On the discount of block trade

Recently, there have been frequent stock selling in the commodity trading system. The discount rate of Huasheng Tiancheng and Huaye Real Estate exceeded 12%, and the transaction price was even lower than the limit price. Statistics show that the average discount rate of bulk transactions has reached 9.06% since July, setting a new high after the release of the new regulations in April 2008. What kind of market mystery is hidden behind the high discount?

The discount of bulk transactions in July was obvious.

In March this year, the overall discount rate of block trades reached a stage high of 7.05%, but it has been narrowing since then. From April to June, the overall discount rates of bulk transactions were only 5.64%, 4.50% and 3.72%, which was in line with the view that the bottom of the market was near.

While the market expects that the discount rate of bulk transactions will continue to narrow in July, the actual situation has surprised investors. Since the beginning of July, large-scale transactions have continued to show a high discount rate. For example, Huasheng Tiancheng, which made a big deal on July 9, achieved a discount rate of 12.57% relative to the closing price of that day, ranking first in the discount rate of big deals since July. At the same time, the discount rates of Jiangsu Sunshine and Tianrun Development sold on July 6th and Huaye Real Estate sold on July 14 all exceeded 12%.

Most stocks are traded at a high discount rate, which has led to a sharp decline in the overall discount rate of block trades and a rapid expansion since July. According to the weighted average method, the overall discount rate of block trades has reached an astonishing 9.06% since July, reversing the situation that the discount rate has been narrowing for the previous four months.

Dr. zhang, a senior researcher at Huaan Securities, believes that the discount rate of block trades has suddenly turned around and expanded rapidly since July, which may be related to economic expectations. The rapid transformation and the continuous advancement of industrial restructuring have forced the market to face the pain of transformation, especially the regulation in the real estate field. Although the results have been achieved, there is still a gap with the regulatory expectations. In addition, the macroeconomic data released in June made people generally feel the decline in economic growth. Under this pattern, although the economic fundamentals are gradually becoming healthy, the market cannot rekindle its enthusiasm for doing more, which has largely suppressed the optimistic expectations of the participants in block trades.

Some business departments appear frequently.

Since the new regulations on lifting the ban were promulgated in April 2008, the ban has turned to the block trading platform, which has prompted the block trading to hit a monthly high of121430,000 yuan in February 2008. Since then, the monthly turnover of block trades is basically positively related to the market trend. From the end of 2008 to July 2009, the market continued to fluctuate, and the monthly turnover of block trades also fluctuated and climbed, reaching a stage high of 7.732 billion yuan in July 2009. From August 2009 to the end of that year, the market showed a trend of first restraining and then rising, and the monthly turnover of block trades also fell first and then rose.

From June 2009 to June 2009, the market continued to fluctuate and weaken, dragging down the monthly turnover of block trades to continue to shrink again, from 8.703 billion yuan in June 2009 to 2.507 billion yuan in June. As of July 19, the volume of bulk transactions since July was 2.37 billion yuan. Although there are still a few trading days in July, as far as the current situation is concerned, the volume of bulk transactions in July will still be bleak.

It is worth noting that in the large-scale transactions since July, Huasheng Tiancheng and Conch have been on the list many times, and their performances are very active. As of July 19, Huasheng Tiancheng and Conch have accumulated 17 and 14 transactions respectively since July. Behind the activity of these two stocks is a more active brokerage business department. Among them, in the 17 transaction since July, the seller's business department of Huasheng Tiancheng is the Beijing Waijie business department of Guodu Securities, and its buyer's business department is either the Beijing Waijie business department of Guodu Securities or other business departments. At the same time, in the 14 transaction of Conch, both the buyer and the seller are the same business department-Hua Fu Road Business Department of Ping An Securities, which can not help but remind people of the transaction situation of this institution.

In view of this phenomenon, dr. zhang, a senior researcher at Huaan Securities, pointed out that from the repeated high discounts in the same business department, it is not excluded that there are institutions or large households flashing. Whether it is based on profit transfer or really eager to sell, it is no problem to choose a block trade, because it will not cause too much impact on the secondary market and will not attract too much attention from the market.

Individual stocks still trade at a premium.

Although it has been very common for large-scale transactions to be sold at a high discount since July, Hubei Yihua and Hubei Wushang A have experienced a large premium for the first time. Among them, the transaction price of Ewushang A on July 7th was 15.90 yuan, which was as high as 8.83% higher than the closing price of that day. At the same time, on July 14, Hubei Yihua traded at 15.45 yuan, and its transaction premium rate was as high as 8.80%, which was very unique.

Analysts believe that Hubei Yihua and Ewushang A are both fund heavyweight stocks. Judging from the quarterly report of these two stocks, there are many funds in the top ten tradable shares. At the same time, judging from the large-scale transaction of Hubei Yihua on July 14, both buyers and sellers are anding road Sales Department of CITIC Jintong Securities. Therefore, it is not excluded that the fund deliberately stimulates the enthusiasm of the secondary market through block trading at a premium.

Changes in the overall discount rate of block trades in each month since May 2008

Changes of monthly block trade turnover since May 2008

Code Name Weighted Average Discount Premium since July (%)

Number of transactions

(ten thousand shares) (ten thousand yuan)

00050 1 ewushang a1290.0045438+01.008.83

000422 Hubei Yihua 1 40.00 6 18.008.80

600603 ST Xingye 2 354.78 2033.29- 1.53

000892 ST xingmei 2 160.00 856.00-3.78

000078 Neptune 1 280.00 275438+0.60-3.95

600680 shanghai putian1135.201168.13-4.85.

600520 Sanjia Technology 1 200.00 2832.00-5.98