Stock Pledge "Sad Moment": Look Forward To Rising Share Prices

According to the current rules, the benchmark price of stock pledge will be discounted on the basis of the average price of the 30 trading days before the date of the pledge. The general motherboard will play half off, and the small and medium board and the growth enterprise market will be lower, most of which will be around 66% off.

A well-known broker dealer in Shenzhen explained, "for example, a gem stock, the average price of the 30 trading days before the pledge is 100 yuan, then the benchmark price is generally 30 yuan.

The early-warning line for the establishment of the hypothecation institution is 160% of the base price and 140% of the closing line, or the early warning line is 150% of the base price and the 130% of the closing line.

The benchmark price of gem stock is 30 yuan, taking the early warning line 160% and the closing line 140% as an example, the price of the early-warning line is about 47 yuan, and the price of the opening line is about 41 yuan.

"We have to organize a survey recently. You can help me introduce some institutions and large investors."

In September 10th, Li Zhao (a pseudonym) told reporters that the director of a listed company in Southern China had repeated the same four or five times.

Over the past two months, where the Li Dynasty is located

The biggest drop in stock price once approached 70%. Unfortunately, the boss of Li Dynasty just made a pledge in stock market in June. The company's stock price is approaching the warning line, and it is only one step away from the open line. This is a great pressure on Li Zhaodai, who is mainly responsible for capital operation and investor relations.

In July and August, the company of Li Chao was right.

The fall was judged by the natural adjustment of the market, and the company began to worry after the price cut.

"In order to give blood to the company's industrial pformation, the boss has pledged most of the shares held by him, and then went down. The boss's hard sweat and sweat for so many years will be handed over to others."

The anxious and anxious Li Dynasty had to do everything possible to stabilize the stock price.

"It is useless to release the performance in advance, but it is useless to establish a merger fund with the organization.

Now the way is to find some good targets to install into the company, but good M & A targets are hard to find.

Li Zhaotan airway.

In addition, in order to stabilize the stock price, Li had to find a way in the two tier market.

He understands that this is not a long-term solution. Stock prices can be steady and upward, and institutional investors must be willing to come in.

In fact, in order to make more money

Listed companies, Lee Chao in the past month in the north of Guangzhou Shenzhen.

"There are many institutional investors in big cities, and the company's teams take the initiative to do roadshows in these places, and it is also convenient for these institutional investors to come and listen to the company's briefing."

According to Li Chao, at least 200 institutions have been surveyed in the past two months, but the stock price has yielded little results.

"There really is no way, really to the open line, the boss can only think of ways to raise money to make up the warehouse."

Li said that at present, the boss is raising funds to cope with the possible bad situation.

Judging from the current situation, although there are partial liquidation events, the probability of systematic risk of collateral is small.

CIC statistics show that the stock pledge is 2 trillion and 700 billion yuan, with a net increase of 1 trillion and 400 billion yuan in 2015.

At present, the market value of pledge of 2 trillion and 700 billion yuan is about 16% of the free market value of A shares, accounting for 6% of the total market value.

If the stock price is calculated at the time of pledge, the net increase in 2015 will be 1 trillion and 660 billion yuan, but after market adjustment after June, the market value of the pledge will drop to 1 trillion and 400 billion yuan, or 16%.

Gao Hexiang, senior researcher of Huatai Securities, estimates that since 2014, 5% of the industries with more than 10% of the total market value have real estate, chemical, pharmaceutical, metal nonmetal and mining, of which the highest proportion of real estate accounts for 10% of the total market value.

If the Shanghai composite index goes down to 2500 points, the reference value of stocks falling below the warning line will rise to about 580 billion yuan, and the market value of stocks falling below the open line will rise to about 420 billion yuan.

The most pessimistic scenario is that if the Shanghai Composite Index falls to 2000 points, the reference value of the stock that falls below the warning line is about 710 billion yuan, and the market value of the broken line is about 560 billion yuan, which is equivalent to the average daily turnover of the two cities, and the overall risk is controllable.

Gao Hexiang pointed out that, according to the current policy of the equity pledge business department, if the hypothecated stock falls below the warning line or even the line of liquidation, the business department does not coercive the handling of the pledge stock, but only urges the customer to make up the warehouse (additional pledge stock or cash to make up the warehouse).

If large shareholders fail to complete their positions, they will often take measures to stop stocks, or take measures such as pulling up late ones to save themselves.

It is unlikely that the forced liquidation of stocks due to large shareholders' pledge will break down.