On April 25, the A-share Shanghai stock index fell below 3000 points, and more than 4500 stocks fell. At the same time, the relevant restricted shares of listed companies are still lifted one after another. Wind statistics show that from April 26 to the end of this month, the restricted shares of 45 listed companies are about to be lifted, and the number of partially lifted shares accounts for more than 10% of the total share capital. However, from the observation of the rate of return on the lifting of the ban, measured by the closing price on the 25th, the rate of return on the lifting of the ban of several stocks related to restricted shares is more than a loss, and some have lost more than 50%. Fixed increase placement shares are the protagonist, and many types of institutional investors, including public funds, are deeply involved.
restricted shares lifted and A-Shares fell sharply
Today, the Shanghai stock index fell below 3000 points, and more than 4500 stocks in the whole market fell, with non-ferrous metals and electronics leading the decline. Among them, many stocks whose valuations stabilized and rebounded in April were confiscated today.
Taking Henan Huanghe Whirlwind Co.Ltd(600172) as an example, although over 50 million restricted shares of the stock were lifted this month, the share price rose steadily from April 1 to April 22, and still reaped a 2.42% range return to the closing on April 22. Approaching the closing on April 25, Henan Huanghe Whirlwind Co.Ltd(600172) hit the limit, with a one-day decline of 10% to close at 8.37 yuan / share.
The lifting of restricted shares similar to Henan Huanghe Whirlwind Co.Ltd(600172) Henan Huanghe Whirlwind Co.Ltd(600172) has been impacted by the decline of a shares. According to wind statistics, as of April 22, 13 individual stocks whose restricted shares were lifted during the month closed up, but turned from profit to loss after falling today. Including Industrial Bank Co.Ltd(601166) , Anhui Golden Seed Winery Co.Ltd(600199) , Shandong Bailong Chuangyuan Bio-Tech Co.Ltd(605016) and others, which are the varieties that highlight the sharp decline after the stock price stabilized and rebounded within the month.
It is worth noting that on April 25, the transaction volume of A-Shares was only 897.37 billion yuan. The depressed transaction further increased the difficulty of changing hands in the market. Since the restricted shares could not be traded before the lifting of the ban, major shareholders sold their shares one after another. Although the number of circulating shares increased, it will continue to have an impact on the stock price and its industry valuation.
Some analysts pointed out that the market decline was both expected and unexpected. Great Wall Fund said that what was expected was rational factors. Generally speaking, the negative factors did not improve or even increased instead of decreasing, and the positive factors were relatively scarce. What was unexpected was irrational factors. Although the market did fall for a reason, investors’ excessive pessimism also further amplified the strength of the decline, and rational decline triggered irrational decline.
However, for the sudden decline of the market after the lifting of the ban on restricted shares, or the risk to shareholders’ cashing in earnings and enterprise market value management, especially in the volatile market with sluggish trading, the huge shock of the stock price of leading stocks is easy to shake the investment confidence of the industry Sungrow Power Supply Co.Ltd(300274) previously suffered from the double pressure of the decline in net profit and the lifting of the ban on restricted shares. The annual report announced that the share price opened sharply the next day, the call auction fell by nearly 20%, and then the limit was closed. Since then, the investment sentiment in the new energy industry has continued to be disturbed, and the photovoltaic industry index fell continuously.
at the end of month, the restricted shares of 45 enterprises were still lifted
Next, 45 A shares are still facing the lifting of the ban on restricted shares this month. After the sudden decline of a shares, the pressure on the future market of relevant stock prices has increased, and it is doubtful whether shareholders can fulfill their wishes. At least from the current rate of return on the lifting of the ban, most of them have fallen by more than 10%. The fixed increase placement shares are the protagonist, and many types of institutional investors, including public funds, are deeply involved.
Taking Shanghai Haishun New Pharmaceutical Packaging Co.Ltd(300501) as an example, the company will lift the ban on 371817 million shares tomorrow (April 26), with a market value of more than 518 million yuan, involving nearly 80 products of dozens of institutions. However, based on the closing price on April 25, wind statistics show that the rate of return on lifting the ban is – 13.78%.
In the detailed list of participants, the reporter found that a number of products of CAITONG fund, a large fixed increase, participated, as well as the asset management plan of Nord fund and Cathay Pacific Fund, as well as venture capital funds and individual investors such as Zhuhai jinteng equity investment fund partnership (limited partnership).
In addition, according to statistics, the rate of return on the lifting of the restrictions on sale of Rumere Co.Ltd(301088) , Shareate Tools Ltd(688257) and other relevant restricted shares has fallen by more than 30%, and the rates of return on the lifting of the restrictions on sale of Liaoning Chengda Biotechnology Co.Ltd(688739) and Wayz Intelligent Manufacturing Technology Co.Ltd(688211) have fallen by more than 50%, both of which are ordinary shares for the first time and shares allocated by the first institution, with hundreds of individual participating institutions.
Taking Wayz Intelligent Manufacturing Technology Co.Ltd(688211) as an example, the number of institutions or portfolios that have been lifted this time has reached 424, including securities investment funds managed by public fund companies, provincial occupational pension plan portfolios, pension products, enterprise annuity plans of insurance companies and relevant investment plans of state-owned and central enterprises.
Unfortunately, with the lifting of the ban, the uncertainty of future stock prices may affect the expected return of relevant portfolios. As for the trend of the future market, some institutions said that the “May Day” Festival is approaching. In order to avoid the risk of fluctuations in the peripheral market during the holidays and the wait-and-see mood in the market after the festival, the on-site funds will be withdrawn based on the “holiday effect”.
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