Recently, the A-share short-term trading has picked up, and the market has won a new “Demon King” – the so-called shell resource concept stock Hengli Industry. The stock closed again on November 8 and it was rare to harvest the 11th consecutive daily limit. The cumulative increase in the 11 trading days was 185%. The trend of "devil" stocks is not limited to Hengli Industrial. On the same day, *ST Changsheng opened the daily limit after the three consecutive words of the resumption of trading, and staged the skyboard within 5 minutes. And the old demon stock special force A is the straight line pulled to the daily limit.
Why do a group of monsters "small and big" re-emerge?
At the moment, there are funds to "scrub the gods", which is clearly out of the company's fundamentals. For example, Hengli Industry, which was squandered because of the so-called “presence of backdoors”, has a serious mismatch between its operating capacity and valuation. The latest disclosure of the third quarterly report shows that Hengli Industrial turned losses into profits in the first three quarters of this year, but the net profit was only 1,009,700 yuan, and the net profit after deducting non-recurring gains and losses was -5,153,600 yuan. Another example is *ST longevity, the major illegal superposition of fundamental deterioration, facing the risk of delisting at any time.
Continue to take Hengli Industry as an example. If the backdoor and restructuring expectations are lost, investors will face huge losses. After the hot money raised the stock price of these monsters, someone still had to pay the bill. From the transaction data, the hot money is a short-term gain and “drums and flowers”. If ordinary investors blindly follow the high position, the loss will be a high probability event.
There is a market view that the demon stocks and shell stocks are picking up, and the new trend of “optimizing transaction supervision and reducing unnecessary interventions in the trading process” opens up space for hot money speculation, reflecting the fact that investors use real money to “increase” Market trading vitality." However, in the opinion of the reporter, this view seems to misinterpret the information conveyed by the regulation. Dialectically, whether it is speculation or investment, increasing market vitality is to allow all parties to trade freely within the scope of legal compliance, in order to more effectively find the price and value.
On October 30, the official website of the China Securities Regulatory Commission issued a statement during the trading hours. The three aspects of accelerating the promotion of repurchase and mergers and acquisitions, optimizing transaction supervision, and guiding the increase of medium and long-term funds into the market were clearly deployed around the capital market reform. On November 2, the Shanghai Stock Exchange responded to the measures of optimizing transaction management at the exchange level. The Shanghai Stock Exchange will no longer adopt the “window guidance” method such as verbal reminder, strictly adopt the supervision measures such as suspending account transactions, and excessive speculation. The behavior of seriously disrupting the market order mainly indirectly sends investors the risk of secondary market transactions in the form of sending risk warning letters to the member units.
What should be seen is that optimizing supervision is not abandoning supervision, and stimulating market vitality is not strictly regulated in accordance with the law. In fact, the CSRC also stressed in the three measures proposed recently that it is necessary to improve the quality of listed companies, strengthen the governance of listed companies, standardize information disclosure and improve transparency. It will also encourage value investment and play insurance, social security and various securities investment funds. And the role of institutional investors such as asset management products. In the process of optimizing the supervision method, the Shanghai Customs will also take self-regulatory measures in time for obvious violations of market manipulation and other violations, and promptly report case clues to the CSRC, while strengthening market monitoring and analysis, paying close attention to market sentiment. Establish and improve a dynamic monitoring mechanism that adapts to changes in the market situation. At this level, excessive speculators should not be lucky.
A fresh example can be proved: On November 8, Hengli Industrial continued its daily limit on the 11th trading day, and the Shenzhen Stock Exchange issued a letter of concern to it asking the company whether there is any material information that should be disclosed but not disclosed. Whether there are major changes in the company's fundamentals, whether there are violations of the principle of fair disclosure, and whether there are suspected insider trading situations.
The signal of regulatory transmission is that the market is not non-speculative, but speculation should earn the price difference from market price fluctuations instead of maliciously manufacturing the price difference to cut a wave of “chives”. Judging from past regulatory cases, there is no obvious improvement in the fundamentals of Hengli Industry, which is purely speculative speculation in the market. Once the illegal trading behavior is discovered, the exchange will strictly monitor it. This is beyond doubt.
(Article source: Shanghai Securities News)