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The Formation Of 100 "Poor Students" In A-Share Market: The Disappearing Aura Of Listing And The No Longer Wealth Story

2021/1/9 12:32:00 0

A SharesPoor StudentsListingHaloWealth Story

Many investors may still be surprised. An old-fashioned listed company that has rushed through the market value of 10 billion yuan and has been favored by a number of public funds, such as Damo Huaxin, Everbright Prudential, and Nanfang fund, "if you say no, you can't!"

Tiandi yuan (600665. SH), a real estate company with state-owned assets in Xi'an, which landed in the capital market in the early 1990s, is the "last to last" in the transaction volume ranking of the fourth quarter of 2020 according to the 21st Century Capital Research Institute. The market dispute seems to be extremely sharp, whether it is "extremely undervalued, cost-effective, good quality and low price", or "no more" Opportunity "?

Such stories abound in the 21st Century Capital Institute's data list.

The 21st century economic report and the 21st financial circle released the "A-share poor students' observation" to find the 100 listed companies most neglected in the A-share market. At the same time, it launched the first sample to observe Wolong real estate and Langsha shares. For more reports, please pay attention to the 21 financial circle (ID: jrquan21).

Polarization

Similar stories abound.

At present, the market generally believes that this trend is closely related to the rapid expansion of a shares under the registration system and the strengthening of institutional investors.

Under the registration system, the capacity of listed companies has expanded rapidly. As of January 8, 2021, there are 4147 listed companies in A-share market. In 2020, the scale of newly established public funds and the total net value of public funds exceeded 3 trillion yuan and 18 trillion yuan respectively, both reaching a record high.

According to the data of the 21st Century Capital Research Institute, the 100 listed companies with the least turnover in the fourth quarter of 2020 have few funds in each financial reporting period in 2020, and only 6 companies with the shareholding ratio of more than 0.1% in the interim report fund in 2020.

Turning the clock back to the end of 2015, 13 of the 100 funds held more than 10%.

St bus, * ST VIP, * ST Gaosheng, St Yuntou, * ST Union, St Carey, delisting Gangtai, * ST Yabo, St soling, * ST Dasheng, and * ST Shenger were withdrawn from the fund after the company was warned of risks. Onlay education and Sunriver culture also reduced from 22.55% and 11.36% of institutional shares at the end of 2015 to 0 in 2020.

A typical story is that huitianfu was a loyal shareholder of new Nanyang (600661. SH) in 2013. In July 2014, onli education succeeded in listing new Nanyang under the cover of onli education, while huitianfu still "did not change its original intention". According to the 2015 annual report, 8 of the top 10 circulating shareholders of onli education are all funds.

But three years later, among the top ten shareholders of onli education, the fund disappeared.

After exploring the stock price peak of bull market in 2015, onli education came to the stage stock price peak in May 2018, and now the stock price is less than half of the stock price peak in May 2018.

In particular, in 2020, institutions hold positions, science and technology, medicine and consumer racing track have become a consensus.

According to the latest data, this consensus continues. According to the statistics of Huaxi Securities strategy team, the industry products issued by public offering funds in January focused on science and technology, medicine, new energy vehicles, and none of the cyclical and financial real estate funds were issued.

Another dimension is market value.

As of December 31, 2020, nearly half of the 4100 A-share stocks have a market value of less than 5 billion yuan. Hou Anyang, chairman of shangshanruoshui Asset Management Co., Ltd., found that in these small market value companies with less than 5 billion yuan, "nearly 75% of the stocks are not covered by securities companies and other institutions."

According to the data of Capital Research Institute, in the fourth quarter of 2020, the 100 listed companies with the slowest transaction volume have little coverage by securities companies. Even if onli education, which was warmly welcomed by institutions before, can only find two research papers on individual stocks in 2020.

The trend of polarization is even more prominent at the beginning of 2021.

On January 7, the Shanghai index and Shenzhen composite index were six consecutive positive, and the Shanghai index was close to 3600 points. Even the most complete sample number of wandequan A is no exception, it also rose for six consecutive trading days.

However, behind the rise of the index, it is the embarrassment that most stocks are hard to make money and the spread of polarization.

Take the 7th as an example, of the 4147 listed companies in a shares, 784 were up, 53 were flat, and 3296 were down. In other words, 79.48% of the listed companies fell on January 7 against the background of the index's continuous record high.

As time goes on to the beginning of 2021, the company with large market value will lead the rise.

According to statistics, from January 1 to 7, by the end of 2020, the average growth rate of companies with a market value of more than 100 billion yuan will be 6.44%, and the average growth rates of companies of 50-100 billion yuan and 20-50 billion yuan will be 4.16% and 2.36% respectively.

Over the same period, the average growth rates of listed companies with 5-20 billion yuan and less than 5 billion yuan were - 1.93% and - 4.88% respectively. Companies with a market value of 100 billion and companies with small market value show two completely different operation paths.

Companies with small market value and traditional themes have no choice but to cope with "style shift"

"Now the style of the market is like this, (biased) speculation in stocks with a large market value, such as ours, which has a smaller market value, so we don't pay much attention to it." Textile and clothing equipment on the workers Shenbei said frankly.

"The company is also looking for ways to organize research, conduct anti roadshows and so on, and some have done so. This thing is cumulative, not quick acting, and we are also strengthening our ties with investors. "

A typical data is that the total turnover of Shanggong Shenbei in the fourth quarter of 2020 is 551 million yuan, and the total market value is 2.44 billion yuan as of January 7, 2021, and the same market value on January 8, with turnover rate of only 0.36%.

"We are going to make a non-public offering. We have got the approval in September 2020. We are still looking for investors and have not yet issued it. This is also an action, because the plates in circulation are getting bigger. The funds raised after the issuance will also be used for the main business. We want to upgrade the industry in the original main industry, and ultimately improve the profitability of the company, so as to ultimately repay investors. " He said.

According to the statistics of 21st century economic report, the industry of the listed companies with the lowest turnover in the fourth quarter of last year is not "sexy".

The top five industries with the largest number of companies are chemical industry, commercial trade, machinery and equipment, building decoration and light industry manufacturing, with the number of 11, 9, 8, 6 and 6 respectively. After that, there were 5 media companies, electrical equipment companies, real estate companies, textile and garment companies, and pharmaceutical and biological companies, but five of them were ST companies.

"We are also focusing on this. We have done some reception activities for investors, but we have not received good feedback at present. Our relevant departments are still investigating the reasons for their concern about stock liquidity. " Tiantianyuan related company personnel in an interview with the 21st century economic report reporter said the same.

However, some companies said they did not organize more investor activities.

"The company intends to do its own business well. We mainly hope to do well in the performance of stocks. We have no plans to do institutional research or reverse roadshows for the time being, nor do we have plans to increase stock liquidity. " Xu Jiahui of the department store industry said.

Greentown water also said that at present, there is no specific plan, the organization research and anti roadshow have not been done for the time being. The company is promoting a private offering.

Compared with private enterprises, state-owned enterprises may have less motivation in enhancing communication with institutional investors.

"Our company executives have no demand to reduce their holdings. Basically, they will not organize research and anti roadshows to strengthen ties with institutional investors and find ways to improve the share price and liquidity of the secondary market." An insider of a small market value listed state-owned enterprise told reporters frankly.

According to the data of the 21st Century Capital Research Institute, 56 of the 100 listed companies are private enterprises, 25 are local state-owned enterprises, there are 11 public enterprises, 5 foreign-funded enterprises, 2 other enterprises and 1 collective enterprise.

Judging from the 4147 A-share listed companies as of January 8, there are 2526 private enterprises, 401 central state-owned enterprises, 767 local state-owned enterprises, 240 public enterprises, 151 foreign-funded enterprises, 39 other enterprises and 39 collective enterprises.

In addition to the size of the industry track and market value, the "foot voting" of venture stocks has also become a capital consensus.

Among the 100 listed companies with the lowest total turnover in the fourth quarter of 2020, there are 73 ST shares. It had few institutional holdings in the first three quarters of last year.

This matter is becoming a problem for the actual controller and the Director Secretary. The Secretary of a listed company in Shanghai said frankly that the chairman of the company issued a death order to increase the exchange of institutional investors and attract public funds to enter the market. However, after a year of intensive visits, there was little harvest. The reason is that the company was punished by the regulatory authorities in previous years.

According to statistics, some typical enterprises punished by the regulatory authorities appear in the list of 100 enterprises. Among the 100 companies, 59 have been punished for violation of regulations in recent three years, 16 of which have been punished more than 5 times, and * ST Hemei has been punished as high as 11 times.

Small cap new shares lack of liquidity, and millions can "buy into the top ten circulating shareholders"

In order to better judge the characteristics of institutional ownership, the 21st Century Capital Research Institute expands the statistical data to 100 A-share listed companies with the least turnover in the fourth quarter of 2020 after excluding the ST shares.

The differentiation characteristics are still significant.

Among the 100 non ST companies with the lowest average daily turnover in the fourth quarter of 2020, as many as 71 companies have a total market value of less than 5 billion by the end of 2020, and 14 companies have reached more than 10 billion, of which the market value of stone technology is about 69 billion.

Since July 22, 2019, the capacity of listed companies on the science and technology innovation board has expanded rapidly. Many of them have market value in the range of billions, and a considerable number of stocks have not been lifted, and the current market is small, so more of them appear in this list.

In terms of the rise and fall, as many as 88 of the 100 companies fell in the fourth quarter of 2020, of which, deliinhai, Weisi medical, Fujie environmental protection and YUNYONG Technology Co., Ltd. fell by more than 40%.

Among them, only 12 companies rose, of which stone technology increased by more than 120%.

On the whole, Kechuang 50 has better market performance.

Except Qinchuan Wulian, Wanyi technology and yinghantong, the new stocks of science and technology innovation board which were listed in the small circulation in 2020, the holding proportion of the interim report fund in 2020 was the highest, only 5% of Aokang international, and only 8 funds held more than 1%. In the same period, 1671 A-share listed companies held more than 1% of the shares, accounting for about 40%.

From the perspective of Aokang international, Dongfanghong's fund has been held until the latest financial reporting quarter since it entered its top ten circulating shareholders in the first half of 2016.

Since the quarterly report of fund companies does not disclose all positions, only the details of the top ten stocks invested by fund companies, according to wind data, comparing the changes of fund positions of these 100 companies in the first quarter and the third quarter of 2020, the reporter found that 21 fund positions decreased and 9 increased.

Overall, the fund continues to withdraw low turnover stocks.

For some small market value companies and stocks that have not yet completely lifted the ban on secondary new shares with less circulating shares, the investment of several million yuan can make them become the top ten circulating shareholders of listed companies. This has also exposed the investment preferences of some institutions.

Longruan technology will be launched on the science and technology innovation board on December 30, 2019. As of January 7, 2021, it has closed at 25.62 yuan per share, with a total market value of 1.81 billion yuan. The reporter observed that the institutional shareholding ratio of Longruan technology was 0.10% in the first quarter and 0.92% in the third quarter. There are no institutional investors among the top ten circulating shareholders disclosed in the first quarter report. Among the top ten circulating shareholders of China Daily, Shanghai Mingyi investment (Xinjin holding 110700 shares, accounting for 0.66%) and Hunan Xiangjiang Liyuan investment (Xinjin holding 80000 shares, accounting for 0.48%). However, among the top ten circulating shareholders disclosed in the third quarter report, the two institutions did not appear in the list of top ten circulating shareholders. Jiukun investment (Beijing) Xinjin holding 153400 shares became the fourth largest circulating shareholder of Longruan technology at that time.

The 21st century business reporter research data found that two of these 10 billion private placement also appeared in the top 10 circulation shareholders of the other two companies with low turnover in the fourth quarter of last year.

The logic of sub IPO may be different from that of old listed companies. In the absence of hot spot concept, lifting the ban and reducing the holding is the biggest pressure for some enterprises.

"We were listed for trading at the end of 2019. At that time, most of the offline applications were institutional investors, while the online ones were mainly individual investors. According to the regulations, there will be a ban lifting in half a year. Generally speaking, this is my personal guess that most institutional investors will cash out after the lifting of the ban. As a result, institutional investors' shareholding ratio will decrease in the middle of last year. " A science and technology innovation board listed company said frankly.

 

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