Yew Causes The Index "Blowout" To Make The New Three Board Guilty Of A Shares.

Perfect disclosure of information disclosure is not only the need to protect investors' interests, but also enables investors to understand new three board enterprises from different angles and aspects.

The new three board can attract a large number of funds to join, no doubt with the Shanghai and Shenzhen bull market continues to deduce, especially the gem is hot.

This year, the gem index has risen by more than 70%.

As the incubator of GEM companies, it is also the "target pool" of mergers and acquisitions of A share listed companies. Because of its unique functional positioning, the new three boards are also in favor of the favor of market funds.

However, behind the new three boards, it is not calm. Instead, it is a turbulent flow.

Since the launch of the third board index and the third board making index in March 18th, as of April 3rd, the third board index has risen 103.59%, and the three board market making index has increased by 151.02%.

According to the latest statistics released by the stock pfer company, the overall price earnings ratio of the new three boards rose from 35.27 times at the end of last year to 56.55 times at the end of 3 this year, increasing by more than 60%, and the average paction price also soared from 5.14 yuan at the end of last year to 8.83 yuan at the end of 3, or up to 71.79%.

The data can best reflect the problem, and the data also reflect that the performance of the new three board stocks is much stronger than that of the Shanghai and Shenzhen stock markets.

Obviously, the soaring of new three board stocks is by no means a "value return", but a result of market crazy speculation.

Take the yew, which once caused the index to rise suddenly, for example.

The closing price of Taxus was 9.15 yuan in March 27th and only four trading days in April 2nd. Its closing price was up to 22.30 yuan, or 143.72%, and easily doubled.

For example, 413 of the 467 stocks traded on the new third board rose in April 3rd, and 9 of the shares rose more than 100%.

No limit of increase or fall is a major reason for the sharp rise and fall of the new three boards, but the speculative nature of the market is clearly the decisive factor.

On the other hand, some stock pactions in new three boards are also suspected of being manipulated.

Although the new three boards do not have a price limit, the sharp rise and fall of some stocks is obviously not normal.

The index "blowout" of Taxus may be an accidental phenomenon. However, like Hua Heng, the paction price is as high as 1058 yuan, or even 99999.99 yuan / share declaration.

Because the new three boards carry out the two paction modes of market pfer and agreement pfer, they can not exclude the manipulation of market behavior.

In fact, market making pfer is more conducive to market makers manipulating stock prices, and agreement pfer is virtually beneficial to both parties manipulating stock prices.

If the target company wants to pfer shares at a higher price, it is entirely possible to raise the price by way of agreement pfer, and then achieve high cash in the market by manipulating the market.

In addition, illegal pactions such as insider trading are not excluded from the new three board stock trading.

According to the supervision department's announcement, due to individual listed company executives suspected of insider trading and other illegal activities, the national share pfer company has recently been pferred to the China Securities Regulatory Commission.

This shows that insider trading not only appears in the Shanghai and Shenzhen markets, but also appears in the new three board market.

Whether it is crazy speculation, or manipulating the market and insider trading, these used to be "A patents" in the A-share market, and are now being "infected" into the new three board market, which undoubtedly needs the vigilance and high attention of the regulatory authorities.

As the new three board market is becoming increasingly active and the regulatory authorities are investing in the new three board pilot scheme for public funds, it will not only become a gold rush for participants, but will also usher in a new pattern in the development of the new three board market.

In order to maintain the healthy development of the new three boards, some of the "bad quality" of the A share market will be prohibited from appearing on the new three boards. Otherwise, the new three boards will be at the end of the day.

Positioning errors, low cost of violation and ineffective investor protection are the three major "A A" failures, and also block the development of the A-share market.

Positioning errors make the A share market become a paradise for listed companies to "encircle money"; the low violation cost leads to frequent violations of the market, and more and more bad, and more and more harm; and the ineffective protection of investors leads to investors' lack of confidence in the market. A shares often produce the story of "bull" short "bear" long story, and produce a series of chain reactions, and its negative effects are self-evident.

I believe that the development and growth of the new three boards need to avoid the emergence of three major injuries.

New three Board companies financing, it is recommended to adopt the small and fast financing mechanism of gem.

For violation of illegal activities, we should substantially increase the cost of violating regulations.

The four accounts of the "Zhongshan Gang", which appear in the high price declaration of Hua Heng biology, are only far from enough to limit their trading for 3 months.

At the same time, it is suggested that a new three board investor protection system should be established, and any behavior that harms the interests of investors should be severely punished.

Second, reduce the threshold of investor participation.

At present, the threshold of 5 million yuan for new three boards is undoubtedly too high.

Too high a threshold is obviously not conducive to the entry of more investors, nor is it conducive to the reasonable pricing of the new three Board companies. Instead, it is conducive to manipulating the stock price by ulterior motives and thereby damaging the interests of the whole market.

With the increase of the participants, the development of the new three boards will be further promoted after the lowering of the threshold.

Transition to future bidding pactions.

There is no doubt that bidding is the best way to pfer the shares of the new three boards.

Third, the establishment of a new three board ups and downs system.

Autumn Lok seed industry slumped 99.89% in April 2nd, and the story of 854 times soaring in April 3rd could only appear in the new three boards. It also highlighted the absence of a price limit system.

And disadvantages.

To regulate the new three plate trading behavior, we must start with the establishment of a price limit system, and suggest that the limit of the new three boards should be limited to less than 50%.

Besides, the information disclosure methods of the new three boards should be aligned with the Shanghai and Shenzhen markets.

Behind the new three boards being sought after by the fund, the regulatory authorities should take effective measures to prevent the new three boards from going bad.

"Old road".