BYD Landing Board "touch the Wrong Door"

June 30, BYD in the SME market, the two-day share price rose close to 40%.　　Although BYD has won the admiration of many investors, the author still wants to talk about some of the problems of BYD's listing process. First, the abnormal equity structure listed by BYD once again shows that capital market reform is a "change". BYD's total equity is 2.3541 billion shares, but the circulation of a shares is only 79 million shares, accounting for 3.356% of total equity, and it is this less than 4% of the shares of shares, the decision of 1.497 billion restricted shares of the value, this is obviously unreasonable.　　Such people have made BYD a higher market premium by reducing the listing of tradable shares, a source of huge risks to the market. Second, BYD's performance slump has suffered market bad speculation. BYD achieved a net profit of 324 million yuan in the first quarter, down 80.25% year-on-year, and the net profit of the issuer's shareholder was 267 million yuan, which fell 84.35% year-on-year. One side is the company's rapid decline in performance, the other side is the company's share price encountered a stir.　　Speculation on new shares began to rise again. Finally, BYD landed SME Board "touch the wrong door." Everyone knows that BYD is already a huge enterprise, the company's total equity has reached 2.3541 billion shares, but landed on the SME board. Since the valuation level of small and medium-sized plates is generally higher than that of SSE, so BYD ran to the SME board IPO in the weak city, allowing investors to create some kind of valuation illusion, and companies could circle more money. However, once this approach is formed, it will not be conducive to the long-term development of the capital market. (Li Yunfeng)