In the stock market, there is a kind of stock that attracts the attention of investors because of its uniqueness: when the market goes down, they may fall worse than any stock; when the market goes up, they behave crazily. Although it has been "covered with stars and hats" and reduced to "junk stock" due to poor performance and years of losses, with the help of speculation on concepts such as M & A and restructuring, the speculators who dream of getting rich overnight flock here - this kind of stock is st stock.

Depending on the magic wand of "reorganization" and the hope of "returning the soul with the corpse", the stshares are now and then performing the enviable technical trend chart. As a complex investment place, some investors do not have enough ideological preparation and knowledge reserve. There are obvious misunderstandings in the investment philosophy. They mistakenly think that low price stocks are cheap and have more opportunities to rise. St is equal to restructuring, but they do not know the risks. However, experience tells us that the first point of securities investment is how to balance the contradiction between the maximization of investment income and the minimization of risk. For a mature investor, to stick to the bottom line of risk, to distinguish "pie" from "trap" and to insist on rational investment is always the foundation for him to be invincible no matter how the market bull bears.

Generally speaking, the reason why the stock of a listed company is reduced to st stock is closely related to the existing situation of the enterprise. In the market, there are many beautiful talks about "black chicken becomes Phoenix". However, the reasons for becoming an ST share are different. Not all "black chicken" can become Phoenix through restructuring. For example, some companies are burdened with huge debts, which drag down their operations and are difficult to improve; some companies are involved in lawsuits and long-term multi interest disputes. It's better to be cautious about such stshares, because even if someone is willing to restructure, they may be deterred in the face of such a situation.

At the same time, considering the problem of information asymmetry, some companies with poor performance may only expose the tip of the iceberg. The price earnings ratio, turnover rate and other indicators of such stocks are far higher than the market average level, so it is very speculative to participate in them. In addition, the market rumors are mixed, and it is difficult to distinguish the authenticity of various themes, which often leads to the phenomenon of "reorganization news flying all over the world", and professional speculators often use this to hype. Due to the lack of substantial investment value as support, "junk stock" is ultimately very risky. Once the market situation changes suddenly, it is likely to fall sharply in the way of "falling constantly", and investors are very difficult to escape.

At the end of 2011, after statistical analysis of the trading data of St stock in Shanghai stock market, it was found that: among the 5.5583 million accounts participating in St stock trading, individual accounts accounted for an absolute advantage, with a total of 5.504 million accounts, accounting for 99.86%, and the transaction amount accounted for 95.99%; followed by general institutions and trust accounts, with a total of 7354 accounts, accounting for 0.13%, and the transaction amount accounted for 2.87% From the perspective of profit and loss, except for a few profits, most of the accounts involved are losses.

In addition, in the process of "backdoor speculation" and "speculation of poor performance stocks", it is also easy to breed illegal behaviors such as insider trading and market manipulation. The regulatory authorities take a "zero tolerance" attitude towards such illegal behaviors. Once the above behaviors are found, the restructuring of ST shares will face the risk of being suspended or even terminated, which is obviously beyond the control of ordinary investors.

In fact, the speculation of "junk stocks" not only makes a group of speculators dream of getting rich, but also produces the phenomenon of "bad money drives out good money". As we all know, the performance of listed companies is the foundation and main line of the securities market. When the capital no longer pays attention to the performance and growth of listed companies, but relies on opportunism, it will inevitably give birth to a deformed market where speculation prevails, and the final result is the prevalence of bosha. As a result, "junk stocks" soared to the sky, bringing not good news to the market, but more nightmares.

Finally, it is particularly noteworthy that the restructuring magic wand, which has been tried repeatedly in the past, will gradually fade in the future or due to the development and change of regulatory policies. From the perspective of regulatory policy trends, the "shell" resource value of ST shares may be greatly reduced. On September 1, 2011, after the implementation of the decision on Amending the relevant provisions on major asset restructuring and supporting financing of listed companies, the backdoor requirements, costs and the difficulty of passing the examination and approval are higher than before, and the backdoor has been significantly suppressed compared with before. At the end of November, the CSRC made it clear that it would improve the delisting system and resolutely curb speculation in companies with poor performance. All of these will have subtle influence on the restructuring of ST company, and the policy risk of speculating on restructuring stocks is becoming increasingly prominent. In this case, the majority of investors should polish their eyes, keep a clear understanding of the "junk stock", avoid "chestnut in the fire", and regard "trap" as "pie".