IPO Rose 20% On The First Day, No Longer Suspended

< p > < strong > new shares < a href= "http://www.91se91.com/news/index_cj.asp > > Listing < /a > trading rule change < /strong > /p >

After the closing of yesterday afternoon, the Shanghai and Shenzhen stock exchange websites issued new rules for the first day trading of new shares, and the rules changed the same. P

There are two main differences between the new rules and the rules issued in December 13, 2013: < /p >

< p > one, the control measures of "5 minutes before closing should not exceed 120% of the opening price and 80% below the opening price" were cancelled. However, the control measures for "bidding at auction stage should not exceed 120% of the issue price and 80% below the issue price" and "no more than 144% of the issue price and lower than 64% of the issuing price" will be applied to the quotation. Secondly, the temporary suspension of the intraday price of the intraday share price up to 20% after the opening price rises or falls to 20% is cancelled.

< /p >

< p > simply put, before the closing 5 minutes ago, the declared price of the investors can not exceed 20% of the opening price. Otherwise, the quotation is invalid, and the rule is deleted in the new regulation.

More importantly, the new regulation abolished the "second suspension". Only on the first day of the IPO, when the first price increase in the stock market reached 10% of the opening price, the suspension was temporarily suspended for 30 minutes, which means that even if the share price rose too much on the first day of the IPO, it would stop only once, and not more than 30 minutes.

< /p >

< p > < strong > > a href= "http://www.91se91.com/news/index_cj.asp" > new shares < /a > paction time will increase < /strong > /p >

< p > a securities analyst said that when the new round of new IPO is about to start, the trading rules to modify the first day trading rules may be mainly aimed at reducing the "second stop" phenomenon in new shares and increasing the time of new shares trading.

< /p >

< p > so-called "second stop". The popular understanding is that "the new stock will be suspended and the normal paction time is too short".

According to the previous regulations, if the share price of the continuous bidding phase reaches 10% of the opening price on the first day of the IPO, it will be temporarily suspended for one hour by the exchange. If the stock price continues to rise to 20% of the opening price after the resumption of trading, it will be suspended until 2:57 p.m., leaving only 3 minutes trading time.

< /p >

< p > at the beginning of the new round of the IPO market, due to the two suspension, the shortest trading hours, even less than 4 minutes of the whole day, made the new fund only need to increase the share price rapidly in a relatively short time, and then almost no cost would keep the stock price up to 3 minutes before closing.

< /p >

"P" even more let new shares "seconds stop" was criticized for its frequency is too high.

Statistics show that in the 48 new shares listed at the beginning of this year, a total of 42 new shares suffered a "second stop" on the first day of listing, accounting for up to 87.5%, and the remaining 6 new shares were not "stopped" for the second time. The reason was that 5 of them were only large cap stocks traded on the Shanghai Stock Exchange, and one was considered too high by the market.

< /p >

< p > < strong > stir fried new a href= "http://www.91se91.com/news/index_cj.asp" > capital cost < /a > will increase < /strong > /p >

< p > "the introduction of the new regulations has raised the cost of speculation in new funds."

Shenyin Wanguo investment adviser Tan Feiru said.

< /p >

< p > Tan Fei took the first day of the first day of trading on the market. (002715) as an example, in February 19th, the first day of the listing of the company's stock was only 12.13 yuan, which was slightly lower than the issuing price of 12.19 yuan, but after less than 1 minutes after the opening, the stock price was dragged to 13.42 yuan, and the first suspension was encountered, during which the paction volume of the stock was only 18 thousand and 900 yuan.

10:30, Deng Yun shares re traded, 2 minutes later, the stock price was pulled to 14.63 yuan, touched the second suspension limit, during this period, the stock turnover is only 2 million 150 thousand yuan.

Even counting the 3 minutes before the close, the amount of money invested in the new stock to maintain the high share price of Deng Yun shares is less than 7 million yuan.

Obviously, as a system limiting speculation, the new fund was used to manipulate the stock price.

Under the new regulation, the time and frequency of suspension have been greatly shortened, so that the pressure of new capital to maintain high share price will increase significantly.

< /p >