In February, the Beijing stock exchange (hereinafter referred to as the "Beijing stock exchange") ushered in the first large-scale lifting of the ban. Whether the relevant shareholders will reduce their holdings, which will have an impact on the stock price, has become the focus of market attention in the near future. It is understood that the large-scale lifting of the ban is due to the extension of the lock-in period of the first batch of 32 listed companies from the original 12 months on July 27, 2020. The centralized lifting of the restricted shares of the first original shareholders of large market value companies is the main reason for the large scale of the lifting of the ban. Specifically, there were 21 listed companies involved in the lifting of the ban on the Beijing stock exchange in February, accounting for a quarter of the listed companies on the Beijing stock exchange. Among them, the original shareholders of several companies, including senxuan pharmaceutical, beiteri and Changhong energy, lifted the ban on the sale of shares, accounting for more than 60% of the market value of the lifted ban. At the same time, from the perspective of the companies involved in the lifting of the ban as a whole, the current market value of most companies has increased significantly compared with that when they were listed, and the range increase of the four companies is more than 100%. Therefore, some investors in the secondary market are worried that the old shareholders may reduce their holdings after the lifting of the ban. Zhou Yunnan, a senior new third board investor and founder of Beijing Nanshan investment, told reporters that it is normal for investors to have such concerns. The arrival of the ban lifting period may bring some pressure on relevant companies and markets in the short term, but there is no need to worry too much. This pressure comes more from psychology, and the real market pressure may not be large. "The decline in share prices is not only affected by the lifting of the ban on shares. Whether shareholders reduce their holdings will consider the current market environment." Chen Mengjie, chief strategist of YueKai Securities Research Institute, believes that from the perspective of market environment, the market has entered shock adjustment recently, and the overall popularity is relatively low. At this time, the reduction of holdings may not achieve the maximum return. At the same time, most of the companies lifted this time are the first batch of Listed Companies in the early selection layer, with strong profitability and good performance. In the long run, the prosperity of these companies does not change to the good trend, and it is not the best time to choose to reduce their holdings at this time. Insiders said that the lifting of the ban on restricted shares does not mean that investors will reduce their holdings. Whether shareholders sell after lifting the ban depends on their investment decisions. The lifting of the restricted shares of the Beijing stock exchange in the next half year is dominated by major shareholders, and the number of lifted shares of strategic investors is limited and the proportion is small. Among them, most of the major shareholders hold shares for a long time. Generally speaking, based on the optimistic development prospect of Beijing stock exchange, the lifting of the ban of major shareholders will not be directly transformed into market selling pressure in the short term. "Most of the objects of this large-scale lifting of the ban are major shareholders of the company, senior core and old shareholders of directors and supervisors. Even if they will reduce their holdings, the proportion is relatively small. It can be seen from the recent announcement of the reduction plan that although the lifting of the ban is large, the proportion of reduction is small, which may also be closely related to the high growth of enterprises in Beijing stock exchange as innovative small and medium-sized enterprises, and the core shareholders are fast growing in enterprises There is little willingness to reduce holdings in the period of rapid development. " Zhou Yunnan said. From the perspective of the reduction process, according to the rules of the Beijing stock exchange, if the restricted shares are lifted, the shareholders of the company need to go through the lifting procedures in advance and disclose the lifting announcement three trading days before the lifting date. If the procedures are not completed, the lifted shares cannot be listed and traded. At the same time, shareholders need to "pre disclose" if they want to sell. According to the rules, more than 5% of shareholders and directors, supervisors and senior executives need to pre disclose their holdings through centralized bidding at least 15 trading days in advance. If it plans to reduce its holdings by more than 1% within three months, it needs to be pre disclosed 30 trading days in advance. The system design of pre disclosure of holdings reduction can give small and medium-sized investors enough time to "rush", which is conducive to stabilizing market expectations. It is worth noting that, according to the regulations of the Beijing stock exchange, the share lock period of shareholders and controlling shareholders holding more than 10% of the shares of the Beijing stock exchange is 12 months, which is far shorter than the 36 month lock period of the gem and the science and innovation board. In this regard, Zhou Yunnan said that it is reasonable for the Beijing stock exchange to set the sales restriction period at 12 months for three reasons: first, the listed companies of the Beijing stock exchange are from innovative enterprises on the new third board, and they are required to be listed at least 12 months before applying for the Beijing stock exchange. During the listing period, many companies have had a certain secondary market transaction, and the power of reducing holdings of core shareholders has been released in advance; Second, more than 10% of the shareholders holding positions of many companies listed on the Beijing stock exchange may not be the original shareholders before the company was listed on the new third board. Their shares come from the fixed increase, secondary trading or offline agreement transfer during the new third board period. Referring to the 12-month small non restricted sales period of a shares, it is understandable that the Beijing stock exchange set a 12-month period; Third, when listed companies enter the Beijing stock exchange through public offering, they are not required to issue more than 25% of the total share capital of the company, but only no less than 1 million shares. Therefore, the circulation proportion and circulation volume of some companies are small, and the limited sale for 12 months can improve the liquidity of the company's shares. Anxin securities research report pointed out that the long-term historical experience of A-share companies shows that the lifting of the ban on shares can be used as an indicator to observe industrial capital to identify the value of the company, especially those companies with additional commitments to extend the sales restriction period. In the long run, investors are advised to pay attention to the certainty of performance growth and the attribute of "specialization and innovation" of Beijing stock exchange, and look for companies that can grow continuously to obtain long-term investment returns. (Xinhua News Agency)