Category: Money Tips Date: 2007-06-11
Golden Eagle in September Market Review
Last month, the market ascribed to fall Huzhi upside break 1200-point mark and dropped sharply after the 250-day moving average, the maximum impulse to 1223.56, the lowest detection to 1129.05. Hu Zhi August 31 closed at 1162.80 points, September 30 closed at 1155.61 points, fell to 0.62% on month long, on-line income hatched cross star, with a total turnover of 13.25% the previous month Su Liang.
September market, playing with toys, the main manifestations are as follows:
First, share-trading reform comprehensively to start: the market expected in the pilot to build the floating and sinking in September, the split share structure reform in a jubilant rally public opinion in a comprehensive way. Various interest groups and levels of regulatory authorities contend in the newspaper, Shanghai, Guangdong and other places for the local state-share reform to set a timetable, large market appeal and policy orientation of preferred stock have changed the market quite relieved. However, the expected and the market situation in the high drop lead to market withdrawal:
1, the broader market for H-shares only embellishment on the broader market prices are expected to exist on the overestimation of state-owned enterprises. The first still Minsheng Bank, Shanghai Automotive and other state-owned enterprise tape appeared, and the second batch disappeared, Wuhan and other third appearance is hardly contain B, H shares taken off, the lack of new stock reform hot topics to promote, the progress is not as expected, more let the market is expected to fall are: the pilot to raise 10 during the broad market basket to send to the price level is 2.5-3 shares have fallen to the level of 2-2.5 stock trends.
2, the pilot stocks representative not comprehensive, exemplary and the prices are expected to decrease. Two groups were not involved with the pilot unit H shares, B shares, holding costs are relatively high, the low percentage of non-tradable shares of stock, etc., and thus price levels and forms of payment does not have universal significance. From a comprehensive look after the share reform to promote the program operation and more meaningful game model, but also formed in the small-cap stocks 10 to send Game 3 on the price of the psychological line, but prices are expected to decrease. The first batch of 40 shares of 38 companies in the reform plan 10 to send the average level of 3.08 shares of the final stock price to change the level of an average of 3.35 shares for the 10 to send. The second batch of 38 companies on the stage, 32 plan to pay an average of price levels get 2.9 shares for every 10 shares for the first time below 10 the market is expected to send three bottom line, to 28 days, there were 23 completed the final changes to the average price levels are just right 3.06. Forms of the evolution of the price paid is less Major Holders more commitment, and promise to raise the price gradually became underweight fashion. Relative to the pilot unit, a comprehensive reform after the stock for more than 10 rides, is a rare 3.5.
3, stock reform and the impact of expansion is expected to appear, resume trading after the price of increasing the pressure on cash: Total number of shares to change the speed of the beginning of a week to promote the first batch of shares of 40 companies to change, the second batch of 38 companies, the third installment of 21 companies, the market could not bear; the same time, prices Major Holders expansion and the impact of Tianquan speculation began to appear at low tide, reflected in the G shares resume trading after listing more than a downward path and promised the results are unsatisfactory, and major shareholders of listed companies, or modifications to the implementation of self-explanation is room for large, Baosteel committed 2 billion escort running out of money also failed to regain their share prices drop, put warrants and other financial innovations introduced are expected to alleviate this dilemma.
In the comprehensive shareholding reform puts up operational framework, the policy from a technical level, refinement in order to standardize procedures for seeking benefits:
1, stocks, stock change management approach to difficult public policy reform Navigation: SFC announced this month, "split share structure reform of listed companies, management approach," focusing on complex ownership structure of non-tradable shares (eg, including H shares, B shares of companies), dispersed ownership, by agreement, transfer, auction, and so the cost of a higher or stock ownership will change is not strong non-tradable shareholders to consult underperformance to reorganize as a stock price of such shares changed hands in a variety of problems for policy guidance, and strive to standardize procedures to ensure the result is fair and lawful sex.
2, SASAC involved in auditing procedures and seek as a representative of state-owned holding listed companies, property rights the right to speak against the price of game to prevent insider control and state-owned enterprise assets: SASAC published "On the split share structure reform of listed companies, China has a stake in the management review process notice of the matter ", explicitly subject to the state-owned controlling shareholder of the SAC agreed and issued by the relevant" filing Form "before it can be reported to the Stock Exchange, share reform program. On the other hand, however, fear in the market is based on the SAC system, the speed and decision-making process will inevitably have to explore and adapt to the process of state-owned holding the process of share reform of listed companies may not be as expected, fast flow of shareholders at a disadvantage relative SASAC is also a party, it is inevitable non-market factors interfere.
3, speed up the improvement of degree of special class shares of the company, stability, expectations and calm market: regulatory agencies glances to convey his ideas through the media, are actively studying with B shares, H share companies, as well as ST's share reform issue as soon as possible to fight for three types of the company's stock changed the essay. Securities and Futures Commission, the SASAC and other five ministries and 28 research, said after the completion of six provinces and municipalities, B shares, H Unit to change the time is ripe, containing B-share companies to start after the holiday.
4, stock reform of the price Major Holders expansion situation, incremental funding to attract and encourage diversification of the market price of the initial results:
QFII quota of four billion U.S. dollars an official gate opening, the banks fund the Department of ICBC Credit Suisse and Bank of Communications Schroder allowed to issue stock-based funds, fund-raising nearly 10 billion, G Unit, refinancing was put on hold put warrants and other non-price methods against Major Holders promote the use of increased financial innovation. A total of 6 1 [2] [3] [4] [5] [6]
