The data shows that there are 40 shares of the controlling shareholders full of pledges, in the case of continued weakness of the market, we should be wary of these full pledge of major shareholders through forced liquidation in disguise, it seems that they have no choice but to liquidate, but in fact they bypass the new regulations to achieve disguised cash-out.
The management has further clarified the norms for the behavior of major shareholders, and put a tight shackle on major shareholders. However, when the market is weak, it is necessary to guard against a very small number of major shareholders from thinking crookedly. For example, some major shareholders pledge all their shares, and deliberately do not add collateral when the stock price is close to the liquidation line, and let the brokerage firm liquidate the shares, so that the major shareholders have actually completed the disguised bypassing of all the ** regulations, and there is no need to explain the use of funds. On the surface, these major shareholders are also helpless, but in fact, they have fulfilled their wishes.
For shareholders who have a full pledge or a high proportion of pledges, they may not think about redeeming ** from the beginning of the pledge. If the major shareholder in the stock price of 20 yuan, according to the 10 yuan of the high proportion of pledge out to obtain financing, in the consciousness of the major shareholder, the listed company and themselves have little to do with it, if you can take more value from the listed company, it doesn't matter, in short, it is difficult for them to operate the company with their hearts, and the performance of such listed companies will generally not be good. With the decline in performance, the stock price will be close to 10 yuan with a high probability, at this time the brokerage will require the major shareholders to add collateral, the major shareholders either say no money, or ignore it, just wait for the brokerage liquidation, anyway, the 10 yuan per share has been taken away, and the liquidation will be completed, although such behavior is legal and compliant from the current trading rules, but it will cause great harm to investors and the secondary market.
Imagine, once the major shareholder's shareholding is liquidated, what will happen to the stock price? If the liquidity of the underlying is not good, the brokerage's liquidation order will be closed to the fall limit, it is difficult for investors to cut the meat out of the game at the first time, if the stock price ** and then trigger financing to buy orders and other investors to follow the liquidation, it will cause a greater stock price collapse, and finally the stock price will be a chicken feather, ** investors will lose a lot.
From the perspective of the development of listed companies, because the major shareholders have long not put the company's performance in mind, the performance is difficult to have a good opportunity, considering that the current asset restructuring is not easy, such a company is also difficult to attract new major shareholders to enter the reorganization, and it is difficult to attract the market makers to enter the bank, and the probability of becoming a zombie stock is not even ruled out.
Investors must be careful of the high proportion of major shareholders pledged **, such a company is even worse than ST**, after all, ST** major shareholders have the expectation of market value management, and the large shareholders of the high proportion of pledges have achieved pledge financing, so they may have a look of concern to the listed company, in case there is any unexpected theme to speculate the stock price, may also choose to release the pledge to choose the opportunity**, if there is no concept and theme, the stock price continues** For them, it's nothing more than a forced liquidation.
Especially in the downturn of the market, these large shareholders with a high proportion of pledges are more likely to be sold by safe-haven funds, and it is best to avoid them for investors who hold them.
Beijing Business Daily commentator Zhou Kejing.