Gem IPO Share To The Institutional Tilt

In the past week, the SFC has issued IPO approvals to more than 10 over the counter enterprises at an unconventional rate, of which 8 new shares are being purchased next week. The IPO was restarted, and the boots, which hung over the A share market for more than a year, finally landed.

In the first two trading days in 2014, the two cities were weak and sorted out. The weight plate is weak, and the financial, real estate, coal and liquor are all flameout in the battle before the end of the war. The gem is going upstream again, and the small and medium-sized boards are also eye-catching. The theme stocks are very active. It was widely believed that the IPO restart had little impact on the motherboard, but would have a big impact on the gem and small and medium-sized boards, but the performance of the market is just the opposite.

Weight stocks downturn

　　 Gem Fiery

From last year's whole year, the performance of A shares is the third highest in the world, and Brazil and Chile are worse than A shares. The Shanghai stock index fell 6.75% last year, while the Shenzhen composite index fell 10.91%, while the gem rose 82.73% last year, much higher than the US NASDAQ index's annual increase of 38.3%.

Surprisingly, in 2014, the last year's weak weights continued to be abandoned by the fund. The CSI 100 index has fallen by 10% since the 4 fall last December. Coal, oil, banks, real estate and other weight plates almost draw the same trend curve. Once again, heavyweights fell collectively, indicating that the current market downturn. Although the valuation of blue chips is very low, it still can not attract off court funds.

There are many reasons for the downturn of heavyweight stocks, such as the decline of the PMI, which indicates that the future economic growth will steadily decline. In 2014, there was no "loose liquidity" in January as it appeared in previous years; the interest rate marketization made it difficult for bank shares to rise; the western coal giant "Shaosheng", which is going to land on the main board of Shanghai Stock Exchange, is expected to raise more than 17 billion yuan, which will add to the weakness of the stock index.

It is noteworthy that in 2014, the first trading day in Shanghai was 36 billion yuan less than that in Shenzhen stock market. This is a very rare phenomenon. For this situation, the unanimous interpretation of the market is that the new stock market restarts with the IPO market capitalization policy, and the Shanghai and Shenzhen market capitalization is separately calculated, corresponding to each other, leading to a further widening of the gap between the strong and the weak.

　 　 IPO The balance is tilted to the mechanism.

Reporters further tracking interviews found that IPO policy tilt to the organization, is the main force behind the war.

Statistics show that the market value distribution of IPO is different from that of the market in 2002. Not only does it require investors to participate in online placement, but also a certain number of non restricted shares of listed companies. The basic principle of IPO in 2002 is to give priority to the purchase of market capitalization. Under this premise, the ratio of placement is determined between 50% and 100%.

This time, it clearly stipulates that the percentage of placing shares under the company's capital stock below 400 million yuan is no less than 60% and 70% of the number of shares issued. The rest is being distributed to online investors. The undersubscribed part of the established network distribution shall be suspended, and the issuer and the main underwriter shall not return the stock to the Internet. That is to say, the proportion of placing under the net is not only comparable to that of the market in 2002, but also much higher than that of the 50% of the price fixing and the market value distribution that had been implemented in 2000 and 2001. In addition, the arrangement for placing the shares to strategic investors should also deduct the proportion of online distribution to the strategic investors, and the tendency to tilt to the institutions is very obvious.

From the perspective of historical achievements, as growth stocks take the bull, annual growth is ranked as the growth style fund. In the active equity fund, the China Post emerging industry fund, which was heavily loaded with the gem, grew by 80.38% in the net value last year, ranking first, while the Changsheng information and Galaxy themes ranked second and third respectively, with a yield of 74.26% and 73.51%, and fourth and fifth respectively, and the yields were 70.41% and 69.14% respectively.

From a realistic point of view, of the 5 companies that got the first approval, 3 companies landed on the gem, and 3 of the second approved companies were expected to enter the gem. This indicates that the gem will usher in a high speed expansion. A large proportion of the new shares will be listed on the gem. The separate calculation of Shanghai and Shenzhen market capitalization will also force the main force to switch to gem.

Who will escort IPO reform?

Currently small and medium Investment There is widespread concern that the "three high" issue may repeat itself because of the drive of interest. Shareholders complain that the "three high" issuance of new shares is the main reason for those who enjoy the "new shares benefits". That is, they raise the issue price, so that the listed companies can get huge amounts of cash and sponsor agencies to increase the sponsorship fee income. It is they who drive up the opening price, let the organization buy a large proportion of chips with the purchase under the net, and then use the money of the foundation people to stir up the new stock.

Analysts also point out that the essence of IPO reform lies in letting the market decide the allocation of resources and the distribution of interests, and can not continue to carry on the interests transmission to large shareholders, large organizations and large funds.

So, is there really no solution to the weight blue chip puzzle? The answer is No. For example, the new "nine states" proposed to improve the share repurchase system and guide listed companies to undertake to repurchase shares when the stock price was lower than the net assets per share.

Again, there are two options for implementing preferred stock: first, issuing incremental preferred stock, increasing the financing channel of the company, partly relieving the pressure of capital demand; and two, converting part of the stock stock into preferred stock. This will improve the quality of corporate governance, alleviate the financial pressure caused by lifting the ban and promote market-oriented reforms. For two different versions of the scheme, investment bankers revealed that the current plan for their clients mainly adopts incremental issuance. If the stock stock is converted directly, the interests will be even more difficult to balance.

At the end of last year, Xiao Gang, chairman of the securities and Futures Commission, said that the protection of small investors is a way to protect the capital market, so that investors can find the hope of regaining confidence. But only by refining and implementing the new "nine states" can investors get real benefits.