The New Stock Market Is Booming.

< p > the world is < a href= "//www.sjfzxm.com/" target= "_blank" > dress < /a > a href= "//www.sjfzxm.com/" target= "//www.sjfzxm.com/". Last Thursday, the 3 new shares of concern were officially landed on the A share market, and the collective report of "second stop" on the first day of the transcript was unfolded again. < /p >
< p > in the pursuit of new capital, the new shares and shadow stocks have also heard the news. The frenzy of speculation has become a stubborn disease that is hard to cure in the A share market. However, excessive speculation not only distorts the capital market pricing mechanism, but also makes the small investors who blindly follow the trend become the ultimate victims. With the gradual transition of IPO to registration system, the fight for new fry will eventually lose the space for market survival. < /p >
< p > < strong > [new /strong > /p >
After P months, the A share market finally welcomed the first batch of new shares after the two IPO restart. On the first day of issue, Feitian integrity, snow wave environment, and Longda meat 3 new shares were all opened at the top of the 20% increase limit. After opening only a few transactions, they rose 10% and were temporarily stopped. After resumption, the enthusiasm of the market for 3 new stocks increased, and finally increased by 44% compared with the issue price. Up to the close, 3 new shares still have huge sums to collect and raise funds at the price limit, and the number of shares waiting for trading has been over 100 million. < /p >
< p > in addition, the IPO also ignited the enthusiasm of the market, which led to the "common progress" of the sub IPO, making the 12 new shares limit, and 31 of the 44 new shares listed on the market were more than 5%. < /p >
< p > < strong > [chaos > /strong > < /p >
< p > for a long time, the fight against new speculation has become a major ailment in the A share market. Under the background of many years of bear market, even though the management has launched many new IPO reform measures, it has not dampen the enthusiasm of the market. < /p >
< p > Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, told our reporter that since the price of new shares had returned to the "window guidance" era, the price of the issue would be lowered by administrative intervention, which would inevitably lead to a surge in share prices on the first day of IPO. At the same time, the restrictions on new sale and purchase limit of "market placing" also made the purchase of new shares become a hunger sale game. This is the root cause of blind new and frenzied speculation. To make matters worse, the three regulation of share price rises on the first day of IPO is forcing the IPO to be sealed up on the maximum daily limit, resulting in an awkward "second stop" phenomenon. Investors can not buy new shares or sell new shares, and the myth of "unbeaten new shares" has once again become a reality. < /p >
< p > "the 3 new shares are related to price control, and the turnover rate is very low, which is equivalent to the direct bonus of regulators to new investors." In the eyes of financial commentator Ye Tan, the new stock market has been touted. The first thing is that the number of new shares is limited. From the suspension of the issue to the restart this year, the market has accumulated enough capacity, though not enough to support the whole market, but there is more than enough market to hold the hot new stock market. < /p >
< p > in fact, since the beginning of this year, the new shares issued by IPO have been well received by the market. The two degree opening of the IPO is a great opportunity for the majority of investors to see the opportunity to make money. "Hitting new shares is equal to winning the lottery. The 48 new shares issued at the beginning of the year generally rose, with the highest average of 151.5%, triggering a craze for popularity. Ye Tan said. < /p >
< p > < strong > [chronic disease is difficult to cure medicine] < /strong > /p >
< p > however, it is not equal to making a profit without fighting new speculation. < a href= "//www.sjfzxm.com/news/index_s.asp" > new shares > /a > less than 1 years, there are too many examples of breakage. Small investors who believe that "new shares will not fail" and "stir up new ventures" will bear the risk of huge losses. How to cure the stubborn illness that the stock market has been unable to get rid of for many years is a great test for management's medical skills. < /p >
< p > "eliminating the phenomenon of" three high "(high issue price, high price earnings ratio and super high raise fund) and breaking the myth of" unbeaten new shares ", the only way is to abolish the existing approval system and fully implement the IPO registration system. Dong Dengxin said that the process of realizing IPO registration is actually a process of "de administration" in the primary market. From the current approval system to the registration system, there are only three steps: the first step is to implement the marketization of IPO pricing and to abolish the IPO pricing window of the SFC; the second step is to carry out the marketization of IPO rhythm and abolish the SFC's suspension of IPO privileges; the third step is to implement IPO registration system and abolish the listing audit committee. In fact, the first two steps were completely completed before 2009 to October 2012. Unfortunately, the A share market was closed in October 2012, and the reform process was interrupted artificially. < /p >
< p > Ye Tan also believes that the way to cool down the new stock market is to issue large scale, so that all more than 600 enterprises that have passed the examination and all enterprises that are ready to go through the audit will choose the listing window independently. Although such shock therapy makes the market miserable, it is a good way to return the stock market to normal. < /p >
< p > "fortunately, in the third Plenary Session of the 18th CPC Central Committee, it has made a clear decision: the purpose of the IPO system reform is to achieve registration system." In Dong Dengxin's opinion, only the registration system can adapt to the needs of marketization, legalization and internationalization reform; only the registration system can crack down on the excessive administrative intervention of IPO, and let the IPO price fall sharply, and the "three high" of the new shares will be solved; only the registration system can make the "shell resources" of junk stocks worthless, and the market will disappear without death, and the efficiency of the delisting will be significantly improved; only the registration system can restore the true signal of the stock price, and restore the resource allocation function of < a href= "//www.sjfzxm.com/news/index_cj.asp" > stock market < /a >, so the Chinese version of "slow cow" will be born. < /p >