More than one thousand fund awkwardness, equity pledge, 15 crisis shares buried mine – fund channel sunny came home

Thousand fund awkwardness involving 15 shares of equity pledge crisis buried mines – fund channel with since the beginning of the market fell sharply, the warehouse explosion case equity pledge frequently surfaced. The evening of January 26th, Haihong holdings, United Group, Tin shares, Koon Fook shares of 4 companies announced that due to the controlling shareholders to pledge shares close to or touching the warning line, open line on January 27th from the suspension of self-help, the time for space. Then, the potential risks of equity pledge attracted the attention of investors. Study on the Kai Shek fund related stock movements that, since 2014, A stock market there were about 11700 pen pledge, pledge the remaining items more than 6800 pen, involving more than 1500 stocks, of which 1017 stocks were the largest holding fund four seasons. "Securities Daily" the reporter noted, partial shares of hybrid funds financing pioneer (current fund manager Zhu Dan, Yang Bolin), Shanghai China "crisis" capitalization ratio of total fund net up 18.18%, the highest in the industry. Dacheng Fund Fund’s 4 largest "crisis of stock market capitalization accounted for net fund more than 10%, the Xu Yan administration’s big competitive advantage, Dacheng return strategy (090007, fund), Dacheng Jingyang leading (519019, fund), and Wei Qingguo Feng Wenguang, United’s partial shares mixed fund big a selection of value-added (090004, fund) were nominated for the industry, involving most of the number of fund companies fund. The so-called equity pledge is a kind of pledge of rights, and it is also a tool for the major shareholders of listed companies to carry out capital operation. The major shareholders of listed companies cash flow is insufficient, can be their own holdings of stock pledge to financial institutions in a certain period of Er, such as banking, securities, trust, in order to get loans to alleviate the short-term liquidity pressures, it is a kind of financing methods used by major shareholders. Due to the large shareholders of restricted stock trading more equity pledge to provide a convenient way for it, which can guarantee the control rights of large shareholders are not damaged, and can obtain the cash flow for investment, so from the beginning of 2014 equity pledge financing favored by the market gradually. In order to prevent loss of stock price, financial institutions will set up warning line and open line for the stock price of pledged stocks. When the share price fell close to the warning line, financial institutions will require large shareholders to cover; when reaching the open line and large shareholders can’t cover or cash redemption, financial institutions have the right to sell the Pledged Shares in the secondary market two. The common warning line standard in the market is 160% or 150%, and the common open line standard is 140% or 130%. "Double edged sword" effect of equity pledge on the stock market to help rise and fall." Kay stone Fund said that in the bull market, such as the first half of 2015 the market hot, the price continued to rise, large shareholders equity pledge to get more cash flow, and this part of the funds to enter the stock market investment, further push up the stock market higher; in the bear market environment, such as the adjustment of the stock market in 2016 and 2015 in the second half of the year the stock market crash of 3, the share price fall and a huge decline, so that more and more listed companies because of the large shareholder equity pledge.

千余只基金重仓股涉股权质押 15只危机股埋地雷-基金频道   随着年初以来大盘的大幅下跌,股权质押爆仓个案频频浮出水面。1月26日晚,海虹控股、齐心集团、锡业股份、冠福股份4家公司发布公告称因控股股东质押股份接近或者触及预警线、平仓线于1月27日起停牌自救,以时间换空间。随即股权质押的潜在隐患引起了投资者的高度关注。 相关公司股票走势   凯石基金研究认为,2014年以来A股市场共发生约11700笔质押,目前尚存质押项目6800多笔,涉及1500余只个股,其中有1017只个股被基金四季报重仓持有。《证券日报》记者注意到,偏股混合基金融通动力先锋(现任基金经理朱丹、杨博琳),重仓“危机股”市值占基金净值比高达18.18%,为业内最高。大成基金旗下4只基金重仓“危机股”市值占基金净值比超过10%,徐彦管理的大成竞争优势、大成策略回报(090007,基金吧)、大成景阳领先(519019,基金吧),以及魏庆国、冯文光联合执掌的偏股混合型基金大成精选增值(090004,基金吧)均入围,为业内涉及基金数量最多的基金公司。   所谓股权质押,是权利质押的一种,也是上市公司大股东开展资本运作的一种工具。上市公司的大股东现金流不足时,可以将自己所持有的股票在一定期限内质押给金融机构,如银行、证券、信托等,从而获得贷款,以缓解短期流动资金不足所带来的压力,这是大股东常用的一种融资手段。由于大股东股票交易受到限制较多,股权质押为其提供了便捷的途径,既能保证大股东控制权不受损,又可以获取现金流用于投资等,因而从2014年开始股权质押式融资逐渐受到市场青睐。金融机构为防止股价下跌带来损失,会对质押个股的股价设置预警线与平仓线。当股价连续下跌接近预警线时,金融机构会要求大股东补仓;当达到平仓线而大股东又没有办法补仓或现金赎回时,金融机构有权将所质押的股票在二级市场上抛售。市场上通用的预警线标准为160%或150%,通用的平仓线标准为140%或130%。   “股权质押的‘双刃剑’效应对股市助涨助跌。”凯石基金表示,在牛市环境下,如2015年上半年市场火热,股价持续上涨,大股东选择股权质押可以获得更多现金流,这部分资金又可以进入股市再投资,进一步推升股市走高;在熊市环境下,如2015年下半年的股市调整及2016年年初的股灾3.0,股价跌跌不休且跌幅巨大,令越来越多的上市公司因为大股东股权质押触及预警线或平仓线面临危机,大股东股权质押承压。在触及预警线,市场又继续下跌的情况下,上市公司需要追加质押股票或者现金补仓来求全。若股票跌至平仓线以下,上市公司将面临被资金方强制卖出股票或者终止交易赎回股票。一旦上市公司股权质押危机被引爆,股票被强制卖出,那么越来越多的危机个案会引发市场恐慌,股票质押的杠杠风险也会成为A股加速下跌的推手。   《证券日报》记者注意到,截至1月底,已经有6家上市公司因为股权质押危机进入停牌模式避险,而市场对于股权质押平仓风险的担忧也成为A股利空因素之一。   “由于股权质押广泛存在,在此我们仅考虑重仓危机个股对基金的影响。我们对危机个股的定义为股权质押中达到预警线以下股数占总股数10%以上的个股。根据中金策略团队1月27日的测算,有448只个股的部分质押项目达到了预警线以下,其中124只个股股权质押项目达到预警线以下股数占总股数比例在10%以上,存在潜在风险。”凯石基金对记者表示,“部分基金持有预警线下个股占比较高。我们将124只股权质押项目达到预警线以下股数占总股数比例在10%以上的个股与基金重仓股进行匹配,用基金持有危机个股市值占基金净值比来衡量基金重仓股的股权质押风险。从统计数据可以得知,有15只基金重仓危机股市值占基金净值比达到了10%以上,可能面临较大的股权质押风险,投资者在选择基金时最好予以回避。”   据WIND数据统计,2015年全年共发生股权质押融资6480笔,涉及上市公司1367家,质押总股本1749亿股,参考总市值3.2万亿元。2014年1月1日至2016年1月27日区间内进行股权质押的在押市值规模约为2.8万亿元,占A股自由流通市值的17%,占总市值的6%。借鉴中金公司策略团队的测算结果,估算目前股权质押净融资规模为1.3万亿元,其中房地产及新兴成长性行业股权质押规模较大。医药生物质押市值0.3万亿元,规模最大;其次是融资需求一直较高的房地产行业;TMT行业如传媒互联网、电子、计算机等质押市值也相对较高。   凯石基金进一步对记者表示, 对于基金重仓股权质押个股,其影响也有两面性:悲观的一面,如果不幸重仓了股权质押爆仓的个股,假使大股东又无作为,股票将惨遭平仓被抛售,那么会带来个股股价下挫,基金净值也会因此受损。但乐观地看,大股东面对平仓压力一般不会坐视不管,当部分质押项目达到预警线以下时,大股东往往会选择补充质押股权、补充抵押现金、提前回购股权、停牌等措施自救,实质性爆仓的可能性很小,而且此时大股东也有很强的市值管理动力,当市场企稳,股权质押风险解除,该类个股反而可能迅速反弹。相关的主题文章: