not high enough to no one dare to chase.　　A person in the industry said, "at least there is room for speculation, the stock price is not conspicuous."　　Many thought there would be another benefit, in advance by high growth, although it was stipulated that the holding shareholder's holding of shares would be lifted for 3 years, major shareholders for 1 years, but if the restricted period for the delivery, transfer shares, if not considered a restricted stock, then a more than a set of channels in advance. But regulators have taken precautions.　　According to the Ministry of Finance, the State administration of taxation, the Securities and Futures Commission December 31, 2009 issued a joint notice, not only means that the tax on the transfer of shares after the levy, but also means that large shareholders through the high increase in advance of the channel to cut off. However, if a high percentage of shares are transferred after the end of the restricted period, the tax burden can be reduced significantly.　　Professor Dingyuan pointed out that "the timing of high transfer of shares can also be the key to tax avoidance." If a person holds 1 million shares of a restricted stock of a listed company, the share price after the end of the restricted period is 20 yuan per share, and after sale, the shares will be taxed according to the transfer income of the 20 million-yuan restricted shares. But if after the end of the restricted period of two consecutive 10 to 10 of the high proportion of shares, the person holding the number of shares into 4 million shares, the corresponding share price after the right to become 5 yuan per share. Of these, 1 million shares are restricted, while the remaining 3 million shares are in circulation after the end of the restricted period, and the proceeds of transfer are not subject to personal income tax. At this time, if the whole stock sale, only in accordance with the 5 million yuan of restricted stock transfer income tax.　　And this 5 million yuan, then deduct the shareholding cost, the final taxable will be further reduced. April 12, China Securities Regulatory Commission of the Board of Directors issued a supervision office of the Deputy Director Li in a meeting public reminded that "the current gem pie phenomenon valueAttention. "　　"Reporter observation" Nasdaq "stingy" in Nasdaq, once a listed company announced dividends, the probability of a collapse of the stock price as high as 30%. In the eyes of investors, a company that has never paid dividends suddenly, it means the company's high growth phase is over.　　So Nasdaq rarely dividends.　　The investor's expectation to the growth enterprise is: Under the premise of no moral hazard, the innovation growth company should have strong financing desire, because the market expands rapidly, need to have the capital to drive the profit growth. Known as Microsoft, as a fast-growing, rapid development of High-tech enterprises, and in the high profit of the software industry, has been giving the impression of deep pockets.　　However, in the 17 years after the company was founded, Microsoft has been pursuing a "send no" dividend policy, that is, only Tianquan and not cash dividends, until 2002, the first issue of cash dividends. After all, Tianquan is only a low share price, to increase the liquidity of the stock, for investors is not significant. In 2004, a 75 million dollar acquisition of the pre-eminent Amazon as the largest online retailer in the United States, has never been allocated cash dividends.　　Even Google, whose share price soar, has never paid dividends. Compared with the big gem dividend, is Nasdaq listed companies really skinflint? The answer is no. "Money is applied to the edge.　　"This is the view of Apple CEO Steve Jobs that even though Apple is making a lot of money selling iphones, ipods and Mac machines, stingy jobs still opposes dividends." At the company's shareholder meeting in February this year, CEO Steve Jobs was adamant that he would not pay 25 billion dollars in cash dividends. Because he thought it would be more appropriate to leave cash behind, and plenty of money would allow companies to enjoy greater flexibility in decision-making.　　He said, who dares to turn a corner, what will happen, money is always good. Also a miser, Cisco CEO Chambers, is reluctant to pay dividends even if Cisco holds 40 billion of cash.　　In the market game, bold is the need for financial backing, which is why Cisco in 2009 years to buy 7 companies. (Intern Feifei also contributed)