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some ways of selling stocks do affect emotions!

since september, 7 stocks on the beijing stock exchange have seen block trades. block trades are not surprising, but what is surprising is that these stocks are trading at a large discount. the beijing stock exchange's blue chip stock b&t has a discount of more than 30%, and liancheng cnc has a discount of more than 26%, and these stocks have already fallen sharply from their highs.

so, what happened? analysts believe that it can only be explained from the perspective of liquidity. the current turnover of the beijing stock exchange 50 is less than one-tenth of the peak period. from a fundamental perspective, this sector has a positive side.

from the perspective of the internal growth of the beijing stock exchange, there is a certain positive trend. data from soochow securities shows that the business of the beijing stock exchange has recovered in the second quarter, with revenue and net profit attributable to the parent company improving month-on-month. the average operating income of listed companies on the beijing stock exchange in the second quarter was 170 million yuan, an increase of 18.48% from the first quarter, and the average net profit attributable to the parent company was 12 million yuan, an increase of 16.18% from the first quarter. from the perspective of external growth, as the m&a market gradually recovers, the beijing stock exchange also shows signs of emerging.

unexpected cash out

since september, the block trading market has frequently seen huge discounts, and the performance of the beijing stock exchange is more obvious. according to data from eastmoney, a total of 7 beijing stock exchange stocks were traded at block prices in september, and the discount rates all exceeded double digits. among them, the blue chip stock of the exchange, bettery, was discounted by more than 30%, and liancheng cnc was also discounted by more than 26%. in addition, the discount rate of senxuan medical was as high as 29.29%, and audiway reached 27.2%.

observing the block trades in the past three months, it can be found that there have been about 100 block trades in total on the beijing stock exchange, 56 of which had a discount rate of more than 10%, and the highest discount reached an astonishing 34.34%, involving the individual stock tonghui information. among them, large-cap stocks on the beijing stock exchange such as liancheng cnc were sold off. the discount rate of the seven block trades since july was more than 26%, and the transaction amount of each trade also reached several million yuan. the stock once reached a high of 132.85 yuan, but now it has fallen to less than 20 yuan. even under such circumstances, the stock still traded at a discount of more than 26%. a similar situation began to occur on september 3 with bettery, whose discount rate exceeded 30%. similarly, the stock price also fell from a high of 87 yuan to the current level of around 15 yuan.

so why is the market behaving this way? analysts believe that, on the one hand, due to liquidity, buyers may have more bargaining power. during the period when the beijing stock exchange soared last year, the transaction amount of the beijing stock exchange 50 reached more than 30 billion yuan, and the recent transaction amount is more than 2 billion yuan; on the other hand, sellers may have capital needs and can only cut off their arms to survive. in addition, some sellers may also be trying to avoid taxes. since many stocks on the beijing stock exchange were transferred from the previous new third board, investors on the new third board at that time would need to pay a very high proportion of income tax if they cashed out later, while if they used large-scale transactions to sell at low prices, they might save a considerable amount of money.

the development trend is not weak

in fact, from a fundamental perspective, the development trend of the beijing stock exchange is not weak.

first of all, judging from the semi-annual report, the average roe of the beijing stock exchange shows advantages. according to data from soochow securities, the average net profit attributable to the parent company of the beijing stock exchange, the chinext board, and the science and technology innovation board were 22 million yuan, 98 million yuan, and 55 million yuan, respectively, with year-on-year growth rates of -19.41%, -3.86%, and -25.02%; the average roe was 3.29%, 1.20%, and 1.34%. in the second quarter, the business situation of the beijing stock exchange rebounded, and its revenue and net profit attributable to the parent company improved month-on-month. the average operating income of the beijing stock exchange in the second quarter was 170 million yuan, an increase of 18.48% from the first quarter, and the average net profit attributable to the parent company was 12 million yuan, an increase of 16.18% from the first quarter. at the same time, the average roe and average eps also increased. the average roe in the second quarter was 1.78%, an increase of 0.30 percentage points from the first quarter, and the average eps was 0.11 yuan, an increase of 0.01 yuan from the first quarter.

secondly, from the perspective of valuation, the overall valuation level of the beijing stock exchange is at a relatively low level, and there is great room and potential for valuation improvement. as of august 30, 2024, the pe (ttm) of the beijing stock exchange, chinext, and science and technology innovation board were 18.64 times, 26.33 times, and 33.33 times, respectively, and the pb (lf) were 1.89 times, 2.47 times, and 2.5 times, respectively. the valuation multiples of beijing stock exchange companies also have obvious advantages, and compared with the science and technology innovation board and chinext, there is room for continued growth in the future.

third, from the perspective of external growth, zhu haibin of kaiyuan securities believes that, with the slowdown in the pace of ipos, the use of m&a exits has gradually become a new trend for investors and companies, and the number of excellent targets in the market may increase, which provides more choices and negotiation opportunities for acquirers, and the efficiency and activity of the m&a market will be further improved. with the development and maturity of the north exchange market and the gradual improvement of relevant policies, the m&a vitality of the north exchange may be stimulated.