Article/Cao Zhongming, columnist of Sina Financial Opinion Leader (WeChat official account kopleader)
In the recent market, such as Hengli Industry 、 *ST Changsheng There is the possibility of "taking advantage of the problem" or deliberately misinterpreting the original intention of the regulatory authorities. All these are obviously inconsistent with the theory of strict supervision. Even if the regulatory authorities want to reduce transaction resistance, enhance market liquidity, and market speculation, they cannot cross the bottom line of laws and regulations, nor the bottom line of supervision.
On the evening of November 13, Shenzhen Stock Exchange answered the questions of reporters on the recent market concerns. Among them, the abnormal trading of shares such as Hengli Industry and * ST Changsheng has become the focus of the market. Against the background that the regulatory authorities have stated that they want to "optimize transaction supervision", the strong move of Shenzhen Stock Exchange this time seems a bit "sudden". However, it also shows from the side that the concept of comprehensive and strict supervision according to law has not changed at all.
Hengli Industry and * ST Changsheng are the star stocks in the recent stock market. From October 22 to November 13, in 14 trading days, Hengli Industrial had 13 trading limits. If measured from the lowest price on October 19, Hengli Industrial rose nearly three times during the period, much higher than the rise of the Shenzhen Composite Index during the same period* ST longevity. From November 8 to 13, the stock went up and down for four consecutive trading days, and on November 8, the "sky floor" was also staged. The stock price also rose from 2.66 yuan to 3.40 yuan, up nearly 30%.
The performance of Hengli Industrial's share price is first related to the revision of the restructuring and listing policy of the CSRC. According to the latest regulations, the interval between the reorganization and listing of enterprises whose IPO has been rejected has been significantly shortened from three years to six months, leading to the appreciation of shell resource shares. Secondly, on October 30, China Securities Regulatory Commission (CSRC) rarely released three statements in the session, including optimizing transaction supervision. Reduce transaction resistance and enhance market liquidity. The recent speculation of shell resource stocks and garbage stocks is closely related to the above two policies. In addition, for example, the smaller total capital stock and lower stock price of Hengli Industrial have become the reasons for the relay speculation of hot money.
In fact, from a fundamental point of view, both Hengli Industry and * ST Changsheng are weak. Now in the first three quarters of the year, Hengli Industrial realized an earnings per share of 0.003 yuan, less than a penny, which is a standard junk stock. Moreover, in the risk alerts frequently issued by listed companies, they all said that their fundamentals had not changed, and there was no information that should be disclosed but was not disclosed by listed companies. Such listed companies are difficult to enter the "eyes" of value investors. The fundamentals of * ST longevity are even worse. The listed company was fined 9.1 billion yuan by relevant departments for vaccine fraud. With such a huge amount of fines and confiscations, * ST has an unbearable burden in his long life. Moreover, after the exposure of the vaccine fraud scandal of the listed company, it will have a serious negative impact on future production and operation. Even if it is not confiscated, its production and operation will also be in trouble. What's more, after the vaccine scandal of the listed company was exposed, the CSRC modified the delisting system, and the relevant provisions therein were suspected to be tailored for * ST Longevity. Therefore, * ST Changsheng is very likely to stop listing in the future. Even so, the two listed companies are still favored by the market, and the move of Shenzhen Stock Exchange has become an inevitable choice.
In fact, hot money and other speculation about Hengli Industry and * ST Changsheng are also suspected of manipulating the market. This is not allowed by laws and regulations. For example, the stock price of Hengli Industry has been speculation to a high level. Due to the lack of support from performance and fundamentals, its stock price will fall back in the future, which will be a high probability event, and it will be the small and medium-sized investors who will ultimately pay the bill. Therefore, the hype of hot money on Hengli Industry and * ST Changsheng will damage the interests of small and medium-sized investors. Once the demonstration effect is generated in the market, it will not only aggravate the volatility of relevant individual stocks, but also virtually magnify the risk of the whole market.
Although shares of Hengli Industry and * ST Changsheng were "named" by Shenzhen Stock Exchange, they did not affect the market speculation in any way. Take * ST Longevity as an example. On the 14th and 15th, the stock went up and down for two consecutive trading days. On the morning of the 16th, the stock went up and down again. Hengli Industrial's performance is also commendable. On the 14th, the market opened high and closed low. On the 15th, it was reorganized in shock. On the morning of the 16th, the intraday share price hit a recent high again. Obviously, the move of Shenzhen Stock Exchange did not stop the crazy performance of these two stocks. Based on this, I think it is necessary for the regulatory authorities to make another move.
The CSRC said in its statement that it would optimize transaction supervision for the purpose of reducing transaction resistance and enhancing market liquidity. The purpose is to reduce unnecessary intervention in the trading link, make the market have clear expectations for the supervision, and give investors the opportunity to trade fairly. However, there is no doubt that optimizing transaction supervision does not mean that hot money and others can do whatever they want when trading, and can be free from the constraints of laws and regulations. On the contrary, optimizing transaction supervision requires market participants to abide by rules and regulations and restrict their trading behavior. Otherwise, it will not reduce the trading resistance, but will increase the trading resistance and weaken the market liquidity due to the suspension of listed companies and other measures.
The author believes that recent farces and hot money in the market, such as Hengli Industry and * ST Changsheng, may "exploit the problem" or deliberately misinterpret the original intention of the regulatory authorities. All these are obviously inconsistent with the theory of strict supervision. Even if the regulatory authorities want to reduce transaction resistance, enhance market liquidity, and market speculation, they cannot cross the bottom line of laws and regulations, nor the bottom line of supervision.
(About the author of this article: Independent financial writers have published hundreds of articles in three major securities newspapers and other media)
