The definition of banned shares is to restrict individual stocks from executing the price limit and the commitment period, and they can be traded freely in the secondary market. In fact, from the date of lifting the ban, the lifted shares can be traded freely. The shares held by the enterprise are released by agreement before being transferred to the transferee, but if the equity registration has not changed, the enterprise whose share price is still held will be restricted from reducing its shares through the actual income obtained by the enterprise.

It is not the scale and price that lift the ban, so it will achieve this balance by lowering the price. On the other hand, due to the low scale cost, the stock price has a lot of profit space, which also makes it sell strongly. The short wavelength of stocks mainly depends on the relationship between supply and demand. Once the scale is sold, other investors are reluctant to take over. Haitong Securities believes that there will be a continuous downward stop loss trend. Apart from state-owned shares, there is not much selling pressure. Most other small non-joint-stock limited companies have taken measures after listing, which is the case, especially after the lifting of the ban on joint-stock limited companies, the more shares they have, the greater the decline.

How to judge whether lifting the ban is good? It is mainly analyzed from the following aspects: if the proportion of rising stocks to the total number of stocks is too high, generally more than 5%, it is short-term negative news. Example: The total share capital of a stock is 6,543,800+million shares. If it is 600,000 shares and the promotion ratio reaches 6%, then we should pay attention to the short-term risks of the stock. Judging from the level of the stock itself, if it takes a long time to rise, for example, the stock will be listed and traded after half a year, then the stock price will not have much impact. At any time, if the stock trading in the market is boosted within a week, it will have a certain negative impact on the stock price. Specifically, the lifting of the ban on the day of listing will make the stock price rise more obvious.

From the perspective of the stock market, if the banned shares are listed in the bull market, then the stock price will not affect, because the bull market is very abundant and we have enough confidence. During the bear market, the lifting of the ban on the stock market will have a negative impact on the stock price. If the company's fundamentals are good, listed stocks will not have a big impact on the company's stocks, such as Kweichow Moutai and Tencent, and the issuance of stocks will not affect the company's long-term development. The company's fundamentals and performance are very poor. After the lifting of the ban on listing, it will inevitably continue to sell, leading to a sharp drop in share prices. If the ban is lifted, the rate of return is not high, or even there is no money. Then if the ban is lifted, it will not be sold or bearish. On the contrary, if the lifting of the ban has a large profit margin, it will not accelerate the selling of stock prices. Some stocks that have been released from the ban belong to strategic investors. They don't care about the profit and loss of stocks, but intend to hold the company's stocks for a long time. For example, Tencent invested in shares of many companies, but did not sell them after listing. The holders of promoted shares, if financial investors, will have a strong desire to sell shares. Under normal circumstances, the shares held by venture capital institutions are financial investors, hoping to obtain investment income. Once the ban is lifted, they will sell their shares.