Registration System: A Shares Of Hong Kong Stock Are Facing Two Days Of Ice And Fire

"The real registration system is not a greenhouse, it will bring a series of unexpected changes and even shocks. Investors must have such psychological expectations."

A private person who has studied the reform process of the registration system of offshore capital markets said this.

According to its analysis, for the A share market, the first to bear the brunt will be the junk stocks that have almost lost their viability but maintain high share prices. "If they are orthodox registration reform, they will be worthless."

"This kind of stock can be maintained.

Just because they have a listing code, they become so-called shell resources, and there is a possibility that the black chickens become Phoenix, so the market will give them such high valuations. But under the registration system, who will spend hundreds of millions of dollars to borrow the code of the black chickens after the issuance control goes away? "Said the head of the Shanghai securities business department.

The deep industry insider stressed that as long as the registration system is true, the share price of junk stocks will suffer an avalanche decline.

And in the A share market, such junk stocks are still rare.

"Both investors and regulators should be prepared to avoid such a shock as a stumbling block to the reform process."

Above

Remind people.

In Shanghai, another private person who has been tracking the Hong Kong stock market for a long time, compared with the registered Hongkong market, the reminder is not a worry.

A set of data is sufficient to illustrate this point.

By the end of October 2014, there were more than 1700 listed companies in Hong Kong stock. From the perspective of stock price distribution, 673 stocks were below HK $1, accounting for 38.83%.

Of these, 32 were less than HK $0.1 and 402 were less than HK $0.5.

In the stock market with a stock price of HK $1, 351 stocks are priced at HK $1~2, and 1380 of the shares are less than HK $5, accounting for 80% of the Hong Kong stock market.

Compared with Hong Kong stocks,

The stock will undoubtedly be much more valuable.

The other side of the stock price gap is the huge drop in the stock market value of the two markets.

Data show that in the more than 1700 Hong Kong stock companies, the market value is less than 1 billion Hong Kong dollars (about 800 million yuan), there are as many as 600, and correspondingly, the company whose market value is less than 800 million yuan has disappeared in A shares.

In the Hong Kong stock market, low market capitalization companies are everywhere, and many companies even have a market value of only ten million yuan.

"Simple than the stock price is not of much significance, the key to see why the stock prices of A shares are higher than the Hong Kong stocks, there is no rationality."

The above private placement said, "if A share company's performance is better, of course, the market value should be higher."

"At present, A shares want to shell out at least 5 hundred million of the shell fee, sometimes even accept more stringent conditions. Once the registration system is implemented, as long as it is a good company, IPO will no longer be difficult, and these high priced junk stocks will naturally lose the soil for survival."

The aforementioned M & a personage said.

And the recent blue chips continue to skyrocket, and junk stocks continue to fall, which is also considered to be a market change expected under the registration system.

"After the registration system is implemented, a good market self-healing rhythm will be conducive to the market structure of the" slow bull and short bear "market, which will be a great benefit and will attract investors to shift from junk share investment to value investment.

Dong Dengxin pointed out this.