"The Noise Is Hard To Settle" Eskay

Gem's first case of backdoor scheme, the agitation of the secondary market, may make more than 400 shell companies "mind is not in the same boat".

On May 29, the eighth trading day of eskay was up and down.

That night, the Shenzhen Stock Exchange announced that it would continue to focus on monitoring and take timely regulatory measures.

This shell company with annual earnings of only a few million and "going public is the peak" and its performance is deteriorating, has a dynamic P / E ratio of more than 2000 times.

The reason is a shell selling action that has yet to be tested by the market.

"There are good M & a target projects can send email." Journalists who had been planning for a major corporate restructuring in the 21st century had no choice but to stop planning for a major corporate restructuring in the 21st century.

At the same time, a number of information shows that some small cap stocks are looking for opportunities to "sell shells", purchase assets and "revitalize enterprises".

On the first day of trading, some venture shell resource stocks also followed the trend, while small cap stocks such as Geely technology and Jubilee technology followed suit.

This is a "crossroads" for many people.

"Resurgence" hot money promoter

Jinyun technology "breakthrough" has not yet been determined, eskay's "high light moment", so that a number of small market value shell stocks speculation rose again.

According to the market capitalization of 41.8 billion listed companies, as of the date of stock market capitalization of 4.36 billion or below, listed companies have been suspended.

On the one hand, the delisting cases of baoqianli, Sinovel wind power and Tianguang Zhongmao are frequent, and the ecology of underperforming stocks has changed, and risk warning stocks are gradually abandoned.

But on the other hand, the emergence of "merger and reorganization" theme and concept speculation, but let small cap stocks speculation repeatedly prohibited.

Data show that since this month, 10 listed companies with a market value of less than 2 billion have seen their share prices rise by 20%.

39 enterprises with market value less than 2 billion increased by more than 10%. However, many companies have encountered difficulties in the secondary market due to their frequent capital restructuring.

The best rally is not panda financial holding, but its market is quite "strange". Since May, Jinkong panda has increased by 83.3%.

On the evening of May 15, panda Financial Holdings announced the introduction of strategic investors to build a supply chain for semi-finished fresh food distribution. However, on the first trading day after the announcement, the share price of panda Financial Holdings did not significantly improve. Instead, the share price suddenly rose three days after the announcement, and rose and closed for three consecutive trading days.

The rally came to an abrupt end after panda financial holding indicated that it would be warned of delisting risks.

At the same time, the company's plan to introduce war investment came to an abrupt end. On May 22 and 25, the stock price of panda Financial Holdings fell to the limit for two consecutive trading days.

However, on May 26, panda financial holding's share price went up and down again without warning, and continued to rise in the following trading days. It rose 39.90% in four trading days.

From the data of the dragon and tiger list, it is obvious that the hot money "fight left and right" and "beat drums and spread flowers".

For example, on May 26, Dongfang Fortune Securities Co., Ltd., the second business department of Tuanjie Road, Lhasa, was the fifth largest selling seat. Three days later, it appeared on panda financial holding's largest buying seat; on May 27 and May 28, Xingye's Qiaoxiang road appeared in Panda financial holding's buying four and selling four seats respectively.

Whether the "main force" behind the "price fixing" of the "giant panda" investors is the "big negative impact" on the stock price.

This kind of pure hype phenomenon, in some small cap shell stocks still happen from time to time.

Ningbo Fubang's share price has risen by 28.26% since May, second only to Panda financial. However, there has been no substantial positive news.

At the beginning of this year, Ningbo Fubang purchased chang'ao sports with 128 million cash, which expanded its business to E-sports and other emerging sports and cultural industries. However, it had a limited effect on the performance of Ningbo Fubang. From January to March 2020, the total business income of Ningbo Fubang was 39.9761 million yuan, a year-on-year decrease of 72.80%, and the net profit attributable to the shareholders of the listed company was - 2223700 yuan.

Ningbo Fubang specially pointed out the risks. At present, the domestic sports industry is seriously affected by the new crown pneumonia epidemic. The marathon planned to be held in the first half of the year in the chang'ao sports business sector is planned to be postponed to the second half of the year. The specific event process will be timely adjusted according to the epidemic prevention and control dynamics. The specific holding process of the marathon is still uncertain.

After two consecutive plates, on May 29, Ningbo Fubang ended its continuous rise, falling 7.45%.

The hustle and bustle of eskay

The launch of eskay's restructuring plan is thought-provoking.

Prior to this, investment bank personage once thought, gem registration system reform big curtain opens, "shell resource is more worthless", "speculation shell is not effective".

On the evening of May 19, eskay announced that it plans to replace all the remaining assets, liabilities and business held by it according to law with the equivalent part of 100% equity of Jinyun technology after deducting some cash, and at the same time, it will pay the difference between the assets to be put in and the assets to be put out to the trading party in the form of non-public issuance of shares and payment of cash.

This restructuring constitutes a listing.

In September 2018, ZTE Technology Co., Ltd. was no longer a subsidiary of Zhongxing cloud Technology Co., Ltd., which was a subsidiary of Zhongxing cloud Technology Co., Ltd. in September 2018.

According to the public data, the performance growth of Jinyun technology in the past three fiscal years is much higher than that of the A-share industry.

Moreover, the performance of the secondary market is still "wiped out" in the absence of detailed financial data, gross profit margin, customers and suppliers, reasons for rapid growth of performance, and power consumption and quantity of main product cabinets.

Under the banner of "data center service provider", Jinyun technology has been sought after.

As of today's announcement, the stock price of Kai company has risen to as high as 20.29 yuan / month from the current stock price of 20.44 yuan.

In the last few times, Longhu group has only won a total of 44000 seats in its business list.

However, with the continuous fermentation of the event, the performance growth level of Jinyun technology is far higher than that of the same industry, and its high valuation has aroused market doubts.

Jinyun technology, which has been established less than five years ago, has grown very rapidly. From 2017 to 2019, its operating revenue is 48.2075 million yuan, 109.3292 million yuan and 215.26 09 million yuan respectively, with an average annual compound growth rate of 164.73%, and net profits of -9.2367 million yuan, 31.2097 million yuan and 71.707 million yuan, respectively.

However, during the same period, the growth rate of the same type of enterprises in the field of IDC, such as Dr. Peng, Baoxin software and aofei data, was lower than that of Jinyun technology. As the due diligence work of Jinyun technology is still in progress, iskay did not explain the reason and rationality of its substantial increase in business income.

The Shenzhen Stock Exchange questioned the rationality of Jinyun technology's unaudited book net asset value of 1.106 billion yuan, but the estimated value was as high as 2.5 billion yuan, but eskay replied that the valuation was reasonable.

At the key point of promoting the registration system reform of gem, it has become a trend to relax the IPO financial standards and simplify the audit procedures. At this time, Jinyun technology's choice of detour or attracted high market attention.

"If we can succeed in the first level, we will focus on the quality of the gem." A large securities firm investment banking department said in an interview.

"Shell stocks" have no idea

The resurgence of "speculation shell" and "speculation small" logic is stirring the heartstrings of "shell stocks".

On October 18, 2019, the "backdoor" of the gem was officially "untied". Although there has been no case to be settled, the phenomenon of "speculation in the small and the poor" has not stopped.

On April 27, the registration system reform of gem was officially launched. In the draft for comments, in terms of merger and reorganization, the registration system is also implemented for the purchase of assets by issuing shares, merger and separation, so as to activate the restructuring business in the market.

On the other hand, the gem reform plan also proposes to add a market value delisting index of 500 million yuan. Although there are not many listed companies with a market value less than 500 million yuan, the two rules, one loose and one tight, may stimulate the speculation and enclosure of small market value stocks to a certain extent.

The 21st century economic reporter has noticed that some small cap stocks are also looking for opportunities to "sell shells", purchase assets and "revitalize enterprises".

For example, western animal husbandry recently suspended trading with a high profile and announced that it plans to issue shares to purchase assets; Tailong lighting plans to raise 420 million yuan from non-public offering of shares to purchase bostar asset group and enter the semiconductor field.

At the same time, the signing of the voting power entrustment agreement by the controlling shareholders of St Xiahua and the change of the actual controller have caused a lot of turmoil in the secondary market, and the stock price trend of the listed companies involved has been quite amazing since this month.

Since the beginning of the month, the stock prices of West China Lighting Co., Ltd. and Xiamen animal husbandry Co., Ltd. have risen by 19.28% and 26.26% respectively.

The stock price of Ralton has risen by 73.63% since the "scandal" has been reported for many times.

Compared with the previous year, the company's net profit decreased by RMB 0.24725 million in the previous quarter, and the net profit of the company decreased by RMB 0.24675 million in the previous quarter, and the net profit of the company decreased by RMB 0.24675 billion.

Recently, some insiders of listed companies with a market value of less than 2 billion who had planned major asset restructuring but had no choice but to terminate told reporters that "there are good M & a target projects that can be sent to email".

The attraction of shell value has not completely faded away.

"First of all, the information transmission is wrong, and many shareholders simply don't realize that the first borrowing shell has not been borrowed up to now. In the market, there are some companies that transfer control rights on the gem, but no assets are injected. Second, because the theme of backdoor restructuring is deeply rooted and has lasted for more than 20 years, many people have made a fortune by taking advantage of it, and their inertia is too big." A senior head of investment banking in South China pointed out in an interview.

But from the current overall view, not all the low market value stocks are "good shell".

As of May 29, of the 418 listed companies with a late market value of less than 2 billion, 113 have been warned of delisting risks, accounting for more than 27%.

Among them, 139 companies have an asset liability ratio of more than 60%, and 79 companies have an asset liability ratio of more than 80%. A large number of listed companies are entangled in lawsuits and have a pile of bad debts, which do not have the "shell" value.