"Decapitation guillotine" are frequent: within 36 months shares fell over 20% of the shares away from the four categories

Yesterday to continue shock consolidation, down 0.45%, significantly Liangnengweisuo。Overall, the recent market no systemic risk。Especially since May, the Shanghai index is still up, in this context, part of the stock market a "decapitation guillotine" type of fall, many of them "word board" continuous limit。  In this regard, market participants said that some stocks more obvious characteristics, there are four main categories: First, the regulatory investigation, and second, sudden bad and the third is Budie after resumption of trading, the four short-term increase is too large。  Fell over 20% of the shares within 36 months disclosed in the earnings season, due to the performance is not up to expectations, there is often more than just stocks appear at the same time "decapitation guillotine" type of fall, such as 2017 from surplus to deficit of nearly $ 3.7 billion Kennedy Ruiwo energy, accounting errors caused by the performance of "black Swan" Feile Audio-Visual, which have a 40% decline in the short term。  Since May, the news tends to be optimistic about the market performance in vacuum, but there are many stocks show sharp sell into trend。  According to statistics, since May, has 36 stocks, the cumulative decline over 20% over the same period the Shanghai Composite Index rose 2.35%。Look classification, Aorui De largest decline, reaching 64.48%; melting Yu Group, dragon electromechanical down over 50%, 54 respectively.55%, 51.33%; * ST Watson, southerly shares, JI Kai shares Jinlihua electrical decline in 40% -50%, 46 respectively.22%, 43.89%, 43.40%, 42.80%; * ST-rich control, * ST Pegasus, Krider, Rui Kang shares, * ST Valley where, extensive stock, * ST dragons force, * ST Tianye decline of 30% -40%, respectively 38.51%, 36.87%, 34.39%, 32.71%, 32.34%, 32.08 percent, 30.30%, 30.27%; Felicity transport industry, a cultural gold, God fog environmental protection, modern Avenue, Jiaying Pharmaceutical, North News Group, the three Thai Holdings, East Crystal Electronic, Meng Jie shares, German Allianz Group, Flygt up, top Department of Science and Technology , * ST Hui industry, the Central Plains steel, * ST East Ling, God fog energy saving, Tengda construction, Oriental garden, South culture, space communications, * ST velvet decline in the range of 20% -30%。  The data further show, in the 36 stocks, * ST has nine stocks, accounting for 25%。This also shows that the market for * ST stocks began to rational treatment。In the past, companies often face delisting by means of restructuring, asset injection and other ways to get born again, and therefore would be subjected to bet money, ambush, resulting in price rise and not fall further this Guaixiang。  In addition, since May, some individual stocks because it is the first rose and fell, resulting in the cumulative decline is not obvious, but the recent trend is also showing a "decapitation guillotine" trend, such as Changshan medicine, Shangchaigufen, and other contemporary East。  Four factors caused the crash in stocks mentioned above, the upper surface * ST stocks mostly, but fell behind after carding reason found to be divided into four categories。One by regulators to initiate an investigation, was undoubtedly the most typical Changshan Pharmaceutical。May 15 evening announcement the company released positive, the next two trading days, shares rose 20.56%。But Disclosure high SOAR High will Xia, Ding Jianwen, Huang Guosheng four executives holdings 1008 million shares in May 17。According to statistics, a total of four executives cash in more than 87.6 million yuan。The average price reduction is 8.7 yuan, or nearly 8.7 yuan, the Department of recent highs。  May 18, the Shenzhen Stock Exchange started disciplinary procedures against illegal Changshan Pharmaceutical and related parties。May 22 morning, the company issued an interim report because the company suspected illegal disclosure of information by the Commission to initiate research related announcements。  May 18 date, Changshan Pharmaceutical cumulative decline of over 20%。  Second burst bearish fundamentals。Representative of significance is the Oriental Garden。The stock as an ecological PPP leader, since the market continued to be recognized by investors。May 21, Oriental Garden announcement said the company in 2018 public offering to qualified investors in corporate bonds (first issue) issue size not more than 1 billion yuan (including 10 million), in two varieties: a variety of 3 years fixed-bonds, with the first end of 1 issuer the option of adjusting the nominal and investors sell back option; Type II of the three-year fixed-rate bonds, with the second end of the issuer's option to adjust the nominal interest rate and investors sell back option。Bonds issued results show that a variety final issue size 0.500 million yuan, the coupon rate of 7.00%; and two varieties no actual issue size。From May 21 – 24, just four trading days, the company's share price fell nearly 20%。  Third, the company resume trading after Budie。Such as Ao Ruide, southerly shares, Flygt up, Krider, etc., Aorui De, southerly shares for the reorganization fails。The Flygt up due to the proposed 4.The acquisition of a 3.1 billion yuan net profit for three consecutive years less than ten million yuan the first day of resumption storage assets investors have been voting with their feet。  It is noteworthy that Krider, the stock on December 7, 2017 restructuring plan suspension, May 20 evening announcement said the company's underlying assets of this major asset restructuring of Interactive Technology Co., Ltd. Beijing Lok Union 51% stake the initial program of this transaction for the company intends to buy the underlying assets by way of cash payment。Specific programs of the transaction has not been finalized, is expected to disclose major asset restructuring plan or report will take some time。To avoid long-term suspension of company stock, the company shares will resume trading market opened May 21, 2018, and continue to promote a major asset reorganization after the resumption of trading。  Even after the company said it will continue to promote the resumption of restructuring, but the first day of resumption date, the stock closed out four consecutive "word" daily limit, and there are still 46 million as of yesterday's close hand firmly sealed limit price sell orders。The company had in 2016, in mid-2017, respectively, to initiate an investigation by regulators。  Fourth, short-term or too large, profit-taking pressure。As JI Kai shares, Shangchaigufen, and other contemporary East。Different from the previous three cases, investors can only vote with their feet afterwards, stop in time。The stocks also tracked in the secondary market, has recognizable。  "Such stocks compared to the broader market, in which the plate, often out of the independent market, compare to attract investors eye," a private person said, in fact, from?Sharing on-line and can be discerned in FIG.。?The performance of long-line form for the pre-shrinkage sideways, then make a breakthrough form continued to rise, in fact, luring more, and finally there are often huge crash on the eve of the amplitude; sharing plans very stiff not smooth, sometimes presented as a time-share price straight motionless, time-shares and sometimes down to 90 degrees。  It can be seen Shangchaigufen in May 11, May 14 sharing plans trend is very typical, with a certain sense representatives。  Do not blindly buy the dips investors in making decisions, often disturbed anchoring effect of。For example, a stock rose to 15 yuan from 10 yuan, in the absence of in-depth understanding of the fundamentals of the changes, it is considered a direct increase is too large, choose to give up。Similarly, a stock fell 5 yuan from 10 yuan, would have been considered very cheap price, options to buy。  To melt Yu Group, for example, the stock May 15 in order to limit the opening price, after quickly pulled up after the shock consolidation, stretch near the late heavy volume, the stock pulled up from 7% to 8.6%。The day the stock turnover reached 15.600 million yuan, the daily turnover of the stock at 300 million yuan -4 billion, followed by two days turnover were: 6.8.9 billion yuan, 2.0.5 billion yuan。After three days of heavy volume trading, but also the two consecutive immeasurable, "the word daily limit"。On May 15th – 17th date of bargain-hunting investors, suffered heavy losses。  similar?God fog line charts as well as environmental protection, Kane shares and other stocks。  Market participants said investors bargain-hunting mentality is probably the same: First, short-term stock price falling, much cheaper than before, at least, is a bargain buy, rather than high guard; and second, after falling for the amount of energy is very small, short kinetic energy release full。  Stocks mentioned before, most of the performance is not satisfactory。As Yu Rong Group, Inc. 2018 1– operating income in March 2700.890,000 yuan, an increase of 109.84%; attributable to shareholders of listed companies net profit -831.290,000 yuan, down by 238 year on year.2%, earnings per share -0.01 yuan。Again Krider, the company in 2018 from January to March 4230 operating income.690,000 yuan, an increase of 90.53%; communications services industry average revenue growth of 7.57%; attributable to shareholders of listed companies net profit -520.170,000 yuan, down 85 year.19%, communication services industry average net profit growth of 30.92%, earnings per share -0.03 yuan。(Original title: "decapitation guillotine" frequent away from the four types of shares) (Editor: DF353)