Registration System Forced Restructuring To Accelerate The Differentiation Of Small Market Share Price

Sink is sink, float float.

With the recent surge of large cap stocks, the game of "hunting small market capitalization" stopped abruptly, and the share price of many small cap companies that had been fired up earlier fell sharply.

Behind this, in addition to the factors of market investment style conversion, the core is the speed of registration system is much faster than expected.

However, in the view of many market participants, there will still be investment opportunities for small cap companies in the future, but their trend will be seriously divided.

"Registration system may push the reorganization of the shell company. Now the quality is the second. The key is to spell who moves faster, and it will be valuable before the registration system is implemented."

In the face of the recent fluctuations in the price of small capitalization "shell resources", PE people are so exclaimed.

A few days ago, the blue chip elephants were dancing and the small market values were secretly hurt.

For example, Broadcom shares is a typical example of small market value "resurgence".

The company announced the termination of its restructuring in November 27th after three months suspension, and Shanxi Automobile Group's backdoor plan was once again aborted.

According to the pre market "hunting market capitalization" investment logic, after resumption, the company can continue to rise without worry.

However, the fact is that in the three trading days of from December 5th to 9th, the number of shares fell continuously, and the 9 day ended at a close down, with a price of 19.64 yuan per share.

At this point, the market value of the company dropped from the highest point of 1 billion 580 million yuan to 1 billion 230 million yuan, which shrank by more than 20%.

Similarly, the major asset reorganization of Ruifeng high timber since August was suspended in November 18th. When it resumed, the market value was "favored" and the stock price was closed to two trading boards.

However, from from December 5th to 9th, Ruifeng high timber also suffered three consecutive falls, the three cumulative decline of 14.55%.

Similar fortunes are also being staged in more small cap companies.

With the price drop for several days, the number of companies whose market capitalization is less than 2 billion yuan has risen to more than 100.

According to Shanghai daily information statistics, as of December 9th, the number of companies with a total market capitalization of less than 2 billion yuan in Shanghai and Shenzhen two cities reached 108.

Compared with previous data, as of September 12th, A shares had a total market capitalization of less than 2 billion yuan of 138 companies, and as of October 30th, this figure has been reduced to 75, the average share price increase of these companies this year is 42%.

In the current 108 small market value companies, 24 have been suspended, accounting for 22%, and are basically planning major issues.

The near future,

Yesterday, Shenzhen's chief investment officer LAN Kun told the Shanghai Daily reporter: "there are two main reasons for the decline of small cap stocks. One is the pformation of market investment style. After that, the agencies scrambled to raise small cap stocks. Now the wind is changing, and the agencies have sold small cap stocks to buy blue chips. However, the core issue is the registration system. At present, the registration system is far faster than the market expected.

It was thought that there would be four or five years of pition time, but now the signal from the State Council or the SFC is the speed up of the registration system.

The fastest is likely to be launched in the second half of 2015.

That is to say, many companies will be able to IPO alone for another year, and no need to backdoor. This undoubtedly poses a threat to the value of shell resources.

Then, whether the investment value of small market value still exists? For this, the market participants think: "after this round of decline, small capitalization of restructured stocks will also have opportunities.

Because the registration system will not start at least in the second half of next year, the IPO stock will still be difficult to digest.

If the cost of backdoor is down, they will still be very valuable. "

In LAN Kun's view: "in the future, the value of shell resources will obviously differentiate.

However, it is no longer a matter of distinction between quality and texture, but rather a quick look at who is able to grab the backdoor before registration.

In this regard, the sale of state-owned assets to private enterprises is probably a slower moving type, especially the shell of local state assets.

Of course, it is different from the central enterprises, which are experienced in capital operation, and this restructuring should be the central enterprises to put their high quality assets into their own shell companies and have exclusiveness.

There are market participants believe that the chairman is too old, the shell will also be very urgent.

There is not much time left for shell companies. A company that had failed in restructuring has already indicated its intention to restructure and is likely to reopen in the future.

Judging from the performance of the two tier market yesterday, small cap stocks have also rebounded, with companies experiencing more failures in restructuring.

For example, Yitong science and technology, Tianmu pharmaceutical and other share price gains are ahead of the market; Bo Tong shares, Rong Feng holdings, Huitong energy companies and other companies rose by more than 5%.

Among them, Yitong technology in September 29th this year, said the two sides of the paction on the core trading terms differences, so the termination of the reorganization of the resumption of the three months of the commitments will not expire in December 29th of this year, the company's latest market value of about 1 billion 900 million yuan; chairman Wang Zhenhong holds 48.40% shares of the company's largest shareholder, 58 years old this year.

Tianmu pharmaceutical industry announced the termination of restructuring at the end of July this year. In the three months before the suspension, it had approached the two sides of the intention party, but it did not talk about it. This is the fourth time that the company has pushed for restructuring since 2010. All of them ended in failure. The window period will expire in January 29, 2015.

In addition, Rong Feng Holdings has planned two rearrangements this year, and the second reorganization is to stop the market just after the window period. It is evident that the desire for restructuring is strong. However, the two reorganization failed. The company terminated the reorganization and resumed its trading license in October 29th.

It is worth mentioning that the current market value of not more than 1 billion 800 million yuan, many years of low profit, the main battalion is sluggish, is regarded as a high-quality shell company, the major shareholder of Zizhong group Zizhu high tech park is a state-level high-tech park, and the Shanghai port group of Shanghai Industrial Park, which is also the main industrial park in Shanghai, has just released a plan to withdraw shares from its own shares, so that the latter will continue trading.

This indicates that under the strategy of building a global technological innovation center, Shanghai's major high-tech parks are accelerating asset securitization and making use of the capital market to become bigger and stronger.

If the Zizhu high tech park of Zizhong group is to be securitized, it should be the preferred platform for listing.