The influence of lifting the ban on restricted shares of Shandon
Publish: 2021-04-26 09:42:58
1. Hello, the lifting shares are divided into large and small non tradable shares and restricted shares. The big and small non is proced by the share reform, and the big non accounts for more than 5% of the tradable shares, and vice versa. After the reform, these non tradable stocks can be listed and circulated, and the shareholders who own these stocks may sell them for cash (rection)
restricted shares are additional shares issued by the company. Generally, there is a period of restricted sales, and they can also be circulated after the period. Generally, the cost of restricted shares is the price of additional shares. After the lifting of the ban, the shareholders who hold these shares can sell or continue to hold them
what is the impact of lifting the ban on the stock price
first, we should see whether the period of following the market is a bull market or a bear market or a bear market to a bull market. This period is very important. It determines whether the company's stock is sold, transferred or reluctant to sell or hold, which is the fundamental interest orientation< Second, it depends on whether the shareholders are listed companies, controlling shareholders or other shareholders, which determines the degree of responsibility for the stock
Third, it depends on whether it is big or small and the chip concentration of the stock
it is undeniable that in the stock market, when the ban is lifted, the stock price of many restricted stocks will fall. But in fact, the impact of the lifting of the restrictions on the sale of shares on the stock price still needs to be combined with the actual situation, and then specific analysis of specific problems
risk disclosure: this information does not constitute any investment proposal, investors should not use such information to replace their independent judgment or make decisions only based on such information, does not constitute any trading operation, and does not guarantee any income. If you operate by yourself, please pay attention to position control and risk control.
restricted shares are additional shares issued by the company. Generally, there is a period of restricted sales, and they can also be circulated after the period. Generally, the cost of restricted shares is the price of additional shares. After the lifting of the ban, the shareholders who hold these shares can sell or continue to hold them
what is the impact of lifting the ban on the stock price
first, we should see whether the period of following the market is a bull market or a bear market or a bear market to a bull market. This period is very important. It determines whether the company's stock is sold, transferred or reluctant to sell or hold, which is the fundamental interest orientation< Second, it depends on whether the shareholders are listed companies, controlling shareholders or other shareholders, which determines the degree of responsibility for the stock
Third, it depends on whether it is big or small and the chip concentration of the stock
it is undeniable that in the stock market, when the ban is lifted, the stock price of many restricted stocks will fall. But in fact, the impact of the lifting of the restrictions on the sale of shares on the stock price still needs to be combined with the actual situation, and then specific analysis of specific problems
risk disclosure: this information does not constitute any investment proposal, investors should not use such information to replace their independent judgment or make decisions only based on such information, does not constitute any trading operation, and does not guarantee any income. If you operate by yourself, please pay attention to position control and risk control.
2. When the stock is listed, some shareholders will be limited to sell the stocks in their hands. This is to maintain the stability of the stock price and enable the company to have control over the stock. The restricted stocks are generally held by the employees of the company. The general restriction period is one to three years, depending on the situation of the company. After the period, these stocks can be listed and circulated. This time is called lifting the ban on restricted stocks. If the stock price reaches a high level, they will have the same impulse to sell as Xiaofei
3. For indivial stocks, the impact of lifting the ban on restricted shares on stock prices is uncertain. In other words, there are many factors that need to be analyzed to analyze whether shareholders will cash out the stocks that have been lifted. For example, CITIC Securities, which was lifted in August, was held by 47 shareholders at that time, which was very scattered. The number of shares released accounted for 233.73% of A-shares in circulation before the ban was lifted. The market generally speculated that the stock would cause a scramble for cash, but in fact, after the lifting of the ban, there was no large-scale decline, and soon followed the market continued to rise. The number of shares released by Hongsheng Technology's legal person shareholders in August accounted for 99% of the circulating a shares before the lifting of the ban. After the lifting of the ban, there was a certain decline, and the trend after that also lagged behind the market. Zhejiang Longsheng also fell sharply after the lifting of the ban. Let's look at October. Minsheng Bank lifted the ban to more than 10 billion yuan, and the number of shares lifted accounted for 49.75% of the circulating A-shares before the lifting of the ban, which were held by 48 shareholders. After the lifting of the ban, the shares still maintained a strong position with no sign of rection, even though they had accumulated a large increase in the previous period. Kehua bio is one of the 25 companies that lifted the ban on restricted shares in October. There are 48 shareholders holding the shares, with a total of more than 700 million yuan. The proportion of the shares that lifted the ban on restricted shares in the circulation of a shares ranked first, reaching 110.79%. On the day of lifting the ban, the trading volume of the stock was enlarged sharply, with low opening and high going. The daily turnover rate reached a recent high of 4.18%, but it basically maintained a strong consolidation.
4. The so-called lifting of the ban on restricted shares is generally a measure taken by new listed companies to guarantee the Securities Regulatory Commission and shareholders and to ensure the sustainable operation of our company. To put it bluntly, it means that my own money is here. What else are you afraid of? It is such a role. Second, in order to raise the share price of my company at the beginning of listing, And let the stock be sold better by the Underwriters, so those small and medium-sized companies will rece the share capital in circulation, so as to rece the stock supply. When the demand remains unchanged, the supply will decrease, and the price will naturally increase
your question is what impact the lifting of the ban will have on the stock price. In fact, I have already explained the principle very clearly, that is, it will increase the possibility of the amount of capital stock circulating in the market, that is, it is possible for the company's shareholders to cash out. When the shareholders sell a large number of shares, the stock supply will increase, but the demand will not increase, And may be affected by this adverse news, there will be a follow-up phenomenon, then the stock price will fall
(personal suggestion: investment is risky, so be cautious when entering the market)
your question is what impact the lifting of the ban will have on the stock price. In fact, I have already explained the principle very clearly, that is, it will increase the possibility of the amount of capital stock circulating in the market, that is, it is possible for the company's shareholders to cash out. When the shareholders sell a large number of shares, the stock supply will increase, but the demand will not increase, And may be affected by this adverse news, there will be a follow-up phenomenon, then the stock price will fall
(personal suggestion: investment is risky, so be cautious when entering the market)
5. 1. Before the reform, it was stipulated that the stocks issued before the listing could not be circulated, but after the reform, they could be circulated after a certain period of time
this is what people call "big and small non lifting". Generally speaking, stocks that were not allowed to be listed and traded are now trading in the market. It increases the supply of stocks in the market and will inevitably bring a certain impact to the stock market. Therefore, the state allows it to proceed step by step
2. IPO restricted shares: for companies listed after the share reform, the stocks issued before the listing also need to be locked for a period of time before they can be circulated. This is the case with PetroChina listed in 2007
3. The company needs to lock in at least one year before it can be listed
4. The placement shares should be the shares to be placed to specific investors at the time of IPO issuance, and they also need to be locked for at least one year before they can be listed
generally speaking, the listing of restricted shares will increase the number of shares in circulation, which will increase the cost of main operation. To make an analogy, one glass of water was enough to water the flowers, but now half a glass of water is needed< However, it depends on two aspects:
1. If the stock price is already very high, then it is very likely that these listed restricted shares will be sold, which will strengthen the short power; On the contrary, if these holders think that there is still a good market in the future, and do not want to rush to cash, then continuing to hold has no direct impact on the stock price
2. The mentality of the main force. If the main pre profit understanding, then the short term will not consider Jiancang, naturally this stock will not make a difference in the near future; On the contrary, if the main force still has considerable chips, or is in the stage of building a position, it will use the 10% new circulating shares to share the low cost.
this is what people call "big and small non lifting". Generally speaking, stocks that were not allowed to be listed and traded are now trading in the market. It increases the supply of stocks in the market and will inevitably bring a certain impact to the stock market. Therefore, the state allows it to proceed step by step
2. IPO restricted shares: for companies listed after the share reform, the stocks issued before the listing also need to be locked for a period of time before they can be circulated. This is the case with PetroChina listed in 2007
3. The company needs to lock in at least one year before it can be listed
4. The placement shares should be the shares to be placed to specific investors at the time of IPO issuance, and they also need to be locked for at least one year before they can be listed
generally speaking, the listing of restricted shares will increase the number of shares in circulation, which will increase the cost of main operation. To make an analogy, one glass of water was enough to water the flowers, but now half a glass of water is needed< However, it depends on two aspects:
1. If the stock price is already very high, then it is very likely that these listed restricted shares will be sold, which will strengthen the short power; On the contrary, if these holders think that there is still a good market in the future, and do not want to rush to cash, then continuing to hold has no direct impact on the stock price
2. The mentality of the main force. If the main pre profit understanding, then the short term will not consider Jiancang, naturally this stock will not make a difference in the near future; On the contrary, if the main force still has considerable chips, or is in the stage of building a position, it will use the 10% new circulating shares to share the low cost.
6. The lifting of the ban on stocks is a matter of large and small stocks, so it will achieve this balance by recing the price. The other reason is that the cost of large and small stocks is very low, and there is a huge profit margin in terms of stock price, which also makes it have a strong willingness to sell. The short-term band of stocks mainly depends on the relationship between supply and demand. Once large and small stocks are not sold, other investors are not willing to take over, In addition to the fact that there is not much selling pressure on national stocks, most of the measures taken by other small non tradable shares after their listing are just like this. Especially after the lifting of the ban on tradable shares, the larger the increase of the current share capital, the greater the decline
concept of restricted shares:
in the past, listed companies (especially state-owned enterprises) had a considerable number of corporate shares. These corporate shares have the same rights as the tradable shares, but the cost is very low (that is, the risk of stock price fluctuation is borne by the shareholders of the tradable shares). The only inconvenience is that they can not be traded freely in the open market. Later, through the reform of non tradable shares, the free circulation of all shares in the enterprise was realized. According to the provisions of the CSRC, the sale of the original non tradable shares of the company after the share reform shall comply with the following provisions:
(1) it shall not be listed or transferred within 12 months from the implementation of the reform plan
(2) the original non tradable shares holders who hold more than 5% of the total shares of the listed company shall, after the expiration of the provisions of the preceding paragraph, sell their original non tradable shares through the stock exchange. The proportion of the sold shares in the total shares of the company shall not exceed 5% within 12 months and 10% within 24 months. The non tradable shares after obtaining the right of circulation are called restricted shares e to the restrictions of the above circulation period and circulation ratio
big and small non tradable shares refer to large and small non tradable shares, and lifting the ban means allowing them to be listed. To lift the ban on non tradable shares is to allow non tradable shares to be listed. Small, that is a small part. If not, it is restricted. Xiaofei refers to small-scale restricted shares. Accounting for less than 5% of the total share capital. Dafei refers to large-scale restricted shares. Accounting for more than 5% of the total share capital.
concept of restricted shares:
in the past, listed companies (especially state-owned enterprises) had a considerable number of corporate shares. These corporate shares have the same rights as the tradable shares, but the cost is very low (that is, the risk of stock price fluctuation is borne by the shareholders of the tradable shares). The only inconvenience is that they can not be traded freely in the open market. Later, through the reform of non tradable shares, the free circulation of all shares in the enterprise was realized. According to the provisions of the CSRC, the sale of the original non tradable shares of the company after the share reform shall comply with the following provisions:
(1) it shall not be listed or transferred within 12 months from the implementation of the reform plan
(2) the original non tradable shares holders who hold more than 5% of the total shares of the listed company shall, after the expiration of the provisions of the preceding paragraph, sell their original non tradable shares through the stock exchange. The proportion of the sold shares in the total shares of the company shall not exceed 5% within 12 months and 10% within 24 months. The non tradable shares after obtaining the right of circulation are called restricted shares e to the restrictions of the above circulation period and circulation ratio
big and small non tradable shares refer to large and small non tradable shares, and lifting the ban means allowing them to be listed. To lift the ban on non tradable shares is to allow non tradable shares to be listed. Small, that is a small part. If not, it is restricted. Xiaofei refers to small-scale restricted shares. Accounting for less than 5% of the total share capital. Dafei refers to large-scale restricted shares. Accounting for more than 5% of the total share capital.
7. Whether the lifting of restricted shares is good or bad depends on the specific situation, which may be good or bad
1. Bearish
the holders of restricted shares are generally strategic investors and original shareholders, which are difficult for ordinary retail investors to obtain. Moreover, the cost of obtaining restricted shares is very low, and the price of restricted shares is usually 1 yuan / share
after the lifting of the ban on restricted shares, the circulating share capital will increase rapidly, and the risk of selling shares will also increase. Because the cost of restricted shares is low, it is profitable to sell them at any price. Therefore, for the stock holders who are eager to arbitrage, it is likely to focus on selling after the listing. If other investors are not willing to take over the offer at this time, then the stock price will basically fall, and the retail investors who hold the shares will suffer
2. Good
if the stock fundamentals are good, even if some people sell off the restricted shares after the lifting of the ban, there may be investors receiving large funds at the same time
in addition, in order to make the selling price higher, the holders of restricted shares may also take the initiative to raise the stock price, which is relatively good.
1. Bearish
the holders of restricted shares are generally strategic investors and original shareholders, which are difficult for ordinary retail investors to obtain. Moreover, the cost of obtaining restricted shares is very low, and the price of restricted shares is usually 1 yuan / share
after the lifting of the ban on restricted shares, the circulating share capital will increase rapidly, and the risk of selling shares will also increase. Because the cost of restricted shares is low, it is profitable to sell them at any price. Therefore, for the stock holders who are eager to arbitrage, it is likely to focus on selling after the listing. If other investors are not willing to take over the offer at this time, then the stock price will basically fall, and the retail investors who hold the shares will suffer
2. Good
if the stock fundamentals are good, even if some people sell off the restricted shares after the lifting of the ban, there may be investors receiving large funds at the same time
in addition, in order to make the selling price higher, the holders of restricted shares may also take the initiative to raise the stock price, which is relatively good.
8. 1. New energy Taishan (Stock Code: 000720) lifting the ban on restricted shares means that the non tradable shares can be listed and traded after obtaining the circulation right, which are limited by the circulation period and circulation ratio. For indivial stocks, the greater the number of shares lifted, the greater the impact on the stock price. The impact of the lifting of restricted shares on the stock price is uncertain. In other words, there are many factors that need to be analyzed to analyze whether shareholders will cash out the stocks that have been lifted
2. After the lifting of the ban on restricted shares, the stock price generally will not rise. On the contrary, it will increase the total flow of the stock e to a large number of lifting the ban, which is a negative impact on the stock price. However, before the recent lifting of the ban on several stocks, there has been a wave of rising, of course, in order to get more space for the lifting of the ban on stocks. After the lifting of the ban, it is generally a downward trend, but some stocks are rising with the lifting of the ban, such as Haitong Securities and Goldwind technology at the beginning of the year.
2. After the lifting of the ban on restricted shares, the stock price generally will not rise. On the contrary, it will increase the total flow of the stock e to a large number of lifting the ban, which is a negative impact on the stock price. However, before the recent lifting of the ban on several stocks, there has been a wave of rising, of course, in order to get more space for the lifting of the ban on stocks. After the lifting of the ban, it is generally a downward trend, but some stocks are rising with the lifting of the ban, such as Haitong Securities and Goldwind technology at the beginning of the year.
9. The impact of the lifting of restrictions on the value of the stock market on the company needs to be discussed in combination with different situations
generally speaking, if the shareholders who lift the ban are small shareholders of natural persons. Then, in order to achieve the purpose of arbitrage, the stock is usually sold quickly after the lifting of the ban, because the cost is very low and the arbitrage space is very large. Moreover, if the main force wants to drive out the retail investors by deliberately smashing down the stock price, the stock price will fall very miserably. If the lifting shareholders are institutional investors or state-owned shares, they want to make the company bigger and better in order to maintain the control of the company, they will not sell a lot of shares, hoping to maintain the stock price at a stable level, or even cause a slight rise. However, if the ban is lifted, institutional shareholders will generally enjoy a certain discount when they set the increase. The purpose of these concessions is to sell at a good price after the ban is lifted. Institutional investors will have a strong desire to sell at this time, so this will also cause the stock price to fall
in terms of investor mentality, if the holder thinks that there will be a good market in the future, he will continue to hold the injured stock, which will not have a great impact on the stock price. If he thinks that the current stock price is too high, he will have the possibility of selling; For the main force, we should consider whether he holds enough chips or whether there is a trend to build a position, which will have an impact on the stock price.
generally speaking, if the shareholders who lift the ban are small shareholders of natural persons. Then, in order to achieve the purpose of arbitrage, the stock is usually sold quickly after the lifting of the ban, because the cost is very low and the arbitrage space is very large. Moreover, if the main force wants to drive out the retail investors by deliberately smashing down the stock price, the stock price will fall very miserably. If the lifting shareholders are institutional investors or state-owned shares, they want to make the company bigger and better in order to maintain the control of the company, they will not sell a lot of shares, hoping to maintain the stock price at a stable level, or even cause a slight rise. However, if the ban is lifted, institutional shareholders will generally enjoy a certain discount when they set the increase. The purpose of these concessions is to sell at a good price after the ban is lifted. Institutional investors will have a strong desire to sell at this time, so this will also cause the stock price to fall
in terms of investor mentality, if the holder thinks that there will be a good market in the future, he will continue to hold the injured stock, which will not have a great impact on the stock price. If he thinks that the current stock price is too high, he will have the possibility of selling; For the main force, we should consider whether he holds enough chips or whether there is a trend to build a position, which will have an impact on the stock price.
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