A-share index climbed the first half of the "non-tradable" reduction sleeve is about 48 billion

In the index from 5000多 points all the way down to 1664 points in 2008, the "non-tradable shares" are often regarded as a scourge by market participants, many stocks in the restricted period before the arrival of a number of heavy drops of the Big Yin line is not uncommon.　　So in the first half of the past 2009 years, with the index from 1820 points to 2,959 points, the size of the rose after the lifting of the 62.58% index has not slowed the pace of selling.　　Data from the statistics show that the 1-June Shanghai and Shenzhen, the total size of the reduction of 4.742 billion shares, reducing the amount of cash is about 48 billion yuan.　　In fact, compared with the first half of this year's 111.8 billion shares of restricted shares, up to 555.8 billion shares in the second half of the ban is 5 times times the first half; however, if the ICBC, Bank of China and Sinopec three companies "mega-non" of the lifting of the share of the second half of this year's restricted stocks　　The view from the National Securities Investment Strategy Research Center points out that "February-May this year, the size of the volume of the basic maintenance of 1 billion shares, the size of the reduction will not increase with the market and again," so "in this year's daily turnover of 200 billion yuan, 1 billion shares of the monthly reduction of the impact of the market is limited.　　Six months to reduce the set is now 48 billion yuan from the statistics of information from the million, the first half of this year, the main shareholders in the Shanghai and Shenzhen listed companies in the two market reduction total 1061, total minus the total amount of shares of about 4,964,487,300 shares, in accordance with the average price of the reduction period of about 49,671,886,300 yuan　　It should be pointed out that such data in 66 cases of reduction does not belong in the first half of this year to lift the scope, if the elimination of this part of the reduction of 222.4825 million shares, then the remaining part of the non-tradable shares of the total amount of about 4.742 billion shares, total lifting of the total amount of the estimated amount From the size of the reduction in shareholding, ranked in the first place is Minsheng Bank in the last six months through the two-level market reduction of 381 million shares Haitong securities. After a two-time attempt at auction last May and June, Minsheng Bank in 2004 as a debt-bonded assets of the Haitong securities stock right before June 22 this year all sold out, the average reduction price of about 14.33 yuan/share; Other listed companies to reduce the shares of the company including Chinese longevity (601628.　　SH) and Youngor (600177.SH) Reduction of Citic Securities (600028.SH) and BoE investment reduction in Beijing East (000725.SZ) and so on. and from the reduction of the amount of cash to see, in addition to Haitong Securities, Citic Securities were reduced,　　Natural person Chen tree through the reduction of 147.1944 million shares of the Zijin mining frenzy 1.3 billion yuan ranked in the individual investors to reduce the amount of the first, and investment in the purple gold industry, individual investors Coshiping to reduce 74.7669 million shares of 664 million yuan is closely followed. The third place is by reducingHolding 10.7675 million poly Real Estate (600048.SH) of the Zhang Keqiang, its amount is about 293 million yuan; but if it's the same person. Guangdong Huamei International Investment Group's reduction share, they total reduction of shares of about 20.88 million shares, the amount is about 470 million yuan.　　It is worth mentioning that in 995 cases of the reduction of the size of the non-tradable, 251 cases were reduced by the stock Exchange platform of the Shanghai and Shenzhen exchanges, about 1.747 billion shares of the total number of reduction shares of all the lifting of the total release of 4.742 billion shares of 36.84%. This phenomenon in the listed companies Zijin Mining (601899.　　SH) is particularly obvious, such as the company's senior executives Jinghe on June 16, 27.594 million shares, the company's senior executives Lon Fusseng and other 10 executives total reduction of 21 million shares through the bulk trading system, and individual investors Coshiping and Chen tree reduction shares in some of the way.　　The results of further statistics show that in the first half of the total 995 cases of the reduction of the size of the lifting, 52 cases belong to the nature of executive reduction, the cumulative reduction of total shares and reduce the market value of about 91.3948 million shares and 861 million yuan. It is noteworthy that the 52 cases except Qianjiang motorcycle (000913). SZ), Zijin Mining (601899.　　SH) and other 7 cases belong to the motherboard, the remaining 45 cases of executive reduction are from the SME Board company.　　However, this data is limited to the ban on the sale of restricted shares of senior executives in the current part, if the overall view, in recent years, the senior management of SME holdings is now clearly ushered in a wave of climax.　　Statistics from the Shenzhen stock show that, just the past June, the board of Directors of the total reduction of nearly 46.5 million shares, the amount reached 936 million yuan, and in the first two months, the SME board executives sold 4 million shares and 21 million shares respectively in 4 May, the amount of cash is also only 50 million yuan and 400 million yuan. To reduce the strength of senior executives of the largest goldwind (002202.　　SZ) As an example, 7 senior executives, including the company's chairman, Wisco, sold 18.1391 million shares in a week, in terms of the average price, the amount is about 600 million yuan.　　This reduction caused a two-tier market reaction, leading to the obvious weakening of Goldwind, the company's shares fell 11.26% in June, while the Shanghai Composite index rose 300 points, up to 12.4%.　　On June 30, at the Goldwind telephone trading conference of CITIC Securities, the company's chief executive, Cai Xiaomei, had to say to many sellers analysts that the company's management "will not consider reducing its holdings again in recent years".　　Limited pressure in the second half of this year, the vast majority of sellers who are still more pessimistic about the market outlook believe that this year the market will face the "great pressure" and "severe test" of the reduction of the number of shares. Ping An securities at the end of last year for "the size of the lifting, reduction and capital" of the forecast, "according to the situation in the company has been reduced, the assumption of large non-reduction ratioFor 10%, small non-reduction ratio of 44%, 2009 years to 177.79 billion yuan (according to the closing price of December 22, 2008) to undertake the reduction of the amount of pressure. "Now it seems that the first half of this year 111.8 billion shares of the ban on the lifting of 48 billion yuan to reduce the actual reduction, if the second half of the lifting of 555.8 billion shares calculated, the actual reduction will be around 280 billion yuan, which has not been in the past six months since the index more than 60% of the rebound margin,　　The rise in share prices has led to an increase in the number of lifting stocks. It should be admitted that if the unit is counted for six months, then the second half of this year will be from 2007-2011 of the 10 half a year, the number of restricted stocks lifted the most of the last six months,　　The lifting of the 555.8 billion shares is far ahead of the second half of the 2010 year 239.7 billion shares and the third in the first half of the year 111.8 billion shares.　　So, facing the huge lifting pressure of the second half of this year's market situation?　　Since last June, China Securities Registration and Clearing Co., Ltd. released monthly data statistics will be "share reform restrictions on the lifting of the reduction of the situation statistics" officially included. Its official website released data shows that last June to this January, in addition to last July, November and December, the actual reduction of shares were 849 million shares, 694 million shares and 823 million shares, the actual reduction of other months are maintained at about 500 million shares per month; starting from February this year, the actual reduction in the number of shares began abruptly increased to 1 billion shares above, and thereafter 3 months has been maintained this level ――2-5 the actual reduction of shares of the number is 1.019 billion shares, 1.084 billion shares　　, 1.016 billion shares and 1.054 billion shares.　　It should be pointed out that this reduction in the number of shares is only limited due to the stock market share restrictions on the amount of reduction, and not because of IPOs and targeted additional restrictions brought about by the lifting of shares.　　Reporters through the data collation of the Million de information, this year June the actual size of the share of 1.228 billion shares, the amount is about 12.989 billion yuan, which is the size of the year since the most concentrated reduction of the month.　　This means that if the second half of the index still continues to climb the first half of the trend, then the size of the size of the reduction will be able to continue, or even reduce the range will increase. However, the National Securities Research Institute in recent years specifically on the second half of the scale of the market impact of the empirical analysis is that, "in the current daily turnover of 200 billion yuan per month, 1 billion shares of monthly reduction in the market impact is limited." Specific to the second half of this year, its analysts through the lifting volume of structural analysis that, excluding ICBC, BOC and Sinopec three state-owned background, the remaining restrictions on the lifting of the amount of 91.4 billion yuan, and less than 111.8 billion yuan in the first half. and Huijin Company held in the bank of the restricted shares of the "lifting is not equal to reduce the" statement undoubtedly gave the market a reassuring.