Fang Xinghai, vice president of China Securities Regulatory Commission, "bombard" new shares on the first day of the limit listing 44% for the daily limit Scholar: recommended early cancellation

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Image Source: Photographed Network

Every reporter Wang Haizhen, all edited Xie Xin

Some old investors still remember that for many years, there was no limit on the first day of IPO, and there were many new shares in the market that broke the first day of listing, but on the first day of IPO there was a limit on the first trading day and the new shares broke on the first day. The situation basically disappeared and was replaced by a "daily limit of one page".

However, or in the near future, the so-called "new invictus shares" will be replaced by a more market-oriented performance.

On January 12, Fang Xinghai, vice president of the China Securities Regulatory Commission, said at the 23rd China Capital Markets Forum that the first day of the IPO was 44%, and the price rose 44% on the first day. The price of transaction volume is an illusory and imprecise price. "He believes that artificial restrictions lead to irrational prices, and there is no trading volume in the last few days, which is very irrational." The first day of the daily limit will be studied. Personally, I feel it should be canceled. "

Fang Xinghai's statement today looks at changes in the operational status of the new stock after listing and the related issuance system. That afternoon, Volcano (WeChat's public number: huoshan5188) interviewed a number of industry-experienced members and experts and academics this afternoon.

Some capital market scholars believe that it is rare for A shares to have a limit of 44% on the first day of IPO for the first time. It is rare to cancel the daily limit on the first day of IPO listing, which favors real market trading and the formation of real price signals.

The first day of listing went up and down to limit focus

Fang Xinghai, vice chairman of the China Securities Regulatory Commission, gave a keynote address at the 23rd China Capital Markets Forum on Friday, addressing issues such as science and technology and the introduction of foreign capital.

In addition, the market is particularly concerned about the fact that he also mentioned content related to the issuance of new shares. Fang Xinghai said in the forum that the first day of IPO has a limit of 44% on the daily limit.In the first day, the price rose 44% .There is no trading volume "The price without trading volume is an illusory, inaccurate price . " He believes that artificial restrictions lead to irrational prices, and there is no trading volume in the last few days, which is very irrational. "The first day of the daily limit will be studied. Personally, I feel it should be canceled."

According to Eastern Fortune statistics, since January 24, 2014, the bird was listed on the first day of the 43.96% increase over the next five years, the first day of more than 1,000 new shares listed on the first day of the increase was almost 44%.

According to Volcano Jun (public number WeChat: huoshan5188), the current limit of 44% of the daily limit on the first day of IPO listing originated from the reform of the new share issuance system started at the end of 2013. At the outset of this system, some analysts believe that a clear restriction on the first day of rise and fall of the stock market can play a positive role in containing the first day of the IPO.

Cancellation of restrictions is conducive to the formation of real prices

According to statistics from Eastern Fortune Choice data, the new shares listed before 2014, the market performance on the first day of listing can be described as huge. For example, Luoyang Molybdenum, listed on October 9, 2012, rose 221% on the first day of listing, and Haixin Food, which came out two days later, broke the first day and its stock price fell 8% . Throughout 2012, almost 40 new shares were broken on the first day of listing.

Some market participants pointed out that the performance of the first day of the IPO listing was related to the bulls and bears in the market, and if new consecutive shares broke on the first day, it could even be considered as one of the characteristics of the market entering the fund area. In recent years, no matter how the stock index floats, new stocks can always be invincible.

For the statement by Fang Xinghai, vice president of the China Securities Regulatory Commission, Volcano Jun (public number of the WeChat: huoshan5188) interviewed a number of experienced industry members, experts and academics this afternoon.

Dong Dengxin, director of the Wuhan University of Science and Technology's Institute for Financial Securities, believes that it is rare for A's shares to have a 44% cap on the first day of the IPO for the first time, which will help the market to form real transactions. The actual price signal is formed.

It is noteworthy that due to the "invincible new shares" in recent years, some hot money used the fast trading channel to buy new shares only listed in the daily limit, which also contributed to the spread of new shares.

Dong Dengxin pointed to the volcano that the daily continuous limit after the IPO was listed was explored by hot money and institutions as a kind of psychological suggestion, which led to almost all new actions being wasted regardless of quality. Generally, they are exaggerated but in the end are still being sold by retail investors, so this restriction does not protect small and medium investors, but tolerates speculation.

In an interview with Volcano Jun, the general manager of an insurance company said that the daily limit of the first day of IPO listing should be canceled. "The daily limit limit on the first day of the IPO listing is insignificant, not only by distorting the price, but also by causing retail investors to continue past the daily limit. , with the cancellation of the limits of increase and fall of the first day of the IPO, the future problem should be alleviated.

Dong Dengxin also pointed out to the volcano that in order to prevent retail investors from cutting leek into new shares, it is recommended to cancel the price limit on the first day of listing the IPO as fast as possible, and to introduce the transaction T + 0 on the first day of the IPO listing. The second trading day will return to normal. "