MSCI Slingshot Handmade Marble producer Accor Holdings (3313) plunged 98% yesterday
MSCI has previously announced that Accor will be included in its China Index. It was a week before its entry into force. It was a rare reversal yesterday. It indicated that it would stop incorporating Accor Holdings into the MSCI China Index after reference to market participants’ responses and analysis until further notice. Affected by the news, Accor’s share price plunged 98% and then suspended trading at 0.305 yuan. The daily turnover was 568 million yuan, and the market value per day was 44.91 billion yuan.
MSCI said in the latest semi-annual review on the 8th of this month that Accor will be included in the MSCI China Index, and the change will take effect on the 27th
The stock price has risen 1.3 times from the date of publication to yesterday. Unexpectedly, 6 days prior to the effective date of the plan, MSCI issued a statement that the market participants further analyzed and feedback on the investability of Accor and suspended the inclusion of Accor in the MSCI China Index until further notice. In addition, Accor joined the FTSE China in late September, but the FTSE did not respond to the incident. However, after the company’s share price plummeted, the foundations that tracked the FTSE Index did not join the ranks of the goods, which remained the focus of the market.
Accor’s share price fluctuated sharply in September
This is not the first time that Accor has inserted water. In mid-September, Accor also slammed over 70% in the 8th day, and was warned by David Webb, a veteran investor with a “long hair”. Touch this stock. When responding to this newspaper’s enquiry, Webb said that there was no direct feedback to MSCI, not a “golden finger”.
Webb warned in September this year, with Accor’s closing price of 9.48 yuan on September 13, when its market value was 29.37 billion yuan, a surge of 8.12 times from the end of May. In addition, according to the company’s interim results, the net value of tangible assets was 1.06 billion yuan, and the net worth of tangible assets was only 0.37 yuan per share based on the number of shares outstanding at the time of 2.871 billion. Even if the company paid two transactions in the second half of the year by issuing shares, the net worth of tangible assets rose to 1.23 billion yuan. According to the current tradable shares of about 3.309 billion shares, the net worth of tangible assets was only 0.4 yuan per share. 24 times the net value of tangible assets.