A -share resolution forbidden tide is coming!Five days of "opening" 240 billion yuan, the collective commitment of the major shareholders of the science and technology board does not reduce its holdings

China Times (chinatimes.net.cn) reporter Chen Feng reporter Qiu Li Beijing report

The largest "lifting week" of A shares strikes, and the hot semiconductor stocks have the greatest pressure. The bells of the third anniversary of the opening of the science and technology board will sound this Friday. The first batch of 25 science and innovation board listed companies will be opened for sale. The market value of the ban will exceed 240 billion yuan this week. How will it affect the market?

240 billion solution to the ban on the tide fiercely strikes

Since the beginning of this year, the performance of the science and technology board has lagged behind the broader market. As of July 17, the 50 index of science and technology innovation fell by 23%during the year, while the Shanghai Index fell less than 11%, and the GEM index fell 17%. Earlier, the science and technology board experienced a large -scale killing stage. On April 11th, the Science and Technology 50 Index fell below 1000 points for the first time, and the "index broke" wonders, and then fell all the way to a minimum of 853 points.

It is worth noting that the first batch of listed companies listed on the science and technology board will be on the third anniversary of July 22. In July of this year, the most timely pressure of lifting the ban, among which "Dafa" lifts most of them.

According to the rules of the science and technology board reduction, three years of "big and non -African", accusing the compliance shareholders and actual controller from the date of listing of the stock, the first issue shares shall not be transferred; one year "small non -", referring to other shareholders from the stock The first shares shall not be transferred within one year of listing. Since the opening of the city in 2019, the three -year "Dafa" sales stocks have been lifted one after another.

According to the statistics of Xingye Securities, if the first -day lifting of the first -issued general shares and the first -issue institutions of the first day of listing, the scale of the lifting of the science and technology board is as high as 1016.6 billion yuan. Among them, the science and technology board lifting the ban in July was 273.3 billion yuan, which was the peak of the scale of lifting the ban in a single month in the past three years.

According to Wind data statistics, from July 18th to July 22nd this week, a total of 94 stocks were lifted. Based on the latest closing price, the total market value of a total of exceeding 240 billion yuan was calculated. Among them, Sino -Micro Corporation and Lanqi Technology have exceeded 30 billion yuan before the market value of lifting the ban. Micro -medicine and other are more than 10 billion yuan. In addition, the market value of Huaxing Yuanchuang, China Tong and South Micro -Medicine's lift in July accounted for a high market value of free circulation, which were 716%, 327%, and 282%, respectively.

10 companies send "Xinxin Pills"

However, when the restrictions on sale stocks are about to expire, many first batch of science and technology board listed companies have distributed "Xinxin Pills". Nearly 30 % of the shareholders of nearly 30 % of the market value of the ban voluntarily extended the lock -up period and their commitments did not reduce their holdings.

According to preliminary statistics, on the evening of July 15th, at least 10 first batch of science and technology board listed companies issued an announcement. The controlling shareholder or actual controller promised not to reduce the holdings or extend the lock -up period, and the corresponding market value exceeded 85 billion yuan, accounting for about the lifting of the ban this week. 30 % of the market value.

This "protection" over 85 billion market value undoubtedly injects a "strong needle" into the A -share market. Among them, the controlling shareholders or actual controllers of China Tongzhong and Rongbai Technology, including Rongbai Technology, promised to extend the lock -up period, corresponding to 63.7 billion yuan; some companies promised that they did not reduce their holdings after lifting the ban. Both companies of Shangjia and Jiayuan Technology promised that after the controlling shareholder or actual controller's restrictions on sale, the holding of holdings will not be reduced within 6 months, and the corresponding market value reaches 17.1 billion yuan.

In addition, institutional funds running and improving, public funds continue to increase their holdings of science and technology boards. Data from public fund holdings in the first quarter of this year show that the proportion of science and technology board positions has continued to rise for nine consecutive quarters. Essence Yang Ruiwen, a well -known fund manager of Jingshun Great Wall, said in early July that the current opportunity of science and technology board is comparable to the GEM in 2012. The market is overly concerned about the risk of lifting the ban in three years.

Yang Ruiwen pointed out that the quality of the company with the overall science and technology board is indeed very high. The overall performance of the science and technology board this year is weak, and it is mainly affected by the three -year "large lifting of ban". However, Yang Ruiwen believes that this point of concern has been over -anxious by the market. The three -year lifting of the ban is generally the actual controller to lift the ban. The actual reduction of holdings will be far less than everyone's expectations.

The trend of lifting the ban on science and technology board affects geometry?

Although lifting the ban does not mean reducing holdings, large -scale lifting trends will inevitably cause market concerns. Looking back at the past two rounds of lifting the ban, the science and technology 50 index has fluctuated significantly. How to affect the trend of the stock price in the short -term emotions and whether it will cause further correction of the science and technology board valuation, and the focus of the cost of "Dafi" for the "Dafi" of the science and technology board is the focus of the science and technology board.

Xu Zhiqiang, manager of Suzhou Cover Fund, said in an interview with the "China Times" reporter that the major shareholders' reduction and arbitrage must be dialectical. Qian and even clearance -type reduction are very bad. It has a strong suppression of the stock price and suppresss market emotions.

Xu Zhiqiang believes that the short -term reduction of shareholders will definitely affect market emotions and bring some follow -up, but as long as the company can continue to improve for a long time, the market value of the market will continue to innovate in the future.

Talking about the impact on the stock price, CICC stated that in combination with historical experience, although the peak period of lifting the duration, although the increase in the corresponding reduction of the holding of holdings will have a short -term impact on asset prices from the perspective of capital, but it does not affect the medium and long -term trend. , Maintain a long -term positive view of the science and technology innovation board.

Regarding the trend of the market in the second half of the year, Yang Delong, chief economist of Qianhai Open Source Fund, told the reporter of Huaxia Times that A shares are expected to continue to win US stocks in the second half of the year.After the Chinese economy fell sharply in the first half of the year, it turned to the recovery stage. There was no obvious bubble in A shares as a whole. The market is currently in the rise from the bottom. The A -share market is expected to get out of independence.Editor: Editor Yan Hui: Xia Shencha

- END -