One Year After The Restart Of New Shares, The Performance Split.

< p > from January 2005 to June 2006 and June 2009, the overall performance of the past 3 semi IPO markets in the past six months to a year showed obvious differentiation.

First, half a year to a year after IPO, the best performing industry has a clear gap with other industries.

< /p >

< p > secondly, we think this may be related to the overall environment of the A share market.

< /p >

< p > January 2005, because the market is still in the bear market, and the performance of new shares is obviously inferior to that of the bull market in June 2006 and June 2009.

The performance of the first 5 industries in the two bull markets rose all the time, much stronger than that of the bear market in 2005.

< /p >

< p > because in the first half of this year, the A share market is in a stage of weak shock and adjustment. Under the influence of the continued economic downturn, it is unlikely that the A share market will rise substantially in the second half of this year.

< /p >

< p > > therefore, the 48 new shares listed in the first half of the year will be relatively general in the second half of the year.

Coupled with tight liquidity in the second half of the year and the gradual marketization of new shares next year, it is expected that the power of new shares will continue to rise significantly.

< /p >

< p > because of the high gross profit margin in the first half of the year, the performance of the listed companies in the first half of the year is high, and the performance in the early stage of the listing is rising steadily. The performance of the medical, biological, electronic and electrical equipment industries is expected to be relatively good.

< /p >

< p > A stock market for many years, a href= "//www.sjfzxm.com/news/index_c.asp" > IPO < /a > constantly restarted, bringing the market obvious expansion, but did not form an effective mechanism for the survival of the fittest.

In recent years, regulators have been constantly blowing up to perfect and introduce the delisting system, forming a A a href= //www.sjfzxm.com/news/index_c.asp, a healthy competition less than /a, and gradually improving the overall quality of listed companies.

< /p >

< p > May 28th, the SFC official micro-blog issued a micro interview on "strictly implementing the delisting system and optimizing the resource allocation function of the capital market".

The SFC said that marketization, diversification and normalization are the direction of the reform of the delisting system. The delisting system is a long-term gradual improvement process.

< /p >

< p > > they emphasize the main objectives of the future delisting "a href=" //www.sjfzxm.com/news/index_c.asp "system reform < /a > one is to enrich the connotation of delisting, to provide diversified and operable path for companies with independent delisting needs; the two is to remove companies from major illegal acts such as fraud listing; the three is to suppress hype and enhance market efficiency; and the four is to improve the internal and external institutional environment of delisting.

< /p >

< p > in fact, the delisting system has already existed, but it has never played a real and obvious elimination effect.

Judging from the recent series of statements and actions of the SFC, it shows that the regulatory authorities are determined to improve the delisting system, and the reform of the delisting system must be true.

< /p >

< p >, Lu Songbin, a researcher of the securities and Futures Commission, said that the next step is to start a new round of reform of the delisting system and implement the requirements of the nine new countries.

< /p >

< p > therefore, it is expected that in addition to the issue of new shares in the second half of this year, the reform of the delisting system will be a key point, which will bring obvious pressure to the small and medium capitalization stocks which are not well managed in the future, and suppress the risk of excessive premium gained through speculation.

< /p >