Subsequently, the Shenzhen Stock Exchange issued a letter of concern asking the company for fundamentals, asset restructuring andInstitutional researchAnd the executives and their relatives to buy and sell company stocks and so on.
The 21st Century Business Herald noted that Hengli Industrial's own industry and fundamentals have no bright spots. The recent trend of the board is more affected by the secondary market game, which is related to the overall market supervision policy and investment style.
"The change of regulatory policy includes two aspects, such as the shortening of the interval between the IPOs and the reorganization of the companies, and the second is the relaxation of the supervision at the transaction level." Wang Lin, general manager of private equity firm Linyi, said on the 8th.
The enthusiasm for hot money speculation was activated, and Hengli Industrial continued to rise in the process of attracting attention, and once again attracted funds to continuously enter the relay.
On the same day, the ST sector has risen sharply, and*ST longevity(002680.SZ) staged "天天" andTianye Tonglian(002459.SZ) contributed to the "ground plate", which undoubtedly provided another strong evidence for the return of hot money.
Heng Licheng demon
Under the strict supervision background, the trend of “connected board” in the first half of the year was once extinct.
In this regard, Wang Lin compares it to a football match. As long as the player moves a little, he will receive the "yellow card warning" of the exchange, and the players will not dare to move.
After the systematic fall back in the second half of the year, Hengli Industrial, which has even pulled up the 11th daily limit, seems to have a strange style. On October 19th, the company's closing price was only 2.58 yuan. On November 8th, just half a month later, it has soared to 7.36 yuan, an increase of 185%.
In the meantime, Hengli Industrial also suspends self-inspection due to abnormal fluctuations in stocks, but the company said that there are no other major factors.
On November 8, the Shenzhen Stock Exchange again issued a letter of concern requesting the company to explain the disclosure of major issues.
If there is no accident, Hengli Industrial still has difficulty in responding to the content. In fact, the driving force for the rise of Hengli Industry is more likely to come from the secondary market than the changes in the company's fundamentals.
The real pusher is hard to find.
But from the public data, you can capture some of the signals returned by hot money, such asHuatai SecuritiesShenzhen Rongchao Business Center and other well-known hot money business departments have recently boarded frequentlyDragon and TigerThe huge fluctuations of *ST Changsheng and Tianyetonglian on the 8th also showed the increase in the activity of hot money.
In some trading days, large-scale funds became the main force of the closure. Take November 6 as an example. On the same day, Hengli Industrial has a daily limit of 98.25 million yuan, of which the total sales of 5 seats in the Rongchao Business Center, which is on the list, will be as high as 67.24 million yuan.
"Before you hit a board, you won't be allowed to move. Otherwise, you will receive telephone guidance the next day. Now, after a systematic decline, the market liquidity and activity will be urgently increased, and the supervision at the transaction level will be relaxed. This is The return of hot money provides the external environment." Wang Lin commented.
The original company texture of Hengli Industry also provided a very high "price-performance ratio" for capital speculation. According to the total share capital and closing price, at the close of October 19, Hengli Industrial's total market value was only 1.097 billion yuan, which was a few non-ST stocks with a market value of about 1 billion yuan.
Another factor is the inherent "gene" of Hengli Industry. Since the company's listing, it has changed its ownership several times, reorganized, and in recent years, there has been no improvement in its operations.
A well-known Shanghai Niu scattered on the 8th pointed out that after the previous decline, many stocks fell from tens of blocks to a few dollars, ST companies have several companies with a market value of less than 1 billion yuan, to some extent increased restructuring expected.
Shell stock ecological change
Behind Hengli Industrial's eleventh board is the recent rise of shell stocks. The data shows that from October 20th to now, the ST-listed and ST sectors recorded an average increase of 21.42% and 18.92% respectively. This reflects the fact that the shell ecology has changed.
On October 20, the CSRC decided to shorten the interval between IPOs for corporate restructuring and listing from three years to six months, supporting high-quality enterprises to participate in mergers and acquisitions of listed companies and promote the quality of listed companies.
The most likely and most direct path is undoubtedly a backdoor listing.
In this regard, some securities consulting agencies have made special statistics. After three years since October 2015, after submitting some secondary declarations and in the cash acquisition category of listed companies, there are still 155 IPOs that can be Enjoy the above policy bonus.
“After shortening the reorganization period by 6 months, the market has re-ignited the expectation of backdoor listing. The rise of the ST sector in the previous period also has this factor.” An investor in the ST sector in Suzhou said to reporters on the 8th.
The reason given by the above-mentioned cattle scattered is also around the stock price risk, that is, in the early systematic decline process, ST stocks fell more than other sectors, and there is a compensatory demand.
The statistics are indeed the same. The aforementioned counter-attacks have been leading the decline from the beginning of the year to October 20, during which the ST sector fell by an average of 52.72%.
Thanks to the favorable reorganization policy, the funds took the opportunity to push up the "oversold" ST shares and shell stock prices.
The market has come out, and the negative can be ignored. For example, the science and technology board pilot registration system, the market generally believes that it is difficult to have a substantial impact on the backdoor listing.
"It is impossible to have no threshold, but the listing conditions and screening system will be very different from the original GEM." Wang Lin said that most of the selected companies are expected to be dominated by emerging industries that promote industrial transformation.
He said that taking innovative pharmaceutical companies to Hong Kong stocks as an example, it is necessary to meet certain conditions such as focusing on a certain period of time, having a cornerstone investment financing experience, and completing the first phase of clinical transfer to the second phase of clinical trials. The value system may be very different from the motherboard, which is completely different from the enterprise path of listing on the backdoor."
This is the only increase in the 11-connected and oversold ST stocks of Hengli Industrial. However, under the concern of the Shenzhen Stock Exchange, whether the market can continue is uncertain.
(Article source: 21st Century Business Herald)