[Today’s Guide]
> IPO suspension and other irregular measures introduced, A-share capital sees substantial improvement
> Guidance on Internet plus issued, Internet-based finance promoted to state strategies
> Authorities support vocational education, Bairun Flavor & Fragrance, etc. propose high share conversion...
> Kanion Pharmaceutical, Jointown Pharmaceutical, etc. to support plummeting stock market by increasing shareholding and making promise
[XFA Focus]
○IPO suspension and other irregular measures introduced, A-share capital sees substantial improvement
------
All of the 28 new shares planned to be issued in early-July announced the suspension of follow-up issuance on weekend. The China Securities Regulatory Commission (CSRC) has decided to give full play to China Securities Finance Corporation Limited’s role in raising funds from various channels and strengthening the ability to maintain the market stability. The central bank of China has promised to provide liquidity support. 21 securities brokerages held a meeting and have pledged to collectively invest no less than 120 billion yuan in exchange-traded funds (ETFs) that track large blue chip stocks to maintain the stable development of the stock market. The firms said they will not sell their holdings as long as the benchmark Shanghai Composite Index is below 4,500 points, while major shareholders said they will repurchase and buy more shares. 25 common funds indicated that the stock-leaning funds still recorded net subscription in recent two weeks and they would put their own capital into stocks during a meeting.
Comment: At the critical time during the competition between bearish and bullish factors, such measures will motivate the whole market, which shows the authorities’ resolve in stabilizing the market and will have immediate effects. Analysts pointed out that the “China Securities Finance Corp. plus central bank’s liquidity” can be considered as the Chinese style of buffer fund, which will bring more opportunities to the market. According to the media, the 120 billion yuan from securities brokerages will be available by 11:00am on Monday. It will be advanced by the China Securities Finance Corp. during the opening hours and will be mainly invested in 50 ETFs and 300 ETFs. In addition, the net buy of the SSE SH Equities hit a new high in 20 weeks and most of the RQFII A-share ETFs were traded with premiums after the consecutive slumps last week, highlighting foreign capitals’ confidence over A-share blue chips.
◆ Various blue-chip companies recorded valuation below historic average with outstanding performance growth
------
Statistics show that the current trailing twelve months (TTM) of the SSE 50 is 11.7 times, which is 16.3 times of the average in the past decade. Many consumption stocks represented by Qingdao Haier Co., Ltd. (600690.SH) and Kweichow Moutai Co., Ltd. (600519.SH) have recorded performance growth for years while their P/E ratios are far below the historical average. The first quarterly reports of the two companies show that the SSE SH Equities increased the shareholding in the two companies by 8 percent and 4 percent. The prospectus of the Industry 4.0 manufacturing expansion of the former and the recovery of the spirit industry of the latter caught much attention from institutes.
[XFA Selection]
○ Central Huijin Investment Ltd. announced that it has purchased ETFs in the secondary market and will continue relevant operation in the market.
○ The first 50 SMEs board companies issued a proposal on maintaining the market stability and indicated that they would actively repurchase, increase the shareholding and suspend cutting the shareholding.
○ 12 listed companies in Qingdao City proposed to jointly prevent the stock market from plunging and maintain the stability of the capital market.
○ The National Development and Reform Commission (NDRC) and the Civil Aviation Administration of China jointly issued guidance to promote the development of the economic demonstration areas in the airport industry.
○ www.cnr.cn reported that the Action Plan on Transformation and Development of Iron and Steel Industry (2015-2017) is expected to be issued in July, covering the integration of informationization and industrialization, mergers and reorganizations.
[Industry Information]
○State Council issued guidance on Internet plus, Internet-based finance promoted to state strategies
------
The State Council issued the guidance on actively promoting the Internet plus campaign on July 4, proposing to promote the Internet plus strategy in 11 key industries, including the entrepreneurship and innovation, coordinated manufacturing, agriculture, intelligent energy, inclusive finance, transportation and logistics and medical treatment. In the chapter on the Internet plus inclusive finance, it proposes to fully facilitate the healthy development of the Internet-based finance and support financial institutes and Internet-based enterprises in conducting online loans, online securities, online insurance and the sale of Internet-based funds according to laws and regulations.
Comment: Institutes believe that the issuance of documents by the State Council means that the Internet-based finance has been promoted to national key strategies. With the implementation of following supporting policies, the industry will see market potentials with 1 trillion yuan. Besides, among all Internet plus industries, the Internet-based finance is expected to make breakthroughs first as a result of its relatively mature data basis, consumption models and other relevant conditions. Among listed companies, East Money Information Co., Ltd. (300059.SZ) and Yonyou Network Technology Co., Ltd. (600588.SH) enjoy first-mover advantages in the Internet-based finance industry.
○Authorities support vocational education with huge market potential
------
Xinhuanet reported that Liu Yandong, vice-premier of the State Council, emphasized to build modern vocational education with Chinese characteristics and international level to provide strong talents support to the economic transformation and improving people’s livelihood at the closing ceremony of the 2015 National Vocational Students Skills Competition on July 4. Liu highlighted that China will place vocational education to an outstanding position, make plans on it with the economic and social development, implement it with the industrial construction and upgrade it with technical progress and increase supports on it based on the overall situation of China’s economic and social development and opening up to the outside. It will govern education according to laws, accelerate the construction of systems and standards and promote the modernization of the vocational education governance system and ability.
Comment: The labor market has a string demand for “skilled” talents, but the growth of the medium and high vocational education development has been slowing down. With universities expanding enrollment, the job market for college graduates is increasingly intense. The supply and demand in the vocational education market is imbalanced and the market has huge potential. In terms of listed companies, Beijing Ultrapower Software Co., Ltd. (300002.SZ) and Shenzhen Qianhai Wutong Mergers and Acquisitions Investment Fund Co., Ltd. established a joint venture in April to conduct mergers for vocational education. The senior management increased the shareholding in the company recently. Dingli Communications Corp., Ltd. (300050.SZ) expects a growth of 1.4 times to 1.7 times in the first half and completed the acquisition of a vocational education company.
[Financial Reports Express]
○Bairun Flavor & Fragrance, etc. propose high share conversion
------
Shanghai Bairun Flavor & Fragrance Co., Ltd. (002568.SZ) proposes a 10-for-10 conversion of capital surplus into shares combined with 10 yuan dividend for every 10 shares in its semiyearly report; Sichuan Scimee Sci. & Tech. Co., Ltd. (300425.SZ) proposes a 12-for-10 conversion of capital surplus into shares in its semiyearly report; Changzhou NRB Corporation (002708.SZ) proposes a 12-for-10 conversion of capital surplus into shares in its semiyearly report; Beijing Jetsen Technology Co., Ltd. (300182.SZ) proposes a 15-for-10 conversion of capital surplus into shares in its semiyearly report.
○Sealand Securities, China Merchants Energy Shipping and Changjiang Electronics Technology forecast performance growth
------
Thanks to the growth of market trading volume, Sealand Securities Co., Ltd. (000750.SZ) predicts its net profit in the first half year to see a year-on-year growth of 342~358 percent in its semiyearly report; due to continuous prosperity of oil tanker transportation market, China Merchants Energy Shipping Co., Ltd. (601872.SH) predicts its net profit in the first half year to see a year-on-year growth of 110~130 percent in its semiyearly report; resulted by brisk demands of semiconductor market and abundant orders, Jiangsu Changjiang Electronics Technology Co., Ltd. (600584.SH) predicts its net profit in the first half year to see a year-on-year growth of 140~170 percent in its semiyearly report.
[Announcement Interpretation]
○Kanion Pharmaceutical, Jointown Pharmaceutical, etc. to support plummeting stock market by increasing shareholding and making promise
------
Around 40 listed companies on Shanghai and Shenzhen Stock Markets announced increase of shareholding by substantial shareholders and senior management on July 3. Controlling shareholder of Jiangsu Kanion Pharmaceutical Co., Ltd. (600557.SH) increases shareholding in the company by 640,000 shares, accounting for 0.12 percent of its total share capital; Chuchang Investment Group, related party of Shanghai Hongkang Industrial Investment Company Limited which is the controlling shareholder of Jointown Pharmaceutical Group Co., Ltd. (600998.SH), purchases 6.10 million shares of the company at an average price of 18.93 yuan per share, accounting for 0.37 percent of the company’s total share capital, and it plans to increase shareholding by no more than 3 percent of its total share capital in next 12 months; Great Wall Group, controlling shareholder of Sichuan Great Wall International Acg Co., Ltd. (000835.SZ), increases shareholding in the company by 4 million shares at an average price of 12.22 yuan per share, accounting for 1.31 percent of its total share capital; controlling shareholder and holding subsidiaries of Inzone Group Co., Ltd. (600858.SH) increase shareholding in the company by 1.66 percent of its total share capital. Their shareholding in the company will be increased by no more than 2 percent of the company’s total share capital in next 6 months.
In addition, substantial shareholders or senior management of Fiberhome Telecommunication Technologies Co., Ltd. (600498.SH), Aier Eye Hospital Group Co., Ltd. (300015.SZ), Siasun Robot & Automation Co., Ltd. (300024.SZ), Changzhou Qianhong Biopharma Co., Ltd. (002550.SZ), China Shipping Haisheng Co., Ltd. (600896.SH), Guangdong Hongtu Technology (holdings) Co., Ltd. (002101.SZ), Jiangxi Sanchuan Water Meter Co., Ltd. (300066.SZ), Toyou Feiji Electronics Co., Ltd. (300302.SZ), Oceanwide Holdings Co., Ltd. (000046.SZ), Shenzhen Tempus Global Business Service Holding Ltd. (300178.SZ), Beijing GeoEnviron Engineering & Technology, Inc. (603588.SH), GEM Co., Ltd. (002340.SZ), and etc. all increase shareholding in their companies. Huayi Brothers Media Corporation (300027.SZ), Shenzhen H&T Intelligent Control Co., Ltd. (002402.SZ), Beijing Highlander Digital Technology Co., Ltd. (300065.SZ), Fujian Dongbai (Group) Co., Ltd. (600693.SH), Gansu Dayu Water-Saving Group Co., Ltd. (300021.SZ), Shanghai Luxin Packing Materials Science & Technology Co., Ltd. (002565.SZ), etc. have launched plans of shareholding increase. The share purchase of the staff shareholding plans of Zhejiang Satellite Petrochemical Co., Ltd. (002648.SZ), Zhejiang Yonggui Electric Equipment Co., Ltd. (300351.SZ) and Honyu Wear-Resistant New Materials Co., Ltd. (300345.SZ) have just been completed and they are held up now.
At the meantime, controlling shareholders of Suning Commerce Group Co., Ltd. (002024.SZ), Beijing Dinghan Technology Co., Ltd. (300011.SZ), Jishi Media Co., Ltd. (601929.SH), etc. promise that they will not reduce shareholding in the company. Zhang Jindong, controlling shareholder of Suning Commerce, promises that the restricted period of his shareholding in the company will be extended for another three years from July 9 this year.
○Laobaixing Pharmacy Chain to acquire 55 drugstores in Hunan Province with over RMB100 mln
------
Laobaixing Pharmacy Chain Joint Stock Company (603883.SH) acquires 55 stores owned or controlled by Kangyixin Big Drugstore in Hunan Province with 106 million yuan. It is expected that the net profit of the underlying stores in the Aug.-Dec. period of 2015 and 2016 will record 2 million yuan and 7.50 million yuan, respectively.
[Weekly Review]
○“Focus on one part” in stock market investment
------
Some investors believe that stocks with low P/E ratio are better, while other investors prefer stocks with high growth; some investors believe that policy direction is a must-know before investment, while other investors prioritize market trend; some investors trust in companies focusing on principal business, while other investors favor companies actively trying new things… …
In fact, the sayings above are all half-right. The stock market is connected with social economy in every way. There are many ways to gain profit. As ordinary stock investors, we don’t have to, and there is also no need to, reach every aspect of the matter. We just need to take one part of the stock market that we are good at it and then focus on it.
If you aim to explore stocks with low valuation, then don’t invest all your available money in stocks and stay away from leverage since even Buffett might be held up in the long term. If you aim to follow hotspot themes, then you should wait till hotspots emerge and do not rely on subjective guess. If you believe in statistical law, then the XFA information provided last week must have helped you. The Data Speaks on June 29 pointed out that staff shareholding plans can better show enterprises’ confidence. Wonders Information Co., Ltd. (300168.SZ), seeing the largest drop below the offering price of its staff shareholding plan, surged for four consecutive trading days; the XFA Focus on June 30 reminded that the disclosure of semiyearly reports was coming, stocks with forecast of performance growth shall be concerned. The trend of stocks with forecast of performance growth like Shandong Wohua Pharmaceutical Co., Ltd. (002107.SZ), etc. was obviously better than the stock market.
> IPO suspension and other irregular measures introduced, A-share capital sees substantial improvement
> Guidance on Internet plus issued, Internet-based finance promoted to state strategies
> Authorities support vocational education, Bairun Flavor & Fragrance, etc. propose high share conversion...
> Kanion Pharmaceutical, Jointown Pharmaceutical, etc. to support plummeting stock market by increasing shareholding and making promise
[XFA Focus]
○IPO suspension and other irregular measures introduced, A-share capital sees substantial improvement
------
All of the 28 new shares planned to be issued in early-July announced the suspension of follow-up issuance on weekend. The China Securities Regulatory Commission (CSRC) has decided to give full play to China Securities Finance Corporation Limited’s role in raising funds from various channels and strengthening the ability to maintain the market stability. The central bank of China has promised to provide liquidity support. 21 securities brokerages held a meeting and have pledged to collectively invest no less than 120 billion yuan in exchange-traded funds (ETFs) that track large blue chip stocks to maintain the stable development of the stock market. The firms said they will not sell their holdings as long as the benchmark Shanghai Composite Index is below 4,500 points, while major shareholders said they will repurchase and buy more shares. 25 common funds indicated that the stock-leaning funds still recorded net subscription in recent two weeks and they would put their own capital into stocks during a meeting.
Comment: At the critical time during the competition between bearish and bullish factors, such measures will motivate the whole market, which shows the authorities’ resolve in stabilizing the market and will have immediate effects. Analysts pointed out that the “China Securities Finance Corp. plus central bank’s liquidity” can be considered as the Chinese style of buffer fund, which will bring more opportunities to the market. According to the media, the 120 billion yuan from securities brokerages will be available by 11:00am on Monday. It will be advanced by the China Securities Finance Corp. during the opening hours and will be mainly invested in 50 ETFs and 300 ETFs. In addition, the net buy of the SSE SH Equities hit a new high in 20 weeks and most of the RQFII A-share ETFs were traded with premiums after the consecutive slumps last week, highlighting foreign capitals’ confidence over A-share blue chips.
◆ Various blue-chip companies recorded valuation below historic average with outstanding performance growth
------
Statistics show that the current trailing twelve months (TTM) of the SSE 50 is 11.7 times, which is 16.3 times of the average in the past decade. Many consumption stocks represented by Qingdao Haier Co., Ltd. (600690.SH) and Kweichow Moutai Co., Ltd. (600519.SH) have recorded performance growth for years while their P/E ratios are far below the historical average. The first quarterly reports of the two companies show that the SSE SH Equities increased the shareholding in the two companies by 8 percent and 4 percent. The prospectus of the Industry 4.0 manufacturing expansion of the former and the recovery of the spirit industry of the latter caught much attention from institutes.
[XFA Selection]
○ Central Huijin Investment Ltd. announced that it has purchased ETFs in the secondary market and will continue relevant operation in the market.
○ The first 50 SMEs board companies issued a proposal on maintaining the market stability and indicated that they would actively repurchase, increase the shareholding and suspend cutting the shareholding.
○ 12 listed companies in Qingdao City proposed to jointly prevent the stock market from plunging and maintain the stability of the capital market.
○ The National Development and Reform Commission (NDRC) and the Civil Aviation Administration of China jointly issued guidance to promote the development of the economic demonstration areas in the airport industry.
○ www.cnr.cn reported that the Action Plan on Transformation and Development of Iron and Steel Industry (2015-2017) is expected to be issued in July, covering the integration of informationization and industrialization, mergers and reorganizations.
[Industry Information]
○State Council issued guidance on Internet plus, Internet-based finance promoted to state strategies
------
The State Council issued the guidance on actively promoting the Internet plus campaign on July 4, proposing to promote the Internet plus strategy in 11 key industries, including the entrepreneurship and innovation, coordinated manufacturing, agriculture, intelligent energy, inclusive finance, transportation and logistics and medical treatment. In the chapter on the Internet plus inclusive finance, it proposes to fully facilitate the healthy development of the Internet-based finance and support financial institutes and Internet-based enterprises in conducting online loans, online securities, online insurance and the sale of Internet-based funds according to laws and regulations.
Comment: Institutes believe that the issuance of documents by the State Council means that the Internet-based finance has been promoted to national key strategies. With the implementation of following supporting policies, the industry will see market potentials with 1 trillion yuan. Besides, among all Internet plus industries, the Internet-based finance is expected to make breakthroughs first as a result of its relatively mature data basis, consumption models and other relevant conditions. Among listed companies, East Money Information Co., Ltd. (300059.SZ) and Yonyou Network Technology Co., Ltd. (600588.SH) enjoy first-mover advantages in the Internet-based finance industry.
○Authorities support vocational education with huge market potential
------
Xinhuanet reported that Liu Yandong, vice-premier of the State Council, emphasized to build modern vocational education with Chinese characteristics and international level to provide strong talents support to the economic transformation and improving people’s livelihood at the closing ceremony of the 2015 National Vocational Students Skills Competition on July 4. Liu highlighted that China will place vocational education to an outstanding position, make plans on it with the economic and social development, implement it with the industrial construction and upgrade it with technical progress and increase supports on it based on the overall situation of China’s economic and social development and opening up to the outside. It will govern education according to laws, accelerate the construction of systems and standards and promote the modernization of the vocational education governance system and ability.
Comment: The labor market has a string demand for “skilled” talents, but the growth of the medium and high vocational education development has been slowing down. With universities expanding enrollment, the job market for college graduates is increasingly intense. The supply and demand in the vocational education market is imbalanced and the market has huge potential. In terms of listed companies, Beijing Ultrapower Software Co., Ltd. (300002.SZ) and Shenzhen Qianhai Wutong Mergers and Acquisitions Investment Fund Co., Ltd. established a joint venture in April to conduct mergers for vocational education. The senior management increased the shareholding in the company recently. Dingli Communications Corp., Ltd. (300050.SZ) expects a growth of 1.4 times to 1.7 times in the first half and completed the acquisition of a vocational education company.
[Financial Reports Express]
○Bairun Flavor & Fragrance, etc. propose high share conversion
------
Shanghai Bairun Flavor & Fragrance Co., Ltd. (002568.SZ) proposes a 10-for-10 conversion of capital surplus into shares combined with 10 yuan dividend for every 10 shares in its semiyearly report; Sichuan Scimee Sci. & Tech. Co., Ltd. (300425.SZ) proposes a 12-for-10 conversion of capital surplus into shares in its semiyearly report; Changzhou NRB Corporation (002708.SZ) proposes a 12-for-10 conversion of capital surplus into shares in its semiyearly report; Beijing Jetsen Technology Co., Ltd. (300182.SZ) proposes a 15-for-10 conversion of capital surplus into shares in its semiyearly report.
○Sealand Securities, China Merchants Energy Shipping and Changjiang Electronics Technology forecast performance growth
------
Thanks to the growth of market trading volume, Sealand Securities Co., Ltd. (000750.SZ) predicts its net profit in the first half year to see a year-on-year growth of 342~358 percent in its semiyearly report; due to continuous prosperity of oil tanker transportation market, China Merchants Energy Shipping Co., Ltd. (601872.SH) predicts its net profit in the first half year to see a year-on-year growth of 110~130 percent in its semiyearly report; resulted by brisk demands of semiconductor market and abundant orders, Jiangsu Changjiang Electronics Technology Co., Ltd. (600584.SH) predicts its net profit in the first half year to see a year-on-year growth of 140~170 percent in its semiyearly report.
[Announcement Interpretation]
○Kanion Pharmaceutical, Jointown Pharmaceutical, etc. to support plummeting stock market by increasing shareholding and making promise
------
Around 40 listed companies on Shanghai and Shenzhen Stock Markets announced increase of shareholding by substantial shareholders and senior management on July 3. Controlling shareholder of Jiangsu Kanion Pharmaceutical Co., Ltd. (600557.SH) increases shareholding in the company by 640,000 shares, accounting for 0.12 percent of its total share capital; Chuchang Investment Group, related party of Shanghai Hongkang Industrial Investment Company Limited which is the controlling shareholder of Jointown Pharmaceutical Group Co., Ltd. (600998.SH), purchases 6.10 million shares of the company at an average price of 18.93 yuan per share, accounting for 0.37 percent of the company’s total share capital, and it plans to increase shareholding by no more than 3 percent of its total share capital in next 12 months; Great Wall Group, controlling shareholder of Sichuan Great Wall International Acg Co., Ltd. (000835.SZ), increases shareholding in the company by 4 million shares at an average price of 12.22 yuan per share, accounting for 1.31 percent of its total share capital; controlling shareholder and holding subsidiaries of Inzone Group Co., Ltd. (600858.SH) increase shareholding in the company by 1.66 percent of its total share capital. Their shareholding in the company will be increased by no more than 2 percent of the company’s total share capital in next 6 months.
In addition, substantial shareholders or senior management of Fiberhome Telecommunication Technologies Co., Ltd. (600498.SH), Aier Eye Hospital Group Co., Ltd. (300015.SZ), Siasun Robot & Automation Co., Ltd. (300024.SZ), Changzhou Qianhong Biopharma Co., Ltd. (002550.SZ), China Shipping Haisheng Co., Ltd. (600896.SH), Guangdong Hongtu Technology (holdings) Co., Ltd. (002101.SZ), Jiangxi Sanchuan Water Meter Co., Ltd. (300066.SZ), Toyou Feiji Electronics Co., Ltd. (300302.SZ), Oceanwide Holdings Co., Ltd. (000046.SZ), Shenzhen Tempus Global Business Service Holding Ltd. (300178.SZ), Beijing GeoEnviron Engineering & Technology, Inc. (603588.SH), GEM Co., Ltd. (002340.SZ), and etc. all increase shareholding in their companies. Huayi Brothers Media Corporation (300027.SZ), Shenzhen H&T Intelligent Control Co., Ltd. (002402.SZ), Beijing Highlander Digital Technology Co., Ltd. (300065.SZ), Fujian Dongbai (Group) Co., Ltd. (600693.SH), Gansu Dayu Water-Saving Group Co., Ltd. (300021.SZ), Shanghai Luxin Packing Materials Science & Technology Co., Ltd. (002565.SZ), etc. have launched plans of shareholding increase. The share purchase of the staff shareholding plans of Zhejiang Satellite Petrochemical Co., Ltd. (002648.SZ), Zhejiang Yonggui Electric Equipment Co., Ltd. (300351.SZ) and Honyu Wear-Resistant New Materials Co., Ltd. (300345.SZ) have just been completed and they are held up now.
At the meantime, controlling shareholders of Suning Commerce Group Co., Ltd. (002024.SZ), Beijing Dinghan Technology Co., Ltd. (300011.SZ), Jishi Media Co., Ltd. (601929.SH), etc. promise that they will not reduce shareholding in the company. Zhang Jindong, controlling shareholder of Suning Commerce, promises that the restricted period of his shareholding in the company will be extended for another three years from July 9 this year.
○Laobaixing Pharmacy Chain to acquire 55 drugstores in Hunan Province with over RMB100 mln
------
Laobaixing Pharmacy Chain Joint Stock Company (603883.SH) acquires 55 stores owned or controlled by Kangyixin Big Drugstore in Hunan Province with 106 million yuan. It is expected that the net profit of the underlying stores in the Aug.-Dec. period of 2015 and 2016 will record 2 million yuan and 7.50 million yuan, respectively.
[Weekly Review]
○“Focus on one part” in stock market investment
------
Some investors believe that stocks with low P/E ratio are better, while other investors prefer stocks with high growth; some investors believe that policy direction is a must-know before investment, while other investors prioritize market trend; some investors trust in companies focusing on principal business, while other investors favor companies actively trying new things… …
In fact, the sayings above are all half-right. The stock market is connected with social economy in every way. There are many ways to gain profit. As ordinary stock investors, we don’t have to, and there is also no need to, reach every aspect of the matter. We just need to take one part of the stock market that we are good at it and then focus on it.
If you aim to explore stocks with low valuation, then don’t invest all your available money in stocks and stay away from leverage since even Buffett might be held up in the long term. If you aim to follow hotspot themes, then you should wait till hotspots emerge and do not rely on subjective guess. If you believe in statistical law, then the XFA information provided last week must have helped you. The Data Speaks on June 29 pointed out that staff shareholding plans can better show enterprises’ confidence. Wonders Information Co., Ltd. (300168.SZ), seeing the largest drop below the offering price of its staff shareholding plan, surged for four consecutive trading days; the XFA Focus on June 30 reminded that the disclosure of semiyearly reports was coming, stocks with forecast of performance growth shall be concerned. The trend of stocks with forecast of performance growth like Shandong Wohua Pharmaceutical Co., Ltd. (002107.SZ), etc. was obviously better than the stock market.
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