The first batch of filings landed, and the blockchain concept stocks were again smashed

"You sing me to debut", the blockchain boom swept the world.

On April 11, as bitcoin strengthened, the US stock blockchain stocks rose sharply. Riot Blockchain closed up 10.38%, Marathon Patent closed up 42.44%, ChinaNet Online rose more than 3%, and Thunder rose 2.66%.

In the A-share market, previously, with the release of the first batch of 197 blockchain information service filing numbers in the territory, the blockchain concept sector also skyrocketed for several consecutive trading days, and individual concept stocks were rewarded with “eight links”. The phenomenon that “the chain is rising” has caused the regulators to pay close attention, and related companies have also issued risk warnings.

Securities analysts and blockchain industry insiders suggested that “the blockchain technology that can be seen now is basically concentrated in the exploration stage”. Currently, the market is dominated by event-driven, mainly based on the concept of hot money in speculation. Do not blindly follow the trend, so as not to step on the air.

Stock price up 114.7%

From March 28th to April 9th, the accurate information was updated for eight consecutive trading days. The stock price rose from 5.5 yuan to 11.83 yuan, an increase of 114.7%.

On March 30th, the official website of the National Internet Information Office (hereinafter referred to as “National Internet Information Office” officially released the first batch of 197 blockchain information service registration numbers in the territory, involving 164 enterprises in 18 provinces and municipalities directly under the Central Government, including Baidu. Blockchain projects of well-known enterprises such as Jingdong, Ali, Tencent and Aiqiyi.

According to incomplete statistics, among the 197 filing projects, directly or indirectly participating in the blockchain filing projects include Hailian Jinhui, Advanced Datacom, Easy View, Anne, Chenxin Technology, Runhe Software, Giant Network, UFIDA Network, Zhejiang University New Network, Hang Seng Electronics, SF Holdings, Sifang Jingchuang, Huada Gene, China Ping An, Xinhuanet, Shunli, Qingdao Haier and other A-share listed companies.

Although the National Network Office emphasized that the filing is only the registration of the relevant information on the main blockchain information, it does not represent the recognition of its institutions, products and services, but the filing news has played a positive role in boosting the market.

According to Wind data, the blockchain concept index has risen by 11.73% in the past three trading days after the release of the filing information. Among them, 20 stocks such as EasyShare and Anne have gained more than 10%.

The reporter noted that in addition to the continuous daily limit of the stock price of the direct or indirect shareholding blockchain projects such as Easy View, Anne, etc., it also includes blockchains such as Precision Information, Jinyi Technology, and Royal Bank, which have no direct project filing. Concept stocks have also been trading daily.

Among them, the accurate information reported by the media as the “leading” of the blockchain is the pioneer in the daily limit, and has won “eight boards”. From March 28th to April 9th, the accurate information was updated for eight consecutive trading days. The stock price rose from 5.5 yuan to 11.83 yuan, an increase of 114.7%, the turnover rate was 61.1%, and the daily volume was 1,247,300.

Guoyuan Securities Wo Zhongyuan told the International Finance News that the reason for the recent surge in the blockchain sector was mainly due to the release of the first batch of domestic blockchain information service filing numbers at the end of March. In the first trading day, the blockchain concept sector led the gains.

In addition, Wo Zhongyuan said that the recent rise in Bitcoin also injected strong momentum into the blockchain concept stocks. As one of the representatives of blockchain technology, the rapid rise in bitcoin prices has brought significant boost to global blockchain concept stocks.

With the $5,400 on the Bitcoin station, the US stock blockchain concept stock has ushered in a big rise. On April 11, Riot Blockchain closed up 10.38%, Marathon Patent closed up 42.44%, ChinaNet Online rose more than 3%, and Thunder rose 2.66%.

In fact, in the early 2018, the blockchain concept stocks also had a collective rise. On January 10, there was a collective ups and downs of 11 blockchain concept stocks including Easy View and Quartet. The total net inflow of funds was 2.02 billion yuan.

Hype concept 3341.33 million

On April 1st and April 9th, the sales department of GF Securities Shenzhen Mintian Road sold 107.55 million yuan and 33.431 million yuan respectively, ranking first and third in the list of accurate information.

At a time when blockchain technology has not yet reached a large scale, the blockchain concept stocks have been pushed up collectively, which inevitably raises questions about the concept of hype.

As early as the beginning of 2018, the Shanghai and Shenzhen Stock Exchanges noticed that some listed companies' blockchain technology did not land, but they were borrowing the concept of blockchain. At that time, the Shanghai and Shenzhen Stock Exchanges had sent inquiries to nearly 20 blockchain concept companies, asking relevant listed companies to respond to questions such as the rationality of their valuations and the actual situation of technology development, and prompt investors to prevent concept speculation and attention. Investment risk, the company that received the inquiry letter at that time included the company that has the first batch of projects to record the easy-to-see shares, and the chain technology.

The CSI Small and Medium Investor Service Center also issued a document in February 2018 saying that the number of companies actually involved in the blockchain business is limited, and more is the edge of the blockchain concept, in the market to pursue the concept of the blockchain concept. Under the information disclosure of some listed companies is rather vague, and it is suspected of taking the opportunity to speculate.

Today, in the blockchain industry and securities analysts, the blockchain technology is still in the collective exploration stage. At present, the main reason for the blockchain concept stocks to strengthen is the concept of event hype.

After the release of the first batch of blockchain filing information, Li Feng, head of Baidu Financial Blockchain, told the International Finance News reporter that more truly valuable applications and scenarios could be highlighted and matured. The basics are all concentrated in the exploration phase."

For the reasons behind the recent rise in the blockchain concept stocks, Li Feng bluntly said, "In addition to the speculation, we did not see the real (factor) push."

Wo Zhongyuan also pointed out to reporters that the current market is mainly driven by events, with hot money speculation as the main.

Wind shows that a number of well-known hot money appeared on the list of accurate information on the daily limit. On April 9th, the top three buyers were Guotai Junan Securities Shanghai Jiangsu Road Sales Department, Guangfa Securities Xi'an South Guangji Street Sales Department, and Anxin Securities Xiamen Hubin South Road Sales Department. The purchase amount was 51.457 million yuan, 39.945 million yuan, 3598.87. Ten thousand yuan.

The top three buyers on April 4 were Huatai Securities Shanghai Fengxian District Wangyuan South Road Sales Department, Huaxin Securities Zhuhai Haibin South Road Sales Department, Huatai Securities Guangzhou Tianhe East Road Sales Department; the top three selling charts are Zhongtai Securities Tai'an Yuzong Street Sales Department, Guohai Securities Jinan Lishan Road Sales Department, Zhongtai Securities Tai'an Dongyue Street Second Sales Department.

It is worth mentioning that the sales department of GF Securities Shenzhen Mintian Road has appeared on the accurate information selling list twice recently. On April 9, GF Securities Shenzhen Mintian Road Sales Department ranked third with 33.431 million yuan; on April 1, GF Securities Shenzhen Mintian Road Sales Department topped the list with a sales of 10.755 million yuan.

In addition, Dongguan Securities Sichuan Branch, Ping An Securities Shenzhen Shekou Merchants Road Merchants Building Business Department, Caitong Securities Hangzhou Shangtang Road Sales Department appeared in the accurate information on April 1st Dragon and Tiger.

Regulatory attention 1.98%

Under the "cooling" measures, the stock price trend of the blockchain concept began to differentiate from April 3, and there was a sign of "cooling down" on April 8. The overall sector fell by 1.98%.

In the face of the blockchain market that has been stirred up, the regulatory authorities are highly concerned.

On April 9th, the Shenzhen Stock Exchange issued a letter of concern to Anne's shares, requesting the necessity of entering into the blockchain industry in conjunction with the main business description, whether there is synergy with the existing main business, and whether the company has a blockchain. Business capabilities. At the same time, the letter of concern asked Anne to explain the impact of the “Annie Copyright Blockchain” service platform on the financial status and operating results of the company in 2019.

Earlier, Anne shares mentioned in the abnormal fluctuation of stock trading, on March 30, the National Network Office issued the first batch of 197 blockchain information service names and filing numbers, the company's wholly-owned subsidiary Beijing version of the family technology Development Co., Ltd.'s "Annie copyright blockchain" service platform was approved for filing.

The stock price change of accurate information has also attracted regulatory attention. On April 5th, the management department of the GEM of the Shenzhen Stock Exchange issued a letter of concern to the accurate information, requesting accurate information to explain the technical basis of the company's blockchain business, the order of the blockchain business, and the confirmation of sales, and whether it has core competitiveness. Whether the company's performance has a significant impact, and the specific impact of the national network letter office block blockchain information service name and filing number on the company's operation and performance, and fully indicate the relevant risks.

On April 8th, the accurate information release risk warning announcement stated that the company had fewer blockchain customers, less revenue from the blockchain business, and had a lower impact on the company's performance, and the blockchain was not announced in the National Network Office. Information service name and filing number in the business directory.

However, the voice of the regulatory attention letter and the risk warning did not fall. On April 9, the accurate information stock price closed again, and closed at 11.83 yuan per share. In this regard, in the April 9th ​​Announcement on Stock Price Changes, accurate information once again prompted five major risks, such as the company's decline in performance, high valuation, less revenue from blockchain business, and reduction of senior management of the company. .

Accurate information indicates that the company expects a loss of 3 million yuan to 4 million yuan in the first quarter of 2019. The company's stock price continued to rise significantly in the near future, and the rolling P/E ratio was significantly higher than the industry P/E ratio, and the valuation was higher. In particular, investors are reminded to pay attention to investment risks, rational decision-making, and prudent investment.

The reporter learned that in addition to the letter of concern and requiring companies to fully indicate the risks, the exchange has also implemented measures of “suspension cooling”. At the beginning of January 2018, the stock price of Yijian shares rose for four consecutive days, with a cumulative increase of 46%. In response to this situation, on January 11 and 12, the Shanghai Stock Exchange implemented a suspension of trading on the shares of the company, and requested the company to disclose in detail the development of the company's blockchain business. After the resumption of trading on January 16, the stock was once again daily limit, and on January 17, it was implemented a second suspension of cooling.

Under the "cooling" measures, starting from April 3, the stock price of the blockchain concept stocks began to differentiate. At the same time that the stock prices of companies such as EasyShare, Anne and others continued to rise, Hailian Jinhui, Chenxin Technology and Quartet Jingchuang and other companies began to show a decline. As of April 3, the three companies fell by 2.6%, 6.64% and 3.84% respectively.

In addition, Eastern Fortune data shows that the blockchain concept showed signs of “cooling down” on April 8, and the overall sector fell by 1.98%. As of the close of April 11, the accurate information closed down, the stock price fell to 10.2 yuan / share; easy to see shares also fell 3.06% to 15.86 yuan / share.

Beware of footing 0.41%

According to accurate information disclosure, the blockchain business has achieved less than 5 million yuan in revenue since 2016, accounting for a very low proportion of the company's revenue. In 2018, it was 1.957 million yuan, accounting for about 0.41%.

"International Finance News" reporter interviewed many senior people in the industry learned that blockchain technology has a long way to go before large-scale commercial use.

Securities analysts who are unwilling to be named told reporters of the International Finance News that in the market, for the new things such as blockchain, the concept of using event-guided speculation is not uncommon. The hot money is fierce and short-term, and there are many people who make quick money.

The above-mentioned securities analysts pointed out that investment is not speculative, speculation can make quick money, but when there is a look at it, investors should try to avoid speculative profits, so as not to go to the air. For the blockchain, it is more important to look at the application prospects of enterprises, and to do long-term value investment, value investment is far more profitable than speculation.

Wo Zhongyuan also said that from the experience of the past, the concept of hype is often how to go up and not last. Only companies that have real performance support and have substantial projects can maintain a relatively high valuation.

“The blockchain technology has unique advantages, but as far as the actual application and development are concerned, there is still a lack of a complete value visualization closed loop from product development and use demonstration to user recognition and economic value. At present, the blockchain is still The concept of speculation is the mainstay, and the application of specific projects will take time.” Wozhong said.

In fact, it is also known from the announcement of listed companies that the current blockchain technology is still in the early stage of exploration.

Anne shares has announced that the company's research on blockchain technology is still only in the early stage, and has not yet had a material impact on the performance. Yijian shares also said that the company's exploration and application of the blockchain is still in its infancy, and has not yet had a significant impact on the company's performance.

In addition, the scale of operations and benefits have not yet been formed. In the first batch of filing companies, the same interesting chain technology was also received. The Shanghai Stock Exchange pointed out that the chain technology mainly provides blockchain network solutions for enterprises and the like through the platform technology of the blockchain. Among them, in 2017, the operating income was only 1,846,400 yuan, and the net profit was 15.1 million yuan, which did not form a business scale and income.

Through the accurate information disclosure information that is hailed by the media as the “leading” of the blockchain, it can also be found that its blockchain revenue accounted for a small proportion. According to accurate information disclosure, the blockchain business has achieved less than 5 million yuan in revenue since 2016, accounting for a very low proportion of the company's revenue. In 2018, the income was 1.957 million yuan, accounting for 0.41%. In addition, as of April 9, the precision information blockchain customer is only one of China Tower, and there are no new customers and no new orders.

However, the blockchain is expected to be in the future. Wo Zhongyuan believes that the concept of investment blockchain not only depends on the ability to land, but also needs to look at the application scenarios. For example, the application scenario of security will be a relatively large market in the future.

Reporter Yu Jichao; original article published in International Finance News (06th Edition, April 15, 2019)