The science and technology innovation board is the first to welcome the tide of lifting the ban of 100 billion yuan, with multiple safety cushion to cushion the impact of holding reduction

category:Finance
 The science and technology innovation board is the first to welcome the tide of lifting the ban of 100 billion yuan, with multiple safety cushion to cushion the impact of holding reduction


The market was also worried about the impact of the centralized lifting of the scientific and technological innovation board on the market. However, on July 3, the detailed rules for the implementation of the inquiry transfer and placement of shares in the scientific and technological innovation board were officially implemented, and the real-time market of the 50 index of the scientific and Technological Innovation Board will be officially released on July 23.

From the perspective of the industry, the diversification of reduction methods and the entry of incremental funds into the market are expected to ease the pressure on individual stocks of the science and technology innovation board, and the overall impact of the lifting tide on the market is limited.

Science and technology innovation board to be lifted

This is mainly because 24 enterprises (except huaxingyuanchuang) which were listed in the first batch on July 22 last year and Jiete bio, which were listed on January 22, this year, had a batch of restricted shares lifted on July 22, involving 3.161 billion shares, accounting for 97% of the total scale of the lifting of the ban in July, and the corresponding market value was 188.741 billion yuan, accounting for 70% of the circulating market value of the corresponding listed companies.

In terms of the number of lifting the ban, the number of China National Communications Corporation was the largest, reaching 721 million shares. LanChi technology took the second place with 341 million shares. Western superconductor, Tianyi Shangjia, rongbai technology, hongruan technology and Guangfeng technology all had more than 200 million shares.

In terms of the market value corresponding to the share price on July 3, the market value of medium and micro companies was the largest, reaching 44.190 billion yuan, followed by LanChi technology, which was 34.725 billion yuan, and hongruan technology ranked third with the lifting market value of 20.005 billion yuan.

For such a risk of individual stocks, Chen Li, chief economist of Soochow securities, released the latest view, saying that the higher the proportion of tradable shares, the more likely the share price will fall. According to the proportion of the market value of lifting the ban in the current circulating stock market value, especially the companies with a large increase, there is a greater demand for arbitrage to leave the market. Western superconductor, medium and micro company, LanChi technology and other stocks need to be alert to risks.

According to the statistics of the first finance and economics reporter, according to the closing stock price on July 3, 18 companies lifted the ban on July 22, accounting for more than 50% of the current circulation market value. Among them, Western superconductor, Tianyi Shangjia, hongruan technology, rongbai technology and LanChi technology accounted for more than 80%, while Zhongwei company, Guangfeng technology and RuiChuang micro nano accounted for more than 70%.

In terms of the rise and fall since the listing, as of July 3 this year, Zhongwei, Nanwei and Xinmai have all increased by more than 100%, Anji technology has nearly doubled, Lexin technology and Jiete biology have all increased by more than 50%.

According to the classification of the current restricted shares of the science and technology innovation board, the restricted shares can be divided into pre IPO shares, initial shares and fixed increase shares.

According to Xun Yugen, chief strategic analyst of Haitong Securities, there are mainly two situations in which the ban of science and technology innovation board was lifted in July this year. The first is to release the ban after the half year lock-in period of investors participating in offline allotment is expired; the second is that the lock-in period is one year, mainly including venture capital funds and strategic placement funds. Among them, the first type accounts for a small proportion, and the second type accounts for a large proportion. And the second type of investors hold more shares, and the driving force to reduce holdings is relatively strong.

According to the research report recently released by Shenwan Hongyuan, the main source of the current pressure on the science and technology innovation board is venture capital funds, followed by investment companies and individuals. Foreign capital, legal person and other types of share holders are relatively small.

Limited market impact

The coming tide of lifting the ban on the science and technology innovation board also worries the market that it will affect the market. However, on July 3, the detailed rules for reducing the holding of the scientific and technological innovation board were officially promulgated, which, in the view of the industry, has brought a safety cushion for the impact of the lifting of the ban, and the impact of the lifting peak period on the market is limited.

On the evening of July 3, Shanghai Stock Exchange (hereinafter referred to as SSE) issued the implementation rules for shareholders of Shanghai Stock Exchange listed companies listed on the science and technology innovation board to reduce their shares by inquiry transfer and allotment to specific institutional investors (hereinafter referred to as the implementation rules).

At the same time, the implementation rules refer to the allotment system in market practice, which stipulates that shareholders can transfer their pre IPO shares to other shareholders of the company through allotment, so as to achieve the purpose of reducing shares. In terms of specific norms, the first is to improve the market efficiency and operability, and the number of shares to be allocated shall not be less than 5% of the total number of shares of the company; the second is that the price of allotment shall not be lower than 70% of the market price; the third is that the shareholders participating in the allotment shall disclose the allotment plan and the allotment report.

Yang Delong, chief economist of Qianhai open source fund, said that the implementation rules for the reduction of shares in the scientific and technological innovation board were issued in a relatively timely manner, which was also in response to the large-scale lifting of the ban on July 22. The detailed rules stipulate that the shareholders of the listed companies on the scientific and technological innovation board should reduce the impact on the market caused by the massive lifting of the ban, and at the same time, it is also a share The new rules also meet the demand of innovation capital exit. Venture capital funds can decide the time, quantity and proportion of reduction according to the needs, and adopt market-oriented constraint mechanism.

Venture capital funds generally have a strong desire to exit after the company is listed. Through directional transfer to institutional investors, it can avoid disorderly reduction of holdings in the secondary market, resulting in the decline of the science and technology innovation board. In this way, the impact of the lifting of the ban on the science and Technology Innovation Board on the market is not so great. Yang Delong told the first financial reporter.

In addition, after the closing on July 22, the Shanghai Stock Exchange will release for the first time the historical market of the Shanghai Science and technology innovation board 50 component index, and the real-time market will be officially released on July 23.

The diversification of the reduction methods and the increase of capital into the market is expected to ease the pressure of the lifting of the ban on the science and technology innovation board. Shen wanhongyuan said that the recent launch of the science and technology innovation board 50 index has provided index conditions for the establishment of the science and technology innovation board ETF fund, and the entry of the science and technology innovation board ETF fund in the future is expected to bring incremental funds; in addition, arrangements such as the inquiry transfer and allotment transfer system of the scientific and Technological Innovation Board will also help to reduce the impact effect of the reduction of the scientific and technological innovation board on the secondary market.

Xun Yugen also said that from the impact of the lifting of the ban and reduction of a shares in history on the market, the impact of the peak period of industrial capital holding of a shares upon the market is limited. There are two reasons: first, the amount of lifting the ban does not represent the reduction of industrial capital, but also consider the constraint ratio of the reduction after the lifting of the restricted shares and the impact of market conditions on the increase or decrease of industrial capital. Second, the size of the reduction has little to do with the short-term rise and fall. In the long run, the increase and decrease of industrial capital can be used as a signal to judge the turning point of the market, while in the short term, the fluctuation of industrial capital is frequent and has no great influence on the market. For ordinary investors, Yang Delong believes that in the short term, it is still necessary to guard against the pressure on the stock price caused by the massive lifting of the ban, and control the shareholding ratio of the stock on the science and technology innovation board. He suggests that the fund invested in the science and Technology Innovation Board should not exceed 20% of the personal investment fund. Source of this article: Guo Chenqi, editor in charge of first finance and Economics_ NBJ9931

Xun Yugen also said that from the impact of the lifting of the ban and reduction of a shares in history on the market, the impact of the peak period of industrial capital holding of a shares upon the market is limited. There are two reasons: first, the amount of lifting the ban does not represent the reduction of industrial capital, but also consider the constraint ratio of the reduction after the lifting of the restricted shares and the impact of market conditions on the increase or decrease of industrial capital. Second, the size of the reduction has little to do with the short-term rise and fall. In the long run, the increase and decrease of industrial capital can be used as a signal to judge the turning point of the market, while in the short term, the fluctuation of industrial capital is frequent and has no great influence on the market.

For ordinary investors, Yang Delong believes that in the short term, it is still necessary to guard against the pressure on the stock price caused by the massive lifting of the ban, and control the shareholding ratio of the stock on the science and technology innovation board. He suggests that the fund invested in the science and Technology Innovation Board should not exceed 20% of the personal investment fund.