playcandycrushsaga| "Gross stocks" reflect profound changes in the market

RecentlyPlaycandycrushsaga, * ST Baoli shares fell below 0Playcandycrushsaga.1 yuan, as low as 0 at one pointPlaycandycrushsaga.09 yuan, causing widespread concern in the market. According to Wind statistics, this is the first time that stocks in the A-share market have fallen below 10 cents, setting a new record.

In addition to the above phenomenon, the author found that a few cents of stocks with a share price between 0.1 yuan and 1 yuan in the A-share market recently (this article is temporarily called "gross stock", the same below) is also emerging. According to statistics, since the beginning of this year, there have been dozens of "gross shares" whose share prices have fallen below 1 yuan, some of which have been delisted and delisted during the year. Among them, the recent low-price concentration of ST stock prices have also been depressed, falling frequently. The Wande ST plate index, which characterizes the performance of such stocks, has fallen for three consecutive years, with a cumulative decline of about 40% during the year, and the recent decline has been further intensified.

Unfortunately, the investors who stepped on the above-mentioned "gross stocks" suffered heavy losses. According to the author's statistics, most of the "gross stocks" that fell below 1 yuan this year have halved, including * ST Insurance, * ST Beauchamp (rights protection) and other stocks fell by more than 90% during the year.

Recently, there has been a further substantial increase in the number of low-priced "gross shares", coinciding with the release of the new "National Nine articles" and the "opinions on the strict implementation of the delisting system" issued by the Securities Regulatory Commission. The policy has increased the efforts to clear the "zombie shell" and the "black sheep", and the value of "shell" resources has been further reduced. In addition, with the disclosure of the 2023 annual report, a number of A-share listed companies directly face the pressure of delisting due to performance, corporate governance and other reasons.

The author believes that the above phenomenon reflects to some extent that profound changes are taking place in the market.PlaycandycrushsagaWe have brought a lot of revelations. Here, we might as well make some predictions about further changes in the market in the future.

First, the differentiation of listed companies in the A-share market may be further intensified. This differentiation is reflected not only in different industries, but also in different listed companies in the same industry. In the future, companies with stable operations and high growth will be more sought after by market investors, while companies with poor management may be further "voted with their feet" by the market by simply telling stories, "drawing big cakes" and hitting hot spots. As a result, no one is interested.

Second, the "floor" level of low-priced stocks in the market may fall further. A few years ago, when the face value delisting system began to show its power, many stocks on the verge of delisting in the A-share market fell below 0.2 yuan one after another, significantly lowering the "floor" level of low-priced stocks in the market. Now, for the first time, A-shares have fallen below 10 cents. As the regulation further tightens the delisting standards, the market's survival of the fittest mechanism is expected to be further strengthened, and it does not rule out the possibility that stocks will break the record of 0.09 yuan set by ST Insurance in the near future.

Third, other types of transaction types of compulsory delisting may also appear. At present, in the case of compulsory delisting of trading class in A-share market, it is mainly the type of delisting whose share price is less than 1 yuan, while other cases such as touching the standard of compulsory delisting of trading class due to the low number of shareholders and low market value are rare. It is believed that with the strengthening of market delisting, this type of compulsory delisting may also appear or increase in the future.