Economic Observer Network reporter Zhou Yifan Behind the soaring share price of Hongmeng concept stocks, who is speculating?
On June 17, Runhe Software (300339.SZ) soared 11.88%, and closed at 46.99 yuan per share at the end of the day, setting a record high, with a turnover of 10.535 billion throughout the day and a turnover rate of 31.45%. In fact, compared with the company’s stock closing price of 13.19 yuan on May 17, the company’s stock price has skyrocketed by 256.25% in the past month, and if you look at it within the year, its stock price has increased more than 4 times.
The latest transaction data disclosed by the Shenzhen Stock Exchange after the trading hours gave a clear answer, and specifically classified the investors who have recently participated in the hype of Runhe Software. From June 7th to June 17th, the company’s stock price increased by 155.66%, and this interval was recognized by the Shenzhen Stock Exchange as a severely abnormal stock price. During the period, the cumulative trading volume and trading value of the company’s stocks reached 1.746 billion shares and 60.374 billion yuan respectively. During the severe abnormal period, the deviation of the daily closing price increase reached 101.30%.
The data from the Shenzhen Stock Exchange also shows that natural persons have become the main speculation force in the investor classification. During the period, they bought over 55.4 billion yuan, accounting for 91.78%. In particular, the funds from small and medium investors exceeded “half of the country.” The accumulated purchases exceeded 32 billion yuan, accounting for 53.03%. Other natural persons bought 23.395 billion yuan, accounting for 38.75%; while institutional funds accounted for less than 10%. During the period, they bought 4.382 billion yuan, accounting for only 7.26% of the market. In addition, during the Shenzhen Stock Connect period, a total of 581 million yuan was purchased, which accounted for less than 1% of the market.
Similarly, in the amount sold, natural persons sold a total of 53.828 billion yuan, accounting for 89.16%. Among them, small and medium investors accounted for 50.66%, with a total of over 30.5 billion yuan sold; other natural persons sold a total of 23.24 billion yuan. During the period, institutions sold 5.836 billion yuan, accounting for 9.66%. Shenzhen Stock Connect sold a total of 711 million yuan, accounting for 1.18%.
It is not difficult to see from the above data that small and medium investors have become the main driving force for the company’s stock price speculation. The reporter’s investigation found that in terms of specific investor classifications, including small and medium investors and other natural persons, their cumulative sales amount is lower than the cumulative purchase amount. To some extent, natural persons chase high and buy more as a whole, while institutions and Shenzhen Stock Connect are the complete opposite. The cumulative sales amount is significantly higher than the cumulative purchase amount. From the side, the overall profit of the institution and Shenzhen Stock Connect may be settled. The sex is greater.
Behind the soaring share price of Runhe Software, Huawei’s HarmonyOS 2 system launched in May has undoubtedly become an important driving factor.
Public information shows that Runhe Software was established in 2006 and listed on the Shenzhen Stock Exchange’s Growth Enterprise Market in 2012. It is one of the initiators of Open Harmony, the first batch of ecological co-builders of Huawei Harmony OS, and a strategic partner of HiSilicon chips and IoT. The main supplier of software outsourcing for Huawei Nanjing Research Institute.
However, according to the company’s response to the letter of concern from the Shenzhen Stock Exchange, in 2020, Runhe Software Hongmeng’s related business will achieve external sales revenue of 1.5522 million yuan and gross profit of about 300,000 yuan, which will have a very small impact on the company’s current operating income and net profit. The company’s financial data shows that Runhe Software’s 2020 revenue is 2.48 billion yuan, that is, the company’s Hongmeng business contributed only 0.06% to revenue last year.
In fact, under the continuous abnormality of the company’s stock price, Runhe Software also frankly stated that recently, the market has paid more attention to the intelligent IoT industry and the company’s cooperation with Huawei and Hongmeng. From this year’s Hongmeng related business orders From a point of view, Hongmeng’s business volume accounts for a small proportion of the company’s total business volume and has not yet had a significant impact on the company’s operating performance.
Prior to this, the company also disclosed the risk warning of stock price speculation. On June 10, the company once again issued an announcement on abnormal stock trading fluctuations, stating that as of the announcement date, the company’s rolling price-earnings ratio was 152.53 times, the static price-earnings ratio was 167.80 times, and the price-to-book ratio was 9.63 times. The China Securities Regulatory Commission’s industry data released on the official website of China Securities Index Co., Ltd. shows that the company’s “software and information technology service industry” has a rolling price-earnings ratio of 56.48 times, a static price-earnings ratio of 59.84 times, and a price-to-book ratio of 4.91 times. The company’s fundamentals have not changed. The current rolling price-earnings ratio, static price-earnings ratio and price-to-book ratio are all higher than the industry average. The stock price will increase significantly in the short term, and there may be risks of speculation in the secondary market.
It is worth noting that, after the stock price of Runhe Software has been speculated by a large number of retail investors, five of its top ten shareholders have begun to reduce their holdings. Among them, Shanghai Yunxin, Service Trade Fund, Nanjing State-owned Assets Mixed Reform Fund and many other top ten shareholders began to reduce their holdings in May, and their shareholding ratios are all less than 5%.
As the tenth largest shareholder of Runhe Software, Focus Technology has realized liquidation. According to the announcement of Focus Technology on May 28, from May 13 to May 27, the company liquidated its 4.524 million shares of Runhe Software through centralized bidding, with a transaction amount of 73.31 million yuan. After this reduction, the company no longer holds shares of Runhe Software.
Not only that, Runhe Software also announced on May 28 that Zhou Hongwei and Yao Ning, the actual controllers of the company, had terminated their concerted actions one year in advance. The two renewed the concerted action agreement on July 18, 2017, and the agreement is valid for 5 years from the date of signing. This concerted actor agreement, which was supposed to expire in July 2022, has now been lifted more than a year in advance.
Public information shows that as the founding shareholder of Runhe Software, Yao Ning directly holds 15.918 million shares, accounting for 2.04% of the company, and is the seventh largest shareholder. All of his shares are tradable shares without trading restrictions. In addition, Yao Ning also holds a 33.15% stake in the company’s controlling shareholder Runhe Investment. Currently, Yao Ning has signed the “Equity Transfer Agreement” and transferred his 33.15% equity interest in Runhe Investment to Zhou Hongwei.
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