Financial Services Association, May 13 (Reporter Wu Yuqi) After the promulgation of the new “National Nine Rules”, exchanges have further added and strengthened delisting rules, and delisting efforts have continued to upgrade, and A-shares have also ushered in a wave of “wearing hats with stars.”

With the end of the annual reporting season, there has also been a marked increase in the number of cases where A-shares are affected by ST. According to incomplete statistics from the Financial Federation reporter, since May, a total of 4 listed companies have issued risk warning notices (including the risk of being subject to delisting and other risks being implemented). Since this year, there have been nearly 90 A-shares “wearing a star hat.” At the same time, public fund holdings involving ST shares have also attracted much attention.

Including ST Xinchao, *ST Yinjiang, *ST Longyu, ST Securities, ST Futsu, ST Dongshi, ST Gaga, etc., basically after ST was implemented, it was inevitable that there would be a trend of falling and stopping for several consecutive trading days; however, there were exceptions. *ST Jinke experienced a total of 7 ups and downs after the resumption of trading and experienced 3 declines, with an increase of 37.86% from April 29 to now.

11 ST shares were heavily invested by the public offering

Looking at the overall situation, as of the end of the first quarter, there were 11 ST shares involving public fund positions. Judging from the product type, most of the funds holding ST shares were index funds, public quantitative funds, and a small number of active equity fund funds.

In terms of heavy stocks, ST Xinchao, which was subject to a delisting warning risk on April 30, is the largest individual stock held by public funds. There are 6 fund holdings, involving 6 fund companies. The total holdings were 75.3521 million shares, which is 47.0873 million shares less than at the end of the previous quarter. Among them, Xingquan Green Investment holds the most shares, up to 71.258,600 shares. The fund is managed by Zou Xin, and the latest scale is 3,794 billion yuan. Index funds Great Wall Jiutai Shanghai and Shenzhen 300A, Penghua Guosheng Oil and Gas ETF, and Cathay Pacific China Securities Oil and Gas Industry ETF hold 2.21,1500 shares, and 477,200 shares of ST Xinchao, respectively. The incremental funds Taiping 1000 Index Plus A hold 744,800 shares.

Looking at the stock price trend, ST Xinchao's stock price has continued to fall since it was put on the hat. Today, it fell to a standstill again, closing at 1.69 yuan. It has already fallen 25.55% in 7 trading days from April 30 to May 13.

Also at risk of being delisted at the end of April is *ST Yinjiang. By the end of the first quarter, a total of 2 funds held this share, with a total holdings of only 102,500 shares, namely the Yinhua China Securities 2000 Enhanced Strategy ETF and the GF China Securities 2000 ETF, which held 70,200 shares and 32,300 shares.

In addition, *ST Longyu and *ST Navigation are all held by 2 funds. The remaining 7 individual shares, such as *ST Zhongtian (delisted), *ST Jinke, and ST Fortis, are held by only 1 fund. The pension FOF product, Tianhong Pension 20353 A, also holds 592,000 shares, most of which were “capped by the stars” after the end of April.

Some funds hit a “minefield” in the first quarter

As the regulatory environment for listed companies gradually becomes stricter, the number of A-shares “wearing a star hat” since April has also increased.

In addition to holding positions, the reporter also discovered that active equity funds also stepped into a “minefield” and newly added ST shares in the first quarter were heavy stocks.

For example, *ST Navigation began implementing a delisting risk warning and compounding other risk warnings on May 6. Yinhuarui, managed by Zhou Shu and Zhang Teng, is a mini fund with a size of only 48 million yuan at the end of the first quarter. *ST Navigation held 85,000 shares, ranking as the fourth largest heavy stock, and was newly added to this stock in the first quarter.

Another example is ST Zhengtong, which began implementing other risk warnings on May 6. Debon Steady Growth, managed by Lei Tao and Lu Yang, also bought 584 million new shares in the first quarter, ranking the 10th largest stock.

The remaining funds are index funds or publicly funded quantitative (index increase) products. Industry insiders point out that companies that can be included in the index must reach a certain threshold. If the index is adjusted regularly, relevant individual stocks will also withdraw from the constituent stocks in an orderly manner, and related fund products will also be adjusted according to the index being tracked.

In addition to active equity funds, there are also index funds, public offering quantitative (index increase) products, and new ST shares are heavy stocks or increase positions on them. For example, the Great Wall Jiutai Shanghai and Shenzhen 300A and the Taiping China Securities 1000 Index strengthened A, all newly added ST Xinchao as heavy stocks in the first quarter, while the Cathay Pacific China Securities Oil and Gas Industry ETF increased ST Shincho in a small amount. The Yinhua China Securities 2000 Enhanced Strategy ETF and the GF China Securities 2000 ETF were all newly added in the first quarter*ST Yinjiang is one of the top ten heavy-held stocks. Dacheng Internet+ Big Data A joined *ST Longyu and holds 2.272,600 shares.

The holders*ST Navigation, *ST Zhongtian (delisted), *ST Jinke, ST Fortis, ST Gaga, and ST Dongshi are all index funds and public quantitative funds, and there are not many. It is worth mentioning that these products all added ST shares to the list of the top ten heavy stocks in the first quarter.

There are also funds that accurately left the market in the first quarter

The above sources pointed out that generally speaking, for stocks that have been ST or*ST, fund managers generally only sell or don't buy them. The reporter collated and found that in the first quarter, fund managers “Uncertain Seers” had left the ST sector early, and there were also some index funds that no longer held heavy positions.

As mentioned above, ST Xinchao also had a Morgan Dynamic Multi-Factor A heavy position managed by Hoody to hold this stock at the end of 2023. At the time, it was in fourth place, holding 542,000 shares, and by the first quarter, ST Xinchao had withdrawn from the fund's top ten heavy-held stocks.

In terms of index funds, the China Southern China Securities 1000 ETF held 9.8842 million shares of ST Xinchao at the end of last year. The rest of the products tracking the China Securities 1000 Index, such as GF China Securities 1000 ETF, Fuguo China Securities 1000 ETF, and Yifangda China Securities 1000 ETF all held 9.3439 million shares, 8.3259 million shares, and 3.1761 million shares. The rest of the index products, such as Guolianan Shanghai Stock Exchange ETF, all disappeared into the top ten heavy stocks after the first quarter On the list.

Although Xingquan Green Investment holds a lot of ST Xinchao, it also reduced its holdings to a certain extent in the first quarter, reducing its holdings by a total of 1.086,900 shares.

In addition, the Harvest Shenzhen Fundamental 120 ETF also held 4.0697 million shares of*ST Jinke at the end of the last reporting period, and no longer held heavy positions in the first quarter.