275 major stocks with less than 20 billion stocks
The source of the increase in low market capitalization stocks is the source of problems: Beijing Commercial Daily’s total market value represents the company’s strength in the capital market and investors’ recognition of the company’s value.
A Beijing Business Daily reporter found through statistics that the stocks of the Shanghai and Shenzhen stock markets with a total market value of less than $ 2 billion have surged since the beginning of this year.
The performance of these low market value stocks is generally poor, and they have also been affected by multiple negatives such as filing investigations.
Preliminary people believe that the perfect delisting system, the accelerated IPO, and the unicorn’s accelerated return have all squeezed the value of shell resources. The era of speculation in shells has ended, and the market will return to the era of value investment.
The number of 275 stocks with a market value of less than US $ 2 billion has recently seen a sharp increase in the number of stocks. The market closed on June 19 for a total of 275 stocks in Shanghai and Shenzhen, with a total market value exceeding US $ 2 billion.
According to Wind statistics, as of the close of June 19, there were 275 stocks with a total market value of less than 2 billion in the two cities, including 37 ST shares.
On June 19 last year, there were only 8 stocks with a total market value of less than 2 billion 武汉夜生活网 in the two cities. Except for Tianlong Optoelectronics, the remaining 7 stocks were only allowed to be listed.
In other words, if you exclude the stocks that have just been listed, only one stock with a total market value of less than $ 2 billion in the same period last year.
As of the end of May this year, a total of 120 stocks in the two cities had a market value of less than 2 billion US dollars, less than a month, and the number of stocks in the two cities below 2 billion US dollars has more than doubled.
On the whole, from the perspective of the listed board, there are 137 main board companies, 53 small and medium-sized companies and 85 ChiNext, respectively.
Specifically, among the 275 stocks, the top 10 stocks with the smallest total market capitalization are delisting Kunji, * ST Huangtai, * ST Shenglai, Tianlong Optoelectronics, * ST Bus, Western Animal Husbandry, * ST InnovationXing, Commercial City, ST Yangfan and Jinya Technology. Among the top 10 stocks with the smallest total market capitalization, the number of ST stocks accounts for 50%.
Among these 10 stocks, the stock with the smallest total market value is the delisted Kunji, which ranks 7th in the total market.
9.1 billion, the total market capitalization of * ST Huangtai and * ST Saint-Lai also does not exceed 1 billion.
If we exclude the withdrawal of Kunji, the stocks with the lowest total market capitalization in the two cities are * ST Huangtai, the current total market ranking of the stocks.
$ 400 million, followed closely by * ST Shenglai and Tianlong Optoelectronics, with a total market value of 9 respectively.
600 million and 10.
400 million yuan.
In addition, Shenke, Sanbian Technology, and Lanzhou Yellow River also appeared in the list with a total market value of less than 2 billion U.S. dollars. They closed on June 19 consecutively. The total market value of Shenke, Sanbian Technology, and Lanzhou Yellow River was 12 respectively.
9.9 billion, 12.
4.8 billion and 13.
6.9 billion yuan.
According to statistical data, the short-term total market value of these 275 stocks is about 4599.
9 ppm, as of June 19, the total market value of ICBC is about 2 trillion yuan, the total market value of these stocks is less than 1/4 of ICBC.
The 275 low market capitalization stocks are generally poorly affected by most stock problems. At the same time, some companies have also been affected by multiple negatives such as investigations and filings, and have therefore shown a downturn.
According to Wind statistics, out of 275 stocks with a market capitalization of more than 2 billion, 59 companies’ net profit attributable reached a negative value in 2017, and the amount of net profit attributable to 4 companies exceeded 2 billion cents.maximum.
Financial data shows that * ST Yihua’s attributable net profit in 2017 replaced approximately 50.
9.1 billion, a decline of 307 each year.
Generally, they are * ST Longli, * ST ICT and * ST buses, and the corresponding amounts of attributable net profit in 2017 are about 34.
8.3 billion, 24.
7.9 billion and 20.
3.3 billion yuan.
Excluding ST shares, Yichang was the worst performing stock in 2017.
Yichang Co., Ltd. is an enterprise engaged in the research and development, production and sales of household appliances and automobile structural parts. In 2017, the performance of Yichang Co., Ltd. has changed dramatically.
Financial data shows that Yichang shares achieved operating income of approximately 56 in 2017.
9.8 billion, a decline of 0 every year.
98%, the corresponding attributable net profit can replace about 4.
79 trillion, a decrease of 2591 over the same period in 2016.66%.
Fengshen shares, cloud investment ecology in 2017 the expected net profit attributable constant is above 4 trillion.
* ST Saint-Lay ‘s performance, which is also a low market capitalization stock, is also not satisfactory. * ST Saint-Lay ‘s attributable net profit in 2017 replaced about 5,689.
In addition to poor performance, * St. Lai was also devalued by the Securities and Futures Commission for inflated profits.
According to * ST St. Lai ‘s “Information Letter on Administrative Litigation” disclosed on the Securities and Futures Commission on April 14, * ST St. Lai ‘s 2015 fictitious film and television copyright transfer business and financial subsidies, falsely increased 2015 revenue and profit of 10 millionYuan, net profit increased by 7.5 million yuan, * ST Shenglai was called by the top panel of the Securities and Futures Commission.
An investment banker who asked not to be named believes that “poor performance, typical news has led to a sluggish forward trend, and the corresponding company’s total market value has continued to shrink, which has also become the possible reason for the above-mentioned total market value.
According to Wind statistics, from January 1st to June 19th of this year, out of 275 stocks with a market value of less than 2 billion, 35 stocks had a “slash”, * ST Longli, * ST Xintong, etc.Six stocks fell more than 70%, of which * ST Fukong’s gradual decline was 85.
Even * ST Fukong’s net profit in 2017 was positive, but due to the company’s 2017 financial report, the audit firm issued an audit report that could not express its opinion. At the same time, * ST Fukong was investigated by the Securities and Futures Commission for suspected violation of securities laws and regulations.
In response to issues related to * ST Fukong, a reporter from Beijing Commercial Daily called * ST Fukong’s secretary’s office for an interview. Someone answered the phone before posting as a reporter.
Due to the change in investment logic In the eyes of some people, the surge in the number of low-value stocks in the past month is mainly related to the rapid depreciation of shell resources and changes in the logic of stock speculation by investors.
The aforementioned investment bankers said that in the past, IPOs had been scheduled for a long time and it was difficult to approve them. Restructuring and listing has become a shortcut for some companies to quickly access the capital market. For some companies with difficult operations, the market has replaced them with higher market value.
As the issuance of new shares continues to accelerate and the delisting system is improved, the value of the shell will naturally decline, which is also determined by market supply and demand.
The person also said that the unicorn’s accelerated return and other factors have squeezed the value of shell resources. Under the background of the value investment concept, the era of poor speculation has come to an end.Double blow.
In the view of Song Qinghui, a famous economist, the sudden increase in low-market value stocks is also related to the change in the logic of stock speculation by investors.
“In the current A-share market, through the continuous increase of institutional investors, investors’ investment concepts have begun to shift to value investments. More investors have turned their attention to blue-chip stocks and paid more attention to corporate operating capabilities rather than substitution.
The performance of many small market capitalization stocks before was not good, but they were speculated based on so-called expectations or substitutions. After gradually converting to value investment, the market for such stocks has become smaller and smaller, “Song Qinghui said.
There are also opinions that the more mature the capital market system is, the easier it is to list, and the lower the shell value. In the long term, the shell value can still penetrate the downward space.
However, if there are policy factors such as halting the issuance of new shares in stages, re-financing and other loosening such as M & A and restructuring, there will be room for a period of rebound in shell value.
But in general, most small-market-cap varieties are still very high from an estimation perspective.
Regarding whether these low market value stocks have investment value, Song Qinghui believes that it is necessary to gradually and rationally judge from multiple aspects.
Song Qinghui boots said that to do a good job of market value management, it is necessary to manage through an effective, long-term mechanism, and it is impossible to achieve results in a short time.
In order for listed companies to do a good job of market value management, they need to achieve all-round improvement, which can allow investors to see multiple clear contexts in the short and medium term.
Beijing Commercial Daily reporter Dong Liang Liu Fengru