On Monday and Tuesday, due to the post-holiday rebound and the spread of ST and delisting "small compositions", the micro-cap stock index was 18% in 2 days.
After hours, the regulator urgently refuted the rumors and reassured, saying that only about 110 companies were actually affected, and it was not for small-cap stocks. Today started to be high again, and the micro-cap stock index jumped 8.32% in a day.
As soon as he jumped out, he entered the ICU, and he jumped out of the ICU. After jumping Di and then entering the ICU, out of the ICU to continue to jump, it is breathtaking......
1. The account is cleared 0 and the position is cleared
Specifically, yesterday's micro-cap stock index was 10% a day and closed down 10.19%, falling on the hot search.
If you add Monday's giant hammer, in just two trading days, the CSI 2000 fell by 10.94%, and the micro-cap index fell by as much as 18%.
Source: iFind, as of April 16, 2024
After the market, I saw a lot of netizens posting and posting pictures.
Many people said that they were blinded by two falls.
There are also some investors who hurriedly liquidate their positions and close their accounts.
For example, the netizen in the picture below lost 100,000 yuan, the account was cleared 0, and the position was cleared, "Compared to my enthusiasm, it is in vain, and my health cannot be bought by tens of thousands!"
Image source: Netizens invested in the community and posted pictures
There are also some accounts that have been cancelled, so I won't take screenshots one by one.
Fortunately, after the regulatory layer made an urgent voice and sent warmth, today the small micro disk is rising again (more on it later).
2. Three reasons for the decline
The killing and falling of small and micro disks is mainly caused by two aspects.
First, external factors: the release of the third "National Nine Articles" and new delisting rules after trading on Friday.
The new delisting regulations also further strengthen the delisting criteria, such as mandatory delisting for major violations, financial delisting, regulatory delisting and trading delisting.
Dividends are also included in the ST indicator.
Those who do not pay dividends for many years or have a low dividend ratio will be ST.
Small- and micro-cap stocks are naturally bearing the brunt.
Second, internal factors: the short-term increase in small and micro markets is amazing, and there is a motivation for adjustment.
Since the Spring Festival, the small and micro cap index has rebounded in deep V, and some small and micro caps have even risen more than the index in the same period, hitting a new high.
With so much rise, there is naturally an incentive to adjust.
and profit-taking, constituting selling pressure.
Third, the performance factor.
At the end of April, many small and micro companies are going to disclose their annual reports, and they can't delay it any longer. And many of the performance that dragged to the end were thunderous and fell in advance.
Under the combined force of several factors, the small micro disk collapsed.
3. Send warmth urgently
Fortunately, the regulator urgently refuted the rumors and appeased them.
The key takeaways are as follows:
(1) If the dividend does not meet the standard, it will not lead to delisting. Based on the data of 2020-2022, there are only more than 80 companies in Shanghai and Shenzhen that may not meet the dividend standards and implement ST. After certain conditions are met, you can apply for revocation of ST.
(2) The new rules are intended to increase efforts to eliminate "zombie shells" and "black sheep", and are not aimed at small-cap stocks. In the Shanghai and Shenzhen stock markets, the number of companies that will be delisted next year is expected to be about 30.
There are about 110-120 in total.
That is, the impact of the new regulations on the overall market is not as strong as that of Xiaowen.
Under the appeasement of the good, today's small and micro disks also rebounded violently. The highest intraday rise of 8%, hundreds of daily limits.
Hey, I'm also convinced of this market environment. Just after jumping into the ICU, just out of the ICU jumped on the di, and so on, very exciting.
4. What should we do?
Under the strict regulatory policy, it is the general trend that the number of delisted companies is increasing year by year. If you can hide for a while, you can't hide for a lifetime, and sooner or later you have to face it.
My response is threefold:
First, evaluate valuation data objectively, not emotionally.
The size of the market value is not an objective criterion. There is only an objective criterion for judging a company: whether the valuation is cost-effective or not, and whether it is a good company or a bad company.
It's not that the small micro disk must be bad and can't be invested. In addition, many large and medium-sized companies have also grown from small and micro companies.
Second, the investment strategy should be updated and adjusted in a timely manner.
In actual investment, small and micro companies, and even some mid-cap companies, are another set of investment strategies. Because these companies are more likely to fail, the screening is more stringent, and the positions are highly diversified.
Like many small and micro cap funds, the maximum proportion of a single stock is not more than 2%, which is worth learning. Unless you are really familiar with it, it can be higher, but the proportion should not exceed 5%. Not to mention leverage, borrowing money to invest.
Source: iFind, as of December 31, 2023
In fact, the same is true of venture capital in the primary market: low win rate, high odds. Invest in a high degree of dispersion, and a few big bulls make up for losses and earn.
Or you can invest in related funds and corresponding index funds by yourself, and there is no need to rush to the front line by yourself, thankless.
I found 8 related small- and mid-cap funds with lower risk, which are divided into three categories: growth, value, and balance. Qiu Dongrong, Sheng Fengyan, Cao Mingchang, and Ma Fang are among them. Get the list by private message.
Third, the thinking of the rich Pk small and medium-sized investors.
I have pondered this question many times, and the reason why the rich are richer is mainly because a small part of the funds are invested in high-risk investment and diversification.
Don't be afraid of losing, you can hold it, and you can afford it.
Of course, the richest man and the richest man in China who use leverage to rise to the top will immediately be cold when a single asset goes down unilaterally and when it is deleveraged. Like the vast majority of real estate tycoons, they have seen their collapse in recent years.
And many small and medium-sized investors need to support their families, and they also earn hard-earned wealth. I can't afford to lose, but my gambling is still very big......
This requires us to adjust and change in essence, and change in thinking. You can't keep tossing and turning round after round of tuition.
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Disclaimer: The content of this article is based on public information research and does not constitute investment advice. Investors should make prudent decisions and bear risks independently.
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