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IPO Rhythm Stable Market Policy Bottom Again Appears

2014/5/31 10:02:00 17

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despite the fact that there are new a href= "http://www.91se91.com/news/index_cj.asp" > nine countries < /a > landing on the market, it is reassuring to the market, but IPO, as a major uncertainty factor, has never made the market really settle down.

Regulators know what the market is afraid of. On the 19 day, the securities and Futures Commission has studied and implemented the relevant work of the State Council on further promoting the healthy development of the capital market. 11 specific plans have been put forward.

Among them, in the issue of IPO, the meeting clearly stated that we should do a good job in the issue of new shares and stabilize market expectations. From the end of June to the end of the year, we plan to issue about 100 new listings and issue them on a monthly basis.

On that day, the Shanghai Composite Index fell below 2000 points to 1996 points.

the rhythm of IPO is finally clear. Every Wednesday's rhythm of the listing also takes full account of the affordability of the market and is regarded as a move to conform to public opinion.

The market seems to be buying too much. In May 21st, the Shanghai Composite Index closed at 2024 points, or 0.84%.

The 5 game of strong > 2000 points is .

earlier in the Spring Festival before January 20th, < a href= "http://www.91se91.com/news/index_cj.asp" > market > /a > broke 2000 points to explore 1984 points. In March 12th, it set up 1974 points for the 6. 25 yuan shortage since last year. A few days later, in March 20th, the stock index was collected at 1993 o'clock. Then, with the intensive disclosure of new shares, April 29th, the market fell below 2000 points to 1997 points.

it is worth mentioning that, < a href= "http://www.91se91.com/news/index_cj.asp" > regulatory level < /a > did not allow the stock index to be allowed to leave below 2000 points, and every time a new policy was introduced, so that the market could ushered in a decent rebound after the bottom of the market.

January 20th, after the bottom of the market, on the 22 day, Xiao Gang, the chairman of the securities and Futures Commission, put forward six changes to push forward the regulatory pformation, and the Shanghai stock index rose 2.16% on the same day.

In March 12th, after second years of low stock index, Jiang Yang, vice chairman of the securities and Futures Commission, announced that the SFC would build a comprehensive return system, followed by the issuance of the preferred stock pilot management measures, the six initiatives of the State Council to promote the development of the capital market, the Commission's research on the balance between supply and demand of IPO, and so on. In April 10th, the stock index touched 2146 points.

Since April 29th, the nine new country has become a powerful weapon to save the market. It is also known as a radical cure. It has pulled the market back from the 2000 point crisis.

On the 21 day, at the beginning of the first session, the stock index lost 2000 points instantly. After 10 minutes, the bottom of the market was 1991 points. The new stocks, sapphire stocks, cultural and educational stocks and other sectors dropped sharply, but the situation soon reversed again. Liquor stocks and sapphire stocks soon became the main force to pull up, and ended up at 2024 points.

"P" also needs to be concerned about the mystery of stock index futures position changes. Each time the index holds the top of positions, it brings the top of the market.

Data show that in February 8, 2013, the index held a total position of 132 thousand hands, the stock market fell 300 points; in May 28, 2013, the total position was broken 130 thousand hands, the stock index again collapsed; in December 12, 2013, the total position held for 2 days to maintain 130 thousand hands, then the market plunged nearly 10%; April 8, 2014, the stock holding volume of innovation was 140 thousand, and then the stock index fell to date.

In May 19th, the four major contracts closed at the end of the index, which once again hit a new high since the listing of Shanghai and Shenzhen 300 index futures, reaching 151359 hands, and the stock index has fallen 2000 points again.

The future market trend is worth paying close attention to.

The game near P > 2000 has been very frequent this year. If we look at it for a longer time, we will find that the market has been hovering at 2000 points for more than two years since the beginning of 2012, and there has been no hope for 3000 years in 3 years. As for the brilliance of 6000, it is a long time.

a broker who did not want to disclose his name pointed out to reporters that A shares did not improve in index because the problem of capital market accumulation has not improved.

There are three reasons for this, he said. First, A shares were not born with great technology companies such as apple and Google. Alibaba and Tencent both chose to go overseas. Our A shares did not have a real sense of Chaoyang enterprises. Two, the role of A shares blue chip stabilizer did not play a role. Investors could not get sustained and stable income by holding blue chips. Three, investors lost from the starting point to the financiers, and the status of the two was not right, so the market was hard to pick up.

"The same is the 2000 point. What is more difficult now than ever is that a group of individual investors have already died of overwork. Investors who have been ransacked have no longer been able to push the market up and dry up, and the behavior of burning forests and hunting is no longer stopped. The good policy function can only be short-term, and its role is getting smaller and smaller.

In addition to those who are in danger, who should rely on specific drugs to live? "

but Li Daxiao, chief economist of British securities, believes that the 2000 point should be determined and firmly supported.

"A shares blue chips are the cheapest in history, and the banks have broken down in large areas. In Hongkong, they need to buy a bank shares worth 3 times, while A shares are trading at a price below net assets. Should they not buy it? It is now a good opportunity for social security, insurance (Security), foreign investment and pensions to enter the market. It is also a good opportunity to implement the Chinese version of 401K plan, major shareholder holdings, repurchase, equity incentive and employee stock ownership, and the time window for tax reduction is also open."

He told reporters.

IPO the new deal sets aside fog > /strong > /p >

2000 has been precarious and the market is directly related to the uncertainty of IPO. As of May 20th, the Commission has arranged 22 pre disclosure of a total of 365 IPO companies, although the stock index has become accustomed to this bombing disclosure, and understands that the pre disclosure rhythm does not mean that the pace is being issued. However, the massive volume of blood withdrawal is expected to be enough to sweep away all the benefits.

and the plan for the 100 new shares this year is obviously far below market expectations.

In the next 7 months, 100 companies will be issued in a balanced manner, which means that only 3-4 new shares will be issued every week.

From the perspective of financing, the total scale of financing in the future may also be reduced to 100 billion to 200 billion yuan, which is lower than everyone expected before. The intention of regulators to protect the market is self-evident.

In addition, 19 Xiaogang also put forward eleven specific work, the market generally expects the relevant policies are expected to land before the end of the year.

"the plan of IPO issued by the SFC is a great progress. It has made pparency in its work, and it has also given investors the first expectation. At least, we know how much it will be in the next six months.

In the past, the style of supervision was going along with the market, and the speed of new shares issuing at the peak of the stock market was fast.

At 6124 o'clock in the year, 5. 30 could not be stopped because the new shares were not enough. Chairman Shang Fulin also asked the SASAC to measure the amount. Finally, the oil was removed from the aircraft carrier.

But when it comes to how much and how much it is issued, market expectations are opaque.

Now, the regulators have changed their work style, and the confidence of the market has been restored very quickly, only 21 days have gone up.

Li Da Xiao told reporters.

but is IPO expected to be clear? Does it mean that the market can turn the corner? "/p >

in fact, with the frequent disclosure of pre disclosure and regulatory levels, there is already no expectation that the market demand for IPO funds will not be too blowout, and the news of the resumption of IPO in May has also basically been digested, but the Shanghai stock index has not seen much improvement.

Another interesting phenomenon is that at the beginning of the year, the number of new shares issued by the securities firms during the first year was predicted. Many of them gave 200-300 forecasts. Even after that, the number of new shares was reduced to 150.

with the increasing frequent adjustment at 2000 points, more and more brokerages tend to think that IPO is not the only key factor affecting the direction of the market.

Mao Changqing, CITIC Securities, believes that, historically, IPO's demand for funds in the market is often synchronized with the stock index. More is the result of the market rather than the reason. The SFC's stabilization of market expectations helps to reduce the risk premium, but on the one hand, the effect is short-lived, and on the other hand, it may be difficult to offset the uplink of the economic downturn for the risk premium. P

In the medium term, the market risk premium reflects more the trend of economic operation. It is very difficult to reverse the direction of risk premium through stable market policy, and the market may continue to run weak.