This person believes that in the medium and long term, on the contrary, it is conducive to improving the marketization level of the stock issuance of selected layers and exploring a new valuation system.
On the opening day of the selected layer, regulatory authorities also frequently released good news.
It is reported that Beijing Municipal Local Financial Supervision and Administration Bureau (hereinafter referred to as Beijing Financial Bureau) said that Beijing would strengthen communication with the CSRC and other regulatory departments, strive to introduce relevant supporting policies, carry out pilot projects in the new third board or other sectors, and guide China capital stocks to return to China for development. Meanwhile, it also disclosed that it would strive to form a reserve pool of 1000 local listed enterprises on the new third board within 3-5 years.
Xie Geng, chairman of the national equity to equity company, also said that the company will continue to promote the reform and innovation of the new third board, so as to better release the reform effect.
High open low go individual stock differentiation
On July 27, the new third board (neeq) was officially opened to the market. Unlike the first batch of stocks on the scientific and technological innovation board, the trend of the first batch of 32 selected stocks showed obvious differentiation and volatility.
In the early morning of the same day, 32 stocks opened high collectively. Under the background of no price limit, some stocks soared, of which n-share and n-yongshun doubled. But before long, it began to fall back on the whole, turning green one after another, and even triggered a temporary suspension due to the drop of more than 30% and 60%. For example, the largest decline of n taixiang was more than 60%, and that of n hengtuo was more than 40%.
One hour after the opening of the trading, the decline of the above-mentioned stocks gradually narrowed. By the end of the afternoon, only 10 of the 32 stocks closed up, and 21 stocks fell in varying degrees, with an average decline of 4.37%. In other words, the 21 stocks broke on the first day, accounting for 65.63%.
Specifically, five stocks rose more than 10% on that day, with the highest share price increase of 55.4%. N Yongshun, n senxuan, n Yintu and N beiteri followed closely, with increases of 39.86%, 17.59%, 12.22% and 10.43% respectively. In addition, n taixiang and N hengtuo were at the bottom of the rising list, down 20.83% and 20.34%.
Time weekly reporter noted that the above performance is more eye-catching, substantial increase of individual stocks, most of which are oversubscribed multiples and are highly concerned by investors in the early stage. As share technology (n share), online and offline oversubscription multiples ranked third and fourth respectively, and N Yongshun was also the stock with the largest oversubscription multiple on the Internet.
On July 27, Zhuang Yawei, manager of Tianyu Chenxi asset fund, said in an interview with the times weekly, the reason why the rise of senxuan medicine (n senxuan) is higher is that its quality is good and its issuing price is lower. And n-bertry, at present, has a lower valuation and more active trading volume.
Judging from the overall transaction data, the trading volume of the first batch of selected stocks is still very large, nearly six times larger than the daily turnover of the new third board in the past. On July 27, Zhang Chi, chairman of Xinding capital, said.
There are bags for safety, but also for bottom copy
A person from a small and medium-sized private placement organization in the South sighed to the times weekly reporter, it has been predicted that the first day of the selected layer will be broken, because the quality of the subject matter is uneven, and the overall valuation is high. Fortunately, when we hit the new off-line, we screened individual stocks.
Mainly based on confidence in the future market. Because in the long run, there is still an obvious price difference between the selected stocks and the secondary market of a shares. I believe that after a long time, the price of oversold stocks will gradually make up. Zhang Chi said.
Public funds to select the level of secondary market volatility is also very calm.
In this regard, many interviewees believe that the first day break is a normal phenomenon, and in a sense, it can force the market pricing to become reasonable and mature, and the short-term fluctuation of the selection layer does not affect the long-term layout.
Zhang Chi said to reporters that the first day of the stock market selection volatility is larger, affected by multiple reasons.
First of all, there is no lock-in period for some old shareholders, which is different from that of the science and technology innovation board, which leads to a large sale after the market opening; secondly, the stock prices of some selected stocks have been raised in the innovation layer, and there is a certain profit correction after listing.
The relevant person in charge of Wanjia fund also pointed out to reporters on July 27 that the main difference between the listing of new shares at the selective level and the traditional A-shares and the science and technology innovation board is that the sales restriction system is relatively loose, and the small shareholders before listing can circulate freely, which is a big variable, which will increase the power of selling shares and increase the complexity of the game in the listing of new shares.
In addition, the increase of IPO is related to the overall mood of the A-share market, the price earnings ratio, the size of the circulation plate, the quality of enterprise fundamentals, and the number of online accounts.
Cracking down on illegal holding and releasing
On the evening of July 27, the national stock transfer company issued the first fine ticket for the selected layer. It is found out that Baoyuan Shengzhi, as a shareholder with more than 5% shares of technology shares of the selected listed company, reduced its holding of 80000 shares by centralized bidding on July 27, 2020, and did not disclose the reduction plan in advance, involving an amount of 1129100 yuan.
Time weekly also noted that there is still a wave of favorable policies on the new third board selection layer. On July 26, it was reported that the higher risk level (R5) setting of the first batch of new third board funds and the lower investment ratio limit will be changed in subsequent fund products. Specifically, the previous regulation that the proportion of new third board funds invested in the selected enterprises of the new third board in the closed period of products shall not exceed 20%, and the investment proportion in the open period shall not be higher than 15%, which will be abolished. At the same time, fund companies can set up public offering products of the new third board according to their own risk management ability and the risk return characteristics of the selected stocks, and reasonably set the risk of the products Rating, which means that the risk level of the new third board public offering fund (R5 high risk level) will be lowered. Obviously, the good news behind this news is that the incremental funds of public funds participating in the new third board selection layer are expected to increase in the future. Source: time weekly editor: Yang Qian_ NF4425
Specifically, the previous regulation that the proportion of new third board funds invested in the selected enterprises of the new third board in the closed period of products shall not exceed 20%, and the investment proportion in the open period shall not be higher than 15%, which will be abolished. At the same time, fund companies can set up public offering products of the new third board according to their own risk management ability and the risk return characteristics of the selected stocks, and reasonably set the risk of the products Rating, which means that the risk level of the new third board public offering fund (R5 high risk level) will be lowered.