What is the non-lifting of the ban?

Right and wrong: after the share reform, the proportion of non-tradable shares before the share reform is large. If the restricted shares account for more than 5% of the total share capital, the shares can only be circulated after more than two years of reform.

Small non-tradable shares: after the share reform, the proportion of non-tradable shares before the share reform is small. Restricted shares account for less than 5% of the total share capital.

Non-lifting of the ban: that is, some restricted shares are lifted and allowed to be listed and circulated. At the beginning of the share-trading reform, the date of listing and circulation of some shares of some listed companies was restricted. In other words, some shares of many companies cannot be listed and circulated for the time being. This is non-tradable shares, also known as restricted shares, or restricted A shares. Most of them are called big ones.

Small non-lifting of the ban: that is, some restricted shares are lifted and allowed to be listed and circulated. At the beginning of the share-trading reform, the date of listing and circulation of some shares of some listed companies was restricted. In other words, some shares of many companies cannot be listed and circulated for the time being. This is non-tradable shares, also known as restricted shares, or restricted A shares. A small number of them are called Xiaofei.

Market risks and opportunities brought by non-lifting of the ban

Judging from the relationship between supply and demand, the lifting of the ban on size and size will mean that people who hold a large number of shares may sell their shares, and the supply of shares will be greatly increased. Unless there is a large amount of funds to undertake, the current stock holders will face the risk of stock depreciation.

From the market environment, if it is in the early stage of the bull market, lifting the ban will provide new opportunities for market funds, reduce institutional financing costs, and then may stimulate the stock price to rise.

However, with the development of the bull market, stocks that had the conditions for lifting the ban before but were not lifted may be realized at any time. More and more stocks have the conditions for lifting the ban, and the accumulated market capital pressure is also increasing. Especially when the market is in a sensitive period, it will become the source of market instability. The pressure of lifting the ban on shareholders' interests on the market has always existed and has become a concern of the market. At the same time, the original non-tradable shareholders who hold less than 5% of the shares can be realized without announcement after the lifting of the ban, which further increases the market's worries.

From the company's point of view: in addition, the non-lifting of the ban has different effects on the stock prices of different listed companies, and those companies with low growth and declining market position face the risk of selling and increasing holdings; And those companies with outstanding growth and rising market position will be sought after, and lifting the ban will bring opportunities for the reallocation of market funds.

From the perspective of stock index futures: after the introduction of stock index futures, investors in stock index futures need to have certain underlying stocks as chips in order to operate in both futures and spot markets. According to the adjustment rules of the Shanghai and Shenzhen 300 Index, any stock with a large number of heavyweights released in the current period will undoubtedly increase its weight in the index. The outstanding large-cap stocks in the Shanghai and Shenzhen 300 Index have greatly increased the attraction of institutional investors who have been coveting stock index futures for a long time. Similarly, for index funds that track the index, the change of the banned shares will affect the weight structure of the index, and the change of the weight will also affect the position adjustment of the fund, which will have a positive impact on the companies with increased weight in the index.