July A Shares Ushered In The Lifting Of The Ban Peak 24 Stocks, 170 Billion 300 Million Shares Of The Market Value Of The Stock Market Deregulation

In July, A shares welcomed the peak of the lifting of the ban. The total market value of the lifting of the ban amounted to 496 billion 600 million yuan (the market value of the lifting of the ban was calculated on the closing price of the stock in June 30th), after 551 billion yuan in January.

Specifically, a total of 144 stocks have been lifted, including 53 main boards, 33 scientific creation boards, 24 small and medium-sized boards, and 34 gem. Industry, mainly in information technology, industry, materials and consumer sectors.

Among them, what the market is concerned about is that it will run for a year, and the first batch, the institutional placement and the strategic placement of the first group will be concentrated. Among the first 25 listed companies in the stock market, except for Hua Xingyuan, there was no lifting of the ban, and the remaining 24 had a total market value of about 170 billion 300 million yuan.

In January this year, the science and technology board had ushered in a wave of lifting the ban, but due to its small size, it had limited market impact. The lifting of the ban for one year is relatively large.

As a matter of fact, most of the reduction of the share breaking of the science and technology board must comply with the regulations of "slow moving reduction", and two types of shareholders need to be disclosed in advance. According to preliminary estimates, the upper limit of the reduction of holding prices in the 90 trading days is about 750-800 billion.

"The pressure of lifting the ban is relatively large this month, but lifting the ban is not the decisive factor affecting the stock price. The lifting of the ban is more psychological pressure on investors, which may cause some short-term pressure on stock prices doubled, which is also the result of market selection. At that time, if there is an adjustment, it will be an opportunity to intervene in high-quality assets. In July 1st, a senior investment bank correspondent told reporters.

496 billion 600 million the lifting of the ban is coming.

Throughout the year, January is the peak period for the lifting of A shares. The market value of the lifting of the ban is 551 billion yuan, and the market value of the lifting of the ban of 496 billion 600 million yuan in July is higher than that of the whole year. The third place was December, and the market value of lifting the ban was 481 billion 500 million yuan.

From the perspective of industry distribution, more stocks were lifted in this month than in the industry (divided by Wind industry), 44, followed by the information technology industry, 36, and the material industry 22.

In order to lift the market value of the ban, the biggest lifting of the ban in July is the big board of the pharmaceutical industry listed on the main board. When the company went public for three years, the initial shareholder restricted shares were lifted, lifting the market value of about 42 billion 550 million yuan.

Ranked second and third respectively are the micro and micro companies and the rising technology. The market value of lifting the ban is 42 billion 540 million yuan and 34 billion 680 million yuan respectively. The two companies are also the top three companies in the market.

Judging from the number of lifted shares, the top three are Jiaxing new energy, Huadian International and Hongta securities. The number of lifting the ban is 1 billion 430 million shares, 1 billion 150 million shares and 1 billion 110 million shares respectively. The fifth is China's total number and the number of lifting the ban is 720 million shares. This is also the largest company in the company.

Looking at the lifting of the ban on science and technology, 24 of the 33 banned shares in the science and technology board, 24 are the first listed companies. The total market value of the lifting of the ban is 170 billion 300 million yuan, which is about 2.4 times the current market value of the 24 stocks. According to the source of stock ownership, the shares before IPO were 163 billion 300 million yuan (Dong Jiangao, shareholders holding more than 5% shares, shareholders below 5%) were 2 billion 800 million yuan, 31 billion 500 million yuan, 129 billion yuan respectively, and the initial strategic investors were 7 billion yuan.

In addition, there will be a 6 month lock up period for the sale of shares under the net sale. For example, zhe pharmaceutical, excellent carving, eight hundred million time and space, Xingtu Xinke and tbao Bao biology, but this part of the lifting of the ban is small, with a total market value of about 900 million.

It is worth mentioning that the lifting of the ban on the 33 science and Technology Board companies rose significantly, the relevant institutions and shares of the East float quite well. This has led many market participants to judge that the willingness to reduce the organization is stronger.

According to the twenty-first Century economic report reporter statistics, the average price of the 33 companies increased by 196.7% over the issue price. Among them, Anji technology increased by 881% relative to the issue price, and the cumulative growth of special bio, medium and micro companies and Xin Mai medical care was over 600%.

At the closing price of July 1st, the maximum profit of the listed companies in the current round of lifting the ban on the restricted shares was 38 billion 350 million yuan, followed by the technology of LAN Qi, with a floating profit of 25 billion 660 million yuan and a 14 billion 670 million yuan surplus of Hong Kong soft technology.

Judging from past experience, lifting the ban is not directly related to stock price performance. However, due to the larger market value of the lifting of the ban, the market is bound to generate concerns about some shareholders' cash out.

A market analyst believes that the specific reduction and stock price movements need to be judged by multiple factors. "One by one analysis of the current round of lifting the ban on the science and technology board stock, the first is a large number of stocks due to the lifting of the ban is relatively large, relatively low mobility, market recognition is not high, a number of factors, there is a greater pressure to reduce. Two, although some stocks have large scale reduction and relatively low liquidity, they also have certain market concerns and there is a certain pressure of adjustment. Three, a small number of stocks are relatively high because of the relatively high proportion of tradable shares held by institutions, and the relative pressure of releasing shares is relatively small.

Incremental capital market expectations

To assess the impact of the lifting of the ban on Ke Chuang Chuang, we can take a look at the situation of the first half of the year's first sale of the limited companies in January. Viewed from the lifting of the ban, most of the shareholders had a strong desire to cash in, but because the fundamentals were better, the scale was smaller and the impact was limited.

Data show that on the day of the lifting of the ban, the stock price of 25 science and Innovation Board companies rose by 2.25% on average, followed by technology stocks after the Spring Festival. In the first trading day after the Spring Festival in February 3rd, the board hit a sharp decline of 14%, a sharp rebound of 12% on the second day, a 4% rise in third days, and a full recovery within two days, and then continued to rise, the highest being 34% higher than that in February 3rd.

It has to be noted that, compared to this, the scale of the ban on the creation of the board has increased, and the pressure on individual stocks has increased sharply.

The market participants warned, "if the lifting of the ban will result in a larger scale of sales, it will affect the imbalance of the board. According to the company's profitability and future development expectations, investors should pay special attention to the differentiation of the 24 companies."

The aforementioned investment bankers also pointed out that differentiation is an important feature of the science and technology board in the second half of the year. "At that time, the board will usher in a significant valuation differentiation, good will continue to rise, poor texture valuation will come down, the market will make their own choice. This is not a bad thing. After the stock is fully mobile, it is a good time for strategic investors to intervene. "

Shen Wan Hongyuan strategic group pointed out that the recent 50 index of the science and technology board launched the index conditions for the creation of the ETF fund of the science and technology board. The ETF fund of the future board is expected to bring incremental capital to the market. In addition, the surgical creative board theme fund may also undertake the lifting of the ban shares through bulk trading or non-public transfer, and the arrangement of the science and technology plate transfer system will also help reduce the reduction of the science and technology board. The impact of the two tier market.

Reporters learned that the data of the science and technology board fund is hot, and the potential incremental capital is larger. According to incomplete statistics, at present, more than 30 public offering funds of the science and technology board are listed and listed, involving about 25 billion yuan of funds. There are more than one public offering fund being issued through examination and approval, and more than 60 funds that are mainly invested in science and technology board are required to be examined and approved.

"If the science and technology board has a big drop in the short term, the bottom line will be stronger." Market analysts said.

In addition to the expected entry of incremental capital, the constraint of the way of reduction is also expected to ease the pressure of the lifting of the ban.

In order to maintain the stability of the company, the more stringent rules of stock sale and reduction are applied to the company, especially for the founders, core technicians and unprofitable companies.

For example, according to the rules of Kechuang board listing, the shares held by controlling shareholders and real controllers of Kechuang board company need to be locked for 3 years. The core technical personnel shall not reduce their initial shares within 1 years after listing and 6 months after leaving office. After the expiration of 1 years' lock up period, the annual pre reduction shares should not exceed 25% of the initial shares held at the time of listing. The unprofitable science and Technology Board will face more stringent reduction rules. Its directors, supervisors and core technical personnel and shareholders who have increased capital and shares in the first 12 months of the market will face a 3 year lock up period.

At the same time, the majority of the lifting of the ban shares should comply with the "slow walk reduction" provisions, and two types of shareholders need to pre disclosure. Large shareholders and directors and supervisors will only be able to reduce their holdings 15 days after the announcement of the reduction. At the same time, the former shareholders who hold less than 5% of the initial shareholders will be required to comply with the "90 days' reduction of shares and no more than 1% of the total share capital". However, there is no pre disclosure requirement for such reduction.

?