Source: Reuters
The China Social Security Fund and the National Integrated Circuit Industry Investment Fund (also known as the Great Fund) issued an announcement of the reduction of insurance stocks and technology stocks last night, which led to a sharp decline in the stock price of the reduction of holdings on Friday and dragging the performance of the sector.Analysts believe that the national team's reduction operation, coupled with the regulatory control of the scale of public offering funds, may be regarded as upgrading of the stock market cooling signal.
Shenzhen Huiding Technology, Beijing Beidou Star Tong and Wuxi Tai Chi Industrial Company issued an announcement on Thursday that the China National Integrated Circuit Industry Investment Fund will reduce its shares separately, respectively.EssenceThe three companies fell sharply on Friday, and the three companies fell between 3%-5%when closed.
The Chinese PICC also issued an announcement last night that the company's second largest shareholder of the National Social Security Fund of the company to notify that it plans to reduce the company's partial unlimited sales conditions for A shares of not more than 2%.This is the first time that the Chinese People's Insurance has become the strategic investor of China PICC in 2011. If the closing price plan yesterday, the social security fund can cash up about 7.3 billion yuan.
The Chinese people's security responded on Friday that the social security fund's plan to reduce its holdings of the company's A -share shares this time is due to asset allocation and investment business needs, it is its conventional investment business arrangement.Stocks that are shares before the company listed.
The market responded fiercely to the news.Chinese PICC A shares and Hong Kong stocks fell sharply on Friday. A shares closed at 7.64 yuan on the same day, down 7.39%; Hong Kong stocks closed at HK $ 2.78, a decline of nearly 8%; the news also led other insurance companies to decline. China Tai Insurance and Xinhua Insurance and other insurance stocks were declining.The market fell more than 5%in depth, and drove the Shanghai Stock Exchange 180 financial index more than 3.7%.
Financial and technology are two important drivers of the Chinese stock market bull market. For the two major national team shareholders' reduction in stocks for the two hot sector stocks, market participants believe that they have the intention to cool down the stock market.
A private equity fund person told Reuters that the national team's reduction of holdings is generally regarded as one of the signals to cool down the market. A few days ago, the Securities Regulatory Commission directly exposed illegal funding companies to cool down, but the effect may not be reduced.direct.
The increase of 10 times a day in the new shares is too enthusiastic.The person said.The stock price of the national shield quantum 688027.SS surged on the first day of the listing on Thursday, with an increase of more than 1,000%, and the closing of 923.91%on the same day set a record on the first day of the science and technology board.
However, there are also opinions that the national team's reduction of holdings may also have the possibility of being excessively interpreted.
The stock strategist of a Chinese -character broker told Reuters that companies that have been reduced by the national team have recently recorded a large increase in stock prices. It may be that the investment team feels that the time window for selling part of the selling part is just because it is a big state -owned asset, it is just a big state -owned asset, it is just a big state -owned asset, but it is just a big state -owned asset.Therefore, the market is easy to derive too much interpretation. It is available for analogy that after a round of brokerage stocks, some listed companies have announced their announcements to reduce their holdings.
Another analyst said that the essence is that the A -share valuation of Chinese people's insurance is too high. In the context of interconnection, the price difference between A and H shares is difficult to maintain.
Before the announcement of the reduction plan, the stock price of the three companies so far has recorded a considerable increase. Huiding Technology has risen by nearly 30%.The stock price of Chinese PICC A shares has risen by nearly 20%in the past month.
On Friday, the Shanghai Composite Index .ssec opened low and fell 2.0%to 3,383.32 points; the CSI 300 Index .CSI300 closed down 1.8%to 4,753.13 points.
Regulatory restriction fund scale
In addition to the national team's reduction operation, the China Securities Regulatory Commission also exerted its efforts on the fund side, fighting outside the off -site funding, and restricting the size of public funds in one hand.
The China Securities Regulatory Commission exposed 258 platforms that illegally engaged in off -site funding on Wednesday, and said that they would continue to increase the monitoring of off -site funding activities and strictly punish them according to law.
During the stock disaster in 2015, off -site funding was one of the biggest problems in supervision, and it was also the main reason for the rise in the stock market. Supervision learned the previous experience, and now it has begun to keep up with off -site funding early.The aforementioned private equity fund person said.
Former China Securities Regulatory Commission Chairman Xiao Gang pointed out in a domestic forum on Tuesday evening that leverage financing in 2015 was relatively developed. Not only did it have intra -field leverage but also had external leverage. Various forms of leverage funds.The financing business of the securities company carried out two inspections.
In terms of restricting the scale of public funding funds, according to Caixin's report on Friday, the CSRC recently made window guidance on public funds, requiring that the first fund fundraising scale must not exceed 30 billion yuan.This week, Huitianfu and Penghua each had one explosion fund for sale. The total subscription scale exceeded 2000 billion yuan, but in the end, they were confirmed at the upper limit of 30 billion yuan.
I heard that the scale should be limited, but I did not hear specific requirements such as 30 billion yuan.A head public fund -funded person told Reuters that the fund is indeed too hot in the near future, and it is necessary for supervision to come out to cool down.
In addition, there is a public fund manager in Beijing. It is said that the guidance of the CSRC's window has not been received, and we cannot raise so much. It is estimated that the scale of a few equity products is relatively large, and this time is also very active.
China Securities News reported that it was awe -inspiring, and realized the health and prosperity of the stock market, saying that the stock market continued to rise, the bull market discussed enthusiastically, and promoting the health and prosperity of A shares into a consensus.This requires the awe of all parties in the market to respect the market and manage risks.
