The A-share index has just stabilized, but the B-share index unexpectedly fell by more than 7%. Unsuspecting investors may be frightened by such a big drop. On the surface, the B-share market has the same name as A-shares and H-shares. In fact, the B-share market has been gradually marginalized in recent years, and the function of positioning itself as a domestic company providing foreign investment has also lost. At present, there are only 86 stocks in the B-share market, with an average daily turnover of less than 500 million yuan. The fluctuation of the index has limited influence on the A-share market.
The B-share index fell 10% in two days.
On September 26th, the B-share index dived rapidly in the afternoon, and the decline expanded to 7%. At the close, the B-share index reported 276.03 points, down 7.69%. The total turnover of the B-share market expanded to 743 million yuan, the second highest in the year. Many stocks such as Thailand B-shares, Zhongyida B-shares and Material Trade B-shares fell, while Yunsai B-shares, Guo Xin B-shares, Lingyun B-shares and Power B-shares fell by more than 9%.
The B-share index fell sharply for two consecutive days, with a cumulative decline of 10.5%.
The official name of B shares is RMB special shares, but it is named "B shares" only to distinguish it from "A shares" and "H shares" and has no practical significance. B shares are denominated in RMB, subscribed and traded in foreign currency, and are foreign-funded shares listed and traded on Shanghai Stock Exchange and Shenzhen Stock Exchange. Companies in the B-share market are all registered and listed in China. B shares of Shanghai Stock Exchange are denominated in US dollars, while B shares of Shenzhen Stock Exchange are denominated in Hong Kong dollars.
The B-share market was established in 1992 to solve the problem of foreign direct acquisition of China companies. Before February 19, 20065438, it was only open to foreign investors. Since then, the B-share market has gradually opened to domestic investors.
In recent years, A-shares have accelerated their opening to the outside world, attracting a large amount of foreign investment, while B-shares have gradually been marginalized and lost their functional orientation. There are only 86 stocks on the market at present. If we only look at the market value of B shares, Yitai B has the largest market value at present, with a market value of 65.438+036 billion yuan, followed by Gujinggong B with a market value of 65.438+023 billion yuan. The market value of 35 B-shares is less than 500 million yuan, and the smallest B-share company is Fuao B with a market value of only 1. 1 100 million yuan.
Among them, Yitai B was listed in Hong Kong stocks simultaneously, and 74 B-share companies were listed in A-shares simultaneously. For example, there are three B-share companies with a total market value of over 100 billion, namely BOE B, Gu Jing Winery B and Changan B, corresponding to BOE A, Gu Jing Winery and Changan Automobile respectively.
What is the reason?
Specifically, the B-share index fell by more than 7% on September 26th, mainly due to the sharp drop in constituent stocks. Yitai B, Baoxin B and Hubei B with the highest market value of B-share index fell by 10%, 7.88% and 9. 1% respectively.
The recent poor performance of A-share and Hong Kong stock markets has dragged down the share prices of B-share companies in A-share and Hong Kong stock listed companies. For example, Yitai B Company is the largest coal enterprise in Inner Mongolia Autonomous Region and one of the largest coal enterprises in China. On September 26th, coal stocks plummeted, the A-share coal index fell by 3%, and Yitai B, a listed company in Hong Kong, fell by 6.72%. As a result, Yitai B fell.
Overall, the B-share market performed well this year. As of September 22nd, the B-share index rose by 7.89% during the year. Even after the recent plunge, the B-share index only fell by 3.44% during the year, far better than the decline of Shanghai Composite Index 16. 17%. B-share index constituents Yitai B, Zhonglu B, Hubei B and Guo Xin B still rose by 82.87%, 78.53%, 43.09% and 37.29% respectively.
Market analysts pointed out that A shares, Hong Kong stocks, Europe, America, Japan and South Korea all fell recently, which hit the market sentiment. Some B-shares with excessive gains showed signs of profit-taking. In addition, the main factors affecting the B-share market at present are exchange rate and liquidity.
Most B-share companies are listed on the A-share market at the same time. These companies enjoy the same rights. If the RMB depreciates and the US dollar and Hong Kong dollar appreciate, it can be understood that the value of B shares is shrinking relative to Company A, so there are
At the same time, judging from the share prices of A-share and B-share listed companies, the share prices of B-share companies after exchange rate conversion are much lower than those of A-share listed companies. For example, the latest price of A shares of Zhonglu shares is 30.27 yuan, and the latest price of B shares is 0.802 US dollars. If calculated at the exchange rate of 7.0298, the valuation of A shares is 5.4 times that of B shares. At present, the lowest premium between A shares and B shares is ST HNA, with a premium ratio of 6%.
The collapse of the B-share market has limited impact on the A-share market.
As of September 26th, the B-share index has fallen by more than 5% only three times in the past three years. Except September 26th, the other two incidents occurred on February 3rd, 2020 and May 2nd, 2020, which decreased by 9.77% and 5. 1% respectively. In 2020, the two sharp drops of B shares occurred below 3000 points in the Shanghai Composite Index, and the market turnover was extremely cold. On February 3rd, the sharp drop of B shares was mainly influenced by A shares, when the Shanghai Composite Index fell by more than 7%. On May 12, the decline of B shares was mainly affected by the market's fear of the withdrawal of some funds, and the Shanghai Composite Index fluctuated little.
It can be seen that the mood in the A-share market will be transmitted to the B-share market, while the mood in the B-share market has little influence on the mood in the A-share market. The above-mentioned market participants pointed out that the fluctuation of the B-share market has little reference value for investing in A-shares.
It is worth noting that the northbound funds flowing out for four consecutive days last week began to "bargain-hunting" on September 26, and the net purchase for the whole day was 4.277 billion yuan. In addition, the RMB exchange rate has also begun to stabilize. The People's Bank of China reported on September 26th that in order to stabilize the expectation of the foreign exchange market and strengthen macro-prudential management, the People's Bank of China decided to raise the foreign exchange risk reserve ratio of forward foreign exchange sales from 0 to 20% from September 28th, 2023. This can greatly ease the pressure of RMB depreciation.
European and American stock markets also began to stabilize overnight, and foreign selling sentiment is expected to ease.
Looking forward to the market outlook, Bosera Fund said that since September, the market turnover has gradually shrunk, with the average daily turnover slightly exceeding 750 billion yuan, and investor sentiment is generally depressed. At present, the domestic economy is still facing multiple pressures.
But the overall situation of continuous repair has not changed. Overseas inflation is still high, and major economies have tightened monetary policy to curb high inflation. Relatively speaking, China's monetary policy and liquidity are relatively more friendly, and the foundation for the long-term improvement of A shares is still there, but there will inevitably be twists and turns along the way. In the short term, A shares are likely to continue to fluctuate.
Guotai Junan believes that the prices of domestic assets such as A shares have fluctuated drastically since September and have fallen below key positions. Event shock is only the appearance of stock price fluctuation. Behind the weak market, the demand for "security" has been promoted to a more important position under the anti-globalization trend, which means that the elasticity of aggregate policy supply is weakened and the game between economic policy and economic recovery momentum is becoming more and more difficult.
Proofreading: William Wang
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Related question and answer: What does B share mean? B shares are common in stocks. What does this mean? The following is what I mean by B shares for your reference!
What does B-share mean?
B shares mean: the official name of B shares is RMB special shares, which are denominated in RMB, subscribed and traded in foreign currency, and listed and traded on Shanghai Stock Exchange and Shenzhen Stock Exchange. The official name of A shares is RMB common stock. Common shares issued by domestic companies for domestic institutions, organizations or individuals (excluding investors from Taiwan, Hong Kong and Macao) to subscribe and trade in RMB.
Steps to open a B-share account:
Step 1: With my valid identity certificate, go to my original foreign exchange deposit bank and transfer my cash deposit and foreign currency cash deposit to the B-share margin account of the local and peer securities firms. Domestic commercial banks issue receipts to domestic individual investors and statements to securities institutions;
Step 2: Open a B-share capital account with my valid identity certificate and my account voucher, and the minimum amount for opening a B-share capital account is equivalent to 65,438 USD+0,000 RMB;
Step 3: Apply for opening a B-share stock account with the newly-opened B-share capital account in the securities business institution.
Basic trading rules of B shares:
1. Trading varieties: Shenzhen B shares and Shanghai B shares.
2. Trading hours: 9: 30 a.m.-11:30 a.m. and 1:00-3:00 p.m. (Beijing time) every Monday to Friday. No trading on legal holidays.
3. Trading principle: price first, time first.
4. Transaction sequence:
(1) Price priority: higher price buying declaration takes precedence over lower price buying declaration, and lower price selling declaration takes precedence over higher price selling declaration;
(2) Time priority: If the buying and selling direction and price are the same, the first applicant has priority over the last applicant. Determine the order according to the time when the trading host accepts the declaration.
5. The lowest price change gear: the B share of Shenzhen Stock Exchange is 0.0 1 HK$; B shares of Shanghai Stock Exchange are 0.00 1 USD.
6. Trading unit: the purchase amount of B shares is subject to the first hand, that is, 65,438+000 shares or its integral multiple (there is no lower limit for selling).
7. Trading methods: The trading methods of Shenzhen B shares are divided into centralized trading and knock-on trading.
(1) Centralized trading: refers to the transactions reached through the centralized market trading system of the exchange during trading hours.
(2) Stock trading: a transaction entered by a securities company through the knocking trading system of the exchange after matching the same B-share buying entrustment and selling entrustment from the opening to the closing five minutes ago. Reverse takeover transactions are limited to the transfer of shares between different investors by agreement and the entrustment of shares to the same securities company. The number of each transaction must reach more than 50000 shares.
8. Price limit: B shares, like A shares, are subject to price limit, with the price ratio of 10%, of which the price of ST shares is 5%. On the first day of listing, the stock is not subject to price limit.
9. Reporting restrictions: When buying and selling securities with price limits, reporting is valid within the price limits. Declarations exceeding the limit of price increase and decrease are invalid. 10. restrictions on the first day of listing: there are no restrictions on the fluctuation of B shares on the first day of listing in Shenzhen Stock Exchange, but the call auction range of B shares on the first day of listing is around the issue price 150 yuan, and the effective range of continuous bidding is around the recent transaction price 15 yuan. There is no such restriction on the Shanghai Stock Exchange.
1 1. Bidding time:
Call auction: 9: 00 am15 ~ 9: 25 am.
Continuous bidding: 9: 30 am ~11:30 am
1 pm ~ 3 pm
12, opening price and closing price
(1) opening price (opening price): the first transaction price of the stock on that day; The opening price of B shares is generated by call auction method. If the opening price cannot be generated, it will be generated through continuous bidding.
(2) Closing price (closing price): it is the weighted average price of all transactions (including the last transaction) one minute before the last transaction of the stock on that day. If there is no transaction on that day, the closing price of the previous day is the closing price of that day.
13, transaction settlement
(1) trading: T+ 1 trading is adopted for B shares.
(2) Settlement: The settlement and delivery of B shares are also different from those of A shares. The settlement period of B shares is T+3, which is completed on the third day after the trading day. Prior to this, investors could not take out the money from selling stocks and re-trust the stocks they bought.
Average P/E ratio of B-share market
What is the average P/E ratio of China B-share market? Which stock has the lowest P/E ratio?
At the close of February 19, 2006, the average P/E ratio of China B-share market was about 15 times. ST China B's closing price on that day was 1.2 1 yuan, and its P/E ratio was 3.09, which was the lowest in the two cities.
B-share market development
When did the B-share market develop from a local market to a national market?
1June 1993 Min Kun Can became the first B-share listed company in Shenzhen; 1994 12 yuehua new b-share became the first b-share listed company in Shanghai, and the b-share market began to develop from a local market to a national market.
Among B-shares, which one has the largest number of B-shares in circulation and which one has the smallest number?
TEPCO B shares (900949 quotes, information, more consultation) have 690 million shares in circulation, making it the largest B shares in the two cities. Shenzhen Real B( 204 1) has15.73 million B shares in circulation, making it the smallest B share in the two cities.
Guangdong Electric Power B (2539) issued 665.34 million shares, making it the largest B-share in Shenzhen. Lianhua B shares (9009 13 market, information, consultation and more) have 36 million shares in circulation, making it the smallest B share in Shanghai.