IPO "Step On The Brakes": Making Way For Bank Stock Refinancing?

After the great leap forward, the IPO also appeared as a "deceleration" phenomenon like the high-speed rail.

The two new shares, 002613, and 300260, will be the largest number of new shares issued this week. This year, the first week of the week is the lowest. This is also the third week decline in the number of new shares issued since August.

In response, people who interviewed by the financial investment newspaper believe that the IPO is "slowing down" or making way for bank stock refinancing.

Bank

This week only two new issues were unexpected.

Then, what is the reason?

Is it not possible to issue new shares?

In this regard, Zhang Guangwen, chief strategist of Guangzhou securities, does not agree with such a statement.

He said that since June 29th, IPO's "first day break" has become the past tense.

From the current price earnings ratio of IPO, although some high, the average price earnings ratio of about 50 times, but still got the market's approval, which means there is no problem of no hair.

Is the management deliberately slowing down the IPO based on the current market situation?

Zhang Guangwen also denied it.

He believes that since the two reform of new stock issue, the IPO has begun to "marketization" process, and the main reason for the current market downturn is not the issue of new shares, but rather the European and American markets.

"I personally believe that the pace of IPO temporarily slows down is to give way to refinancing of large cap stocks represented by bank shares."

Zhang Guangwen said that with the growth of the scale of domestic bank loans, banks are generally faced with the pressure of capital shortfall. Several important domestic banks will have a capital shortfall of 4000-5000 billion yuan in the past five years, with an average annual capital shortfall of about 100 billion yuan.

In order to prepare for the rainy day, the trend of bank refinancing is inevitable.

As we all know, banks are all "heavyweight" stocks in the market, and the scale of their refinancing is equivalent to the scale of funds needed for dozens or even hundreds of small and medium-sized stocks.

Zhang Guangwen told reporters that the cooling of IPO may also be related to the lack of institutional subscription.

According to convention, companies should communicate with organizations when they start, because they are "big buyers".

If the communication is not enough, the institutional subscription is not enthusiastic, and the delay in issuing is inevitable.

"According to our understanding, at present, institutional investors, including public offering funds, are cautious about the whole market, and are selective in the" fight for new ".

Positive impact on the market

Talking about the cooling of IPO

"Another reason is that this phenomenon is only temporary."

Zhang Guangwen said that in the long run, the speed of issuing new shares will not slow down. 45 of the new stocks that have already been issued are already waiting in line. In addition, a large number of financial companies such as GF, Shanghai bank, Xinhua Life Insurance and Taikang Life are planning to go public.

"It is mainly because it has reduced the diversion of market funds and psychological impact," he said.

Zhang Guangwen said: at present, the market is in a weak position, coupled with the turbulence of financial markets outside Shanghai, the acceleration of expansion will likely lead to a big drop in market buying, and the slowing of the IPO rhythm will help to support the two tier market.

Under the "bull market" situation, the diversion of funds has a narrowing effect on the negative effects of the market. On the contrary, under the "bear market" situation, the diversion of funds has a magnifying effect on the negative effects of the market.

It is reported that after the end of this week's IPO, it was August 29th's Beijing express and Aboriginal chemistry.

According to this calculation, a total of 22 companies will complete online purchase in August.

Although the number is slightly higher than the 20 in July, but compared with 35 in January this year, 27 in May and 26 in June, the monthly circulation has slowed down.

A shares, which are very sensitive to policies and funds under weak conditions, are expected to hold the last defense line of 2437 points under the care.

Galaxy Securities analyst Hu Yonggui believes that whether from the issue of new shares or from the audit committee's audit rhythm, management seems to be slowing down the pace of IPO, slowing the pace of IPO will help to support the two tier market funds, and the impact of the market is more positive.