Many High Position Stocks Are Collectively Reduced By Technology Stocks. Is The Carnival True Or Bubble Peaked?

After the Spring Festival, the A share market is constantly hot, and the themes such as medicine, masks, Tesla concepts and so on are frequent. However, no matter how hot spots are switched, technology stocks are "eternal kings", and relevant plates and stocks are constantly refreshing records, "deep work and fame".

In the wake of market sentiment, many high tech stocks were quietly released in the evening of February 18th. Crystal Fang technology, Suzhou solid technetium, aura new network, Shanghai Xin Yang coincide to announce the reduction.

Reduction has always been the touchstone of stock prices. In February 19th, these stocks fell unsuspense, closing down 3.6%, 9.3%, 6.7% and 1.69% respectively. Despite the decline, the reduction plan did not seem to scare investors away. Crystal Fang technology and Shanghai Xinyang intraday rose even once. Overall, the semiconductor sector is still strong, with more than one stock trading.

On the one hand, the stock price of science and technology stocks is constantly increasing, while shareholders are quietly showing cash, but the surging capital is continuing to flow. At the end of 2019, the take-off of the technology stock was still in sight, and the worries about its valuation bubble had loomed. Recently, the other US stocks on the other side of the oceans began to talk about the technological bubble of the millennium.

Is the current situation of A shares different?

Reduction in attack

In February 18th, the Shanghai Stock Index shook sideways, and most of the plate stocks fell sharply, and sentiment in the market cooled somewhat. But technology stocks are still strong. In the concept plate, the upstream materials stocks such as photoresist and target materials are strong, and Shanghai's Xinyang, Yung Tai, and Jing Fang technologies are trading stocks.

Take Shanghai Xinyang and Jing Fang technology as an example, the closing price of that day is 65.71 yuan and 114.95 yuan respectively, approaching the peak value of stock price since their listing.

However, when the market is soaring, on the evening of 18, 4 technology stocks issued a notice of reduction, which poured cold water on the market.

Crystal Fang technology announced that shareholders OmnivisionHolding (HongKong) CompanyLimited (hereinafter referred to as "OV-HK")) intends to reduce shares of not more than 2 million 940 thousand shares, not more than 1.28% of the total share capital of the company. The above shares are all shares held by OV-HK, and this reduction is a liquidation of shareholders, which is due to "enterprise's own capital needs".

Public information shows that crystal technology as a semiconductor packaging production service provider, OV-HK, Howe Holdings (Hongkong) Co., Ltd. is an important shareholder in the East. The shareholder is the world's largest subsidiary of CMOS imaging sensor supplier OmniVision set up in Hongkong. Its main business is foreign equity investment. At the beginning of its listing, it was the third largest shareholder of Jing Fang technology.

Jing Fang technology was listed on the Shanghai Stock Exchange in 2014 and the issue price was 19.16 yuan. OV-HK holdings of shares from the initial public offering of shares held before, according to the reduction of the stock price announcement date, OV-HK intends to reduce the stock market value of 340 million yuan, floating up to 280 million yuan.

Shanghai Xinyang's reduction plan also comes from important shareholders. The amount of reduction is equivalent to that of Jing Fang technology. Shareholders holding more than 5% of shareholders, Shanghai Xinke, chairman Wang Fuxiang and senior vice general manager Shao Jianmin, have reduced the total amount of 3 million 30 thousand shares, all of which are their own capital needs, and their total market capitalization is about 200 million yuan.

Coincidentally, Suzhou solid technetium and halo new network also issued a reduction plan. The former controlling shareholder Suzhou Tong Bo intends to reduce shares of the company no more than 21 million 840 thousand shares, because of their own capital needs. The latter's controlling shareholder, Baihui and its 4 concerted persons, intends to reduce their holdings to no more than 30 million 860 thousand shares. Among them, the funds earned from the reduction of Baihui will be used to return the pledge loan, reduce the proportion of stock pledge, and at the same time part of it will be used to supplement the liquidity of the enterprise, and the other four are for personal capital needs.

Since the beginning of this year, the growth rate of Suzhou solid technetium and aura new network is less than the previous two stocks, but it is also quite impressive. The cumulative increase is 18.6% and 25.6% respectively, and the shareholders' cash amount is 340 million yuan and 830 million yuan respectively.

From the above reduction situation, this shareholder's cash in time is in the recent high stock price, and the shareholder's bag is safe and strong.

However, the reasons for the reduction of controlling shareholder of the new ring network show that shareholder liquidity is partly to supplement corporate liquidity.

In February 19th, a semiconductor industry pointed out that "at present, the reduction is still dominated by industrial capital. Many enterprises and large shareholders need to obtain capital from the stock market. The guidance of the state is to support the real economy and supplement their liquidity, so it is a good way to import real assets through the stock market. The current situation of reduction is not very prominent, and has little effect on market sentiment. "

Will the carnival continue?

In the second half of 2019, the carnival of technology stocks began in the second half of the year, and the slogan of domestic substitution was A shares. A typical example, such as Zhuo Sheng Wei, has been on the market for 8 months, and its share price has risen from 35.29 yuan to 520 yuan. Strong stocks have emerged one after another. Crystal Fang technology and Shanghai Xinyang are the rookie of the year. The cumulative increase is as high as 181.4% and 133.5%. China's Micro company and Shenzhen Konka A also gained more than 100%.

The strong performance of technology stocks is inseparable from the backpacking recommendation of the underlying institutions. Recent strategy research reports show that technology stocks are almost the recommended sector. In particular, under the policy of refinancing rules and the central bank's policy of reducing MLF interest rates, small and medium capitalization technology growth companies are considered to have opportunities.

Haitong strategy research report pointed out that 5G is expected to trigger a new round of technology cycles, computers, media, new energy industry chain and other sectors will continue to show; Guotai Junan believes that you can continue to focus on consumer electronics, chips, 5G, new energy vehicles and other high-tech faucets.

In the past two days, in the context of the market turmoil, the hot topics of a brokerage exchange group in twenty-first Century were returned to technology stocks, and millet, apple and HUAWEI industrial chain stocks were recommended by investors.

Of course, worries also follow. From the perspective of price earnings ratio, some stocks have been "against the sky", such as weir shares and Chang Chuan technology earnings ratio is as high as 5940 or 1954 times, and the stock market profit rates of China and micro companies, run technology and Beijing Jun are hundreds of times. Some investors said in the group, "is the valuation too high? Dare not buy. "

A private person thinks, "the valuation of consumer electronics is suitable for PE index, but for high growth semiconductor, cloud computing and other companies, the price earnings ratio PE may not be accurate, because the relevant industry is still in the stage of investment. The high PE reflects to some extent that the market is optimistic about its development prospects and gives the valuation premium."

The person frankly said that the industry did not dare to say that there was no bubble, but the whole trend was upward. Although the static valuation was relatively high, it was reasonable. At least from now on, it is not yet at the end, there may be a certain concussion, but it is in the first half of the upward cycle of technology stocks.

And last year, the reason for the rise of technology stocks is that the market is a result of a variety of resultant forces, the market will continue.

"The epidemic has a greater impact on consumption and transportation. The original bodies of these sectors are deeply involved, so in the short term, there will be some adjustment of warehouses, and there will be a trend towards TMT industry. In addition, the MLF interest rate has been lowered, releasing liquidity and adding more technology funds to the TMT industry. An electronic industry analyst said in an interview.

"If the main logic of last year's rise is the big cycle of the rise of technology stocks, the rise of valuation is the joint action of" big cycle + policy + liquidity ". To put it plainly, liquidity has become better and money has changed. Next year or so, the trend of liquidity will not change. The analyst said. (Editor: Wu Yan Ling)

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