Does "Nine Nine" Behind The Listed Company Actively Seek Speculation Or Passively Disclose?

Apart from the announcement, some listed companies have disclosed their reports in the middle of the way. However, most companies choose to disclose the shareholding of the card companies on the platform of investors' exchange.

Data show that the stock holding company is less than 5%, while most of the controlling shareholders of active listed companies have equity pledge.

"In fact, some companies are

Shareholding is very small, but it also follows the trend of disclosure.

The fund managers said that the listed companies would like to disclose the information of stock certificates in an attempt to influence the market's investment in their stocks.

The shares bought by the Limited by Share Ltd (hereinafter referred to as the certification fund company) in the current round of bailout were once dubbed "women of kings", but the listed companies holding the certificates have their own "abacus". Some of them have been exposed to the standards of information disclosure, while some listed companies are disclosing them for disclosure.

According to incomplete statistics by reporters, as at the end of August, there were more than 120 listed companies holding stock certificates through daily bulletin, semi annual report and investor information exchange platform, of which only about 0.16% had the lowest shareholding ratio.

"Because of the information asymmetry, it is difficult for investors to tell which companies are valuable, while the company is a national institution, and the market anticipates that it will have more information. Therefore, the company holding shares may be expected to be a good company by the market."

Li Yaming, a researcher at Guo Hai securities, explains this.

"The reason why it is sought after is that the market blindly follows and encourages some listed companies to take advantage of it.

Strange and active disclosure

Since entering the market in July 6th, the companies that have taken the role of the stabilization fund have become the focus of the market.

The reporter noticed that through

There are only 35 listed companies in the stock market.

In August 4th, Mei Yan auspicious first announced the "king of women", which also opened the A share listed companies have announced their own "national team capital" holding the curtain.

Since it is the largest shareholder, Mei Yan's auspicious external disclosure still has some reasons. But since then, some listed companies have begun to disclose the stock ownership of the certificate company.

Following that, the TCL group also announced that the company was holding shares. As at the end of July, the company directly held 416 million 159 thousand and 100 shares of TCL group, accounting for 3.40% of its total share capital.

The regulation promulgated by the Securities Regulatory Commission on the disclosure of shareholding changes in listed companies stipulates that investors hold or control the shares issued by a listed company to more than 5% before they have the obligation to disclose to the outside world. In fact, the stock ownership of some listed companies is far from that standard.

Among the 35 listed companies, 20 of them were listed on the company's holdings, but 5% did not hold shares.

Among them, the lowest shareholding ratio is the "bang bang biology". Its announcement in August 19th, as at August 11th, the total holding company directly held 5 million 170 thousand and 324 shares, the company's top ten shareholders and the fifth largest tradable shareholders.

But compared with the total share capital of 3 billion 312 million shares, the 5 million 170 thousand and 324 shares held by the securities company accounted for only 0.16%.

The company held less than 1% of its stock holdings, including Bao talon. As of the end of July, the company directly held 3 million 295 thousand and 900 shares of the company, accounting for 0.6% of its total share capital, ranking sixth of its tradable shares and fourteenth of its total shareholders.

At present, the highest proportion of stock holding companies is Wei Ning software. The company announced in August 19th that as of August 14th, the company did not directly hold shares in the company, but ten funds had 75 million 266 thousand shares in total, accounting for 13.8% of the total shares of Wei Ning software, and Huijin company held 25 million 223 thousand and 500 shares, accounting for 4.62% of its total share capital.

Together, they account for 18.42% of their total share capital.

But after the previous stir frying, nowadays, the popularity of Wang's women in the two tier market is far less than before.

Wei Ning software continued its 4 consecutive limit after soaring in August 19th and 20th. In September 2nd, the unit fell 8% on a single day and closed at 26.90 yuan.

Behind the list of listed companies

Apart from the announcement, some listed companies have disclosed their reports in the middle of the way. However, most companies choose to disclose the shareholding of the card companies on the platform of investors' exchange.

In July 24th, Guanghui energy disclosed through the official website investor relations interactive platform. As at July 15th, the certificate company held about 220 million shares of Guanghui energy, all of which were new holdings after June 30, 2015.

Kang Yuan pharmaceutical responded to investor questions on the Shanghai e interactive. It said that as of August 14th, the Central Huijin holding 15 million 233 thousand and 400 shares of the company was listed as the third largest shareholder of the company.

In addition, ten funds, such as Boshi fund, held 4 million 532 thousand and 900 shares of the company through the CSI asset management plan, holding 45 million 329 thousand shares.

Until August 25th, Baosteel's semi annual performance briefing in 2015, the company's chief financial officer and Dong Mizhu Ke bin also revealed that the company did buy a large number of shares in July and August, and the specific circumstances could be concerned about the announcement that the company was about to issue.

"In fact, some companies have very few shareholding companies, but they also follow suit to disclose, no more than want capital to catch up with the company's stock."

The fund managers said frankly that the listed companies would like to disclose the information of the stock certificates in an attempt to influence the market's investment behavior in their stocks. Especially in the weak market, the concept of stock certificates may become a haven for short-term market funds, and indeed some companies have gained a one or two day surge.

In fact, behind the "active speculation" is part of the listed company's own small abacus.

The company's shareholding ratio is only 0.16% of the state-owned shares. In June 5th of this year, the company's controlling shareholder, Sichuan and bang Investment Group Co., Ltd. (hereinafter referred to as "Bang Bang Group"), in June 4, 2015, pledged 53 million shares to Zhongcheng trust for financing. As at the time of the announcement, the group held 537 million 480 thousand shares of restricted stock, and the total number of pledged shares was 500 million 441 thousand and 400 shares, accounting for 93.11%.

In June 4th, the bio share price was 25.47 yuan, which closed at 18.85 yuan before the suspension in August 25th.

The stock closed down in August 18th, and in August 19th it issued a notice of the stock certificate holding company, which rose 6.34% on that day.

The fund manager said frankly that this can be understood why the company's shareholding is even less than 1%, and the state bio is busy disclosing it, which can be answered on the investment exchange platform.

Similarly, the controlling shareholder has a pledge of shares, while the disclosure company has shares in Heilongjiang. Its semi annual report shows that the company's controlling shareholder, Heilongjiang Bao Tai Long Coal Chemical Group Co., Ltd. (hereinafter referred to as Bao Tai Long Group) owns 197 million shares, of which 133 million are pledged and the pledge rate is about 67.51%.

In August 26th, Julong shares issued the certificate of shareholding of the certificate company, which is also the last announcement of the shareholding announcement of the certificate company.

As of August 14th, the company has held 11 million 18 thousand shares of Julong 11 million 18 thousand through the CSI asset management plan of 10 fund companies, accounting for 2%.

In the previous day, Julong shares just disclosed the semi annual report of 2015, and its actual controller Liu Yongquan held 155 million shares, of which 83 million shares were pledged; Liu Yongquan joint shareholders Xinjiang Polytech group limited partnership limited holdings 114 million shares, of which 11 million shares were pledged.

Data show that the stock holding company is less than 5%, while most of the controlling shareholders of active listed companies have equity pledge.

Moreover, the lower the shareholding ratio of the company is, the higher the enthusiasm of the listed company is.

Zhang Yidong said in his research report, "is it a" proactive speculation "or a passive disclosure?

In fact, as the market reappears, the concept of "proof of gold" is gradually cooling down.

Take Mei Yan auspicious as an example, in September 2nd, it ushered in another limit, the stock price closed 5.74 yuan, compared with the previous highest 10.84 yuan has dropped 46.92%.