The Chairman Of The SFC Rebuked The "Brutal" Behavior Of Venture Capital.

A shares issue, listing means "break" has been very "spicy eyes", so that many investors failed to pay the payment process after signing, the final "break" bitter fruit by the Underwriters themselves swallow.

But today's market "market" has long been different, although there is no lack of payment in the issue of new shares, but that is due to investors' negligence and other reasons, which is by no means "active".

A few days ago, Haitian Seiko announced a major suspension notice.

The so-called "important matter" is mainly due to the "big increase" of the stock price, and the listed company will check the existence of "significant information that should be disclosed but not disclosed".

In fact, Haitian Seiko claims that its share price is "too big" to be "modest".

In November 7th of this year, Haitian Seiko was listed on the Shanghai stock exchange until December 15th. It continued trading for 29 consecutive trading days. It also drew a record of 29 consecutive trading days after the new shares created by new materials and storm technology.

If it is not for the listed companies to stop self checking, the record of continuous trading of new shares has already been born according to the trend of its scarce pactions.

In addition, if a listed company does not find any major information that should be disclosed and not disclosed after self inspection, then there will be no surprises if the record of continuous trading is renewed after the listing of new shares.

The fact is also true, 21 days resumption, Haitian Seiko shares once again touched the limit, also means that the new record has been generated.

However, for the strong trend of seitian Seiko, even investors can not understand it, even Dong Miyi, a listed company, claims to be "confused".

After all, the price of Haitian Seiko is only 1.5 yuan, and the stock closed 31.17 years ago, or nearly 20 times.

What is more noteworthy is that the stock market's profit rate has reached 239 times, which is much higher than that of the same industry.

Obviously, according to Haitian Seiko's profitability, it is not enough to support its current high stock prices.

Perhaps this is also a major reason why the listed company's secretaries are "confused".

Objectively, Haitian Seiko is just a typical representative of the sharp rise in the number of new shares listed.

Winning the lottery is like winning the lottery. On the one hand, it is more difficult to win the lottery. On the other hand, it also shows that after winning the lottery, it can get better returns.

However, it is also an indisputable fact that new shares are becoming "evil stocks" behind the listing of new shares. Haitian Seiko and other new shares are the best examples.

I think there are several points to be concerned about changing the "magic stock".

First, since the last round of the IPO system reform, the price earnings ratio of new shares has fallen sharply due to the existence of "high voltage lines". The frequent high price earnings ratio, high issue price and high rise "three high" issuance have long ceased to exist in the past. Instead, the issue price earnings ratio has been locked about 22 times.

Moreover, if the price earnings ratio of new shares exceeds the average price earnings ratio of the same industry, the issuer needs additional risk warnings and the issuance date will be postponed.

It is the regulatory authorities' reform of the IPO system. Now the price of IPO and the price earnings ratio of listed companies have generally declined.

Haitian Seiko issue price is only "pitiful" 1.50 yuan, that is,

The results of institutional reform.

Two, the Shanghai and Shenzhen stock exchange system helps raise stock prices.

The phenomenon of second stop after the listing of new shares is related to the lower price of new shares and the reluctant sale of investors, which is also related to the stock price of Shanghai and Shenzhen Stock Exchange.

For example, in June 2015, the Shanghai Stock Exchange issued the notice on matters related to the supervision of initial trading of new shares, which stipulates that in the continuous bidding stage, the effective declaration price should not be higher than 144% of the issue price and not less than 64% of the issue price, because the purchase of new shares on the first day of the listing will be profitable, which will lead investors to buy shares at a limit of 44%, plus the investor's reluctant sale, the second stop will happen, and the turnover will be very scarce.

Moreover, this phenomenon has been constantly copied and replayed since then, which has also led to the gradual change of new shares into "monster stocks".

The three is the speculative culture of the market.

The continuous trading of new shares, especially the 30 consecutive trading days such as Haitian Seiko, is obviously very abnormal, but it is actually happening in the market.

In addition to the above institutional factors, market speculation has to be raised.

Everyone thinks he will not be the fool who will take the last stick. But when the new shares become "monster stocks", there will be "idiots" to pick up the plates.

Moreover, many new shares have been fired to high places and become "monster stocks".

People will be locked up.

Of course, many new shares have been fired, and Haitian Seiko has become a new stock of "monster stocks". Regulation has not been effective enough to keep up with the same need to be mentioned.

For example, in view of Haitian Seiko's 29 consecutive trading restrictions, whether there is manipulation of stock prices, it is obvious that regulators should pay attention to it.

Moreover, as for the abnormal and irrational continuous trading of many new shares, it is also necessary for regulators to make their own voice, just as the SFC chairman rebuked the barbarous behavior of venture capital.

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