元鼎证券｜深挖上市公司选择拆分股票的三大战略意图

Core Insights - Stock splits are not merely numerical adjustments but strategic moves aimed at enhancing liquidity, broadening the shareholder base, and resetting valuation narratives [1][5] Group 1: Liquidity Enhancement - A stock price above 200 yuan tends to deter retail investors, limiting their participation to "watching value" only. By splitting a stock from 400 yuan to 200 yuan and then to 100 yuan, the same market capitalization is divided into smaller "chocolate pieces," triggering a "bargain hunting" instinct among investors [2] - Data from the Hong Kong Stock Exchange indicates that within 30 trading days post-split, the average daily turnover rate increases by 42%, with order book thickness rising by 30%, and market maker inventory turnover days decreasing by nearly half [2] Group 2: Expanding Shareholder Base - High-priced stocks naturally exclude retail investors, concentrating shares in institutional hands. After a stock split, the number of shareholders can expand significantly, from 10,000 to 50,000 or even 80,000, increasing the proportion of retail investors [2] - This expansion allows companies to present a strong case for protecting retail investor participation during regulatory inquiries, and the influx of new accounts acts as an "invisible support" during pricing phases, reducing downward pressure on issuance prices [2] Group 3: Revaluation Opportunities - High-priced stocks often face linear extrapolation of performance, leading to stagnant valuations when growth slows. A stock split provides a low-cost opportunity for "re-pricing," shifting media narratives from "stock price exceeds 1,000 yuan" to "hundred-yuan leader makes a comeback" [3] - Behavioral finance suggests that analysts may assign higher target valuations post-split due to the "nominal price illusion," where lower prices are associated with higher growth potential. Stock splits often coincide with bonus shares or stock dividends, optimizing financial metrics and creating a self-fulfilling prophecy for price recovery [3] Group 4: Strategic Capital Management - The act of splitting shares is a calculated "capital crowd experiment" that dismantles price barriers, allowing liquidity, subscription power, and valuation flexibility to increase simultaneously [5] - In a competitive market environment, companies that lower stock prices to levels attractive to retail investors gain a strategic advantage in future capital operations [5]