DR Zhongke Dawning means Zhongke Dawning's stock ex-rights and ex-dividend, the ex-rights and ex-dividend reference price of the stock's calculation formula there are two kinds of Shanghai market, Shenzhen City, each different.
1, the Shanghai market way: ex-rights reference price = (closing price on the day of registration of equity + placement price × placement rate - dividend payout rate) / (1 + delivery rate + placement rate) (the result is rounded up to 0.01 yuan).
Example: a listed company's distribution program for every 10 shares of 3 shares, pay 2 yuan in cash, while every 10 shares of 2 shares, the allotment price of 5 yuan, the closing price of the share registration date of 12 yuan, the ex-rights reference price of the stock is: (12 + 0.2 × 5-0.2) / (1 + 0.3 + 0.2) = 8.53 (yuan)
2. Deep market approach: ex-rights reference price = (total market value on the date of registration + total number of shares allocated × allotment price - total amount of cash paid out) / total share capital after ex-rights (the result is rounded up to 0.01 yuan).
Example: a listed company in Shenzhen City, the total share capital of 100 million shares, 50 million shares outstanding, the closing price on the share registration date of 10 yuan, its dividend program for 10 to 3 shares of 2 yuan with 2 shares, *** sent 30 million shares of bonus shares, cash 20 million yuan.
Because of the national and corporate shareholders to give up the allotment, the actual total number of shares allotted 10 million shares, the allotment price of 5 yuan, then its ex-rights reference price is: (10 × 10000 +1000 × 5-2000) / (10000 + 3000 + 1000) = 7.36 (yuan).
Expanded information:
Ex-rights and ex-dividend formation impact:
1, formation: There are many circumstances that lead to changes in the total share capital of listed companies, mainly including: the implementation of listed companies to send shares, conversion, additional shares, share allotment, repurchase and write-off. Among them, the gift of shares and conversion is more common will lead to ex-rights situation.
Since the current pricing in the public and directional issuance, there are "the issue price is not less than ninety percent of the average price of the company's shares on the twenty trading days before the pricing date", that is, and the market price is quite close to the listed companies are not ex-rights treatment.
2, role: in fact, the purpose of ex-rights, ex-dividend is to adjust the value of each share of listed companies corresponding to the value of the stock, to facilitate investors to compare and analyze the stock price. Imagine, if not ex-rights, ex-dividend processing, the listed company's share price is shown as a larger fluctuation.
And ex-rights, ex-dividend, investors in the analysis of changes in stock price movements, you can carry out the operation of reweighting, and make ex-rights, ex-dividend before and after the stock movements are comparable.
3, the impact: ex-rights, ex-dividend on the one hand, can more accurately reflect the value of listed companies corresponding to the share price, on the other hand, can also be convenient for shareholders to adjust the cost of ownership and analyze the changes in profit and loss. In general, the implementation of a high proportion of listed companies to give away shares and convert, will make the ex-rights share price greatly reduced, but in fact, due to the increase in the number of shares, investors have not suffered losses. The impact of ex-rights and ex-dividends is neutral for shareholders.
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