Every hot review 丨 The pricing link behind the new shares should be more rational

Last week, the new stocks frequently broke, and the former "Xiang Xiang" became "hot potato". Oriental Fortune Choice data shows that from September 19th to September 23rd, a total of 12 new shares were listed (excluding the Beijing Stock Exchange, the same below), and 7 new shares were broken on the first day, with a breaking ratio of nearly 60 %. Among them, on September 19, five new shares were listed in 3 breaks; on September 21, 3 of the four new shares were broken.

In September of September, the new rules of the inquiry in September were officially implemented. New shares have frequently broken the signs "cool" in their hearts, and indicators such as rising purchases of new shares and decline in valid subscription households also intuitively reflect the reality of the new stock market in the near future.

There are many reasons for new stocks. The market environment is a major factor. Most of the new shares listed last week were completed in the early September of August. Since the past half month, due to the influence of radical interest rate hikes in major European and American economies, the A -share market has fallen, which has adversely affected new stocks, especially new shares issued by high -priced issues, especially high -priced issues. Essence

However, under the registration system, the inquiry objects are professional institutional investors. The information they get is more fully and professional. Sumulating agencies are also professionals who are familiar with the company and the market. Ordinary investors also hope that they can make reasonable value judgments on the listed company. When the listing of high -priced new shares is greatly broken, it will also cause great harm to market confidence.

Excessive pricing, super -raising funds far exceeding the actual investment demand, brought breaks and countless vomiting. If some netizens question on social media: "Portable energy storage is already a red sea. Bulling us only recognize the word storage? Earn the super -raised money, and the shareholders are too miserable."

Aside from emotional factors, the problem mentioned by the netizen is also a new problem encountered by the A -share market after the reform of the registration system. After the deep reform of the capital market, many emerging industry companies and even losing startups logged in to the A -share market through the IPO. They brought new technologies, but they also brought some unbelievable business models. It is more difficult to judge their valuation system and investment standards in the past. Investing in such industries or companies will inevitably bring stories and expected components. In the issue of new shares, the game between issuers, investors, and sponsors has become more complicated.

In the past approval system, the issuance of new shares was set up with a 23 -fold price -earnings ratio reference standard. To some extent, it lowered the pricing of the first -level market for the new shares, giving the secondary market stir -up space, resulting in the "undefeated myth" of new shares. Under the registration system, especially after the reform of the new shares inquiry mechanism, the pricing of the new shares is determined by the buyer and seller's game, testing the valuation pricing capacity of the seller (investment bank), and the price discovery ability of the buyer (inquiry).

The author believes that in the pricing session, both buyers and sellers should be more rational, especially for some popular tracks. Only by buying and seller's more professional judgment and prudent assessment of the industry's prospects and the market environment can we maintain the issue price of new shares in a stable and relatively reasonable position to the greatest extent.

Of course, referring to the experience of mature overseas markets and market -oriented pricing, new shares break are common phenomena. It is not necessarily a negative factor for a healthy market. The break itself will continue to promote the price of new shares to return to rationality. Some stocks that are influenced by short -term market factors, if they operate well, their secondary market prices will eventually return to their true value. It was just that the new shares broke last week to remind investors again: Before playing new, you need to do more homework.

Daily Economic News

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