americanrouletteonline| Risk warning The surge in the number of individual stocks has affected the heavy positions of public funds

RecentlyAmericanrouletteonlineA number of A-share listed companies announce risk warnings, and when stock names are prompted by risk warnings, they will also enter the risk warning board for trading.

Wind statistics show that 32 stocks have issued risk warnings during the year as of May 7.

Visual China

A reporter from the Daily Economic News noted that a number of public offering funds' active and passive product portfolios were involved, and individual active funds took heavy positions at the end of the first quarter before the stock was warned of risk.

There are public offerings in risky stocks.

Judging from the index linked to these risk warning companies at this stage, many of them have been laid out by public funds.

As far as individual stocks are concerned, before the warning, Gao Hong shares (000851), Tianbang Foods, Hua Wei Electronics (600360) and other companies linked to a large number of indexes, such as Gao Hong shares linked to the CSI 1000, communications equipment, 360 interconnection + and other 115 indexes. Wind statistics show that there are 6 fund products linked, and 921 products linked to other product areas, with a total scale of 867.Americanrouletteonline1.2 billion yuan, with an average size of 0.Americanrouletteonline94 million yuan.

Coincidentally, ST Tianbang previously belongs to the 119index, the number of linked fund products reached 9, the total number of linked products is 932, the total size is about 91.769 billion yuan, the average size is 98 million yuan.

What is the risk of a linked index or index foundation after individual stocks are warned or even delisted?Americanrouletteonline?

Generally speaking, companies that can be included in the index need to meet at least a certain threshold in terms of fundamental requirements and superimpose conditions such as liquidity in the secondary market before they can enter, but it does not rule out that the logic of index compilation is different. there are also differences in the number of constituent stocks, reflected in partial inclusion or full inclusion.

The index has its demand for regular adjustment, and after being warned by the risk, the relevant stocks will also withdraw from the sequence of constituent stocks in an orderly manner, and the linked fund products also need to follow the adjustment of index stocks, and there are also fund companies who independently adjust whether to continue to hold, but for stocks that have been ST, public funds often choose to "sell but not buy".

From the recent risk warning stocks, ST Gao Hong, ST Tianbang, ST Aikang, ST Huawei, ST Zhongnan and other companies in the top 10 circulation shareholders appeared in the public offering figure, and mostly index funds, some in the first quarter of this year report into the top ten series. Such as ST Gao Hong, at the end of the first quarter, among the top 10 circulation shareholders, there are Dacheng China Securities 360 Internet + big data 100 Index, Cathay Pacific China Communications equipment ETF, etc.; again, such as ST Huawei, among the top 10 circulation shareholders, Guolian Anzhong Card refers to semiconductor products and equipment ETF in the list.

Of course, for passive index funds, if the parts of the constituent stocks that have not been transferred by ST have not been transferred, there have been short-term changes in individual stock prices in the market and then affect the index, but they will quickly return to the original trend in the future.

The number of risk stocks surged at the end of April

In addition to passive index funds, there are also stocks allocated by individual active funds that have been "ST" recently. If the impact of risk warnings on the index of constituent stocks is relatively small, then the emergence of such varieties in actively managed portfolios will have a greater impact.

On the one hand, compliance requirements do not allow such stocks to be included in the pool of public offerings. At the same time, the inclusion of companies in the portfolio before ST means that there is a big mistake in the investment and research management of institutions, and it can even be said that "stepping on thunder" has caused related stocks. On the other hand, when managers take the initiative to clean up such stocks, it will also have an impact on the stock price and the net worth of the short-term portfolio.

With regard to the heavy public offering positions at the end of the first quarter, stocks such as Zhengtong Electronics (002197) and Fashion Energy (600777) were recently "ST", in which two funds were heavily positioned, one of which is a mixture of stable and profitable growth and flexible allocation of Debang, and the other is Xingquan Green.

Wind statistics show that Debang's steady growth and flexible allocation of mixed positions at the end of the first quarter showed that the fund held 584000 shares in Zhengtong Electronics, with a market capitalization of 5.3728 million yuan, ranking the 10th largest position in the fund, which was also the variety of new positions in the first quarter of this year, but fell 11.45 per cent in terms of share price performance in the first quarter. On May 6th, Zheng Tong Electronics was implemented "other risk warning", and the stock abbreviation was changed to "ST Securities pass".

Xingquan Green Investment mixed heavy stock statistics at the end of the first quarter showed that New Fashion Energy was its second largest stock, but its share price fell more than 14% in the first quarter. In addition, the fund is also a floor LOF. Judging from the floor trading, the floor LOF fell 0.92 per cent on the day and rose 2.52 per cent on May 6 after other risk warnings were put in place on April 30th.

As of May 7, Wind statistics show that 32 A-shares have issued risk warnings during the year, and the number surged at the end of April, which also increased the risk exposure of the fund's investment portfolio, especially for some companies with poor performance and insufficient investment in R & D and lack of dividends, the future investment value needs to be examined, coupled with tighter supervision, the risk of delisting of relevant stocks in the later stage cannot be ruled out.