Category: Money tips Release Date: 2006-06-29
Source: Guangzhou Bandung
Abstract: As the future of non-tradable shares into tradable shares, share capital structure, fundamental changes have taken place, large shareholders to increase their stake in the secondary market acquisitions, the original non-tradable shareholders to sell their stake in the has raised the market capitalization of listed companies, market opportunities arising from equity-based incentives are worth our attention.
Market structure in influencing the 2007 theme of factors, in addition to industrial restructuring and outside the currency appreciation, we believe that post-tradable share reform era in the context of the concept of the majority shareholder will also create a lot of opportunities, which is something we need to focus on.
As the future of non-tradable shares into tradable shares, share capital structure, fundamental changes have taken place, large shareholders to increase their stakes in the secondary market acquisitions, the original non-tradable shareholders to sell their shares and pulled market capitalization of listed companies, market opportunities arising from equity-based incentives are worth our attention.
First, strengthen the controlling shareholders
Major Holders practice because of stock changes and other reasons, major shareholders of listed companies in reducing the proportion of the overall holdings, some major shareholders, controlling or even just barely enough to maintain a relatively Holdings, a listed company to strengthen the controlling shareholders may be in the secondary market for overweight, and related agencies be able to match the situation in the capital market profit.
The general mode of operation is the first release of unfavorable factors listed companies manufacture low price stage, then in the secondary market to begin direct acquisition of chips, but in the whole process of acquisition of shares will naturally be steadily increased.
Second, due to the decentralization of shares of stock to bring the real cause of the war tend to be more appropriate in the secondary market listed company's share price soared.
Finally, note that the listed companies to strengthen the controlling interest, or face a hostile takeover of listed companies in general should have the unique resources and values. Battle in the developed equity capital markets is more common, and as a fundamental change in ownership structure, China's stock market will be more and more this happens, once the large-scale outbreak of such cases, it could lead to plate Sexual Quotes.
Second, reduction of non-tradable shareholders
With the gradual lifting of the ban ban A shares, to the 2007 part of the non-tradable shareholders will receive tradable rights. This part of the non-tradable shareholders will meet in a listed company under the stage to do a high stock holdings of the shares they hold, very worthy of investor attention.
This column has always been that the market is long-term trends in economic development, based on the interests of progressive development under the impetus of the ban of non-tradable shares into shares of listed companies, especially the better part of the fundamentals of listed companies is likely to be some stage investment opportunities.
Third, equity incentive
With the state holding listed companies, the gradual liberalization of equity-based incentives, equity-based incentives will gradually become the listed company's management and shareholders of listed companies closely linked to the effective channel. In fact the market in 2006, the equity-based incentives tend to become a major factor in the market speculation.
With the 2007 equity incentive over large areas, is likely to produce an overall speculation Quotes.
Also speculation on the part of the periodic events will also be the dominant theme in 2007 Quotes of the important factors, such as the Olympics and other events such as speculation.
4, 2007, the market environment will be more complicated
In this series of articles begins with, we propose the market in 2006 due to broad based stocks, most stocks where valuations are not low in 2007, is difficult to expect a sharp rise index at its peak, in 2007 the market environment will be more complex. The response to this complex environment, should focus attention to the following points:
1, get rid of the bad habits rely on index Zuo Gupiao
In fact, due to large blue-chip index of the control plate to be further strengthened, the index has to some extent become a broader market trend in the shadow of blue-chip group, but very difficult for a real response to the vast majority of individual stocks on the market trend. Especially in the end of 2006 because of large blue-chip panel of crazy speculation, so that more complex indices, the index has lost the majority of individual stocks guiding significance.
2, establish the right investment ideas
Another difference has to change too much focus on the investment strategy, from the plates and industry troubles, in the depth of excavation on the basis of fundamentals and reasonable valuations and can have a high growth stocks, a long-term bull market in dividends to share-hold strategy to better meet the 2007 market environment.
