In June 2022, the overall value of filings jumped by 164% from the prior month, partially due to the SEC resuming the dissemination of Form 144s filed via paper. As shown above, that rise was also driven by a 178% monthly increase in the value of 144s filed pursuant to 10b5-1 plans. However, the total value of filings brokered last month was 35% lower than the total value in June 2021. Similarly, the number of filings brokered in June increased by 75% from May, but slid 6% year-over-year. The number of shares brokered rose 128% from the prior month, but increased just 6% year-over-year, while the number of shares brokered pursuant to 10b5-1 plans surged 247% from May.
Mizuho Bank claimed the top broker title in June by brokering over 30% of the market’s reported value. Remarkably, Mizuho’s first-place finish was due entirely to just one filing in June for BABA. Morgan Stanley took second place across all three categories last month. Goldman Sachs finished in third, and brokered the highest number of shares in June. Fidelity ended in the month in fourth place, and brokered the highest number of filings last month. Bank of America rounded out the rankings in their first appearance in the top five since the start of the pandemic, due in large part to filing Form 144s via paper during the SEC Public Reference Room's closure.
The top Form 144 filer by value in June was Gawain Holdings, which filed to sell over $3 billion of the Chinese e-commerce company, Alibaba. As disclosed on the filing, the shares registered for sale were originally acquired from SB China Holdings Ltd as part of a private placement in July 2016. As Alibaba is a Chinese company, it is unlikely that any Form 4s will be filed to corroborate this potential sale. In addition to BABA, the month’s fifth largest filing at Lufax Holding also represents one of the top filings at foreign firms over the past quarter.
|Broker||Company||Insider||Value ($M)||Shares (M)|
|Mizuho Bank Ltd||Alibaba Group Holding - [BABA]||Gawain I & II 2022 Holdings Ltd||$3,120.0||36.0|
|Morgan Stanley||ZoomInfo Technologies - [ZI]||TA XI DO AIV LP||$438.0||12.35|
|Credit Suisse||Callon Petroleum Co - [CPE]||Kimmeridge Energy Mgmt Co LLC||$406.0||6.50|
NOTE TO SUBSCRIBERS:
The mid-monthly 144 Market Report is based on Form 144 filings. As noted on the report, The SEC's Public Reference Room reopened in early June and paper filings are gradually becoming available. The Washington Service is making recent filings available the same day as they are released and is currently working on integrating the older paper filings. For more information, see our FAQ on our blog.