Şanghay'da yeni listelenen ShenGu'nin hisseleri 1.700% yükseldi; piyasa tepkisi ve riskler incelemeye alındı

Kısaca

1.700% değer artışıyla ShenGu’nin yeni listelemesi yatırımcı ilgisini hızla artırdı Piyasa, günlük işlemlerde borsa müdahaleleri ve uyarılarla yönlendirildi P/E oranı 243 kat olarak endüstri ortalamasının 41,7’i üzerinde belirlendi; risk vurgulandı

Ana mesele

Şanghay'daki ShenGu hisselerinin olağanüstü rallı spekülasyon risklerini ortaya koyuyor

Ne değişti?

İlk haftada 1.216% artış ve 1.781% zirve kaydedildi

Beni nasıl etkiler?

Okuyucuya yatırım riskleri ve piyasa hareketlerini yakından izlemek için uyarı ve bilgi sunar

Ne oldu?

ShenGu hisseleri devasa artışlar kaydetti; borsa denetimi devreye girdi

Neden şimdi?

Yeni listelemelere karşı spekülatif hareketler yoğunlaştı

Neden önemli?

Regülatör müdahalesinin erken ve net olması gereğini gösterdi

Kimler etkileniyor?

• yatırımcılar
• bireysel yatırımcılar
• piyasa katılımcıları

Sektör ve piyasa etkisi

Sanayi ve yeni listelemeler üzerinde volatilite ve baskı artış potansiyeli

Riskler

• yüksek volatilite
• regülasyon baskısı
• balon riski

Takip edilmesi gerekenler

• ilgili borsa duyuruları
• müdahalelerin etkisi
• fiyat/karlılık karşılaştırmaları
• genel piyasa tepkileri

Haberin tamamı

A more than 1,700 per cent share-price surge by a new listing on the Shanghai Stock Exchange last week put a spotlight on a state-owned industrial compressor manufacturer, leading the bourse operator to intervene to curb speculative trading.

ShenGu Group, a maker of centrifugal compressors in northeast China’s Liaoning province, grabbed headlines when its stock soared 1,216 per cent from its offer price two days after it began trading on September 17, with an intraday high on the second day of trading translating to a 1,781 per cent surge.

The frenzy triggered immediate action by the Shanghai bourse, which said on Monday that it would closely watch the stock and take disciplinary action accordingly. On Friday, the exchange suspended some trading accounts that it said had caused the abnormal movement. ShenGu also issued an exchange statement warning of the investment risk.

The stock’s wild ride highlights the risk of speculative trading by the Chinese stock market’s large population of individual investors, some of whom tend to chase hot trades, small-capitalisation stocks or new listings tied to certain investment themes. Speculators also take advantage of exchange rules that set no limits on how much new listings can move in each of the first five days after their debuts. A 10 per cent daily cap is applied to mainboard listings afterwards, and 20 per cent on the technology boards in Shanghai and Shenzhen.

In ShenGu’s case, the stock surged 374 per cent in its debut on September 17 and an additional 178 per cent the following day. In its statement reminding investors that the stock could drop sharply, ShenGu noted that the price-to-earnings ratio was 243 times, versus the industry average of 41.7.

The stock dropped by 10 per cent to 27 yuan on Thursday morning, a 53 per cent decline from its record high on Friday.

The frantic mood regarding ShenGu has some logical support, as its core business is defined as high-end manufacturing, one of the strategic industries Beijing sees as new drivers for economic growth. The company’s compressors are used in energy and chemical production, and it also makes pumps that can be used in nuclear power plants.

“The compressor demand is now expanding beyond traditional petrochemicals to low-carbon and emerging scenarios amid the transition to green energy,” said Li Chengshu, an analyst at Nanjing Securities.

ShenGu’s low initial public offering (IPO) price and a small tranche of free-float stock opened the door for speculative trading. Its offer price of 4.39 yuan was among the lowest for IPOs this year, while the initial 211 million shares available for public trading accounted for only 6.8 per cent of the outstanding shares, leaving the share price vulnerable to manipulation.

First-half profit for the company fell 2.3 per cent from a year earlier to 280 million yuan (US$41.7 million) as profit margins narrowed, and ShenGu expected full-year profit to fall between 11 and 15 per cent amid a weak macro-environment.

Kaynaklar

• South China Morning Post - Business