Non-tradable shares holding less than 5% are called small ones, and those holding more than 5% are called big ones.
Non-tradable shares can be circulated and then cashed out, which is called reduction.
Because Dafa is generally a major shareholder and strategic investor of the company. Generally do not throw; Xiao Fei is different. Not circulating for many years, once circulating, the profit is great, and many will cash out.
Xiao Fei: There was a promise before the share reform. Non-tradable shares will not be sold in the secondary market within one year after the share reform, nor will they be sold on a large scale after one year, but a small part will be sold in a limited way to avoid a big impact on the secondary market. And a large part of it is right or wrong. "Non-tradable shares" are lifted: the number of shares in circulation in the market increases, and non-tradable shares are completely converted into tradable shares.
Generally speaking, the stock price will fall if it is not lifted, because it will increase selling and suppress the stock price; However, if the size is not lifted, its lifted shares may not be thrown out immediately, and if the market is well funded, then a stock with a large number of lifted shares will attract the attention of some funds. For example, chlor-alkali chemical industry, at the beginning of listing, a large number of non-lifting shares began to increase their holdings continuously from the day of lifting the ban!
Question 2: What do you mean by the size of the stock market? What is size?
The reform of non-tradable shares in 2005 led to the high price of non-tradable shares entering the market, because the prospectus of listed companies in China said that non-tradable shares would not circulate temporarily when listed. In view of the fact that non-tradable shares will enter the circulation state, which will drive the share price of tradable shares to fall, the share reform is to let non-tradable shares obtain the circulation right through consideration. In this process, the losses that may be brought to tradable shareholders will be compensated by non-tradable shareholders. The common mode is to send shares, such as 10 shares to send 3 shares, that is, non-tradable shareholders send 3 shares to tradable shareholders for every 10 shares. After the share delivery, the shareholders of non-tradable shares obtain the right to circulate. Considering that the shareholders of non-tradable shares will get the right to circulate as soon as they send out their shares, the market pressure will be great, and the regulatory authorities have promulgated the "lock one" under crawling circulation. That is to say, after 65,438+02 months, 24 months, 65,438+00% and 36 months, 5% of the total share capital of listed companies can be circulated. Among them, non-tradable shareholders holding more than 5% of the company's total share capital are called "big non-tradable shareholders" and non-tradable shareholders holding less than 5% are called "small non-tradable shareholders"
The share-trading reform began in June 2005. By the end of 2006, more than 1.200 listed companies had completed the share-trading reform, and the reform was basically completed. Due to the reason of "locking out", non-tradable shares could not be sold immediately, so the market rose as a whole, even reaching more than 6000 points. However, with the arrival of the lifting of the ban, "non-size" accelerated to obtain "freedom."
Question 3: What does the size of the stock market mean? Non-tradable shares, that is, restricted shares, or restricted shares A shares. Small: a small part. Small non-tradable shares: that is, a few stocks that are prohibited from listing and circulating (that is, non-tradable shares that accounted for a small proportion before the share reform). Restricted shares account for less than 5% of the total share capital, and can not be circulated until one year after the share reform. One year later, it will not be sold on a large scale, but on a limited scale, so as not to cause a big impact on the secondary market. And a large part of it is right or wrong). On the contrary, it is called Dafa (that is, after the share reform, the non-tradable shares accounted for a large proportion before the share reform. If the restricted shares account for more than 5% of the total share capital, they can only circulate for more than two years after the share reform, because Dafa is generally the company's major shareholder and strategic investor. Generally do not throw). Lifting the ban: due to the share reform, non-tradable shares can circulate, that is, lifting the ban (lifting the ban) "Non-tradable shares" are lifted: the number of shares in circulation in the market increases, and non-tradable shares are completely converted into tradable shares.
Question 4: What is the difference between size and size limit? There is basically no difference: non-tradable shares, that is, restricted shares, or restricted shares A shares. Small: a small part. Small non: a few stocks that are prohibited from listing and circulating, and vice versa.
Question 5: What is the size of non-tradable shares and restricted shares? Restricted stock refers to restricting stock owners from selling shares during the lock-up period.
Size refers to major shareholders, minor shareholders and non-public offering objects.
Question 6: What do you mean by size? Who is the holder? What's the difference with ordinary stocks? Specifically, thank you. Small is a small part. No, it's restricted. Small non, that is, a few stocks that are prohibited from listing and circulating. On the contrary, it is called right and wrong. Lifting the ban is lifting the ban. Small non-lifting of the ban means that 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. Still restricted shares. A small number of them are called Xiaofei.
Right and wrong: after the share reform, non-tradable shares accounted for a large proportion before the share reform. 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: non-tradable shares with a small proportion after the share reform. Restricted shares account for less than 5% of the total share capital, and can not be circulated until one year after the share reform.
The proportion of shares and the sale period are not clearly determined, but a popular saying in the industry.
The listing and circulation of restricted shares will mean that a large number of shareholders may sell their shares, the strength of the empty side will increase, and the original shares may depreciate. Be careful at this time.
The biggest "bookmakers" are neither Public Offering of Fund nor private equity funds, but large and small shareholders who can obtain non-tradable shares at low cost, that is, the so-called "big non-tradable shares" and "small non-tradable shares". Among them, the controlling shareholders have the most say in the market-they know the operating conditions of their own enterprises best, but before the share reform, the controlling shareholders and other corporate shareholders shares could not circulate, so they neither care about the company's share price nor have the motivation to run the listed companies well.
However, after the baptism of share reform last year, more and more "big non-"and "small non-"have been or will soon be released from circulation. Whether these major shareholders increase or decrease their shares in the company can reflect whether the company has investment value to a certain extent.
The original non-tradable shareholders who hold less than 5% of the total shares of listed companies can cash out without announcement restrictions, and investors have no way of knowing the specific situation. Therefore, listed companies with low proportion of restricted shares, scattered shareholders and no right to speak deserve special attention.
Question 7: What is size? What are the consequences of lifting the ban? Small, that is, a small part does not exist, that is, sales are restricted. Small non, that is, a few stocks that are prohibited from listing and circulating. On the contrary, it is called right and wrong. Lifting the ban is lifting the ban. Small non-lifting of the ban means that 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. Still restricted shares. A small number of them are called Xiaofei.
Right and wrong: after the share reform, non-tradable shares accounted for a large proportion before the share reform. 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: non-tradable shares with a small proportion after the share reform. Restricted shares account for less than 5% of the total share capital, and can not be circulated until one year after the share reform.
The proportion of shares and the sale period are not clearly determined, but a popular saying in the industry.
The listing and circulation of restricted shares will mean that a large number of shareholders may sell their shares, the strength of the empty side will increase, and the original shares may depreciate. Be careful at this time.
The biggest "bookmakers" are neither Public Offering of Fund nor private equity funds, but large and small shareholders who can obtain non-tradable shares at low cost, that is, the so-called "big non-tradable shares" and "small non-tradable shares". Among them, the controlling shareholders have the most say in the market-they know the operating conditions of their own enterprises best, but before the share reform, the controlling shareholders and other corporate shareholders shares could not circulate, so they neither care about the company's share price nor have the motivation to run the listed companies well.
However, after the baptism of share reform last year, more and more "big non-"and "small non-"have been or will soon be released from circulation. Whether these major shareholders increase or decrease their shares in the company can reflect whether the company has investment value to a certain extent.
The original non-tradable shareholders who hold less than 5% of the total shares of listed companies can cash out without announcement restrictions, and investors have no way of knowing the specific situation. Therefore, listed companies with low proportion of restricted shares, scattered shareholders and no right to speak deserve special attention.
Domestic inflation, foreign economic crisis! Internal and external troubles! * * * Stand by and cause this panic collapse! Now is not * * * don't save, is afraid to save, because the domestic and international environment is not good! As soon as it rises, it is afraid that some funds will arbitrage and run away. Then the situation will be worse. Tax reduction is equivalent to grabbing meat from * * * *, which can be seen from the attitude, because the stock market can crow in the middle of the night when it is overheated, but now there is a stock market crash, and 80% of the global stock market does not charge stamp duty, while China collects 150% tax in other tax collection markets! Downgrading is reasonable! Shareholders' money is not blown by the wind, and * * cannot be sucked away like blood.
Now we can only support the rise when the policy is favorable, but whether the quantity can be enlarged or not can not be reversed. It is better for investors to save the market by themselves, and they can only follow the hot operation to reduce costs. If some heavyweights like that are introduced behind stock index futures, it will be a necessary variety for some people who want to do futures. In recent days, changes in ICBC, China Ping An, China Life Insurance and China Petrochemical show that some institutions are taking the opportunity to raise funds. But they can intervene lightly. !
Since there is no policy bottom, we can only wait for the market to bottom out! It is also possible to fall below 3000 points! We must be cautious in stock selection and bargain hunting, investors and friends! This year's reversal will not be as big as last year.
Question 8: Is there a difference between restricted shares and unrestricted shares? There is basically no difference: non-tradable shares, that is, restricted shares, or restricted shares A shares. Small: a small part. Small non: that is, shares that are partially banned from listing and circulation, and vice versa.
Question 9: What do you mean by lifting the ban on the size of stocks? What is not lifting the ban?
Small, that is, a small part does not exist, that is, sales are restricted. Small non-shares, that is, a few shares banned from listing and circulation, account for less than 5% of the total share capital. On the contrary, it is called Dafa, that is, large-scale restricted shares, accounting for more than 5% of the total share capital. Lifting the ban, that is, lifting the ban, means that non-tradable shares have the right to be listed and circulated. Small non-lifting of the ban means that some restricted shares are lifted and allowed to circulate.
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. Still restricted shares. A small number of them are called Xiaofei.
The origin of non-size
The Administrative Measures for the Reform of Non-tradable Shares of Listed Companies promulgated by China Securities Regulatory Commission on September 4, 2005 stipulates that the original non-tradable shares of the reformed company shall not be listed, traded and transferred within 12 months from the date of implementation of the reform plan; The original non-tradable shareholders who hold more than 5% of the total shares of a listed company shall, after the expiration of the period specified in the preceding paragraph, sell the original non-tradable shares through listing on the stock exchange, and the proportion of the shares sold in the total shares of the company shall not exceed 5% within 12 months and 10% within 24 months. This means that non-tradable shares holding less than 5% can be listed and circulated 12 months after the implementation of the share-trading reform plan. So "small non-profit" refers to the shares held by non-tradable shareholders holding less than 5%, which is the origin of "small non-profit". Corresponding to "small non-rights", "big non-rights" refers to the shares held by non-tradable shareholders holding more than 5%.
[Edit this paragraph] The difference between the reduction of state-owned shares and the non-lifting of the ban
The reduction of state-owned shares means that the share of shares held by the state in the company is reduced and transferred to other shareholders.
Small non, that is, a few stocks that are prohibited from listing and circulating. On the contrary, it is called right and wrong. Lifting the ban is lifting the ban. Small non-lifting of the ban means that some restricted shares are lifted and allowed to be listed and circulated. Where did you get the blame? 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. Still restricted shares. A small number of them are called Xiaofei.
The similarity between the reduction of state-owned shares and the non-lifting of the ban is that some shares enter the market, but the historical background of the two is different. The reduction of state-owned shares is to change the situation that state-owned assets of state-owned enterprises are completely independent, but it cannot change the status of state-owned assets. The non-lifting of the ban is the product of share reform, and the restrictions on lifting the ban in different periods are different. Usually, after three years of share reform, all shares can be freely circulated and reduced, which is not the "patent" of state-owned listed enterprises.
The influence of non-lifting of the ban
Analysts believe that whether lifting the ban will affect the stock market depends on the overall trend of the market. Once the stock index rises too fast and the surrounding markets, especially the US economy, are not optimistic, the negative impact of lifting the ban will be amplified.
Although the size of non-stock has experienced the cost of sending shares, its purchase cost is still extremely low, and even if it is cashed in at the market price after the plunge, it can still make huge profits. Therefore, it is difficult for the market to accurately measure the arbitrage impulse after the lifting of the ban.
For this year, the lifting of the ban on the size of the A-share market may have a certain degree of impact on the staged supply and demand of funds. Generally speaking, it will not have a fundamental impact on the overall pattern of capital supply and demand. If the market is in a balanced market pattern or a weak market pattern, it may have a negative impact on the cyclical trend of the market.
For individual stocks, obtaining the right of circulation may bring both investment opportunities and callback risks, and investors should treat them differently. When the overall market trend is improving, if the company's fundamentals are excellent, restricted shares are likely to bring investment opportunities. This is because at the beginning of the lifting of the ban on restricted shares, due to the psychological pressure of investors, the stock price often adjusts. Once the ban is lifted, high-quality fundamentals will easily attract more capital attention, and the stock price may be pushed up; If the overall market trend is weak and the company's fundamentals are lacking, the lifting of the ban on restricted shares is likely to bring about a major callback risk.
Since 65438+February 2007, the ban on non-size has been lifted one after another. List of major non-tradable shares in 2007 -2008:
In 2007, 65438+60 199 1 on February 20th, Datang Power Generation lifted the ban on 3,806.8 million shares, the circulation increased by 628%, and the amount of gold was 65 billion yuan.
February 25, 2007 1939...> & gt
Question 10: the difference and connection between non-size and IPO. An IPO is an initial public offering, that is, an initial public offering.
Initial public offering refers to the first time that a private enterprise sells shares to the public. Usually, the shares of listed companies are sold through brokers or market makers according to the terms agreed in the prospectus or registration statement issued to the corresponding stock exchanges. Generally speaking, once the initial public listing is completed, the company can apply for listing on the stock exchange or quotation system.
Another feasible method of listing on the stock exchange or quotation system is to stipulate in the prospectus or registration statement that private companies are allowed to sell their shares to the public. These stocks are considered to be freely traded, which makes enterprises meet the requirements of listing on the stock exchange or quotation system. Most stock exchanges or quotation systems have rigid regulations on the number of shareholders of listed companies, which stipulate the minimum number of freely traded shares.
"non-size"
Non: refers to non-tradable shares.
Xiao Fei: There was a promise before the share reform. Non-tradable shares will not be sold in the secondary market within one year after the share reform, nor will they be sold on a large scale after one year, but a small part will be sold in a limited way to avoid a big impact on the secondary market.
A large part is right or wrong.
Only after the company has passed the initial public offering can it sell its shares. When the company first went public, in order to prevent non-cash-out, "non-cash-out" generally has a lifting period, with large non-cash-out for 3 years and small non-cash-out 1 year, that is to say, the shares held by large non-cash-out can only be sold after 3 years and small non-cash-out 1 year.