Wen / Sina Hong Kong stock columnist Tan Minglei

"cheat = liar", who is killed by the casino every minute in the casino, may also end up in the stock market.

In the past, I always watched movies by Hong Kong God of gamblers and knew that people would cheat in casinos. In vernacular, it means that gamblers and swindlers change cards that they did not have before. After college, I have the opportunity to go to Las Vegas and watch people gamble, but most of them are not interested in gambling in casinos. It is known that "cheating = liar", who will be killed by the casino every minute in the casino, may also end up in the stock market. With a sense of solidarity, I hastened to study what a thousand shares are, and why are they making people lose a lot of money?

After all, in the Hong Kong stock market, as a retail investor, I am still weak. Continuous learning and reflection is what I can push myself to do. As long as the habit is self-discipline, there will be no big problem with self-discipline.

In the past few days, in order to increase the details of buying and selling Hong Kong stocks, I have read a lot of posts about investing in Hong Kong stocks, and then I understand: "there are cheaters not only in casinos, but also in the Hong Kong stock market. "in addition, the HKEx hardly gives any investment advice to investors, asking investors to understand their own risk tolerance. Therefore, stocks that can still stand after many bull and bear markets in the Hong Kong stock market are good stocks. How to avoid screening bad stocks depends on your own independent thinking and ability!

Knowledge of Hong Kong stock market

It turns out that Hong Kong stocks also have "thousands of shares". What on earth is a thousand shares?

In other words, the use of Hong Kong Exchanges and Clearing is not limited by the rate of increase of the cheating stocks, fraudulent stocks.

From some articles by snowball netizens and well-known investors in Hong Kong stocks, I sum up the characteristics of thousands of shares:

Information provided by free tabloids

Case study: free tabloids are all here to deceive Hong Kong retail investors. By spreading free gossip on the street and posting stocks that have risen or fallen recently on social media, this is the easiest way to harvest leek investors who have little investment experience or are greedy for petty bargains. Not only Hong Kong retail investors, a large number of mainland investors are also victims. Not trusting free tabloids is one of the ways to avoid getting into thousands of shares.

New shares: stocks that have just been listed in IPO for less than three years.

Case study: new shares usually have a new concept, which is quite deceiving people. Just like the new concept of VR, the new concept of self-driving, the new concept of green energy, which is often heard recently, there is a concept that people can't touch the ground, which is actually the most dangerous. The danger of this new concept is that you don't know when the lie will be exposed by the market, and instead of buying new IPO, retail investors will avoid the risk of "old shares". Since it has been listed for less than three years, it is difficult for investors and even institutional investors to thoroughly understand whether the stock is worth investing. Retail investors had better be cautious about things that even institutional investors don't know.

A stock with the same Hong Kong stock number but changing its name every few years

Case description: by all kinds of media as "the ancestor of a thousand strands" and "magic fairy stock", there is a feeling of magic capital, this unit is called 00273.HK. The financial reports from 1982 to 2007 pointed out that the annual losses were simply too high. Over the years, the company has changed a number of names in the stock market, such as "pioneering", "Yinan Industries" and "Interconnection Holdings". It claims to be a financial industry, but in fact it is only hyping investors' money. Is this playing with everyone?

The stock price is very low, especially those that are less than 1 yuan or have no fluctuation at all in the market.

Case description: this happened to see a post called "there is no lowest valuation of Hong Kong stocks, only lower". Valuations are extremely low, but shareholders are allowed to go short until they get the lowest price to deceive leeks who have no idea of Hong Kong stocks. Stocks whose share prices are too low need to be invested carefully. Sometimes, everyone is shouting to buy and sell bad stocks, but it does not help the profits of the stocks.

The daily transaction amount is less than HK $5000W.

The case shows that when the daily trading volume is usually very small, it is a kind of "immortal stock" concept which is "immobile for thousands of years". The stock will almost start to surge in trading value at some point in time. When a sharp increase in trading volume comes, pay special attention to it, which often happens in the global stock market. Pay careful attention to this kind of stock whose daily trading amount is too small, and in many cases, when you have not found a problem, the stock is ordered to be delisted by the HKEx. Then I have a lot to lose.

Stocks with a record of partnership (for example: 2 in 1, 5 in 1)

Case study: how do retail investors inquire about stocks with a record of partnership? If you go to the website of the HKEx, you can find out whether there is often a partnership in this stock. If so, either firmly do not buy, or buy at the lowest point. The best way is to avoid loss and don't buy it!

Shares that have been declared privatized

Case description: take Jumei's privatized stocks announced less than a year and a half after listing on NASDAQ in the United States. Stocks like this are the "thousands of shares" in American stocks. The top executives of the company deliberately shorted the share price to less than US $7 and decided to privatize and go private. There are many such companies in Hong Kong stocks, but their CEO may not be as good as Jumei's at speculating in social networks, so the risk is coming, and we don't know how to die. Special precautions should be taken against this situation.

It is said to be a famous enterprise of "Fujian system" and "Chinese system".

Case study: many stocks turn the market upside down by their own names. It is said that they are all private enterprises similar to those in Fujian or beginning with China, and most of them have the ability to cheat money, and they don't even know it if they don't take the time. Investors are advised to read more stock earnings and the official news of the Hong Kong Stock Exchange to determine whether they have been kidnapped or tied up by stocks.

Historically, there has been little or no dividend.

The case shows that the stocks that have not paid dividends or rarely paid dividends in history are basically rogue stocks. This kind of stock is designed to drain investors' money, and I don't know where that money has been spent. It doesn't matter if you don't buy this kind of stock!

Major shareholders have reduced their holdings for many times.

The case shows that major shareholders cash out many times in a year, which is a blow to the hearts of minority shareholders for ten thousand times. There is nothing like a major shareholder to cash out for his own benefit many times without seeking truth from facts. This kind of old strand is not only careful, but also careful.

Historical performance does not match the transaction amount

Case study: there is a stock with a revenue capacity of HK $200 million a year, but the daily trading value is more than 200 million Hong Kong dollars. Stocks whose share prices and profitability do not reflect the real situation are all left in the cold, and none of them can be left behind.

Now, we know the characteristics of thousands of shares, how to rise posture without being confused by these old shares?

The following methods are for you to search and verify

HKEx

The HKEx will generally release the latest information to the public and read more official information to avoid being fooled by all kinds of gossip.

Easy Disclosure of Hong Kong stocks

When it comes to disclosure, it is easy to find out whether there are historical dividends and dividend shares, and there are all kinds of statements of each stock and public information of listed companies.

Experience of stock speculation

It's hard for me to imagine a communications company that bought thousands of shares a few days ago and paid interest at least twice a year. At that time, I only thought it would be nice to have interest rates twice a year. As a result, I happened to pay attention to the information of thousands of shares in Hong Kong and hurriedly read and grasp the risks. Only to find that these two old shares are determined to split up again this year, I noticed that it will definitely make the minority shareholders lose too much blood and let the major shareholders make money. I quickly sold the stock at the beginning of trading this morning to avoid entering the market again, and the stock has not been touched since then. When you encounter a thousand shares, you need to improvise, the most important thing is to quickly let cash into the bag, can not be delayed for a moment.

This lesson let me know that to buy stocks, the first is not to be greedy for dividends, the second is to stop losses quickly, and the third is to verify that stocks are not cheated through official information.

(introduced by the author: graduated from the Top100 College of Professional Arts in the United States, originally serving the industry of studying abroad. Usually like to invest, have two years of investment experience, the main investment direction is value Hong Kong stock investment, domestic and overseas fund investment.)