5 abnormal fluctuations in 12 trading days, Shenzhen Stock Exchange held the "Mad Bull" sword to "speculate the small speculation"

　　(Economic Observation) 5 abnormal fluctuations in 12 trading days, Shenzhen Stock Exchange held the "Mad Bull" sword to "speculate small speculation"

　　China News Service, Beijing, September 9th (Reporter Xia Bin) From 5.83 yuan per share to 34.66 yuan per share, Tianshan Biological only used 12 trading days, an increase of nearly 500%, during which abnormal stock trading fluctuations were encountered 5 times.

On the 8th, the Shenzhen Stock Exchange promptly asked three companies including Tianshan Biological to suspend trading for verification. On the 9th, the ChiNext Index fell 4.8% to 2500 points.

　　The suspension of Tianshan Biology is the recent "second entry". This listed animal husbandry company is a domestic cattle breed improvement product and service provider, and now the regulatory authorities are holding on to this "mad cow" again.

　　On August 27th, Tianshan Biotech was required to suspend trading for inspection for triggering severe abnormal fluctuations. The Shenzhen Stock Exchange issued its resumption announcement on September 2 to remind investors of nine major risks, including lack of performance support, criminal cases that have not yet been closed, and China Securities Regulatory Commission. The investigation is still ongoing.

　　The Shenzhen Stock Exchange revealed that after the resumption of trading on September 2, Tianshan Biological's short-term capital relay hype features prominently.

　　Specifically, the first is that the purchases are mainly individual investors, and the purchase amount accounts for more than 97%; the second is that there are many participating trading accounts and the average transaction amount of each household is small; the third is that the number of shareholders has increased significantly, and the concentration of shares is obvious Decrease; Fourth, from the perspective of the trading habits of buying the top accounts, the average holding time is short, mostly 1 to 3 days, and short-term trading characteristics are obvious.

　　Tian Lihui, Dean of the Financial Development Research Institute of Nankai University, told a reporter from China News Agency that the recent verification action of the Shenzhen Stock Exchange is a reference to the market behavior of "speculation of small speculation", and the performance of today's stock market also means the market situation of low-priced stocks on the ChiNext The regulatory cold water has come, and the market may cool in the future.

　　He further stated that from the perspective of regulatory authorities, big data analysis should be used in a timely manner to confirm whether there are market manipulation problems, and to disclose the verification results in a timely manner, so as to actively guide the market to invest in value and curb speculative operations due to "small speculation" The resulting "disorderly false prosperity".

　　In fact, since the listing of the first batch of IPO companies under the GEM registration system on August 24, the trading mechanism has changed accordingly. IPOs can be included as the subject of margin financing and securities lending on the first day of listing, and there will be no increase or decrease in the 5 trading days before the IPO. Restrictions, the daily limit on stocks' daily rise and fall were relaxed from 10% to 20%, and trading sentiment on the ChiNext was quickly ignited.

On September 8, the turnover of ChiNext surpassed the Shanghai Stock Exchange for the first time.

　　In the process, the low- and medium-priced stocks represented by Tianshan Biotech have encountered explosive speculation, which has contributed to the market.

According to statistics, among the 20 stocks with the largest gains in the A-share market since August 24, except for Huguang and Parker New Materials, the others are all ChiNext stocks, including Tianshan Biological, Changfang Group, Tianhai Defense, and Yinbang Shares, Shuanglin Shares and Yu Diamond have all doubled their share prices.

　　At the same time as Tianshan Biological was required to suspend trading for verification on September 8, Yu Diamond and Changfang Group, the share prices of these two companies have similar characteristics to Tianshan Biological, and both trigger severe abnormal fluctuation standards.

　　The Shenzhen Stock Exchange pointed out that a small number of ChiNext stocks with small circulating market capitalization, low prices, and poor fundamentals, such as Tianshan Biological, Yu Diamond, and Changfang Group, have seen their stock prices rise rapidly in the short term, and speculation is more prominent.

　　Recently, low-priced stocks that have risen sharply saw a "bulk" dive on the 9th. Ankong Technology’s lower limit, Huayi Schwab, Jiayu shares, Jiai Technology, etc. approached the lower limit. More than 30 stocks in the sector fell more than 15%, and more than 100 shares fell. Over 10%.

　　"Hot money is short-term speculation in a few stocks on the GEM with small circulating market capitalization, low prices, and poor fundamentals. The result must be'chase the rise first, then kill the fall.' The last buyer must also be a small group participating in the blog." Wuhan Technology Dong Dengxin, director of the University's Institute of Financial Securities, said bluntly that investors must have sufficient risk awareness and learn to vote with their feet.

　　Yang Delong, chief economist of Qianhai Kaiyuan Fund, said that ordinary investors should uphold the concept of value investment and stay away from underperformance stocks and theme stocks.

The current A-share market is in the process of turbulence and adjustment, and confidence and patience should be maintained. Holding high-quality stocks is the best way to deal with market fluctuations.

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