Half is flame and half is sea water.
2017, to be precise, starting from 2016, A shares are experiencing the magnificent blue-chip stock market. But when he was 50 years old, he was killed by 3,000 yuan.
dare not expect that A-shares have entered the era of value investment. But it is getting more and more difficult to play routines. The old leeks have withered and the new leeks have not grown.
buys high-quality companies at an undervalued, or at least a reasonable price. This basic concept of value investment has been re-verified in both Hong Kong and US stocks in the past two years, and there are also some signs of big A-shares.
Knowing is easy and hard to do, it is never easy to find a high-quality company undervalued. If you find it, you may not dare to hold on, and if you dare to hold on. But at least, looking at more negative cases will make people more alert.
As the end of the year approaches, securities companies are busy holding annual strategy meetings to speculate on the market, market style, and even the large-scale inventory of 2018.
As an independent third-party research institution, there is no need to join in the fun. Many times, securities companies' words are regarded as reverse indicators. According to the idea that revealing risks is to contribute value, we took a look at listed companies whose stock price was cut in 2017.
data tells us: While leading blue-chip stocks with excellent performance are favored, small-cap stocks with inflated valuations and poor quality have experienced a major disaster year. Not only does the decline have a deep decline, but it also has its own characteristics and style.
Stock price halved: All small-cap companies
In 2017, the Shanghai Composite Index rose in the fluctuation, starting from 3105 points, and had several ups and downs around 3300 points, with an increase of 6.21% this year.
As of the end of December, the Shanghai Stock Exchange 50 Index, which represents a large market value, rose 25.02%, while the CSI 1000, which represents a small and medium market value, fell 18.07%.
specifically stocks . The top ten stocks in the decline this year are the following stocks, all of which are small-cap companies with a total market value of less than 7 billion yuan, and among them, there are also 4 new stocks listed in 2016.
In fact, this is an incomplete list, with a drop of less than 60%, so I feel embarrassed to show my face. Many companies that have been suspended from for a long time, such as LeTV, are not on the list.
These listed companies that have been cut in half not only harmed secondary market investors, but also deceived their employees. A large number of professional institutions such as securities funds have also followed suit.
Stock price halved, employee shareholdings shrank significantly
"NO1. Kaier New Materials: Employee shareholdings are trapped The boss reduced his holdings and cashed out hundreds of millions of yuan and left the market. "
According to Kaier New Materials' 2016 annual report:
"As of August 5, 2016, the company's first phase of employee stock ownership plan has purchased a total of 5,182,858 shares through secondary market bidding transactions, with a transaction amount of RMB 103,364,650.74, and an average transaction price of RMB 19.9436. The number of shares purchased accounts for about 1.79% of the company's total share capital. The first phase of employee stock ownership plan has completed the purchase of stocks. The lock-in period of the stock purchased in this plan is from August 6, 2016 to August 5, 2017."
However, three months after the company's first phase of employee stock ownership plan was completed, the company's major shareholder Xing Hanxue began to continuously reduce its holdings in his shares. At the end of 2016, it reduced its holdings of the company's shares by 10 million shares through three share reduction activities, with a reference market value of 217 million yuan.
Kair New Materials' main business is new functional enamel materials. As the company's performance continues to decline, the stock price of Kaier New Materials has continued to fall since the beginning of this year.
Although the company suspended trading for more than three months in mid-2017, the company planned to acquire Hangzhou Wochi Technology Company, but the final plan ended in failure. Since the beginning of the year, the company's stock price has fallen by nearly 70%.
As of December 28, 2017, the share price of Kaier New Materials was 9.01 yuan per share. Compared with the price bought from the secondary market by the first phase of the employee stock ownership plan, the decline has exceeded 50%, equivalent to 7 limit downs.
"NO2.*ST Zhongan's stock price plummeted by nearly 70%, and employee shareholdings evaporated by more than 300 million"
According to public information, Zhongan Fei completed the purchase of the first phase of the employee stock ownership plan stock on May 26, 2015, and purchased a total of 11.0886 million shares of the company's stock ownership plan, accounting for 0.86% of the company's total share capital; on November 9, 2015, it completed the purchase of the company's second phase of the employee stock ownership plan stock, and purchased a total of 3.194 million shares of the company, accounting for 0.25% of the company's total share capital.
However, after reaching a historical high of 47.07 yuan in June 2015, Zhonganfei's stock price continued to fall. Since its June 2015 high, its stock price has fallen by more than 86%. Since the beginning of this year, ST Zhongan's stock price has fallen by 69.65%.
According to the company's announcement, the first and second phases of the company's employee stock ownership plans were sold out in October and December 2017 respectively. Based on the closing price of the day of change, *ST Zhongan's employee stock ownership plan in these two periods shrank by more than 70%, evaporating by more than 300 million yuan.
Professional institutions frequently step on the mine
There is no doubt that finance, especially securities supervision, has been tightening in the past two years.
Since the beginning of this year, the regulatory authorities have not only increased the supervision of listed companies. Warning letters are also frequently issued to securities firms, involving research reports violations, bond business failure to perform its duties as a trustee manager, incomplete due diligence investigation of asset securitization business, and system security incidents.
However, there are still many big thunders on the list that brokers have stepped on, bringing investors into the ditch.
"NO.1 Tianfeng Securities stepping on the mine Zhongqian Co., Ltd. and Huijin Co., Ltd."
Zhongqian Co., Ltd. mainly engages in the development, manufacturing, rental and sale of personal protective equipment for water-bearing sports such as marine diving and underwater rescue equipment.
On the evening of May 24, 2017, Zhongqian Co., Ltd., which had been suspended for nearly 6 months, issued an announcement on the resumption of trading of for major asset restructuring: the company will acquire 100% of the equity of Baole Robot, and the company's shares will resume trading on May 25. Although
released a positive interest in the acquisition, due to the suspension of Zhongqian shares, the entire GEM and secondary new stock sectors fell sharply. After the resumption of trading, Zhongqian Co., Ltd. was directly hit by five limit downs.
On the evening of September 14, 2017, the company issued an announcement that the acquisition of Baole Robot was terminated because the parties to the transaction failed to reach an agreement on relevant matters. Subsequently, the company's stock price continued to decline, with a decline of 66.09% this year.
Tianfeng Securities released two research reports on April 27 and October 13, 2017, giving Zhongqian Co., Ltd. a "buy" rating, with a 6-month target increase of 20%. (The time shown below is the inclusion time)
Tianfeng Securities' first research report has been lost. Although the second research report is still within the valid rating period, since October 13, Zhongqian shares have fallen by 36%.
In addition to Zhongqian Co., Ltd., among all the stocks that were cut in half, Tianfeng Securities also stepped on the thunder of Huijin Co., Ltd.
Huijin Co., Ltd.'s main business is to provide overall software and hardware solutions for the financial banking industry. Its main products include series of banknote baling machines and binding machines, self-service stand-alone machines, self-service bill machines, RMB clearance packaging assembly lines, virtual counters, intelligent robots, etc. Listed on the GEM in 2014.
According to the company's third quarter report of 2017, the company's revenue was 295 million yuan, a year-on-year decrease of 9.7%; the net profit attributable to shareholders was a loss of 14 million yuan, a year-on-year decrease of 328.25%.
Due to performance losses and the termination of private placement in October, Huijin Co., Ltd. has fallen by 61.32% this year.
On April 16, 2017, Tianfeng Securities released a research report, giving Huijin Co., Ltd. a "overweight" rating for the first time, with a target price of 22.18 yuan for 6 months, a target increase of 15%.
Although the target increase given by Tianfeng Securities is not high, Huijin Co., Ltd. has begun to decline continuously since it surged and fell in April, with a decline of 56% so far.
"NO.2 Many brokerages stepped on the thunder Oriental Connect "
Earlier, Bread Finance wrote an article to disassemble the routine of Oriental Connect high bonus and transfer . This time it was also honored to be on the list. It is the company that caused the most "study" of brokerages on the list.
On February 12, 2017, Oriental Tong issued a high bonus and transfer announcement, paying a cash dividend of 1.8 yuan (including tax) for every 10 shares, and at the same time, using capital reserves to transfer 30 shares to all shareholders for every 10 shares.
One piece of high bonus and transfer announcement, coupled with the sought after funds from all walks of life, on February 13 and February 14, Dongfangtong's stock price hit two consecutive daily limits. But short-term concept hype is often messy.
Then, the company's stock price began to decline at the end of March after more than a month of highs. However, during the decline in the stock price of Oriental Connect, it still received research reports from many securities companies.
Among them, CITIC Securities released a research report titled "Slightly lower than expected, big data information security is worth looking forward to" on April 5, 2017, maintaining a "buy" rating, with a target price of 100 yuan, and a target increase of 57%.
is under the "hot support" of many securities companies, Dongfangtong's stock price has fallen by more than 60% since the end of March this year. Although the stock price has fallen a lot, many "directors, supervisors and senior executives" of Oriental still disclosed their share reduction plans in the second half of the year.
Some people also say that the so-called blue-chip stock market in 2017 is not a "structural" bull market at all, but a general bear market, and most retail investors lose money.
There is also a fund manager who believes that with more and more listed companies competing for less and less stock funds, the winter of small-cap stocks is far from over - it has not yet fallen to the overall desperate situation at 998 points more than 10 years ago, and 2018 may be a more tragic year.
Regardless of the bull and bear disputes, from a broader perspective, this is likely not a short-term market change. With the acceleration of IPO speed and sufficient supply of new stocks, the overall trading volume center of Shanghai and Shenzhen stock markets has moved downward, and it is an indisputable fact that small-cap stocks are becoming increasingly difficult to attract funds.
If you miss the big bull stocks in 2017, you don’t have to be discouraged - after all, sell-side researchers and fund managers who claim to be professional have also stepped on the wrong side, and even employee stock ownership has been cheated.
The stock market is a game field. In theory, the profit growth of listed companies is the root of the stock market value, but if you calculate the transaction fees and taxes of large A-shares, it is already a nearly zero-sum game.
History tells us that most retail investors end up losing money.
If you see too much of the car accident scene, you will be more careful in driving. 2018, cherish every time you go.
Author of this article: Bread Finance
Disclaimer: This article is for information sharing only and does not constitute any investment advice to anyone.
