Category: Money tips Release Date: 2006-10-31
Source: Guoxin Securities
Although the "small non-" limited sale of shares in circulation will increase the corresponding varieties of stock price volatility of the stock increased risk, but on the other hand "shock" out of investment opportunities. "Small non-" and other restrictions on sale of shares in circulation for the fundamentals of the lack of bright spots or lack of growth, valuation is significantly higher than the company would constitute a real impact, in the "small non-" shareholders, a large number of cases, the impact of increased ; while the valuation is reasonable, the wishes of a small reduction of the major shareholder and promised reduction of the price much higher than the price of a class of the actual impact of smaller companies face. A profit selling low-cost stock market often results in the weak stock oversold, therefore, for high-quality companies, "small non-" flow instead to bring an excellent buying opportunity. After the non-tradable shares into circulation makes the market-oriented mergers and acquisitions as well as the battle for controlling the likelihood of further increases, "small non-" the lifting of the ban also will give a number of potential mergers and acquisitions, bringing a unique "push the wave of the sea picking up bargains" good opportunities. In addition, we have also suggested that concern about access to thaw in the second half of legal person shares of listed companies, accounting standards to be implemented in the new occasion, which will make this part of the hidden assets revaluation dominance.
1, high-quality buying opportunities for the company's excellent
Of non-tradable shares is the future thaw in the market for many years the theme, from the empirical results of the analysis point of view, not necessarily in the market for the better when a big blow, but the market downturn may have played down the role of aid. If the next few years to maintain the current bull market atmosphere, you can defuse that pressure, at least the pressure of this expansion is far from the market in such a horrible thought. We expect that those fundamentals are lacking a potential bright spot or a lack of growth, valuation of companies is significantly higher than it might really be "small non-" thaw the impact, while a lot of quality companies, such as Minsheng Bank, even if the "small non-" Number of many "small non-" thaw the contrary, the possible impact of a number of potential investors, including mergers and acquisitions, bringing a rare, "the sea at low tide picking up bargains," a good opportunity.
2, control the opportunity to compete for upgrades
For some capital structure of a possible merger with larger companies, "small non-" may not be listed not only the impact of potential mergers and acquisitions persons (such as the two shareholders), the "small non-" but was a very good market access chips opportunities. The following table shows the proportion of less than 35% majority shareholder, and two shareholders, and the proportion of differences within 5% of the companies, which in theory two off-block trading by shareholders can directly deliver the will to achieve a "small non-" shares to obtain control of right, the same major shareholders also have a desire to bring about competition for control of these shares struggle to upgrade.
Third, the opportunity to reassess the value of corporate shares
Thaw in the non-tradable shares to the market to bring high-quality corporate GoodBargain In addition to the opportunity to upgrade and so the opportunity to compete for control over the other, and the other may be an opportunity as opposed to legal person shares of listed companies to hold more of the listed companies, this part of the non-negotiable in the second half after another into the thaw period will make this part of the corporate shares and investment income dominance. Under the new accounting standards, this part of the legal person shares are generally classified as available for sale financial assets measured at fair value end of the period, with the difference between the recorded book value of equity, once the sale as a one-time gains can be greatly improved performance of current reports. This branch as a typical "asset revaluation" concept has been repeatedly before the active, enter the thaw period through the sale of the new accounting system is implemented to make this re-assessment to become a reality, to stimulate a renewed strength of this subject matter. Table 9 Statistics of the possession in the second half, especially in August into the thaw period of non-tradable shares in listed companies.
Thaw in the second half of the corporate equity ownership of listed companies
Source: WIND information, Guoxin Securities Research Institute, the price as of July 31 the monthly average of 90% (considering the impact of cost) estimates. Analog legal person shares the assumption that income is: Suppose the cost of existing equity, net assets per share of 50%, which is a very rough calculation, in order to roughly estimate the new accounting system, hold or sell, or share of owner's equity revenue impact; negative number indicates that the period of the company's earnings is negative.
4, differential treatment promises to change the minimum stock price of company holdings
A commitment to the reserve price higher than the current price negotiable non-tradable shareholders, the company that the "lung power", the higher the premium level, the shareholders of listed companies on their growth and future development of more confidence, the less the possibility of its reduction. The following table lists the commitment of the reserve price higher than the current price may be negotiable for more than 20% of the company (on average according dollars).
