Passive reduction, that is, reducing stocks is not your own operation. 1, reduction is a special term in the stock and futures market, that is, reducing the number of stock and futures indicators. 2. Generally speaking, after the non-tradable shares held by shareholders of listed companies can be circulated, they will sell their shares to the secondary market for cash, thus reducing their holdings. 3. Generally speaking, the reduction of shares is the initiative of shareholders, of course, there are also passive reductions, that is, the reduction of shares is not their own operation. For example, due to some reasons, the company is short of funds, and the company's shareholders pledge financing through shares, but during this period, the stock price has fallen sharply, reducing the value of pledged shares and forcing financiers to close their positions.

First of all, there are three main ways to reduce their holdings:

1, centralized bidding to reduce holdings

In case of reduction through centralized bidding, the reduction shall not exceed 65,438+0% of the total share capital within 90 days, and an announcement shall be made 65,438+05 working days in advance. Announcement will undoubtedly bring signal effect. After 15 working days, the price of the securities firm's reduction may have been low, and the share that can be reduced is limited.

2. The reduction of large-scale transactions

In the case of bulk trading, the reduction shall not exceed 2% of the total share capital within 90 days, and the transferee shall not transfer it within 6 months, so the reduction share is limited and it is difficult.

3. Transfer by agreement

In the case of agreement transfer, the transferee proportion of a single transferee shall not be less than 5% of the total share capital, and the transferee shall abide by the stipulation that the reduction of the total share capital shall not exceed 1% within 90 days within 6 months, and fulfill the obligation of announcement. The agreement transfer defines the lower limit of the transfer scale, and it is very difficult to implement the equity pledge agreement.

Second, the impact of negative emission reduction.

1 will dilute the total amount of funds in the secondary market. If the shareholders of listed companies reduce their holdings by 1%, tens of millions or even hundreds of millions of yuan may flow out of the stock market. Once the reduction behavior continues to appear, the share price of listed companies will be overwhelmed and fall sharply.

2. In practice, the reduction of listed companies can also be used as a new valuation yardstick in the market. The withdrawal of shareholders of listed companies may also mean that the stock is about to peak. Once there is a reduction, other investors will follow suit and flee, especially some stocks with bad fundamentals or stocks with financial problems. When shareholders of listed companies reduce their holdings, they will panic and flee. Share prices will naturally fall.