Plus the first batch of pilot of 4 companies, 46 programme has its own characteristics, there are a lot of their innovation and highlights, and the cry of market evaluation. However, if you put aside programme details, combinations from entire stock index's performance, and market them what happened, some laws can be found.
Pilot units generally meant to lower left
Sany heavy industry unit into programmes on compensation is not low, after publication of the programme, the short-term trend is almost the best current pilot stocks, increase once reached 40%.
However, the subsequent resumption of pilot units, and the trend is not a clone of the Sany heavy industry, generally upward trend, and started the lower rate and more small, the decline rate increasingly deep and CITIC Securities after the first day of your resume to the limit, is the more extreme.
This happens because complex, on the surface, there is a decrease in the market, investors are dissatisfied with the price, announced the programme before the hype factor, have the effect of diminishing the theme, but this reflects a market differences.
Market what is the real differences
Market unit into the differences between the pilot and to not only send 2 or 10 10-get 3 more reasonable that simple, and it really reflected in the development of unit package of guidelines.
Most investors are based on its own historical experience, to determine the expected to the unit into, what they hope is based on the equity of historical cost, redefining the shareholding ratio, this can be referred to as "power regaining full circulation".
But from now on the published programme development principles, basically to full circulation after market "reasonable expectations" for the purpose of calculating the basis for the entire circulation after may give existing shares shareholders of loss of market value for the calculation of the standard, the standards cover certain circulation right on price. Although management has no clearly defined unit of the reform package of the uniform principles, but in practice, the use of a listed company on the purchase price paid circulation right "on the price of the full circulation" ideology.
"Power regaining full circulation" and "consideration full circulation" in the implementation though will change the existing equity ratio, but its guiding principle is to look ahead, to share the history of the formation of a line; be backward, to the full circulation after implementation in line with the market changes, in which differences are difficult to avoid. In order to eliminate such differences, it is only through the uniform guidelines to effectively manage it.
Market current status
At present the share-trading reform, by the share-trading status to full circulation status of a smooth transition. Although management has no clear guideline, but from a practical point of view, "the price of the full circulation" has hidden become standard practice for future reference.
On a share, equity division reform might be only in one point on the apparent shock caused by the share price; for the market, the entire unit into the market impact in "price full circulation" ideology of guidance, should be balanced and smooth, in "face a fait accompli, the reasonable expectation of the future" State. For current stock index, the impact factor is actually two other points: one is a stock index as well as the operational status of the stock market itself; two is the future market of supply and demand funds face velocity are related to each other.
The trend from the market itself, at present the entire market in Shanghai Chin point developed a "focus on defense" situation, with limited funds through stable dairy market indicators unit movements maintain the Chin point support, wait for the next possible opportunity. From the eyes to see, through good expected and mobilize funds protection plate, etc. can also be temporarily stable thousand points. But the recent market rebound in the Chin point location of turnover are smaller, rebound intensity also once more weakly. The so-called matter more than three times, then a short-term rebound-band was over, the market will bear real test.
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