As of December 16, 13 new stocks were broken on the first day of listing this year, of which 9 were issued in October (Oriental Wealth Data). However, from the pilot registration system on the Science and Technology Innovation Board to last year, there has been no break of new shares on the first day of listing.
Although the first day of IPO breaking is a market behavior, it is also a phenomenon where there is no winner. In this regard, the inquiry object first needs to review its own quotation behavior.
Inquiry objects are all powerful institutional investors. Their quotations for new stocks reflect their professional standards. If an institution cannot provide a reasonable price for new stocks based on facts, its position in the hearts of investors and companies to be listed will naturally be compromised.
The IPO break on the first day of listing was a real hammer blow to securities companies. Investors’ reliance on securities firms has never been reduced. From opening an investment account to grasping trends and targets, the opinions of securities firms are often an important investment basis for investors. If securities firms make irrational inquiry, it will do the greatest harm to the development of the securities industry, and it is unwilling to see all market participants. How to adapt to the registration system faster and better is a must-answer question before all inquirers.
In addition, start-up companies must adhere to the principle of project financing, and it is not better to raise more funds. When a company goes public, there will generally be clear fundraising projects and a clear budget for the required funds. In order to ensure the smooth development of fundraising projects, there will generally be a certain scale of over-raising for the first IPO. However, the proportion and extent of over-raising of new shares in the A-share market is staggering. For example, the newly issued new shares, including the funds required for fundraising projects and supplementary liquidity, are planned to raise less than 560 million yuan, but the quotation of the inquiry agency brings the fundraising scale to close to 5.6 billion yuan.
For the time being, I will not discuss how this new stock will perform on the first day of listing. The market is shocked by the huge over-raising ratio and scale. As a result, some online investors chose to abandon the purchase, and the total amount of abandonment exceeded 360 million yuan.
How to solve the problem of overfunding? Let the invisible “hand” of the market under the registration system handle it.
Nowadays, the unbeaten status of new stocks has gradually become a legend, and investors have to make new stocks with precision. Among the market participants under the registration system, investors are also one of the fastest-growing groups. They were the first to feel the changes brought to the market by the registration system and chose to “vote with their feet” on certain unreasonable phenomena.
However, most investorsStill has a strong herd mentality. In order to adapt to the new changes brought to the market by the registration system, investors can choose to improve their research and judgment capabilities or choose professional financial products such as funds.
“Full implementation of the registration system for stock issuance” is one of the key tasks assigned by the Central Economic Work Conference in 2022. How to make new stock pricing more realistic and have more sustainable development space under the registration system is a problem that inquirers, listed companies, investors and other market participants need to face together. If this problem is resolved, the pivotal function of the capital market and its impact on the whole body will be better brought into play.