Registration System Difficult Market "New Shares Thirst"

According to the estimates of the agency, 23 new shares will be launched in the first round of the 24 new shares approved, and the funds will be raised to 21 billion 500 million yuan. It is estimated that the funds for the new shares will be frozen more than 3 trillion, which will increase significantly compared with the previous two new shares.

So far, with the issuance of a new batch of new shares during the year, the number of Listed Companies in the A share market will also increase to a certain extent this year.

In fact, in the last two months, the issuance rate of new shares in the A share market has increased significantly faster than in previous years.

According to the current management thinking, we will gradually improve the issuing rhythm of new shares, and pave the way for the full spread of registration system.

In recent years, the "registration system" has become a household word.

However, in the process of gradually deepening the concept of registration system, the market began to question the real effect of registration system.

In fact, the registration system is the most market-oriented distribution system, and it will also change the way of issuing under the previous approval system. It does not make substantive judgments about the continuous profitability of enterprises and the investment value of issuers, and more reflects the formal examination of registration documents.

In short, it is to reduce the entry threshold for listing and create conditions for expanding the direct financing function of the stock market.

Some commentators believe that under the registration system mode, the enthusiasm of new shares will be effectively suppressed, and the core role of the market will be further emphasized in the future.

In other words, excellent enterprises will be deeply excavated. As for garbage enterprises, they will easily be abandoned by the market, or even worthless.

Over the years, the management of the new shares of the phenomenon of speculation, more frustration and sigh.

Indeed, the IPO reform is no longer a strange event, but in the face of a series of new shares reform, it is difficult to really curb the market speculation of new shares, and has become increasingly fierce.

Take this year as an example.

After the IPO, the trend is almost the same.

However, after the first day of the new stock market speculation, the market's new atmosphere has not subsided.

According to the common characteristics of the past several batches of IPO, it was basically the first day after the stir frying, and in the next several or more than ten trading days, the word "limit" seal up the trend.

In other words, for some investors, even in accordance with the issue

The purchase of new shares can earn a profit of not less than 50%.

Obviously, under the current imperfect distribution mechanism, it also creates favorable conditions for new shares to stir up.

At the same time, as the enthusiasm of new shares stir up, new shares have formed a strong money making effect.

The author believes that although the approval system has exposed many loopholes, compared with registration system, it still has a certain filtering function.

However, under the registration system mode, although registration system will still carry out formal examination for enterprises, the issuance and listing of enterprises depend entirely on the market, which will easily bring some enterprises "loopholes" in the initial stage.

In the A share market, there is no lack of capital, and what is lacking is investment confidence and money making effect.

In other words, under the strong earning effect of new shares, it will quickly gather into huge market funds.

Nowadays,

The rhythm obviously increased speed, but failed to effectively suppress the enthusiasm of new shares.

The author believes that under the subsequent registration mode, even if the IPO rhythm or speed will be further increased, it may not really solve the problem of "new shares hunger and thirst" in the market.

In this regard, the author believes that the key to solving the chaos of new shares is to combat the atmosphere of excessive speculation in the market.

Specifically, it is to reduce the strong earning effect of new shares, and to attack some institutions' malicious funds to raise the price of new shares.

At the same time, it is necessary to effectively enhance the attractiveness of investment in the two tier market and let the idea of value investment sink into the hearts of the people, which is really able to give investors a reasonable rate of return on investment.