What Is The Curse Of New Stock Trading?

Since the reopening of new shares in June, the low price earnings ratio, low issue price and low success rate have become the most notable characteristics. The "three high" has finally come down, followed by a continuous "one" limit.

Statistics show that as of now, after the current round of new shares restarted, there are 11 companies with a continuous trading limit of more than 10 trading days.

What created the curse of new stock trading? The pricing of new shares and the first day trading mechanism should be the two factors to form this phenomenon.

The existing IPO pricing mechanism solves the drawbacks of the "three high" new shares in the past. However, under the condition of the oversupply of the listed resources, under the new traditional fermentation, the continuous trading of new shares does not exclude the speculation behavior of the market's hot money. However, we can not deny the existing pricing mechanism because of this situation.

With a positive attitude towards the IPO pricing mechanism, the contrast is that the first day trading mechanism for the new stock market brings more scrutiny to the market.

After IPO was restarted in 2005, in order to curb speculation New shares The regulatory authorities issued the first day trading mechanism for IPO, including setting up temporary suspension and price limits. At first, the increase in the trading mechanism was far more limited than it is now. For example, when the growth enterprise market is open, the increase in new shares is limited only by the temporary suspension threshold at the time of the first day of the SME Board's IPO listing, plus a + 80% suspension threshold based on the temporary suspension threshold of 20%. 50%.

Epicycle IPO When it was restarted, the Shenzhen Shanghai Stock Exchange issued "for the first time". public offering On the first day of the listing of stocks, the notice of "temporary suspension system on the stock market" announced that the opening price on the first day of IPO could rise by 20% compared with the issue price. When the intraday transaction price rose to or exceeded 20% when the opening price rose to or exceeded 20%, the provisional suspension was suspended until 14:57. This makes the first day of IPO more "one" limit trading trend, on the other hand, it has triggered the anticipation of the buyers and sellers to continue to limit the market thereafter.

As new shares are basically unlimited trading, small investors can not conduct speculation in the two tier market. From the perspective of protecting the legitimate rights and interests of small and medium investors, the first day trading mechanism of IPO has played an active role in this regard.

Now, the continuous trading of new shares has constituted a unique landscape in the A share market, but it always makes people feel embarrassed. Crack the new stock trading limit curse seems to wish to register system.