. “There are market observers pointing out.
On October 30, 2009, the first batch of 28 companies on the GEM was listed. After half a year of opening, on May 20, 2010, new shares on the GEM broke on the first day. Today, the board broke open in the next four months, and there is a voice that it may not be far from the first day of breaking the new shares of the board.
“The higher the marketization of new shares, the higher the probability of breaking the first day of IPO.” Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, told the investment community, “The IPO of the Hong Kong market recently The first day breaks the ratio at around 15%, and the US market is between 20% and 30%. With the registration system being promoted and promoted in the science and technology board, market-based IPO is becoming the norm, and new stock breaks will remain at a certain rate. >.”
Since the opening of the board on July 22, the number of listed companies in the science and technology board has continued to increase. On the evening of November 6, the Shanghai Stock Exchange released the results of the 42nd and 43rd review meetings of the Board of Directors of the Board of Science and Technology, and agreed to apply for the listing of Lexus Software, Shengong Shares, Yinghantong and the majority of the special products. At this point, the number of IPO companies in the science and technology board has reached 91.
With the continuous expansion of the science and technology board, the scarcity of new stocks declined, and the supply side is expected to increase. Under the market-based pricing mechanism, the first day of the board’s growth is also returning to rationality. As of now, the 17 new IPOs listed by Science and Technology Board since October have seen an average increase of 78% on the first day of listing, which is 50% lower than the 15% of the first-day average earnings of IPOs listed before October.
At the same time, under the test of the secondary market, the fundamentals of some companies are not enough to support their high pricing. The performance of the first batch of listed companies in the third quarterly report has changed dramatically, causing the stock price to fall and is now on the verge of breaking.
In the view of Shen Wan Hongyuan senior investment doctor He Wu, the long-term new material break will accelerate the sinking speed of the board.
The price-to-earnings ratio of the Science and Technology Board has been more than 150 times since its establishment. Even with the beautiful three quarterly reports and the three-month adjustment, the average price-earnings ratio is still 64 times. More importantly, it is a new one. The price-to-earnings ratio of the 50 stocks in the board is the third lowest, only 24 times.” He Wu pointed out.