Xinhua News Agency, Beijing, April 3 (Reporter Xiang Jiaying, Wu Lihua) On April 3, the Economic Information Daily published a report entitled "Design of Social Security Fund's Reduction of Bank of Communications Shares", with the reduction ratio exceeding 2%. "According to the article, the Bank of Communications announced on the evening of April 2 that the National Social Security Fund Council (hereinafter referred to as the Social Security Fund), the company's third largest shareholder, designed to reduce its shareholding and will no longer increase its holdings of A shares by more than 2% in the next six months. In this design, the shareholding reduction is a 20 12 non-public offering of A shares by the subscribing bank.

According to the announcement, the social security fund recently informed Bank of Communications that it would reduce its shareholding. Within six months after 15 trading days from the date of announcement, hold A shares through centralized bidding or block trading. Among them, the reduction of holdings shall not exceed 743 million shares within three months, that is, it shall not exceed 65,438+0% of the total issued ordinary shares of the company; The cumulative reduction in holdings within six months shall not exceed about 65.438+0.485 billion shares, that is, it shall not exceed 2% of the total issued common shares of the company. The reduced price is determined by the market price. According to the latest A-share closing price of 6.28 yuan/share, and the reduction of social security fund does not exceed 65.438+48.5 million shares, the current market value of the above 2% equity is about 9.3 billion yuan. By the end of 20 18, the social security fund * * * held 10923 million shares of A shares and H shares of Bank of Communications, accounting for 14.75438+0% of the total issued ordinary shares, making it the third largest shareholder.

Due to the decrease, Bank of Communications announced that "social security funds need to be designed and developed according to their asset allocation." Subsequently, the relevant person in charge of Bank of Communications responded that the social security fund's shareholding reduction was based on its own investment arrangement, and the shareholding reduction was limited to A shares issued by Bank of Communications in 20 12. In the future, the social security fund's basic investment shareholding in the bank will not change, and the status of the bank's important strategic investors will not change.

WIND statistics show that as of April 2, among the A-share listed companies that disclosed their annual reports on 20 18, the social security fund * * * holds 23 1 a-share listed companies, with a total market value of 1 1767 1 billion yuan. .

The data shows that since the establishment of the Social Security Fund in August 2000, the average annual return on investment has been 8.44%, and the cumulative return on investment has exceeded 1 trillion yuan. Market participants believe that it may not be appropriate to simply interpret the social security fund's reduction of shares in Bank of Communications as a bear market. Perhaps it is more appropriate to understand the behavior of social security funds as stock changes. (End)

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