Recently, regarding Tencent’s distribution of Meituan, many friends have asked on Xueqiu, when Tencent holds the right to distribute, this question is relatively simple, here is a reminder:
If you hold Tencent shares at the close of trading on January 4th, you can get distribution rights. Even if you sell Tencent at the opening of the market on January 5th, you will also enjoy distribution rights.
Of course, today’s main topic is not to talk about this. What I want to answer today is a question raised by a few careful netizens: Why is the equity registration date of Tencent’s distribution of Meituan after the ex-right and ex-dividend date? That is to say, as the announcement said: ex-rights and ex-dividends on January 5th, why do shareholders registered on the register on January 10th have the right to distribute Meituan. Then I hold Tencent from the 5th to the 10th, do I have the right to distribute?
Having said that, most people are probably wondering, this is wrong, it is completely different from the big A shares, the process of the big A shares is: the 4th equity registration date, the 5th is the ex-right and ex-dividend date, and the equity registration date is fixed at The day before the ex-dividend date.
This issue has been posted before, and I will talk about it in detail today.
First of all, let’s understand the differences between A-share and Hong Kong stock settlement and delivery:
A shares: T+0 settlement, that is, if you buy a stock on the same day, it will be registered on the register on the same day (some say T+1, it will be registered on the register before the market opens the next day, no matter what form, you can get dividends if you sell it the next day ).
Hong Kong stocks: T+2 settlement, such as buying stocks on Monday, will be registered in the register of shareholders after the market closes on Wednesday, and there is a two-day cycle. That is to say, the shareholder record on the shareholder register on Wednesday is the shareholding situation at the close of trading on Monday.
So the above question is easier to understand. That is to say, the equity registration date of Hong Kong stocks is pushed back two days to the last shareholding date for dividends. For example, the 6th is the equity registration date, then the 5th is the ex-right and ex-dividend date, You can enjoy the right to dividends if you hold the stock at the close of trading. To put it simply, holding shares on the day before the ex-right and ex-dividend date enjoys the right to dividends, and the day after the ex-right and ex-dividend date is the equity registration date.
However, the above is theoretical logic, and there are two other situations that will also affect the equity registration date:
1. On weekends or holidays: the exchange is closed on weekends and holidays, so equity registration cannot be done on weekends and holidays, and this situation will be postponed. For example, ex-rights and dividends on the 5th, the 6th is the logical equity registration date, but the 6th happens to be Friday, then the 7th and 8th are weekends, and the 7th and 8th cannot handle equity registration, so the 6th, The register of shareholders on No. 7 and No. 8 is the same. In this case, the equity registration date is No. 8.
2. The company voluntarily suspends shareholding registration: Still taking the above example, the ex-rights on the 5th, the logical shareholding registration date on the 6th, and the weekend on the 7th and 8th, but the company decided to stop accepting shareholder registration from the 9th to the 10th, then No. 9 and No. 10 have not gone through new registrations, so No. 9 and No. 10 still show the shareholder records of No. 6. At this time, the equity registration date is the 10th.
Because the above two situations exist, in many cases the equity registration date mentioned in the announcement of the Hong Kong stock company is not the day after the ex-right and ex-dividend date. For example, take a look at Tencent’s announcement this time:
The first red box: The last transaction date for enjoying the right to distribution in kind is January 4th, that is, if you hold Tencent on January 4th, you will enjoy the right to dividends.
The second red box: the record date of the rights of distribution in kind is January 10th, that is to say, the equity registration date is January 10th, the reason is the above-mentioned – originally the 4th held the ex-rights and ex-dividend of the 5th, and the equity registration of the 6th Day, but the 7th and 8th are weekends, and the share transfer will be suspended on the 9th and 10th. In this way, the equity registration date was postponed by 4 days, and it became the No. 10 equity registration.
Is it all understood now, in short:
1. Although the equity registration and delivery cycles of Hong Kong stocks and A shares are different, there is no difference in the rules for dividend distribution, that is, if you hold shares the day before the ex-right and ex-dividend date, you can enjoy the dividend right. So you just need to figure out which day the ex-right and ex-dividend date is.
2. Not only Hong Kong stocks are subject to T+2 delivery rules, but U.S. stocks, like Hong Kong stocks, are also T+2 delivery, so the equity registration date of U.S. stocks is the same as that of Hong Kong stocks. The right to share dividends is the same.
The equity registration date of US and Hong Kong stocks is after the ex-right and ex-dividend date. This problem seems to be not complicated, but sometimes if you don’t know the rules and reasons, the loss will be very large. Let me give a personal example.
In 2020, I held some Cheetah shares. At that time, the board of directors approved a special cash dividend of US$1.44 per ADS. The announcement read: The cash dividend will be paid to June 23, 2020 at the close of business hours shareholders of record.
At that time, I didn’t understand the equity registration date rules for U.S. and Hong Kong stocks. I thought that dividends could be paid only by holding shares at the close of trading on the 23rd. to dividends).
As a result, Cheetah went ex-rights and ex-dividends on the 22nd, and after the ex-rights and ex-dividends, it skyrocketed by 40%. Now on the 22nd, I should sell or not. If I sell it, I will lose if I don’t enjoy the dividend. If I don’t sell it, I will enjoy the dividend today. . It was really a dilemma at the time, but I hesitated and didn’t sell it. . .
Then I asked everywhere whether this is a magical situation, which is completely different from the A-share routine. After asking around, no one knew. . . Then I researched it myself, and I finally found out that Cheetah 22 is ex-rights, and I can enjoy dividends when I sell it, but because I didn’t understand it at the time, I hesitated for a while, and finally missed the 40% surge after ex-rights and ex-dividends. I really lost a lot . . .
So this little knowledge is sometimes very useful. If you think this article is useful to you and has answered your confusion, please pay attention, like it, and watch it. Thank you for your support.
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