Historical information of the big and small non, a brief introduction of the big and small non

Do you mean the size of the **?

Small, i.e., small portions. No, that is, restricted. Small non, that is, a small part of the ** that is prohibited from being listed and circulating, accounts for less than 5 of the total share capital.

On the contrary, it is called Dafei, that is, large-scale restricted tradable shares, accounting for more than 5% of the total share capital. The lifting of the ban, that is, the lifting of the prohibition on physical traces, is the power of non-circulation ** has obtained the right to be listed and circulated. The lifting of the ban is the lifting of the ban on partial sales ** and allows listing and circulation.

At the beginning of the reform of equity distribution and wisdom, the date of listing and circulation of some listed companies was restricted. In other words, there are many companies that cannot be listed for the time being. These are non-tradable shares, also known as restricted shares.

It is also called restricted A shares. A small part of them is called Xiaofei.

Definition (non-tradable share).

Lifting of the ban: Due to the share reform, the non-tradable shares can be tradable, that is, the ban is lifted (the ban is lifted). The lifting of the ban on "large and small" non-tradable shares: increase the number of tradable shares in the market, and the non-tradable shares have completely become tradable shares.

After the non-tradable shares can be circulated, they will be thrown out for cash, which is called **. Generally speaking, the size of the non-unlocked stock price should be **, because it will increase the number of selling orders to suppress the stock price; However, if the size of the non-lifting of the ban, the lifting of the shares will not necessarily be thrown out immediately and if the funds in the market are very abundant, then a large number of ** will be lifted** throwing, but will attract the attention of some funds, such as chlor-alkali chemical at the beginning of the year when a large number of large and small non-lifting shares are listed, from the day of the lifting of the ban to continue to increase the volume**!

There is no clear determination of the proportion of shares and the time limit for sale, but it is a popular statement in the industry.

The listing and circulation of restricted shares will mean that people with a large number of shares may have to sell**, the power of the short side increases, and the original holdings may depreciate, so be careful at this time.

The largest "market maker" is neither public offering nor private placement, but large and small shareholders who obtain non-tradable shares at low cost, which is the so-called "big non" and "small non". As the most vocal in the market, the controlling shareholders are the controlling shareholders - they know the most about the operating conditions of their own enterprises, but the shares of major shareholders and other corporate shareholders cannot be circulated before the share reform, so they are neither concerned about the company's stock price nor have the motivation to run the listed company well.

However, after the baptism of share reform in 2007, more and more "big non" and "small non" have been or will soon be lifted from circulation, and these major shareholders have increased their holdings or **company**, which can reflect whether the company has investment value to a considerable extent.

"Big and small" refers to non-tradable shares, i.e., restricted shares, or restricted A shares. Small, i.e., small portions.

Small non-tradable: that is, a small part of the ** that is prohibited from being listed and circulated (that is, after the share reform, the non-tradable shares that account for a small proportion before the share reform.) If the proportion of restricted tradable shares in the total share capital is less than 5%, it can be circulated after one year of share reform, and after one year, it is not a large-scale sell-off, but a limited sell-off, so as not to cause a big impact on the secondary market.

And a relatively large part of it is Dafei). On the contrary, it is called Dafei (that is, after the share reform, the non-tradable shares that account for a large proportion before the share reform. If the restricted tradable shares account for more than 5% of the total share capital, they can be tradable for more than two years after the share reform, because Dafei is generally the company's major shareholder and strategic investor.

Generally not thrown).