The First Day Of Science And Technology Board: 25 Companies First Show The A Share Market, And There Is Reason In The Red Disk.

After 259 days and nights of running, in July 22nd, China's capital market ushered in a historic important node: Li Qiang, member of the Political Bureau of the CPC Central Committee and Secretary of the Shanghai Municipal Committee of CPC and chairman of the China Securities Regulatory Commission, jointly opened the market for Gong Chuang board at the Shanghai Stock Exchange on the banks of the Huangpu River, and the 25 group of A companies launched the group's first collective market. China's stock market has ushered in the time of "science creation board", and the multi-level capital market has added another pole.


On the first day of the founding of the science and technology board, the light of Chuang Chuang created red sky. The market performance of the whole stock market shows that the market and investors have basically recognized the technological innovation strength and growth of the first 25 companies. The market responds rationally to the new scientific creation board with high enthusiasm. This is completely in line with the marketization of the Chuang Chuang board, the scarcity of individual stocks and the investors who participate in the transaction.


At the same time, we also found that at the close, the average price earnings ratio of 25 science and technology companies was about 120 times. In terms of the performance of specific stocks, there was a 30% rise in the opening price and a 30% drop in the opening price. The stock price soared 30% in the 1 minutes, and 30% in the 2 minute share price. The first day after the opening of the science and technology board, as expected before the market expectations, there has been a substantial fluctuation. The higher P / E ratio and the huge magnitude in the market recognition of innovation and growth of science and technology enterprises also show the existence of a higher market risk. Investors can not ignore this.


For this reason, Li Daxiao, a famous network red analyst, also appealed to micro-blog on the same day. In order to maintain the long-term stable and healthy development of the whole market, all parties involved in the science and technology board should be awed by the valuation and not too fanatical. Faced with the problem of too high opening prices, Yin Zhiyao, chairman of the micro semiconductor equipment Limited by Share Ltd of the star company, bluntly said that the share price rose too high, which was both a driving force and a burden.


Of course, registration system, no rise or fall, "price cage", 10 minute temporary suspension system... The effectiveness of these market-based innovation systems has been tested by the market to some extent on the first day of trading. We should emphasize that the smooth implementation of registration system, the full market pricing power of the market parties, and the more efficient resource allocation way of survival of the fittest should be highly praised. After all, the design of the Chuang Chuang plate system is a market-oriented one.


In general, the KPC board opened smoothly and landed smoothly. A big chess in China's capital market is slowly developing: helping the new economic track, opening up a virtuous circle of technology, capital and real economy, forming a complete closed loop of capital market, serving technological innovation, and promoting the development of high quality economy.


As the "experimental field", the Chuang Chuang board has begun to "sow". It is willing to have "science and technology" and "innovation" genes and carry out the reform of capital market basic system reform. With the marketization and rule of law, the truly innovative technology can shoulder the mission of leading China's economic development to innovation driven transformation. Let's join our company in blessing the Chinese capital market. Just as Li Chao, vice chairman of the securities and Futures Commission, attended the launching ceremony of the first batch of CDC board, and said in his speech, "the journey of a thousand miles begins at the foot". Today, the construction of science and Technology Board will take a key step. Let's hope that the Chuang Chuang board will grow steadily.