Stock speculation is based on the Jin Kirin analyst Research report, authoritative, professional, timely and comprehensive, to help you tap potential theme opportunities.Gamefifreetoplay!

Under the pressure of regulatory inquiries and public opinion, Jilin Expressway (601518) finally decided to pay cash dividends.

Jilin Expressway disclosed on the evening of April 18 that its controlling shareholder, Jilin Expressway Group Co., Ltd. (hereinafter referred to as "Jigao Group"), sent a letter to the company proposing that the company adjust the profit distribution plan for 2023.

The details are as follows: the total share capital of Jilin Expressway by the end of last year was 18.Gamefifreetoplay9.1 billion shares are based on a cash dividend of 0.90 yuan (including tax) for every 10 shares, with a total cash dividend of 170 million yuan (the proportion of cash dividends is about 31.14%). The required cash dividend funds are solved by the liquidity of listed companies.

A reporter from Securities Times e Company noted that the motion to adjust the profit distribution plan was passed by a unanimous vote when the Jilin Expressway Board of Directors and the Board of Supervisors deliberated. The motion has yet to be submitted to the general meeting of shareholders of the company for consideration.

Prior to this, the news that Jilin Expressway made a big profit of 500 million without paying dividends attracted the attention of investors. (for details, see "the high-speed company earns more than 500 million without dividends, and the vice chairman can no longer watch it!" ")

Earlier, Jilin Expressway disclosed its 2023 annual report on April 12. during the reporting period, the company achieved a net profit of 546 million yuan, an increase of 38.84 percent over the same period last year, while the net profit after deduction was 516 million yuan, an increase of 31.33 percent over the same period last year. So far, the company has achieved a year-on-year increase in net profit for three consecutive years. However, the company announced that there will be no profit distribution, no cash dividend, no stock delivery and capital accumulation fund to increase equity in 2023.

According to Tongda data, Jilin Expressway has paid a total of 10 dividends since its listing in 2010, with a cumulative dividend amount of 566.4 million yuan. In the past two years, the company has not implemented cash dividends. By the end of 2023, the undistributed profit under the consolidated balance sheet of Jilin Expressway was 2.65 billion yuan. According to the above data, Jilin Expressway has the ability to distribute cash dividends.

When the board of directors of Jilin Expressway considered the "profit distribution plan for 2023", company director Liu Xianfu and independent director Lin Jianzhong abstained. Liu Xianfu suggested that while meeting the capital needs for long-term development, the company should also consider the immediate cash return requirements of shareholders and formulate a cash dividend plan. Lin Jianzhong also suggested that the company formulate an appropriate cash dividend plan.

According to the resume analysis of Liu Xianfu, he is the representative director of China Merchants Highway (001965), the second largest shareholder of Jilin Expressway. China Merchants Highway is a listed company controlled by China Merchants Group and a second-class enterprise of China Merchants Group.

At that time, the CSRC and the Shanghai and Shenzhen exchanges issued a package of supporting policy documents and institutional rules for the implementation of the new "National Nine articles". In particular, regulators take strong restraint measures for substandard dividends. The focus is to include companies that have not paid dividends for many years or whose dividends are low into the implementation of other risk warnings (ST).

After the report of the Securities Times e Company, the situation of Jilin Expressway "having money but not paying dividends" triggered a heated discussion in the market. On April 14, the Shanghai Stock Exchange issued a regulatory inquiry letter to the company, asking the company to add that "under the background of a high balance of monetary funds and profits for many years, the reasons and rationality of not or less cash dividends for many years in a row"whether there are communication differences between the relevant directors and your company, and whether all directors independently and prudently judge this profit distribution plan" and "carefully evaluate whether the cash dividend plan is in line with the company's long-term strategy. Whether it is beneficial for investors to share the fruits of the company's development.

It is worth mentioning that Jilin Expressway is another listed company that recently adjusted the cash distribution plan.

Prior to this, Fangda Special Steel (600507) announced in mid-March that there would be no cash dividend in 2023, leaving undistributed profits for the company's energy conservation, environmental protection, technological transformation and so on. The company's move sparked a heated debate among investors.

On March 30, the Shanghai Stock Exchange issued an inquiry letter to Fangda Special Steel, asking the company to explain "the reasons and rationality of not paying cash dividends for two consecutive years" and "prudently evaluate whether the cash dividend plan is in line with the company's long-term strategy".

Since then, Fangda Special Steel announced in early April that Fang Da Steel, the company's controlling shareholder, proposed to increase the proportion of profit distribution in 2023 and pay a cash dividend of 0.10 yuan (including tax) per share to all shareholders. Fangda Iron and Steel promised to vote "yes" when the matter was considered at the general meeting of shareholders.

On April 16, the adjusted dividend bill was successfully passed through the 2023 annual shareholders' meeting of Fangda Special Steel. Based on the total share capital of 2.331 billion shares of Fangda Special Steel, it is estimated that the dividend of the company is about 230 million yuan.