However, Peng Hai believes that breaking out in the capital market is not a new thing. The first batch of innovative layers is not as good as expected. On the whole, it may aggravate the differentiation in the future, which needs to be differentiated. Investors enthusiasm for the later stocks may be affected to a certain extent, depending on the subsequent stock price trend.
After summing up the markets high and low expectations, the investors are disappointed with the markets three bright spots. It is hoped that the secondary market of the selected layer can complete the bottom recovery as soon as possible, and stimulate investors investment enthusiasm for the selected layer again. He also said that the real performance of the secondary market of the selection layer will make the inquiry and pricing of the subsequent selective layer enterprises return to rationality when they go public.
However, some people in the industry think it is in line with expectations. Zhao Tiannan, the fund manager of Guangxi Jiyu Investment Management Co., Ltd., told reporters that the overall performance of the first day of the selective layer opening Board met his expectations. He believes that many stocks broke on the first day of listing, mainly because there was a large increase before the suspension of trading, and there was a large arbitrage space on the first day of listing. In addition, continuous auction trading enhances liquidity, greatly enlarges the trading volume of stocks, and the price fluctuation will be relatively large. However, he said that this will not affect the follow-up plans for new products.
Fu Lichun, director of Northeast Securities research, said the current performance is basically in line with expectations. On the one hand, account opening, investment and new share subscription before the new third board are very popular. Under the mechanism of full marketization, the prices of some stocks may be overvalued, and the prices will return to rationality after the opening of the secondary market; on the other hand, the number of new third board enterprises is very large and the differences are very large, and there are also uncertainties in different stages of growth. The judgment methods and conclusions of the original shareholders, institutional investors and individual investors are inconsistent. Under the more market-oriented sales restriction mechanism, some investors may choose to leave the market. On the whole, this is the result of the marketization and inclusiveness of the new third board. For the selected layers of the new third board, we cant stick to the original stock market concept and should be more open.
Wang Jiyue, a senior investment banker, also said it was expected. He believes that individual companies attract more than 100 million or even hundreds of millions of funds, but most companies still cant. this may be a more reasonable result of the market. At present, the liquidity of the whole third board market still needs to be observed. Even if it is a select layer, this is only the first day of listing, and the road is still far away.