In more than 40 days, nearly 100 listed companies were ST, and many shares were publicly offered heavy positions, and some institutions were the first to leave the market

Time Finance

2024-05-29 15:09Published on the official account of Financial News under Beijing Beijing Time

In more than 40 days, nearly 100 listed companies were ST, and many shares were publicly offered heavy positions, and some institutions were the first to leave the market

Since the release of the new "National Nine Articles", a number of STs have sounded the alarm for delisting.

According to the statistics of the Financial Associated Press, from April 12 to May 27, in just over 40 days, 97 listed companies in the whole market were issued other risk warnings, namely ST; Among them, 58 companies have been implemented ST superimposed delisting risk warning, that is, *ST.

Nearly 100 listed companies have been implemented ST in more than 40 days, and more than 2 per day, which is not insignificant.

The new "National Nine Articles" clearly further reduce the value of "shell" resources, and the "delisting alarm" frequently sounded to scare back many funds, and institutional funds are an important way.

Taking funds as an example, among the many companies that concentrate on "wearing stars and hats", there are many heavy stocks of public funds. Among them, ST Xinchao and other companies are the top few heavy stocks of some public fund products, and ST Gaohong and other companies are held by institutional products such as CSI 1000 ETF.

With the continuous heavy decline in the stock price of ST companies, it will drag down the net value of the holding fund. At the same time, as the relevant individual stocks exit the constituent stock sequence of the index, the fund products linked to these indices also need to be adjusted.

A leading brokerage firm in Beijing said that the core influencing factors for institutional funds to choose stocks are two points: the first is fundamentals, and the second is liquidity. Listed companies are warned by risks, which is a huge damage to both aspects, which will greatly stimulate the willingness of institutions to cut positions, and then form a capital stampede and continuous fall limit.

Judging from the frequent institutional seats on the Dragon and Tiger list, there is a strong willingness to withdraw institutional funds. This can be divided into two aspects.

Some institutional funds are "prescient" and take the initiative to leave the market before the listed company "wears a star and a hat". For example, Jiuzhitang has recently changed its name to ST Jiuzhi because it has recently been issued an internal control audit report or assurance report that cannot express an opinion or a negative opinion in the most recent year. The company has active equity fund product layout for many quarters last year, and as of the end of the first quarter of this year, only one institution has been left among the top ten circulating shareholders.

There are also institutional funds that are "hindsighted", thus "stepping on the pit". For example, on May 6, Aonong Biotech "wore a hat on the stars", and Cathay CSI Animal Husbandry ETF became the fifth largest circulating shareholder at the end of the first quarter, and just increased its holdings during the first quarter. However, *ST Aonong is promoting the reorganization operation, and the company's stock risk warning has not experienced a "multi-day killing".

In fact, many risk warning companies have successfully "taken off their hats" through the implementation of major asset restructuring, debt restructuring, and high-quality asset injection, which has also made institutional investors who have already made a layout.

The question is, will the A-share ST army continue to run out of the predicament and become the "golden phoenix" of reversal?

The above-mentioned brokerages believe that the difficulty has increased significantly. "Once a listed company is 'wearing a hat with a star', especially being *ST, it often faces a relatively high risk of delisting. In the past two years, supervision has blocked the backdoor channel; From a future perspective, after the new delisting rules are officially implemented on January 1, 2025, the risk probability of delisting of such enterprises will further increase. ”

According to a public fund practitioner, 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 set of 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-mentioned institutions.

The investor believes that institutions will withdraw from ST shares and turn to invest in high-quality stocks with solid fundamentals and good liquidity, which will strengthen institutional risk control and investment research capabilities on the one hand, and on the other hand, it will also be conducive to the construction of a healthy investment ecology of A-shares.

(Article source: Finance Associated Press, Securities Times)

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