On January 17, St Guoyi (000516. SZ) resumed trading and closed the limit at 7.95 yuan / share.
Compared with January 5, the company’s share price has fallen by 30% in only 12 days, and the total market value has fallen by 6.5 billion yuan.
It is worth noting that at present, four fund companies – BOC fund, GF fund, Golden Eagle Fund and CITIC Prudential Fund – have reduced the valuation of Xi’An International Medical Investment Company Limited(000516) to 7.11 yuan and 7.18 yuan.
If calculated at 7.11 yuan, St Guoyi may have two limit falls.
The latest data show that at the end of the third quarter of 2021, 22 funds of 9 fund companies held Xi’An International Medical Investment Company Limited(000516) stocks, including funds managed by many star fund managers.
Have these funds escaped successfully? How do researchers and fund managers deal with the black swan incident?
suspension storm
Xi’An International Medical Investment Company Limited(000516) (000516. SZ) announced on January 13 that the subordinate Xi’an high tech hospital and Xi’an Xi’An International Medical Investment Company Limited(000516) central hospital received the handling notice from Xi’an Health Committee, mechanically implemented relevant epidemic prevention policies, delayed the rescue and diagnosis and treatment of emergency patients, aroused widespread concern of public opinion, resulting in serious consequences, closed down for rectification for 3 months as required, and reopened after the rectification is qualified at the expiration of the period.
This event triggered the corresponding situation of “other risk warnings for the shares of listed companies”. The trading of Xi’An International Medical Investment Company Limited(000516) shares was suspended for one day since the opening of the market on January 14, and other risk warnings were implemented since the opening of the market on January 17. The stock abbreviation was changed from ” Xi’An International Medical Investment Company Limited(000516) ” to “St national medicine”.
Xi’An International Medical Investment Company Limited(000516) the board of directors said that it felt extremely sad, guilty and remorse for the occurrence of this incident, and expressed deep apologies to the patients involved, their families and the public. During the period of covid-19 pneumonia epidemic prevention and control, the two hospitals mechanically implemented relevant epidemic prevention policies, exposing weak overall awareness, false work style, weak sense of responsibility and lack of humanistic care.
On January 13, Xi’An International Medical Investment Company Limited(000516) fell to the limit and closed at 8.37 yuan / share.
On January 14, Xi’An International Medical Investment Company Limited(000516) was suspended.
On January 17, St Guoyi resumed trading, fell by the limit and closed at 7.95 yuan / share.
organization fled
On January 13, Xi’An International Medical Investment Company Limited(000516) 10cm fell below the limit, and institutional funds fled on a large scale.
In the dragon and tiger list on the same day, there were 4 special seats for institutions among the top five seats sold, with a total amount of about 200 million yuan.
After the suspension and weekend, St Guoyi resumed trading on January 17, and the 5cm limit fell again.
At this stage, how does the fund company holding st national medicine operate?
An investment director of a large fund company said, “generally speaking, the probability of gradually selling the fund is relatively high, mainly for fear of risk, holding this stock is not worth the loss.”
The investment director pointed out, “when we buy, we generally control the stocks that don’t touch St.”
This is the regular operation of public funds. For ST listed companies, they generally take a detour cautiously.
However, if you look back, Xi’An International Medical Investment Company Limited(000516) was once very popular with institutional investors.
From the low point of 3.96 yuan / share on May 15, 2020 to the high point of 21.66 yuan / share on June 2, 2021, its share price rose by more than 400%.
In July 2021, Xi’An International Medical Investment Company Limited(000516) announced the semi annual performance forecast with a maximum loss of 362 million yuan, and the company’s share price has fallen by more than 50% since then.
From the third quarter of 2021, institutional investors have gradually withdrawn from Xi’An International Medical Investment Company Limited(000516) .
According to statistics, the proportion of Xi’An International Medical Investment Company Limited(000516) fund positions decreased from 17.04% at the end of the second quarter of 2021 to 6.95% at the end of the third quarter of 2021, a sharp decrease of more than 10 percentage points.
Statistics also show that at the end of the second quarter of 2021, 222 funds of 56 fund companies held Xi’An International Medical Investment Company Limited(000516) shares, but only one quarter later, at the end of the third quarter of 2021, it decreased to 22 funds of 9 fund companies held Xi’An International Medical Investment Company Limited(000516) shares.
The funds holding Xi’An International Medical Investment Company Limited(000516) decreased by 90% in the third quarter of 2021, indicating that a large number of funds have fled Xi’An International Medical Investment Company Limited(000516) in the third quarter of 2021.
who stepped on the thunder?
According to the third quarterly report of 2021, 22 funds of 9 fund companies hold Xi’An International Medical Investment Company Limited(000516) shares, including funds managed by several head fund companies and star fund managers.
At that time, the top three fund companies with the most shares were GF fund, BOC fund and Huabao fund.
GF holds Xi’An International Medical Investment Company Limited(000516) 55000200 shares, accounting for 2.9% of circulating a shares;
BOC fund holds Xi’An International Medical Investment Company Limited(000516) 21229700 shares, accounting for 1.12% of circulating a shares;
Huabao fund holds Xi’An International Medical Investment Company Limited(000516) 21185100 shares, accounting for 1.12% of the circulating a shares.
In addition, ICBC Credit Suisse, Tianhong, CNOOC, Nord, Golden Eagle, CCB and other fund companies also have Xi’An International Medical Investment Company Limited(000516) shares held by the fund.
As for funds, at the end of the third quarter of 2021, positions Xi’An International Medical Investment Company Limited(000516) included a total of 22 funds managed by many star fund managers.
For example, ICBC Credit Suisse Frontier Medical a managed by Zhao Bei, GF growth selection, GF Jufeng and GF advantage growth managed by Qiu Jingmin, Golden Eagle medical and health industry managed by Han Guangzhe, etc.
The details are as follows:
At the end of the third quarter of last year, Qiu Jingmin held the largest number of Xi’An International Medical Investment Company Limited(000516) shares. His management of GF growth selection, GF Jufeng and GF advantageous growth held 30 million shares, 15 million shares and 10 million shares respectively, accounting for 1.58%, 0.79% and 0.53% of circulating A-Shares respectively;
Based on the market value of Xi’An International Medical Investment Company Limited(000516) at the end of the third quarter of last year, the three funds managed by Qiu Jingmin held Xi’An International Medical Investment Company Limited(000516) shares of about 752 million yuan.
At the end of the third quarter of last year, ICBC Credit Suisse Frontier Medical, managed by Zhao Bei, the “goddess of medicine”, held 15 million shares, accounting for 0.79% of the company’s circulating a shares, which was estimated to be about 200 million yuan according to the market value at that time.
It is worth mentioning that the third quarterly report of 2021 shows that five funds have entered the top ten circulating shareholders of Xi’An International Medical Investment Company Limited(000516) . They are:
The fourth largest shareholder: China Construction Bank Corporation(601939) – GF growth selected hybrid securities investment fund;
The fifth largest shareholder: China Construction Bank Corporation(601939) – ICBC Credit Suisse Frontier Medical equity securities investment fund;
The sixth largest shareholder: China Industrial And Commercial Bank Of China Limited(601398) – GF Jufeng hybrid securities investment fund;
The ninth largest shareholder: Bank Of China Limited(601988) – Huabao CSI medical trading open-end index securities investment fund;
The tenth largest shareholder: China Industrial And Commercial Bank Of China Limited(601398) – BOC China selected hybrid open-end index securities investment fund.
So, since the fourth quarter of 2021, has the fund fled Xi’An International Medical Investment Company Limited(000516) ? Is there a fund “bottom reading” at this time?
The answer is likely to be “yes”.
At present, four fund companies have reduced the valuation of Xi’An International Medical Investment Company Limited(000516) .
On the day of trading suspension on January 14, gf and BOC adjusted the valuation of Xi’An International Medical Investment Company Limited(000516) to 7.11 yuan at the same time. On January 15, CITIC Prudential and Golden Eagle Fund followed up and lowered their valuations to 7.18 yuan and 7.11 yuan respectively.
Among the four fund companies, three fund companies – GF, BOC and Jinying – are in the institutional list of Xi’An International Medical Investment Company Limited(000516) in the third quarterly report of 2021, but the other fund company – CITIC Prudential fund is not in the list. This may be that the funds of CITIC Prudential fund have increased their positions against the market since the fourth quarter of last year.
In fact, it is true that agencies have given Xi’An International Medical Investment Company Limited(000516) “buy” rating in more than two months.
On October 28, 2021, the researcher of Kaiyuan securities released the company information update report on Xi’An International Medical Investment Company Limited(000516) : revenue continued to grow month on month and operating profit reduced year-on-year loss. The Research Report rated Xi’An International Medical Investment Company Limited(000516) as “buy”.
At present, the third quarterly report of 2021 shows that the other six fund companies holding Xi’An International Medical Investment Company Limited(000516) have remained silent. Some of them are passively held by index funds, but it does not rule out that some have successfully fled Xi’An International Medical Investment Company Limited(000516) .
missed the last chance to escape?
In fact, insiders said that the Xi’An International Medical Investment Company Limited(000516) Black Swan incident tested the ability of fund managers and researchers.
There is a time course from the occurrence of the incident to the crazy spread of the news on the Internet, to the fact that the Shaanxi provincial and Xi’an Municipal Health Commission organized experts to investigate and determine that the incident was a responsible accident on January 5, to the fact that the relevant hospitals received the handling notice on January 13, and finally the regulatory authorities asked the listed company to suspend trading and rename “St national medicine” on January 14. It took more than a week.
In this process, the company’s share price fell by 26% in the eight days from January 5 to January 13. Except for the limit on January 13, the share price did not fall by the limit in other trading days, and the fund had the opportunity to escape.
But for now, perhaps not all funds have escaped successfully.
A person from a fund company said that this kind of thing depends on the research depth of researchers and the tracking of heavy positions.
\u3000\u3000 “Heavy position varieties must be tracked with emphasis, as well as position varieties. So, in this event, is the research depth and focus tracking strong enough? After the relevant things come out, have researchers followed up the relevant situation of listed companies? Because there are still a few trading days from the outbreak of engagement to the suspension of trading, there is a chance to run, depending on their research depth. For example If the research is deep enough, you have a clear judgment on the market, and you run away immediately, it’ll be all right. ” The above fund company said.
But there are also funds that have not run away. Then, how to deal with the funds that have not run away?
The person from the above fund company said, “how can we deal with the limit? We can only carry it.”
People from the above fund companies lamented: “The researcher’s research depth and close tracking of heavy stocks, as well as the analysis, judgment and handling of relevant events, the communication with the fund manager and the fund manager’s own decision-making are all key. In other words, it is very important that the researcher’s suggestions and the fund manager’s decision-making are not in place. Finally, where the net fund value falls depends on their due diligence. ”
