May Bulk Trading: QFII shunting "brake" non-"escape" speed of life

Unveiled the May large trading veil: qfii shunting "brake", the size of the "runaway" in the monitoring of major participants in the A-share market, the frequency of large transactions has been large-scale institutional investors and the size of the exposure channel.　　According to wind system statistics, the number of transactions in May and volume were compared to the previous 3, 42 months, but the discount rate has been higher with the index upward.　　Our correspondent's statistics on all 2059 major transactions since 2008 show that the average discount rate in May was 6.52%, in the 17 months after February 2008, April and January 2009.　　If the corresponding China a-shares in the statistical interval of the ups and downs, it is clear that the May discount rate higher and a-share rally, the valuation advantage to reduce the difficult relationship.　　Compared with the previous 2、3、4月, the discount rate of bulk transactions has been higher, while the number of transactions and turnover has also been significantly reduced, and the May turnover was equal to the transaction value of March 54.43% and April of 52.49% respectively. And as one of the mysterious forces of the market, QFII and the operation of the non-tradable is no exception.　　Data from the bulk trade show that there are signs that QFII is being underweight and that some of the non-tradable speed is accelerating. The decline in the frequency of QFII bulk trading from the early month's sharp rise to a small rebound in the end of the month, the Shanghai Composite Index ended the May 2009 upward journey with an eventual 6.27% increase. In all 18 trading days, a total of 135 major transactions, involving 56 shares.　　On this special platform, the buyer and seller of 402 million shares of the total delivery, involving 3.317 billion yuan. In the 135 major deals of May, discount trading (119) still accounted for an absolute majority, with the biggest discount of two being the May 12 Blessing Industrial (000592).　　SZ) of the delivery, 4.53 yuan per share of the transaction price than the day of 5.53 yuan closing discount to 18.08%. These two transactions involved a total of 16.0815 million yuan (3.55 million shares), trading opponents are national yuan securities Shanghai Oblique Dirt Road Sales department.　　June 2 Fu Industrial closed at 4.88 Yuan, the buyer floating surplus 1.2425 million yuan. By contrast, the premium trading in May was still a minority, only 12 cases, the highest premium is May 5 Chifeng Xin Industry Investment Co., Ltd. through the Joint securities Beijing West Third Ring North Road sales department to the British large securities Shenzhen Caitian Sales Department Sales of the National Heng Railway (000594.　　SZ) 's 4 million shares, the price of 5 yuan per share delivery, compared to the closing price premium of 5.49%. In addition, May 7, Chifeng xin industry also through the sales department in the form of large transactions to the Central Plains Securities Shenzhen Fuqiang Sales Department sales of 7 million shares, the same price per share of 5 yuan, a premium of 2.67% But May 11 Chifeng xin Industry again to the Central Plains Securities Shenzhen Fuqiang Sales department to sell 10.1637 million shares of the state-Heng Railway, the transaction price fell to 4.70 yuan per share, has 1.26% discount.　　It is worth mentioning that the decrease in the trading frequency of QFII investors is also one of the reasons for the decline in trading volume and the higher discount rate in May. All along, the hands of a large amount of QFII investors are often the bulk trading platform regulars, 2009 years ago, 5 months, only suspected QFII Wanguo Shanghai Xinchang Road Sales Department, CICC Shanghai Huaihai Road Sales Department and CICC Beijing Jian Wai Street sales office in the bulk trading platform of the seller's seat appeared 159 times　　, the delivery shares involved a total of 3.985 billion yuan, accounting for the same period of large transaction amount of nearly 20%.　　For these QFII institutions, the bulk trading platform is often the warehouse of its heavy blue chips and centralized trading, and the discount premium rate is often lower than other large transactions. Warehouse, such as February 19, CICC Shanghai Huaihai Road Sales department one-time 19 blue chips to the same day closing price to the same suspected QFII together UBS Securities headquarters, Involved in 191.1034 million yuan, the same day UBS Securities headquarters also accepted the closing price from the CICC Beijing Jian Wai Street Sales Department of 13 blue-chip, involving 98.3263 million yuan; centralized trading, such as April 15 Wanguo Shanghai Xinchang Road Sales department will sell 36 blue chips to Guotai headquarters, capital 769 million yuan, delivery prices　　The closing price of each stock is 3.95% to a premium of 0.97% respectively. However, this phenomenon did not occur in May, the month of the seller for the suspected QFII business transactions only 7 (involving 764 million yuan), while the larger turnover of 4 cases (a total of 689 million yuan) of the buyer more non-QFII sales department.　　It also includes a deal with a discount rate of up to 12.37%.　　Part of the non-"kill" fled excluding the hands of a large amount of QFII, the bulk trading platform is also to obtain the free flow of the non-tradable. As a shares rise, the speed at which major shareholders can take profits through the platform is also accelerating. This reporter according to wind statistics show that May 2009 a total of 165 major shareholders to reduce the shares of listed companies, including executives and individual investors 4 times and 6 times, the company's sponsors and other legal shareholders 154 times, a total reduction of 846 million shares, involving 6.915 billion yuan.　　Most of these are the original shareholders of the lifting of the shares of the reduction, up to 153 cases, involving 787 million shares, involved in 6.655 billion yuan. This, through the bulk trading platform for the reduction of 177 million shares, such as the aforementioned Chifeng Xin industry through the Joint securities Beijing West Third Ring North Road sales department at the beginning of the year to obtain circulation State Heng Railway incident is one of the cases. In addition, according to our correspondent not complete statistics, more than the Holy of Sichuan (000835. SZ), the Torch High-tech (600872.　　SH), *st (000955.SZ) and so on more than 20 major shareholders in the original restricted shares were in circulation, and then a large reduction operation. The case of the Saint-Dakota in Sichuan is especially worth a table, its non-tradable and even reduce the race in the running speed of lifeScene. May 25, 24.738% of the company's total equity of 75,542,431 shares in circulation, the company entered the era of full circulation.　　Presumably this time of the lifting of the ban on the development of Yi Wei and the pan-China investment in the two "small" look forward to, because on the day of the lifting and the next day, the two "small non" will be its possession of the Sichuan Sheng Tatsu shares almost all the empty. On the day of the lifting of the ban, Yi Wei's development and Pan-China investment will eagerly sell 2.5956 million shares and 2.7483 million shares in front of the centralized bidding transactions, and then sell again in the large trading after the plate. Data from the bulk trade show that May 25, Yi Wei development through its construction of silver investment in Chengdu People's North Road business sales account, to Hongyuan securities Shanghai Pubei Way sales sold 7 million shares, Pan-China investment also not to fall, also in the pan after the bulk of the transaction with its GF securities Chengdu Xinguang Road Sales Department accounts,　　Respectively to the state Sea securities Chengdu Immortal Road Sales department and Hongyuan Securities Shanghai Pubei Road Sales department selling 3 million shares and 4 million shares. The same day, Sichuan Sheng-related shares 14 million of the bulk of the transaction four times, are priced 7.5 yuan per share, compared to the closing price of 8.31%, two "small non" of their respective sets of 52.5 million yuan.　　On that day, the province of Saint-Dakota fell 1.68%. With the previous session, "small non" generous reduction of news, May 26, Sichuan Sheng-da share price step down, to the close has fallen 3.42%. But the willingness to reduce the "small non" has not been affected.　　After the day, the development of Yi-Wei through its construction of silver investment in Chengdu People North Road Business department accounts, to the state Sea securities Chengdu Immortal Way Sales department buyers two sold 3.4 million shares, and to Hongyuan Securities Shanghai Pubei Road Sales department buyers sell 536,800 shares. At the same time, China-pan investment has also continued to continue through its business in the Guangdong Securities Chengdu New Light Road sales account to Hongyuan Securities Shanghai Pubei Road Sales department buyers sell 3.7841 million shares.　　Or with the lower share price, May 26, the four major transactions in the valuation fell to 7.4 yuan per share, compared to the day the closing price of 6.33%, Yee-wai Development and Pan-China investment respectively set up now 29.1323 million yuan and 28.0023 million yuan. Since then, in a short period of 2 trading days, the freedom of circulation of two "small" has almost all the chips in the hands of the clear.　　According to the June 1, Sichuan Sheng da announcement, after the reduction occurred, the development and Pan-China investment account only 27 shares of the company and 41 shares. As the strategic investor of the holy reach of Sichuan, Yi Wei Development, the Pan-China investment is a Hong Kong-funded enterprises, the shares of the company after the implementation of the share is also 15.586 million shares (accounting for the company's total share capital 4.43%), in the first two years, the two companies in July 2008,　　August and October many times through the two-tier market implementation of the Reduction Act, the consistency of action and this joint action is the same. On the other hand, the development of Yee Wei and the pan-China investment two "small non" race to flee behind is the founder of the company of Sichuan Sheng-da group of the firm's determined reduction behavior. InIn this circulation, the group has 48.4775 million shares of freedom. June 2 The company announced that the May 27, 2008 and May 25, 2009, after the release of two restrictions, the company has a total of 117 million shares in circulation, coupled with the Shang behavior of May 6, 2009, its new circulation of 170 million shares.　　In this range, the San Tatsu group accumulated through the Shenzhen Stock Exchange listed trading volume of 12.345 million shares. This reporter according to the disclosure of the announcement of the reduction of the stock price range, only May 2009 and June 1, 2009, San Tatsu group will be set up 18.2 million-23.3489 million yuan.