The Resumption Of Trading Of The Three "Demon Stocks" On The Gem Was Also Hot Speculation By Retail Investors. Nearly 40% Of Tianshan Biological Products Paid Less Than 40000 Yuan

Gem three "demon stocks" resumed trading.

On September 22, the three "demon stocks" of the gem, Tianshan biology, Henan diamond, and long group jointly resumed trading after two weeks of suspension and verification.

Prior to that, after the implementation of the pilot registration system reform on the growth enterprise market and the relaxation of the market rise and fall to 20%, the three stocks had a huge rise in the short term. Among them, Tianshan biological 12 days 11 board, August 19 to September 8, the closing price of the cumulative rise of 494.51%, the cumulative turnover rate of 283.71%; Yu diamond started to rise on August 21, 13 trading days rose 187%; long group from September 2, continuous 6 days of trading limit, cumulative increase of 163%.

The abnormal trend of the three companies has aroused great concern of the regulatory authorities. The night before the resumption of trading, the CSRC announced that, in the near future, the stock prices of "Tianshan bio" and other short-term abnormal fluctuations had been registered and investigated by the CSRC.

After the resumption of trading on September 22, Tianshan biology, Henan diamond and rectangular group closed their trading limit. However, less than an hour after trading in the morning, the three stocks opened the limit board one after another under the leverage of funds. Among them, Yu diamond touched the limit board for many times 20 minutes before closing, and finally closed at 7.18 yuan / share, up 8.13%, with a day-to-day amplitude of 40.06%, a turnover of 1.464 billion yuan and a turnover rate of 35.47%.

Although Tianshan biological group and long group opened the limit early, after experiencing a huge shock, they both ran back to the limit at the end of the day, with turnover of 1.54 billion yuan and 1.715 billion yuan respectively, with turnover rates of 29.19% and 39.14% respectively.

More than three become small bills

At the beginning of September, along with the heavy regulatory crackdown and the suspension of the three demon stocks, speculation on the gem has cooled down. However, with the opening of the three demon stocks, it is not difficult to detect that some of the hyped funds are "rising" again.

Take the early trading trend of Tianshan biology as an example. The stock closed its limit at the beginning of trading, but it suddenly rose sharply at 10:11. According to incomplete statistics of 21st century economic report reporter, there were 25 small bills of less than 1000 hands from 10:09 to 11:00.

The wind data also shows that 38% of the main purchase funds of Tianshan bio came from "small orders" (i.e. transactions with a single transaction of less than 40000 yuan). The net purchase amount of small orders was as high as 703 million yuan, accounting for 45.65% of the total transaction amount of that day. However, super large orders (single transactions with a single transaction of more than 1 million yuan) and large orders (transactions with a single transaction of more than 100000 yuan and less than 1 million yuan) were purchased The net sales were 527 million yuan and 105 million yuan respectively.

The same situation also appeared in the transaction of Henan diamond and rectangular group. Among the main inflow funds of rectangular group, "small single" accounted for 33%, and the net purchase amount of small single was 431 million yuan; among the main purchase funds of Henan diamond, 30% were small orders, and the net purchase amount was 168 million yuan.

This is consistent with the previous monitoring results of the Shenzhen Stock Exchange. According to analysis, "Tianshan biological" on September 2 after the resumption of trading, the stock price rose sharply, the trading volume was obvious, and the short-term fund relay speculation characteristics were prominent.

First, individual investors are the main buyers, accounting for more than 97% of the total purchase amount. Second, there are many trading accounts and the average transaction amount is small. On September 8, the average transaction amount was 41000 yuan, and the number of participants was 55200, which was 13.46 times that of 4100 households on August 19. Third, the number of shareholders increased significantly, and the concentration of shares decreased significantly. The number of shareholders increased from 13800 on August 19 to 48900 on September 7. The number of shares held per household decreased from 23200 shares to 6400 shares, and the shareholding ratio of the top 100 current shareholders (excluding the top two circulating shareholders) decreased from 9.86% to 6.64%. Fourth, from the trading habits of top buying accounts, the average holding time is short, mostly 1-3 days, and the short-term trading characteristics are obvious.

It is worth mentioning that the Shenzhen Stock Exchange has also found that some transactions may be suspected of new stock price manipulation. The Shenzhen Stock Exchange said it would take strict regulatory measures on relevant investors, comprehensively investigate the trading situation, and report abnormal trading clues to the inspection department as soon as possible.

Three "demon stocks" risk tips

It is worth mentioning that on the other side of irrational fund speculation, three "demon stocks" have just released the verification results, and have repeatedly prompted risks.

Tianshan biological pointed out that the income in the latest year and the first period was mainly from cattle trading business, with a low gross profit margin. In 2019, the company realized an operating income of 229.057 million yuan, and the net profit attributable to shareholders of the listed company was - 60.791 million yuan. In the income structure of that year, the income of breeding livestock business was 162.719 million yuan, accounting for 71.05% of the income, and the gross profit of the business was 4.66%. From January to June 2020, the company realized an operating income of 110.1636 million yuan, and the net profit attributable to shareholders of the listed company was -7.6479 million yuan. The income also mainly came from the cattle trading business with low gross profit, and the gross profit rate of the business was 1.41%. In 2015 and 2016, the company tried the whole industry chain model to implement beef cattle related business, but failed.

At present, Tianshan biological is also faced with litigation disputes, the Securities Regulatory Commission filing investigation, capital chain tension and other risks. However, as of the date of 2020, the company's balance of short-term loans was only RMB 1.988 million, and the balance of short-term loans was only RMB 1.988 million as of the date of 2020, and the balance of long-term loans was only RMB 1.898 million.

In addition, due to the fact that the contract fraud of the company has not been settled, the audit accountants of Tianshan biology's 2019 annual report are still unable to obtain sufficient and appropriate audit evidence on the company's control over elephant Advertising Co., Ltd. and the related presentation and processing, and can not determine whether it is necessary to adjust these amounts. Therefore, they have formed a reservation on the company's 2019 annual audit report, which should be reserved at present The matter of opinion has not been eliminated.

Yu diamond's predicament is the same as Tianshan biological. The company also faces the risks of loss of operating performance, entangled in lawsuits, unresolved matters with reserved opinions, major uncertainty of sustainable operation ability, being filed for investigation by China Securities Regulatory Commission, and may be subject to other risk warnings.

Compared with the same period of the previous year, the company's net loss of 54357 million yuan in the same period of the previous year was 54357 million yuan, a decrease of 54397 million yuan compared with the same period of the previous year. Up to now, Henan diamond has involved 62 litigation / arbitration cases, with a total amount of about 4.694 billion yuan. Among the cases, 31 cases have been adjudicated to be effective, with a litigation amount of 1.766 billion yuan. Due to litigation matters, the court has executed the deduction of company assets, resulting in litigation loss of 339 million yuan.

Recently, Yu also pointed out that "the third generation diamond company is concerned about the concept of diamond. For the time being, the company has no business related to the third generation semiconductor, and has not contributed revenue and profit due to the third generation semiconductor materials. "

The operating risk of rectangular group can not be underestimated. Affected by the epidemic situation, the company realized a total revenue of 556 million yuan in the first half of 2020, a decrease of 31.94% compared with the same period of last year. The net profit attributable to shareholders of listed companies was - 33.753 million yuan, a decrease of 182.44% compared with the same period of last year.

Yang Chunsheng, the director of the stock market and the executive director of the stock market, pointed out that all the people who were in charge of the stock market and participated in the stock market were very active. With the deepening of registration system and the increase of stock supply, the final rise of stock price still needs the support of performance. In the early stage, the scientific and Technological Innovation Board will gradually stabilize in the future

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