China Stock 中国证券

To 2009, the stock market in the “non-size” the impact of faltering forward. According to Netease financial statistics, 09 years of the sale of shares in 2008 up to the scale of lifting the ban twice. Due to limited lifting of the ban the sale of shares in a short period of time sharply increased the stock supply, and often fail to keep up with demand and, therefore, limit the sale of shares will be out of a large-scale increase pressure on the market. According to our statistics, the greatest pressure on the lifting of the ban next year for the month of October and July, the biggest impact, it is ICBC, Bank of China, Sinopec, and other blue-chip market.

Limit the sale of shares Dictionary

What is the size of the non-lifting of the ban?

China Securities Regulatory Commission on September 4, 2005 promulgated the “listed companies split share structure reform management practices” provisions of the reform of the company after the original non-tradable shares to sell shares, since the implementation of the reform program Date, in the twelve months shall not transfer or exchange-traded; its shareholdings in listed companies total more than 5% of the original non-tradable shares, after the expiration of the previous requirement, adopted by the Stock Exchange of the original sale of non-tradable shares Shares, the sale of the company’s number of shares in the proportion of the total number of 12-month period should not exceed 5% in the 24-month period should not exceed 10%.

This means that the holding below 5% of the non-tradable shares in the share reform program implemented 12 months after the listing can be in circulation, “not” refers to the holding below 5% of the non - Circulation of the shares held by shareholders, and that is “not” the origin. And “not” correspond to “major” means holding more than 5% of the non-tradable shares held by shareholders.

Limited to what is the first offering?

first of the original shareholders to sell restricted shares that began before the issue of restrictions on the flow of the original shareholders of the shares; first strategic placement of shares, means the first to issue shares, in particular to certain selected Object of the issue of accounting for a large proportion of the number of issued shares, which can only be committed to the target in the stock market after 3 months or a year before the listing transaction.

1,09 lifting of the ban in a market value of the shares to a new high since

2009 full year total of 685,200,000,000 shares, some types of limited lifting of the ban on sale of shares, according to the December 1 closing price, the size of the market value of 3,337,900,000,000 yuan, the shares changed since the lifting of the ban is the largest of the year. July and October is the period 2009 to sell shares lifted the peak, the other for the month of the lifting of the ban to clear the pressure is less than two months.


2, next year the proportion of the outstanding shares of A shares exceed 7 next year

into A shares of the outstanding shares of the total capital ratio will be From the end of 2008 increased 37% to 74%. Even in 2009 not to consider a new stock market circulation, the secondary market for new shares in circulation could still quite amazing. In 2009 to ease pressure on the supply of shares would be for the 2009 stock market policy objectives.


3, only 2 into a limited lifting of the ban on sale of stock shares to reduce the enormous pressure

As of December 1, 2008, A-share market have a cumulative limit the sale of shares 1,539,900,000,000 shares, the lifting of the ban has 356,200,000,000 shares, restricted stock shares for sale 1,183,700,000,000 shares, restricted stock offering of about 77% of the proportion; take into account the shares have been lifted only about 20% of the real Carried out a reduction in the future reduce possible violations of the shares are 1,468,700,000,000 shares, the proportion of up to 95%, can be seen waiting to limit the sale of shares to reduce the size of the still very large.


4, lifting shares next year to major reduction of the main impulse is not strong

shares to the size of the number of non-lifting of the ban in 2008 853 million shares, of which major 69,800,000,000 shares, non-small 15,500,000,000 shares, in 2009 the total size of the non-lifting of the ban up to 207,800,000,000 shares, including major 199,000,000,000 shares, non-small decreased to 8.8 billion shares, the total in 2010 For the amount of 54,300,000,000 shares, of which 52.7 billion shares of non-major, non-small further reduced to 1.6 billion shares.

limited to the first sale of shares than the size of the non-terrible

on the map, we can see that in 2009, the market liquidity of the new shares are to the non-tradable shares in circulation, as well as the first stock-oriented, and therefore the reform of non-tradable shares, as well as lifting the ban starting circulation Issuance of shares on the market impact of greater than the other.
On the whole, the reform of non-tradable shares lifted the first to add a whole new shares and shares the same basic trend. In other words, the stock market as a whole new range of shares is subject to change as well as the outstanding shares of common stock in circulation starting role. The other type is the market impact than the two big.

1, the first limited-scale ban the sale of shares more than the size of the non-

from 2007 to 2010 In these four years, the entire A-share market to sell shares lifted the restriction amounted to 1,334,772,000,000 shares, including shares of non-tradable shares to lifting the ban amounted to 397,222,000,000 shares, accounting for 29.76 percent of total circulation. Total shares outstanding first 857,324,000,000 shares, representing 64.23% of the amount of lifting the ban.


2, shares lifted stocks to peak in the first half of 2009 as

shares to the start lifting the ban has gradually expanded the number of Situation, particularly in the second half of 2008 to 2009 during the first half, lifting the number of peaks, most of the month lifted the number of more than 100 million shares.


3, the first flood peak limit the sale of shares in the lifting of the ban in July 2009, October

into the second half of 2009, the number of first lifting of the ban will be Increase in the blowout, in July 2009 and the lifting of the ban in October 2009 the number soared to 172,700,000,000 shares and 251,500,000,000 shares. Starting from the lifting of the ban has been accounted for the number of shares in circulation volume ratio, the proportion of changes in trends and changes in the number of lifting the ban are basically the same trend, with the exception of 7, 10, 2009 and November 2010 the proportion of more than 10%, the other for the month of In proportion to less than 4%. Among the Industrial and Commercial Bank of China Petroleum, Bank of China, such as super-large capitalization stocks contributed most of the share.


4, lifting the ban additional shares in the flood peak in June 2009 and December

from the issuance of lifting the ban on the number of shares of view, there is 5 marked the peak of 2008 are on 1,6,12 and 12 months in 2009, the amount of lifting the ban reached 18,23,31,32,44 billion shares. Starting from the lifting of the ban has been accounted for the number of shares in circulation volume ratio, the proportion of changes in trends and changes in the number of lifting the ban are basically the same trend, both on the proportion of 0.5%.

2008-12-15

在2009年警惕“非小地雷”：中国招商银行，海通证券，中国

至2009年，在“非股市规模”的蹒跚前进的影响。据网易金融统计，09股份的2008年直至取消禁令两次大规模出售的。由于禁令的股票在短期内出售有限解除急剧增加股票供应，往往不能满足需求，因此，限制出售的股份将是大规模增加的压力，在市场上。根据我们的统计，对解禁的最大压力为10月和7月，每月的最大影响明年，这是工商银行，中国石化，以及其他蓝筹股市场的银行。

限制出售股份词典

什么是大小非解禁？

中国证券监督管理委员会于2005年9月4日颁布后，原来非“上市公司股权分置改革管理办法”对公司改革的规定，流通股出售以来实行改革的股票，计划日期，十二个月内不得转让或上市交易，在上市公司股份超过5％的原非占流通股后，以前的规定期满，由原有买卖证券交易所通过非流通股股份，在12日的总人数的比例出售该公司的股数个月的期限不应超过24个月的期限最长不得超过10％5％。

这意味着，持有5％以下的非流通股改革方案实施的12个月的股票上市后，可流通，“不”是指低于5％的非-流通的股份持有股东持有，这是“不”的来龙去脉。和“非”对应于“大”是指持有超过5％的非流通股股东持有。

有限公司什么是第一个提供？

第一原始股东出售股份的限制开始之前，对这些股票的原始股东流通的限制问题;第一股战略配售，是指第一次发行股票，特别是向某些选定对会计问题的对象为已发行股份数目，只能致力于股市的目标3个月后上市或交易前一年大的比例。