It is understood that the shareholders holding securities companies can generally be divided into strategic holding, phased holding and passive holding. Combing the announcements of various institutions, we can find that the reasons for shareholders to reduce their holdings of securities companies are mainly due to their own capital arrangement needs or industrial layout adjustment needs.
Wang Jianhui, general manager of R & D Department of pioneer securities, told Beijing Business Daily that general shareholders have the demand for the development of non-bank financial industry or the layout of capital market, and will make strategic shareholding investment, which will not be easily reduced; shareholders with phased shareholding may reduce their holdings due to the exchange of hands between different shareholders or the transfer of shares between different enterprises, and some shareholders may In consideration of financial investment, the company chooses to hold for a period of time and withdraw after the stock price of the securities firm rises; passive holding, generally speaking, is for the transfer of creditors rights and debts, and it can receive the whole shares of the group business of the securities firm, including the securities firm, which may be reduced at any time.
So, does the recent frequent reduction of securities stocks mean that the profit-making effect of securities stocks is not favored by shareholders? Wang Jianhui further said that for the shareholders of securities companies who hold shares at different stages, due to the consideration of financial investment, they may judge the future markets rising space according to the changes in the stock price of securities companies and the medium and short-term development prospects of securities companies, which to some extent reflects the shareholders cautious judgment on the current market. As for the passive shareholders, they may choose to reduce their holdings as soon as they meet the relevant provisions of the reduction, which has nothing to do with the market judgment.
However, Wang Fangchao, chief analyst of non bank financial industry of Cinda securities, pointed out that at present, the gem registration system has entered the stage of practical operation. With the acceleration of capital market reform, it continues to be optimistic about the securities sector. At present, the industrys average valuation is 1.66 times Pb (market to net ratio), which is lower than the valuation center of 2-2.5 times Pb, with both attack and defense.
Source: Yang Bin, editor in charge of Beijing Business Daily_ NF4368