Full-flow lineup has been expanded to 252 a-share if turned or helped push the big city down

In the Shanghai Composite Index, the speed of the full circulation is also quietly accelerated.　　June 2, in the Shanghai Composite Index to create a 2750.88 of the current round of new highs, the full circulation of the lineup has also expanded to 252, accounting for the total number of listed companies 15%, and constantly have the weight of the market to join.　　For a long time, the lifting of restricted stocks has been regarded as a "constraint" of the market rise, however, through the whole circulation of this group of investigation found that the ban on restricted stocks and stock index rise and fall of the relationship between the more complex features, when the lifting of the release of Boots dropped, reduce the boot of the movement of the way there are more possibilities.　　Full circulation accelerates the process of a-share full circulation. According to wind information statistics, as of June 2, the Shanghai and Shenzhen cities have achieved full circulation of listed companies reached 252, accounting for the total number of listed companies 15%.　　At the end of 2008 this figure was only 72, which means that the first five months of this year, the A-share market is moving towards full circulation at 36 a month. The pace will be accelerated thereafter. According to CIC Securities statistics, this year June, July and August are the full circulation of the listed companies the most months, the number of more than 80, respectively, June 83, July 81, August 83.　　By the end of this year, the number of companies to achieve full circulation will increase to 420, and by the end of next year, the number of fully circulated listed companies will be increased to about 600. And from the market value and equity perspective, Haitong Securities Research Institute Strategy analyst Chen Juhong previously statistics, in early 2009, the A-share market only 37% of the stock in a negotiable state, but by the end of 2009, this proportion will be greatly increased: according to the market capitalisation, the proportion of the circulation is 65.22%;　　The negotiable ratio is 74.28%. With the full circulation of listed companies this group of growing, especially in this year, a group of super blue chips such as China Merchants Bank (600036.　　SH), China Unicom (600050.SH), Guizhou Maotai (600519.SH) have been joined to this ranks, its operating characteristics in the two-tier market began to become increasingly eye-catching.　　In the eyes of the market, the lifting and reduction of the two-point boot, when the lifting of the boots dropped, the issue of when the reduction of the boots will remain in the hearts of investors, and as the trend of fluctuations affecting the behavior of investors.　　Restrictions on the release of restricted shares the pressure of the press through to all 252 listed companies in full circulation since the end of October 28, 2008 has been a simple calculation of the increase has been found that there are about 80% of the listed company's increase than the broader market here 60% of the increase, nearly half of the stock is more than 100%. But from the end of October 2008, less than 20 to today's 252 to achieve full circulation, the expansion of the full circulation of shares experienced a gradual process, the restrictions on the release of the pressure of the shares are also released.　　As a result, the overall performance of the whole circulation unit outperform the market and cannot support the pressure of the restricted stock has been lifted. For LimitedThe release pressure on the sale of shares, the Chinese listed companies market Value Management Research Center Academic advisor Zhu Wuxiang completed in late May, a study on the restrictions on the release and reduction of the market reaction was revealed.　　The study selects listed companies and their A-shares, which have been lifted by shares in the Shanghai and Shenzhen cities as of March 31, 2009, to observe the longer-term market reaction of the ban from the 5 months before the lifting date and the average monthly excess yield and cumulative value of the 2-month period.　　The conclusion is that the overall downward trend from the long-term market response to the lifting was a trend that runs throughout the period of observation and is most pronounced in the 2 months following the lifting date.　　In particular, in the future, the realization of the full circulation of the stock performance to lag behind the market, especially some of the market weight of more sluggish performance, Jiuding chief Securities analyst Sho Yu Ai to reporters. The reporter noted that China Unicom from May 19 full circulation to June 2 closed, during the increase of 2.84%.　　The market from 2652.78 points to 2724.3 points, up 2.7%, China Merchants Bank March 2 full circulation, to June 2 close to 17.81 yuan, during the increase of 24.81%, also lagged behind the market in the increase of 30.8%.　　The boot of the reduction in contrast to the lifting of the release of this seems to be more psychological level of pressure, the real gun reduction is more worrying, the impact is more complex.　　According to CIC Securities statistics, May, the overall volatility of the stock index, the bulk trading platform volume of 402 million shares, the chain reduction of 36%, the main shareholder in the two-level market volume significantly increased, net reduction volume of 760 million shares.　　May to reduce the overall and the previous period flat, but Sho Yu Ai said that there are economic incentives to continue to provide support, so that the reduction in particular the increase in the deadline is not significant, and once the trend of the subsequent rise of weakness, or turn, the size of the escape acceleration will be the problem should be the meaning.　　The same characteristics as previously shown, the small limit flees still is bigger than the deadline, but the different nature shareholder also manifests the different characteristic: in May releases the reduction announcement the listed company, the restricted stock's non-state shareholder reduction occupies the ratio to be big, about 76.9%, the state-owned shareholder's reduction ratio is only 23.1%. But the influence of different shareholder's reduction to stock market also has very big difference.　　According to the Value Management Research center of China's listed companies, the quantitative survey shows that in the reduction behavior, the largest shareholder's reduction brings positive market reaction, and the most obvious on the day of the information announcement, while the state-controlled companies have obtained better market reaction after the information is released.　　Zhu Wuxiang that in China's listed company shareholders, a phenomenon is more common, the first major shareholder behavior on the company's development and share prices often play a pivotal role, and its reduction will have a greater impact on the company's share price.　　But the reduction of large shareholder is not the same as the market generally think the impact on share prices is completely negative. Zhu Wuxiang pointed out that, on the one hand, large shareholder reduction may be interpreted as a pessimistic signal,leads to lower investor confidence, but on the other hand, the reduction of the largest shareholder can bring about a relative reduction in the concentration of equity, which may improve corporate governance.　　Xu Hongcai, director of the Securities and Futures Research Center at the Capital University of Economics and Trade, appears that with the expansion of the full circulation stock, the potential supply and demand relationship will be greatly changed, even if the relevant major shareholders are not in the two-level market reduction, it will also be the price of its two-tier market formation Xu Hongcai said that the existence of a large number of restricted stocks is like a lake, the lifting of the ban means open the lake, will make the water level down, that is, the relevant stock valuation center of gravity of the downward shift, and the reduction of the process has accelerated the role.