Di Yi Cai Jing·2025-06-29 10:54Core Viewpoint - The adjustment of the price fluctuation limit for main board ST stocks from 5% to 10% aims to unify trading rules and enhance pricing efficiency, potentially reducing speculative trading in the ST sector [2][9][10]. Group 1: Regulatory Changes - The Shanghai and Shenzhen Stock Exchanges announced a significant change in trading rules, increasing the price fluctuation limit for main board ST stocks from 5% to 10%, aligning them with other main board stocks [2]. - As of June 27, there are 179 stocks in the A-share risk warning sector (ST sector), with 132 of them being main board ST stocks [2]. Group 2: Market Impact - The adjustment may help in better price discovery and reduce the space for mechanism arbitrage, compelling companies to accelerate risk clearance [2][10]. - The total market capitalization of the 132 main board ST stocks shows that 6 stocks have a market value exceeding 10 billion yuan, with ST Huadong leading at 78.62 billion yuan [4]. - Daily trading volumes for these stocks are generally low, with many stocks having daily trading volumes below 10 million shares [5]. Group 3: Performance of ST Stocks - Notably, two ST stocks, *ST Yushun and *ST Xintong, have seen year-to-date gains exceeding 300%, with *ST Yushun's price rising from below 4 yuan to over 18.98 yuan [6][7]. - The price surge of *ST Yushun was driven by acquisition news, leading to a significant increase in trading activity and price volatility [6]. Group 4: Investor Considerations - Analysts suggest that while the new rules may curb speculative trading, they also increase the risk of larger daily losses for investors, advising caution in trading ST stocks [3][12]. - There is a call for additional measures to further regulate the ST sector, including enhanced information disclosure and stricter penalties for violations [12].