China Fund News reporter Wang Jianqiang Tianxin
A number of ST shares have sounded the "delisting alarm bell", and the public offering funds are also strengthening relevant risk control measures.
With the introduction of the new "National Ninth Article" and a series of delisting regulatory policies, the delisting risk of some enterprises that failed to meet the regulatory requirements increased significantly. Since May, with the end of the annual report season, the "delisting tide" has continued in ST plate. As of the end of the first quarter, many of the top ten circulating shareholders of ST shares had public funds, but mainly index products.
The reporter learned that in order to actively respond to the possible delisting risks of relevant individual stocks, existing fund companies have taken action and are further strengthening the screening of individual stocks. Some companies with ST risk have been removed from the stock selection pool, and some ST shares have been removed from the index fund portfolio.
Some of the fund's heavy positions were ST
According to Wind statistics, as of May 20, since this year, more than 90 listed companies, including ST Shilong, ST Texin, ST Xiachuang, ST Huijin, have been given risk warnings, of which more than half have been given since May. In terms of the whole A-share market, there are more than 170 ST companies.
Most of these listed companies were ST because of the company's financial data fraud or the company's executives' illegal operations. After "wearing hats", the stock price also showed a continuous downward trend. For example, ST shares warned of risks on April 30 have fallen by more than 78% this year, and by more than 38% since May; On May 6, the cumulative decline of ST Baili, which was warned by the risk, also exceeded 70%, and since May, the decline has exceeded 43%.
It is worth mentioning that among the top ten circulating shareholders of these ST companies, there are many public funds. However, most are index funds, and some are active equity funds.
On May 6, * ST Hetai was warned of the delisting risk. By the end of the first quarter of this year, its top ten circulating shareholders had appeared in the form of China Southern Securities 1000ETF, a new entrant in the first quarter, holding 9.7706 million shares, accounting for 0.31% of the outstanding shares. On the same day, * ST Aonong and Cathay Pacific CSI Animal Husbandry and Breeding ETF emerged as the fifth largest circulating shareholder at the end of the first quarter, holding 6.3464 million shares, accounting for 0.86% of the outstanding shares. In fact, since the fourth quarter of 2022 when the company entered the market, it has been holding positions until now. During the first quarter, it just increased its holdings.
At the end of April, * ST Yinjiang was warned of delisting risk. By the end of the first quarter, Dacheng Internet+Big Data had emerged as the top ten circulating shareholders, holding 3.1322 million shares. In addition, Dacheng CSI 360 Internet+Big Data 100 Index was among the top ten circulation shareholders of * ST Longyu at the end of the first quarter.
In addition to public offering funds, there are also institutions that buy ST stocks in the first quarter. For example, among the top ten circulation shareholders of ST Shilong, ST Huijin, and ST Xiachuang who were recently warned of risks, Barclays Bank appeared unanimously, all of which were new in the first quarter.
However, there are also funds that withdraw accurately before their holdings are warned of risks.
On May 14, ST Xiachuang was warned by risks. At the end of last year, Dacheng Jingheng Hybrid was still the sixth largest circulating shareholder of the stock, but it had precisely withdrawn at the end of the first quarter. Similarly, * ST Navigation, which was warned of risks on May 6, had five funds ranked among the top ten circulating shareholders at the end of last year, but they all faded out at the end of the first quarter.
It is worth mentioning that on May 16, the CSRC decided to file a case against ST Huawei because of its suspected information disclosure violations. At the end of the first quarter, Allianz China Securities All Index Semiconductor ETF, Fuguo Shanghai Composite Index ETF and China Southern Securities 1000ETF appeared in the top ten heavy position stocks.
Public offering keeps ST shares at a distance
It is understood that recently the public offering funds have become more cautious about ST stocks, which may be excluded from the stock selection pool in the future.
"The stock market policy has been continuously promoted in recent years. Especially recently, with the implementation of the new" National Nine Rules ", the ST plate has accelerated its decline, and some individual stocks have even halved. The era of" speculation, speculation and bad speculation "is likely to be gone forever. Therefore, under the situation of stronger and stronger supervision, our fund portfolio will try to avoid such objects to prevent some risks. " A fund manager in South China said that even if the fund manager wants to configure, it needs to be approved at all levels.
The reporter learned that after the appearance of the new "National Nine Rules", existing fund companies have taken action to further increase the screening of individual stocks to reduce risks and improve the overall quality of the portfolio.
"Recently, our Investment Committee quickly reviewed and adjusted the risk indicators in the stock selection pool, and eliminated some stocks with increased risk coefficient," said an insider.
Another insider said that the company had conducted self inspection to ensure that there was no active equity fund to allocate ST shares. "Due to the high risk of ST stocks, fund managers need to go through a complex approval process when allocating such stocks. Our company has no active fund managers who will allocate such stocks," he said.
Due to the passive tracking of the index, the allocation of ST shares by index funds is often not decided by the fund managers themselves. After the release of the new "National Ninth Rule", the treatment of ST shares held in the portfolio by index products varies from fund to fund. Some will be eliminated in time, while some will choose to retain them temporarily.
It is generally said in the industry that under the strong supervision situation, fund managers will pay more attention to fundamentals and liquidity to improve their ability to select individual stocks.
A public placer in North China said that although ST is usually regarded as a synonym for junk stocks, few mainstream institutions such as public funds participate in it, except for hot money seeking windfall profits. However, public information shows that a considerable number of institutional investors have quietly arranged in the ST plate in order to make profits in the periodic market.
"Of course, in the past, some ST shares could be successfully decapitated through the implementation of major asset restructuring, debt restructuring, high-quality asset injection, etc., which also made institutional investors with a long history of layout profit." The above public offering person further said, "However, with the comprehensive implementation of the domestic registration system and the growth and maturity of the institutional investor team, institutional investors represented by public funds have formed a complete investment decision-making system, and a large number of ST shares and even small cap stocks have gradually faded out of the investment scope of the above institutions."
"From the perspective of the asset management industry, the current and future A-share market environment not only puts forward higher requirements for institutions' investment research capabilities, but also puts forward stricter standards for their risk control capabilities," said a public offering person in South China.
He believes that with the strict implementation of the delisting system and the continuous tightening of supervision, the survival of the fittest of listed companies will accelerate, and capital will return to individual stocks supported by fundamentals, these companies with truly good performance will also have the opportunity to re price.
Editor: Captain
Reviewed by: Chen Siyang
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