Gem "Eliminate Low Price Stocks" Market: A Switch Between Sadness And Joy With The Suspension Of Leading Stocks As The Boundary

After the gem limit was changed to 20%, the mood of small market value stocks, which had been suppressed for four years, was suddenly ignited, ushering in wave after wave of top grid limits. However, under the premise of no obvious change in the fundamentals, the speculation of "low price stocks" is going to die out.

On September 10, the panic stampede of the existing stocks of gem reached the extreme. In the whole day, there were about 50 stocks with the top limit of about 20%, and there was only one security control technology (300370. SZ) on the previous trading day, and zero on the previous trading day.

Reflecting the position profit and loss level, security control technology investors in just two trading days, there are nearly 36% of the withdrawal or floating loss. Such a high killing efficiency, A-share market is rare.

On September 9, Tianshan biological (300313. SZ) and other gem three leading groups suspended trading, taking this as the boundary, the gem trend changed instantly.

On the day of the suspension of Tianshan biological trading, the gem began to decline, until September 10, the top grid stop stocks expanded again, and the periodic killing reached a climax.

At this point, continued about half a month of "low price shares" Carnival market officially concluded.

Speculation of "low price stocks"

Although it is called "low price stock", it is not limited to low stock price, but also has the characteristics of low market value and concentration on GEM.

In the process of pulling up and rising since late August, Tianshan biology is the undisputed leader.

The company's trading trip started on August 19 at the earliest. At the early stage of its rise, all parties in the market were in a confused state, and even were looking for basic support such as beef price rise for the company.

It was not until the Shenzhen Stock Exchange announced the proportion of investors' trading during the recent pull-up period that the market suddenly woke up. It was nothing more than a hype in the secondary market for stocks with low price and low market value.

There is an important background, that is, after the Shanghai and Shenzhen stock markets failed to hit the July high in mid August and the liquidity margin weakened, the original non banking, consumer and cyclical industries lost the basis for continuous valuation repair, so market funds including hot money focused on low-priced stocks.

On August 24, the registration system of the growth enterprise market was opened, and the growth and decline of the old stocks on the gem expanded from 10% to 20%. Subsequently, the secondary market expanded the scope of speculation on the gem, and other old GEM stocks started successively during this period.

On August 25, Yu diamond (300064. SZ) went up and down; on August 28, Tianshan biological Co., Ltd., the "general leader", temporarily suspended for the first time, and Tianhai defense (300008. SZ) peaked on the same day; on August 31, yinbang stock (300337. SZ) went up and the stock price started; on September 2, Tianshan Shengwu resumed trading, and on the same day, rectangular group (300301. SZ) started.

The five companies listed above as cases are among the top five in the growth enterprise market since late August, and their stock price trend is the most important wind vane in the secondary market.

And in the Tianshan biological and other leading stocks of the demonstration, gem speculation atmosphere rapidly warming.

After excluding the new shares listed in the year, from August 20 to 31, the average growth rate of GEM stocks was 6.34%. From September 1 to 8, this number has risen to 9.7%, while the overall average growth rate of a shares in the same period is 0.87%. The growth enterprise market (GEM) stocks show a very obvious accelerated growth characteristics.

Further comparison of the data shows that the GEM stocks with small market value and low stock price have become the absolute focus of fund speculation.

According to statistics, taking August 20 as the node, the average increase of 16 stocks whose stock price was less than 3 yuan was 84.6% from August 20 to September 8. From the perspective of market value, the average growth rate of GEM stocks whose market value is less than 2 billion yuan was 28.33%.

The statistical data of the two dimensions were significantly higher than the 17.3% increase of GEM stocks in the same period.

What needs to be pointed out is that the same low-priced stocks below 3 yuan have not been stir fried on the gem in Shenzhen main board, Shanghai Stock Exchange main board and even the small and medium-sized board where small cap stocks are concentrated.

During the above-mentioned statistical period, the average growth rate of stocks whose stock prices are lower than 3 yuan on the main board of Shanghai and Shenzhen stock exchange is only 1.83%, 0.78% and 3.98%.

Statistics also show that during the period from August 20 to September 8, GEM stocks ranked the top 38 in the A-share growth list.

The rise of this wave of gem low-priced stocks as carnival, obviously not too much.

Gem's "sudden brake"

As before, there will be blood after speculation.

On the evening of September 8, the turning point of this round of gem Carnival market came, and Tianshan biological, rectangular group and Henan diamond group collectively issued a suspension notice.

The basis of suspension is slightly different.

The reason for rectangular group's suspension of trading is article 8.1.2 of Shenzhen Stock Exchange GEM Listing Rules (revised in 2020), "if there are serious abnormal fluctuations in the stock trading of listed companies, and after verification by the company, there are no major matters that should not be disclosed and no reasonable explanation can be given to the reasons for the abnormal fluctuations, the exchange can make an announcement to the market, prompt the risk of stock trading, and take the actual situation as the case may be Special suspension. "

Yu diamond quoted article 4.3 of Shenzhen Stock Exchange's gem trading special provisions, which stipulates that "abnormal fluctuation in the same direction as specified in Article 4.2 (the deviation value of daily closing price rise and fall reaches ± 30% in three consecutive trading days) occurs for three times within 10 consecutive trading days", and the company suspended trading due to verification.

In contrast, Tianshan biological is the second suspension verification. In the three "leading big brother" suspension verification, gem speculation quickly cooled down, until the evolution of September 10, the top limit of 50 shares.

The changes at the data level are most intuitive.

On September 8, there were 24 top grid stocks on the gem, and none of the top grid stocks. The largest drop was 12.6% of Canaan intelligent (300880. SZ);

On September 9, the trading limit of Dingge was reduced to 12 stocks, and only one security control technology company was involved in the trading of Dingge;

On September 10, the top grid trading limit was further reduced to 3 stocks, and the top grid down limit was rapidly expanded to 50 stocks. About 40% of GEM stocks fell by more than 10% in the whole day.

So far, the carnival market of gem, which lasted about half a month, came to an end.

When we resume the current round of market, we will find that it is affected by multiple objective factors, such as liquidity, plate rotation, gem price adjustment and so on, which eventually leads to the strengthening of speculation logic and even the joking saying of "eliminating low price stocks".

In the view of some market participants, the necessity of suspending trading of leading stocks such as Tianshan biology is open to discussion, and the market problem is ultimately to be solved by the market itself.

"Whether it is divorced from the fundamentals or not, when the stock price continues to rise, the market will adjust spontaneously. For example, after the continuous rise of rectangular group, more than 5% shareholders of the company began to reduce their holdings. After seeing this signal, how will the push up funds respond? " An unnamed general manager of private placement agencies said.

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