The Allocation Of The Capital Disks Or The Allocation Of The Capital Intermediaries Is At Risk.

The distribution of the warehouse will trigger a chain reaction, or "just to risk".

As more small and medium-sized stocks have two consecutive days of "down market", triggering some off court.

The phenomenon of unsold explosion can lead to chain reaction and lead to the spread of market risk to the motherboard.

The explosion also prompted some of the capital allocation agencies to make "rigid payment" with their own funds for the priority share in the capital allocation business, while some of the companies with limited capital assets were limited in size or led to bankruptcy or even run away.

Following the collapse of last Friday, A shares staged another shock.

In June 29th, the Shanghai composite index opened high in the morning and then fell to the highest level of -7.55%. Then the concussion went up to 4053.03 at the end of the day. The day before yesterday, it fell to 3.374%, compared with the main board.

The decline was comparable to "6. 26" and the two indexes fell by 6.61% and 7.91% respectively.

It is widely believed that the liquidation of the over-the-counter asset allocation business and the liquidation of the financing board are the main reasons for this A stock to accelerate downwards.

According to the reporter, as a result of more and more small and medium-sized stocks have two consecutive days of "down market", which also triggered some parts of the OTC distribution disk can not sell the explosion.

Reporter survey found that this triggered chain reaction, leading to market risk spread to the motherboard.

On the other hand, due to the burst of part of the financing disk, it has also prompted some of the capital allocation agencies to carry out the "priority share" in the capital allocation business with their own funds.

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In the industry view, due to the limited size of part of the company's capital assets, small and medium-sized shares continued to limit the explosion caused by the explosion, or cause some of the distribution company bankruptcy or even run.

Distribution of stock burst warehouse trigger chain reaction

In the early days, the obvious small and medium sized index became the victim of the A shares falling continuously.

In the three trading days of from June 25th to 29th, the small and medium-sized boards accounted for a total decline of 18.06%, while the growth enterprise board accounted for a cumulative drop of 21%.

With the decline of index, there is also a large scale continuous limit of small cap stocks, and the fall of this kind of stock also leads to some high leverage business disks.

"The biggest problem with the capital companies is that many stocks have burst."

In June 29th, a partner in a private equity fund in Shanghai, told reporters, "because some leverage 1:4, 1:5, or even higher, can withstand the decline is 20%-30%, but the corresponding stock has been down for two or three consecutive days, and finally can not sell."

In fact, in the three trading days from 25 to 29 June, there have been more consecutive stock limits.

According to statistics, there are not less than 50 gem in this interval.

The cumulative decline was more than 27%, while 41 of the small and medium-sized shares fell to the same proportion.

And behind the deep fall of the stocks, there is a break down which results in the failure to liquidate. Statistics show that up to the end of June 29th, as many as 345 GEM stocks closed at the limit, accounting for 86.03% of the total 401 GEM stocks.

According to the partners mentioned above, because most of the allocation companies restrict their single position ratio, the majority of the clients have no less than two positions. The stock explosion caused by some of the stocks has prompted the market risk to spread to other non limit stocks.

"For example, a financing customer holds 2-3 stocks, and when the guarantee rate of the entire account is broken, it can be sold through wind control. If a stock can't sell at a limit, this will lead to more sales of other stocks that do not have a limit to make up for the shortage of margin."

The partners said, "this has created a problem. Individual small and medium-sized stocks have continued to decline, leading to the spread of risk to other stocks."

The continuous large area limit of small and medium sized stocks also led to another problem, that is, the adjustment of the margin deadline for the allocation company.

As a matter of fact, part of the capital allocation company has

Time to adjust ahead.

"When the market is rapidly retracting, there is a game between the capital companies and the" fast runner "problem.

A customer service company in Guangdong said, "before we stayed until 1:30, it was time to replenish the margin for the customers, but many of the capital companies' Deadline were concentrated together, and it was easy to end up in the final sale, which led everyone to move forward, such as adjusting to 1:10."

And this game phenomenon also contributed to the advance of A share's afternoon concussion.

"Due to the existence of the closing time of the allocation of funds, the market usually has a concussion after 1:30, and the advance time of the deadline will lead to the advance of the market concussion time."

A senior strategic analyst at a large brokerage firm in Beijing thinks.

However, for the influence of the closing of the stock market on the market, the data disclosed by China Securities Finance Corporation (hereinafter referred to as CSI) show that the share of the paction is relatively limited or relatively limited to A shares.

CSI Finance said at noon on June 29th: "the Shanghai and Shenzhen two cities in the past two days through the HOMS system mandatory liquidated amount of not more than 4 billion yuan, this morning forced close the scale of about 2 billion 200 million yuan, accounting for a small proportion of the total volume of pactions."

However, in the view of the foregoing partners, the statistical caliber of CSI is not necessarily comprehensive, because most of the warehouses are usually opened up after the communication between the company and its clients.

"After communicating with customers, they usually choose to open their positions voluntarily so that the clearance time and price can be controlled."

Aforementioned private equity partners said, "the reason for the emergence of passive open positions is relatively special. One may be that some of the allocation companies have too much leverage, and the positions of their positions are relatively low. Another possibility is that the underlying stocks have been down."

The capital company "just tide over" or to

As a result of the burglary phenomenon of the distribution company, it has also caused the risk of market downfall to spread to the distribution companies themselves. One of them is the existence of the funds that should have been used as a repayment guarantee for the funds allocated to the customers, resulting in the failure of the priority funds to be paid due to the explosion of the warehouse.

"We have had several burst positions, and this part of the deficit may require our company to repay it with its own money."

Aforementioned private equity partners revealed that "a lot of capital customers almost gamble on all their possessions, although their debt collection is reasonable, but it is not realistic to operate."

According to its disclosure, although the company has some retained earnings in the distribution business and other businesses, it still has some pressure on the financing of the rigid distribution of the capital stock.

"The distribution company is only an intermediary, its net assets are not many, but there is no way, otherwise the future business is very difficult to carry out, and it is easy to produce risk events, so capital allocation companies usually choose rigid payment to solve them."

The partners mentioned above.

In its view, the adjustment of the A shares will also lead to the bankruptcy or running of a group of companies due to the high leverage or low level of the flat line.

"This adjustment is so fierce that some of the leverage allocated by the company is 9 times or 10 times. This kind of limit has basically burst.

With such a large scale of limit down, GEM companies will surely face greater pressure to pay cash, and do not exclude some companies from bankruptcy, bankruptcy or even running.