"Dongcai Tiantuan" Retail Investors Boost Gem Small Market Value Stocks "Carnival" Tianshan Biology, Rectangular Group, Henan Diamond Suspension Verification

On September 8, Tianshan biological Trading Limited again to 34.66 yuan / share, with a turnover rate of 26.06%, and a turnover of 1.536 billion yuan, setting a record of 11 trading limits in 12 trading days. In the past half a month (since August 19), the cumulative increase of Tianshan biological has reached 495%, and the total market value has exceeded 10.848 billion yuan.

Over the past few days, Tianshan biological has been constantly giving risk tips, pointing out that the company's "stock price has seriously deviated from the fundamentals", "lack of performance support", "there is a risk of capital chain tension", "there are reserved opinions that have not been eliminated", "the high pledge of controlling shareholders' shares and the uncertainty of subsequent debt settlement" have not yet resisted the enthusiasm of retail investors.

According to the announcement previously released by the Shenzhen Stock Exchange, Tianshan biological "trading speculation signs are very obvious", "buying mainly by individual investors, with the purchase amount accounting for 97%," small and medium-sized investors with stock market value less than 3 million yuan are the core main force, and the purchase amount accounts for nearly 70%.

This is not an example. In recent days, the trend of "stir fry and stir fry bad" on the gem has risen again. According to the statistics of 21st century economic report, in addition to Qianshan Pharmaceutical Machinery Co., Ltd., which is about to be delisted, the top 30 stocks with the lowest share price on the gem have all risen in the past two days. Among them, Jianrui Huaneng, Dongfang Electric heating, Jinke culture and other stocks have gone straight to the limit without warning. Some, such as long group, Yu diamond, Jian Rui Wo Neng, etc., have risen more than 100% since August 24.

That night, under the strong concern of the regulatory authorities, Tianshan biological, rectangular group and Henan diamond, which had skyrocketed in the early stage, announced in succession that the company's shares would be suspended for verification from the opening of the market on September 9.

In recent days, the trend of "stir frying and bad speculation" on the gem has risen again. -IC photo

"Small fortune" speculation

On September 8, the turnover of gem reached 337.5 billion yuan, exceeding the turnover of Shanghai Stock Exchange A shares for the first time. The downturn of the main board is in sharp contrast to the boom of the gem. The main board of large cap stocks into the adjustment, and low-priced stocks in the gem under the boom ushered in speculation.

On the same day, 24 GEM companies were trading, and these enterprises were small and medium-sized stocks, and most of them had high valuations and performance losses.

"The main board weight stock callback essential reason is to rise too much, profit reduction triggered a chain reaction, resulting in a substantial adjustment, but the fundamentals did not have obvious negative. At the same time, the "siphon effect" of the market is obvious, with funds pouring into the low-cost gem and holding group theme stocks. Other sectors have made significant adjustments due to capital flight. The gem has completed 337.4 billion yuan and the Shanghai Stock Exchange has traded 320.2 billion yuan. In view of the fact that the fundamentals have not changed significantly, this adjustment is also temporary, and the speculation of nonsense will not last long. " Chunshi capital business partner Yang Ruyi pointed out to the 21st century economic reporter.

What is worth noting is that the 21st century economic reporter research found that the reason behind the boom in speculation on the gem is that retail investors or the driving force among them.

Take Tianshan biology, which is the most popular, as an example. Since the middle and late August, the top five trading seats of Tianshan biology have all been Sales Department seats. The after hours data on September 8 showed that the "old hot money" Guotai Junan Nanjing South Road business department bought nearly 30 million yuan. In addition, Dongcai Lhasa Tuanjie road second business department and Dongcai Lhasa East Ring Road second camp, which are known as retail concentration camp, are also included The business department (hereinafter referred to as "Dongcai tiantuan") purchased 48.41 million yuan and sold 54.4 million yuan.

It is worth mentioning that the retail investors of "Dongcai tiantuan" or the important promoter of this "speculation in small" craze have frequently appeared in the hot "small and medium market value stocks" Dragon Tiger list recently.

In addition to "buying and selling" Tianshan biological products for several consecutive days, on September 8 alone, the number of stocks listed on the dragon and tiger list by the second business department of Dongfang fortune Lhasa Tuanjie road reached as many as 37, involving many demon stocks such as Jianrui Huaneng, Tianhai defense, long group, LianJian optoelectronics, and eashit.

"In the short term, the proportion of retail investors in the A-share market is relatively high, and it is relatively lack of professionalism, which is easy to be induced by the short-term trend. Therefore, some low-priced stocks have been hyped, which to a certain extent encourages the speculation in the market: before, due to the relatively poor fundamentals of some GEM stocks, they have fallen into RMB 1 and RMB 2 shares; however, as of the closing of September 8, the basic gem was listed The share price of the company has exceeded 4 yuan. " Star Stone Investment chief research official Lei said in an interview.

Speculation attracts regulatory attention

With the four waves of speculation, the 21st century economic reporter learned that at present, the regulatory authorities have paid attention to this phenomenon and have taken a series of measures.

As early as September 3, the Shenzhen Stock Exchange listed Tianshan biological as a key stock to monitor transactions. At the same time, it reminds investors that they should enhance risk awareness, participate in trading rationally and in compliance with regulations, avoid blindly following the trend of speculation, and avoid the psychology of opportunistic speculation.

In the near future, the trading of Longshan group will be suspended from September due to the abnormal trading of Longshan group since September.

In addition, with the reform of the gem and the implementation of the pilot registration system, the first batch of stocks that triggered st were officially "capped" and ushered in the first show. On the evening of September 7, lucky new materials and Tianlong optoelectronics announced that due to "the company's production and operation activities have been seriously affected and are expected to not return to normal within three months", the two stocks will be subject to other risk warnings from September 12, becoming the first GEM stocks to trigger St.

According to Shenzhen Stock Exchange gem stock listing rules (revised in 2020), if the delisting risk warning is implemented in the stock trading of listed companies, the word "* ST" shall be prefixed before the stock abbreviation; if other risk warnings are implemented, the word "ST" shall be prefixed before the stock abbreviation to distinguish it from other stocks. However, different from that of the main board stocks adjusted from 10% to 5% after risk warning, the rise and fall limit ratio of GEM stocks was still 20%.

On the first day of being st, Tianlong optoelectronics and lucky new materials fell by more than 10% in the morning, but then fluctuated upward. The 20% limit expected by the market has not yet appeared. By the end of the day, the two stocks fell by 4.10% and 9.15% respectively.

"At present, the core regulatory logic of the regulators lies in further improving the basic system of the capital market, respecting the internal operation rules of the market, and not exerting too much intervention in the market transaction itself. Therefore, the fundamental focus of St related policies launched by the regulatory authorities is to improve the basic system of the capital market, not just to curb the phenomenon of speculation Gong Xiaolin, executive secretary of Zhejiang Association of mergers and acquisitions.

At the same time, Gong Xiaolin added: "on the other hand, one of the fundamental purposes of improving the basic system of the capital market is to promote the healthy development of the capital market. Excessive and irrational stock price fluctuation is unfavorable to the healthy development of capital market. We should strengthen investor education and other ways to improve investors' risk awareness and curb irrational speculation. "

(and) whether the implementation of the strict policy can still keep pace with the normal situation of speculation in the near future, it depends on whether the implementation of the policy can still keep pace with the normal state of speculation All right. " Yang Ruyi said.

"This time, the regulatory authorities quickly implemented st on some stocks with poor fundamentals for risk warning, which can indeed restrain speculation in the market to a certain extent; however, in the short term, the impact may be limited, and we expect that relevant regulatory measures may be introduced in the future." Fang Lei also pointed out.

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