In July, the Science and Technology Board will welcome the peak of the ban to enter the circulation to provide trading conditions

Since June, the number of inquiry cases in science and technology boards has increased, mainly because the science and technology board will welcome the ban on the ban in July. Inquiry transfer effectively shares the shareholders who promote the growth of enterprises before the listing, smoothly "pay the stick" to institutional investors, and the investors who take over to continue to promote the sustainable development of listed companies with the posture of medium- and long -term investment, minimizing the secondary market market The impact of the stock price.

In July, the number of lifting of the ban was first since the city was founded

According to Wind statistics, in July, the number of shares began to be circulated in circulation of science and technology boards in total reached 10.534 billion shares. At the same time, the number of liberation shares was nearly doubled from the number of second -ranking shares in July 2020, which was nearly doubled.

At the same time, based on the closing price on the 24th, the market value of the science and technology board of Science and Technology Board in July this year was 263.615 billion yuan, only the scale of 352.737 billion yuan in July 2020.

Corresponding to the peak of a single month's lifting of the ban, 2022 is also the largest year of the science and technology board. According to Wind statistics, the scale of science and technology boards this year reached 1104.8 billion yuan, which was higher than 829.1 billion yuan in 2020, slightly higher than 1090.1 billion yuan in 2021. However, if the first -day lifting of the first -time general shares and the first -time shares of the listing of the ban on the first day of listing, the scale of the science and technology board this year is 1016.6 billion yuan, which is significantly increased from 745.9 billion yuan and 383.5 billion yuan in the past two years.

From the perspective of first -level industries, electronics, machinery and equipment, power equipment, national defense military workers and pharmaceutical creatures were lifted in July, reaching 103.87 billion yuan, 70.28 billion yuan, 28.56 billion yuan, 27.92 billion yuan and 22.52 billion yuan; machinery and equipment; machinery and equipment; , National Defense Forces, non -ferrous metals, electronics, and power equipment industries have a higher proportion of free market value of free circulation, with 41%, 40.5%, 21.9%, 21%, and 8.5%, respectively.

From the perspective of the secondary industry, semiconductors, rail transit equipment, general equipment, battery and medical equipment in July, the scale of lifting the ban in July, reaching 84.86 billion yuan, 35.2 billion yuan, 22.96 billion yuan, 22.62 billion yuan and 21 billion yuan; rail transit; rail transit; The market value of equipment, other electronics, general equipment, aviation equipment and environmental protection equipment industries accounts for 117.8%, 90.1%, 63%, 46.8%, and 40.3%.

From the perspective of individual stocks, excluding the first lifting of the ban, a total of 76 stocks were lifted in July in July. Among them, there are 7 stocks of more than 10 billion yuan for lifting the ban, which are mainly electronics and machinery. The top three are Lanqi Technology, Sino -Micro Corporation, and China Tong; There are 10 stocks, and the top three are Huaxingyuanchuang, Hangke Technology, and South Micro Medicine.

Short -term reduction pressure or limited after lifting of the ban

At present, the types of shares of science and technology boards mainly include four categories, which are the first -issued general shares, the first -issued institution, the original shareholder restricted shares, and the first strategic allocation shares. After the science and technology board restrictions are lifted, shareholders can reduce their holdings: centralized bidding, community transactions, agreement transfer, inquiry transfer and distribution.

Among them, concentrated bidding and community transactions are the main ways to reduce their holdings. Among the 1030 reduction plans since the opening of the HKUST Creation Board, the proportion of concentrated bidding is nearly 90 %, and the proportion of large transactions is nearly 60 %. However, there are also restrictions on the scale of concentrated bidding and the large -scale transaction. It must not exceed 1%of the company's total share capital, and the reduction of holdings through the transaction must not exceed 2%of the total share capital, and the transaction party's transferee shall not be transferred again within 6 months. As well as the quarterly report, performance express, performance trailer disclosure, 10 days before disclosure shall not be reduced.

Since June, the number of inquiry cases of science and technology boards has increased. In just more than 20 days, three companies have published shareholders' inquiry transfer plan. From the beginning of the year, this data has been 4.

"The market is concerned about the lifting of the ban on the science and technology board. We believe that the impact is limited because the peak of the science and technology board lift in July is mainly" big non -non -non -"lifting." Later, the stock price often rises; although the "small non-" lifting of the ban has an impact, it has been adjusted in advance from January to April, and about 260 companies have no "small non-" ban pressure this year. In July, "Xiao Fei" accounted for relatively low.

Looking back on the dismissal of the science and technology board in the past two years, it was mainly concentrated on July 16 (mainly the first -time general shares and institutions to lift the ban on the first day of the SMIC) and July 22. The scale of lifting the ban was 88.1 billion yuan, respectively. It is relatively decentralized with the distribution of the science and innovation board in 2021, and the time window of the science and innovation board in 2021 is relatively low. It is short, but the scale of lifting the ban on a single day is higher. On July 22, there will be 240.28 billion yuan of restricted sales stocks. The potential impact on the market will be more concentrated.

Zhang Qiyao, chief strategy analyst of Xingye Securities, pointed out, "In the short term, the market is prone to fluctuations in the market before and after the science and technology board concentrated on the ban, which will be affected by two potential factors of shareholders and market emotions.In July, the rhythm of the trend of the stock price of the Science and Technology Board was more obvious, but the actual reduction of holdings was not great. The emotional factors were dominant. It would amplify the lift and reducing holdings on the stock price before and after the lifting window. "In addition, Zhang Qiyao also said that Zhang Qiyao also saidFrom the long -term perspective, with the large number of restricted stocks, the increase in the number of circulating shares is expected to further enhance the activity of the transaction of science and technology boards and enhance the willingness to increase the distribution of institutional investors.In the future, more chips entering the circulation will provide better market trading conditions for institutional investors to enter the market, and further open the space for increasing the science and technology board.Reporter Liu Yang

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