The A-share market reached its peak of lifting restrictions within the year, with a market value of nearly 700 billion yuan lifted this month
2023-06-06
Entering June, A-shares have reached a peak of lifting restrictions on restricted shares. Data shows that in June, a total of 270 restricted shares of listed companies were listed and circulated in the A-share market, with a total market value of nearly 700 billion yuan, making it the month with the highest market value for the entire year. Industry insiders say that if the market is concerned about the negative sentiment of the lifting of the ban on stocks, it will increase and put pressure on individual stocks in the short term. However, in the medium to long term, the lifting of stock restrictions does not have a substantial impact on the company's fundamentals and valuation, and investors need to treat it rationally. In June, 270 A-share companies welcomed the lifting of restrictions. According to wind statistics, a total of 270 listed companies' restricted shares were listed and circulated in the A-share market. Based on the closing price on June 5th, the total market value of the lifting was 699.5 billion yuan. In terms of individual stocks, a total of 10 stocks were lifted from ban in June, with a market value exceeding 10 billion yuan. Among them, the Postal Savings Bank has the largest market value after lifting the ban. On June 12, 2023, the company lifted the restrictions on the sale of 55.848 billion restricted shares. Based on the closing price on June 5, the cumulative market value of the lifted shares reached 293.76 billion yuan, and the type of lifted shares was the original restricted shares issued by the initial shareholders. The second and third largest companies in terms of market value after lifting the ban are Longxin Zhongke and Trina Solar on the Science and Technology Innovation Board, with 246 million and 845 million shares respectively. The lifted market values are 36.963 billion and 31.24 billion yuan, respectively. The types of lifted stocks include restricted shares issued by the original shareholders and strategic allotment shares issued by the first issuer. In addition, stocks with a market value exceeding 10 billion yuan that were lifted in June include Shenzhou Cell, Huahai Qingke, Xintian Green Energy, China Southern Airlines, Xiangcai Co., Ltd., China National Aircraft Heavy Industry Corporation, and TCL Technology. From the perspective of the lifting ratio, in June, Shenzhou Cell's lifting shares accounted for the highest proportion of the total share capital, reaching 77.22%. Guosheng Zhike and Rongyi Precision's lifting ratios ranked second and third, respectively accounting for 70.36% and 69.24% of the total share capital. In addition, the lifting rates of Longxin Zhongke and Xiangcai Shares have also exceeded 60%. From the return rate of stocks that were lifted from the ban in June, the current stock with the highest return rate is Dongwei Technology. Dongwei Technology will lift the ban on 2.7232 million shares on June 15th, with the lifting type being the initial strategic placement shares and the shareholder being Anxin Securities Co., Ltd., with a yield of 738.18%. The individual stock with the highest book loss due to the lifting of the ban is Dangsheng Technology. On June 5th, the company lifted the ban on 2.2769 million shares, and the lifting type is targeted issuance of institutional placement shares. The shareholder, Mining and Metallurgical Technology Group Co., Ltd., has a current book loss of about 43%. Will the peak of lifting restrictions have an impact on the current market? Fu Lichun, founding partner of Yuntai Capital, believes that the lifting of the stock ban itself will not have a negative impact on the market, and what the market is truly concerned about is a sell-off after the lifting of the ban. If shareholders sell off in a concentrated manner, it will have an impact on the short-term supply and demand relationship in the stock market, thereby putting pressure on individual stock prices; But if shareholders do not concentrate on reducing their holdings, it will not have a substantial impact on the stock price. "Compared with paying attention to the company's lifting of the ban, investors should further study and analyze the company's intrinsic value and find a reasonable allocation price." Fu Lichun said that lifting the ban does not mean that there will be selling. After lifting the ban, there are often differences in the movements of various shareholders
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：China Secruities Daily
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