Pi Haizhou: The Nightmare Of Restricted Shares Into The A Share Market

As far as the SFC's "two fusion" ticket is concerned, its impact is very limited.

The SFC's penalties for 12 illegal brokers are only normal regulatory measures, even if three brokerages are suspended for 3 months from three new banks that have been suspended from margin trading. The negative impact is not great.

As Haitong Securities responded, the impact of the two financial business penalty on business is about 9 million 60 thousand yuan.

The bigger impact is the "two new rules", which stipulates that no margin financing should be made to customers whose securities assets are less than 500 thousand. This click is the key to the current leverage bull market.

However, after the slump in January 19th, the SFC said on the evening that "when the securities company opened a margin account, the customers who had less than 500 thousand of the securities assets would continue to execute the SFC's original policies and regulations without forcing them to liquidate the assets because of this asset threshold."

The reason why the "1. 19" crash is related to the huge reduction of CITIC is mainly due to the fact that despite the "emergency bailout" of the SFC in the evening of January 19th, the stock market stabilized and rebounded on the second day, but in the 20 day's market, the brokerage sector still dropped 6.33%, of which citic securities became the weakest stock in the brokerage sector, and basically struggled in the daily limit position, with a final drop of 9.89%.

The negative impact of CITIC limited huge cash flow can be seen.

CITIC limited huge cash offer is just a microcosm of the stock market.

In fact, because of the mad bull market since last November, the stock market is the leader of the market. The entire stock brokerage company has seen the trend of doubling its share price, and the stock market has attracted the frenzied reduction of the restricted shares.

Data show that from November 2014 to the end of December, 14 of the 19 brokerages in the two cities were reduced by important shareholders. The total reduction was 80 times, involving 840 million shares, and the total reduction was 11 billion 630 million yuan.

In the past 3 months, the restricted stock shareholders of brokerage firms have accumulated nearly 30 billion yuan.

During the period, City Investment Holdings held 12 Western securities holdings.

In addition, Northeast Securities, state securities and Haitong Securities are also frequently reduced by shareholders.

It can be said that the rise of brokerage stocks is a perfect opportunity for the sale of shareholders, and the stock market has become a cash machine for restricted shareholders.

This is actually a microcosm of the A share market.

As the market has risen since the second half of last year, both the major shareholders of listed companies or executives of listed companies have been selling off shares held by them.

Data show that executives of listed companies only last year, net holdings of 64 billion 650 million yuan, an increase of 33.86%.

Moreover, the major shareholders of some listed companies have chosen the "clearance type" reduction.

Now in January 21st, Xin Peng shares announced that Guo Yajuan, one of the controlling shareholders, had accumulated 45 million shares in from January 13th to 20th, accounting for 10% of the total share capital of the company.

It can be said that the reduction of restricted shares has become a common phenomenon in the current A share market and has become a nightmare in the A share market.

As a limited stock holder, the reduction is unreproach.

Since the reduction is profitable, especially in the current market, every reduction of the restricted shareholders is a huge profit. Therefore, as a restricted stock shareholder, there is no reason why it should not be reduced.

Moreover, some enterprises also include

For example, by reducing arbitrage, profits can be thickened, and some enterprises can turn losses into profits. These enterprises' desire to reduce their holdings is also more urgent.

In my opinion,

This reduction not only increases the resistance to upward development of the market, but also shakes investors' confidence in the stock investment of related companies, and at the same time exacerbates the risk of investment in stocks.

Such as January 19th and 20, brokerage stocks fell for two consecutive days, is the best witness.

Meanwhile,

It has become a cash machine for restricted shareholders.

It is worth noting that such a day has no end.

The stock market is going to be "withdrawals" by the restricted shareholders.

Because, in the current shareholding structure of listed companies, the proportion of restricted stock shareholders is not less than 75%, among which the large shareholders' single dominance pattern has not changed.

The issue of new shares is endless, and the future registration system will also increase the intensity of IPO.

It can be said that there will be more restricted shares flowing to the market in the future stock market in China.

Therefore, for the Chinese stock market, we must face up to the endless issue of restricted shares and solve the irrational stock ownership structure of listed companies as soon as possible.

If this problem can not be solved, the stock market will always be the ATM, and the vast majority of investors will never be able to escape the fate of being exploited.