Nine down limits, the stock price fell to 9 cents! *ST Baoli locked in delisting in advance, why do retail investors still "lick blood" gambling into the market?

China Times

2024-05-16 11:58Published on the official account of Beijing China Times

As a listed company in the Shenzhen Stock Exchange *ST Baoli (300116.SZ), which has been lined up in the delisting list, announced on May 14 that as of that day, the closing price of the company's shares was lower than 1 yuan for 18 consecutive trading days, even if the next two trading days (excluding the company's stock all-day suspension day) continued to rise and fall, it will also hit the trading delisting index because the stock price was lower than 1 yuan for 20 consecutive trading days. And this "ironclad delisted stocks" since April 30, there have been as many as 9 20% of the fall limit, to the close of May 15, the company's share price is only 0.09 yuan / share, 4.426 billion yuan of total share capital market value is only 398 million yuan, and by the end of the first quarter of this year, * ST Baoli has nearly 120,000 shareholders deep in it.

"This should be the worst stock in A-shares! The highest price in history is 55 yuan, and now it has fallen to 9 cents, and the stock price has fallen into waste paper, but there is still no sign of opening the board, which makes the retail investors inside? When Meishang Ecology was delisted, the stock price was finally fixed at 0.13 yuan, and tomorrow *ST Baoli will be officially delisted, and it will once again create the history of the lowest stock price of A shares. On May 15, Zhang Yue (pseudonym), a senior investor in Shanghai, lamented in an interview.

It is worth noting that, according to the three consecutive transaction data of the Oriental Choice Dragon and Tiger List *ST Baoli, when the institutional trading seats have fled, the Lhasa business department of Oriental Fortune, which has always been known for its retail base camp, is still buying this stock from May 13th to 15th, although the purchase amount is only hundreds of thousands of yuan, which makes the outside world feel incomprehensible.

Falling from $55 to "dust"

According to the data, *ST Baoli was formerly known as Jianrui Fire Protection, and the company was listed on the GEM of the Shenzhen Stock Exchange in 2010. In 2016, Jianrui Fire spent 5.2 billion yuan to acquire the equity of Waters at an ultra-high premium of 6 times the valuation to enter the field of power batteries and new energy vehicles. Although for a period of time after the acquisition of Waterma, taking advantage of the east wind of the new energy vehicle industry, *ST Baoli achieved a sharp increase in performance. However, since then, Waters has gradually fallen from the altar and was stripped of the listed company system in 2020, *ST Baoli's performance has lost money for 4 consecutive years from 2020 to 2023, and the company's stock price has also retraced 97% from its all-time high.

"Baoli Xin used to be a big bull stock of lithium battery, the stock price was as high as 55 yuan when it was listed, investors never dreamed that it could fall to more than a dime now, even if it is calculated according to the weighting price, the decline has been as high as 99%, and it has fallen to the point of only 'dust'. If there are shareholders who hold the shares for a long time, it can basically be said that they are bankrupt now. On May 14, Ke Yukui, an energy industry analyst at a leading brokerage firm in Shanghai, told the China Times.

From 55 yuan to the latest 9 cents, *ST Baoli share price has basically not achieved a strong rebound for many years, according to the latest list of top ten shareholders, as of the end of the first quarter of this year, The number of shareholders of the company is 118,900, with an average shareholding of 34,500 shares and an average shareholding price of 1.22 yuan, with Changde Xinzhongzhe Enterprise Management Center, as the largest shareholder, holding 595 million shares, Xinyuan Asset Management Jinmeihua No. 35 Special Asset Management Plan holding 82,288,200 shares, Shanghai Securities Co., Ltd. holding 80 million shares as the third largest shareholder, and Hong Kong Securities Clearing Company holding 11,898,000 shares.

What is more interesting is why the two major institutional shareholders of Shanghai Securities Co., Ltd. and Hong Kong Securities Clearing Corporation took over when the company's performance was very poor?

The "China Times" reporter combed through the time of the two institutions to reduce their positions and learned that in the second and third quarters of 2023, Shanghai Securities Co., Ltd. bought 40 million shares of *ST Baoli and increased its position to 80 million shares in the third quarter, when the company's stock price hovered in the range of 1.5 yuan, and the Hong Kong Securities Clearing Company, which represents foreign capital, bought 21.9167 million shares of *ST Baoli shares in the fourth quarter of last year, but by the end of the first quarter of this year, it had reduced its holdings to 11.898 million shares.

"Judging from the trend of institutional trading, from 2022 to 2023, many brokerage institutions have opened positions on *ST Baoli, but some institutions saw that the signs were wrong in the first quarter, so they quickly reduced their positions; From the point of view of the motivation for increasing positions, institutions may believe that under the new energy outlet, this company has a chance to turn around due to the over-falling stock price; In addition, I want to bet on the gains of the rebound. In this regard, Wang Jun, a trader of a private equity firm in Shanghai, analyzed in an interview.

Wang Jun further pointed out that from the actual performance, due to the fact that *ST Baoli has suffered major losses for 7 consecutive years, coupled with the double negative of the strict delisting policy introduced by the regulators this year, even if institutions want to win profits, they have "stumbled".

In fact, it is estimated that even if the *ST Baoli stock price is calculated at 0.65 yuan before the 9 drop limit, whether it is Shanghai Securities Co., Ltd. or Hong Kong Securities Clearing Co., Ltd. has emptied the shares, its loss has reached 50%.

"The actual situation may be even worse, because with such a huge number of shares, even if they are sold through the trading data of the Dragon and Tiger List in the past few days, there is no way to completely clear the position, not to mention that *ST Baoli has opened for 9 consecutive days and basically has a falling limit, and there are not so many receivers in the market." Wang Jun said.

There are also retail investors who want to make a hundredfold return?

Why are both institutions and retail investors "in and out" in *ST Baoli? It may be related to the company's announcement on April 26 that it signed a five-party agreement with a project of 3 billion yuan and a strategic investor.

This once made many shareholders feel that the company was about to turn over, so many shareholders flocked to the market and desperately entered the market. However, after these people went in, they were all buried, and they could not get out again, and they became victims of delisting. On May 13, *ST Baoli announced that the closing price of the company's shares was lower than 1 yuan for 17 consecutive trading days, and even if the next 3 trading days (excluding the company's stock suspension days) continued to rise and fall, it will also hit the trading delisting indicator because the stock price was lower than 1 yuan for 20 consecutive trading days. Zhang Yue said.

So who's crazy about robbing *ST Baoli? According to the data, there were only 4 large orders to buy the stock of more than one million yuan on the same day, all at 9:30 and 13 o'clock, Zhang Yue deduced that these buy orders are likely to be large buy orders formed by many investors at the same time, rather than a single investor buying. The data shows that the top five retail investor concentration camps in the buying business department are all business departments of Oriental Wealth Securities; At the same time, there were institutional seats in the sales department, the first of which was the special seat for the institution, which sold more than 9.05 million yuan.

It is worth mentioning that in the trading software's *ST Baoli stock bar, many small scattered messages are surging, and some investors posted that if they buy 10,000, Bo will be re-listed, once they are listed for at least 10 yuan, 100 times the income, and they will be small and large, after all, this is new energy; Some investors said that they bought 14,800 shares, spent more than 1,700 yuan, won the bet to turn the bicycle into a motorcycle, and lost the bet to feed the fish. However, the voice of reason has not been drowned, and some investors said that the GEM can resume listing after delisting? Some people also said don't fantasize, tomorrow is still 0.09 yuan. Sure enough, on May 15, ST Baoli's share price closed at $0.09.

In fact, for ordinary investors, *ST Baoli is more likely to be speculative value, or trading opportunities. Taking history as a mirror, some delisted stocks often have a doomsday market, and huge fluctuations bring better profit opportunities, such as *ST Haitou, which will be delisted in 2023, has rebounded sharply before delisting; King Kong Retirement, which will be delisted in 2022, staged a doomsday carnival, rising nearly 90% in 10 days at one point. However, on the whole, there are generally no trading opportunities for delisted stocks to fluctuate significantly, and the possibility of resuming listing after mandatory delisting is also very small, according to the rough statistics of Databao, there are only a few companies that have resumed listing after being forced to withdraw from the A-share market, and the number of delisted shares in the entire A-share market exceeds 200. Wang Jun pointed out.

The reporter learned that there are investors in the market and even enter the trading opportunities of the old third board after the game is delisted, but the truth behind it is also very tragic, the same data shows that more than 40 stocks delisted last year, 44 shares fell last year, accounting for nearly 94%, and 13 shares fell by more than 50%; Since the beginning of this year, the proportion of individual stocks has fallen by nearly 96%, and 12 stocks have fallen by more than 40%. Obviously, the probability of wanting to buy delisted stocks and fleeing to the old third board is also extremely low, and the decline is generally large.

Editor-in-charge: Xu Yunqian Editor-in-chief: Gong Peijia

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