The First Day Of The Registration System Of Gem: The Highest Increase Is More Than 10 Times, And The Institutions Indicate The Risk Of Fluctuation

On August 24, the first batch of enterprises registered on GEM were listed and traded.

After nearly four months, the gem registration system reform finally ushered in the market test. For the first batch of listed companies, the market has placed more attention and expectations.

Data shows that on August 24, the gem closed up 1.98%, and the first batch of 18 new shares rose across the board. Among them, Kangtai Medical Co., Ltd. led the rise, with the largest intraday increase of nearly 3000% and the final closing up of 1061.42%.

The further reform of the registration and innovation board is the successful implementation of the registration system. After the implementation of the registration system, the gem will better carry the important functions of supporting innovation and entrepreneurship and supporting the transformation and upgrading of the real economy. Excellent science and technology enterprises and private enterprises will carry out direct financing through the capital market, promote the development of science and technology industry, bring more investment opportunities, and increase the overall configuration value of the board. " Chen Shijun, the ETF fund manager of AXA SPDB, said.

New shares soared on the first day

Overall, of the 18 stocks listed on August 24, 10 stocks rose more than 100%. In addition to Kangtai medical, which had the highest growth rate, kabiyi and Tianyang Technology Co., Ltd. were ranked behind, with an increase of 743.27% and 258.62% respectively.

"Today is the first day of the gem reform and pilot registration system. The gem index rose 1.98%, and the first batch of new shares under the registration system also increased significantly." On August 24, Yin Hao, the ETF fund manager of Boshi gem, said, "registration is a major capital market reform, which has boosted investors' confidence in gem. The gem registration system optimizes the capital market ecology of "orderly access, survival of the fittest" and can enhance the long-term investment value of gem. "

"The first batch of companies registered and listed on the growth enterprise market (GEM) were warmly welcomed by funds on the first day of listing, showing a sharp rise. From the perspective of historical experience, the phenomenon of a sharp rise in the first day of new shares objectively exists. " Yang Delong, chief economist of Qianhai open source fund, said.

According to the data, the first day of listing of the first 8 companies on the SME board increased by 130% on average in 2004; the first 28 companies on the gem increased by 106% on average on the first day of listing in 2009; the first batch of 25 companies on the science and technology innovation board increased by 140% on average on the first day of listing; during the six trading days from July 29 to August 5, 2019, the stock of science and technology innovation board increased by more than 40%.

Li Zhan, chief economist of Zhongshan securities, pointed out that based on the first day listing performance of these plates, it can be seen that the first day's increase of these plates is more than 100%. After the reform of gem, first, increase the number of days of increase and decrease for new shares, and there is no limit on the first five trading days; the second is to optimize the mechanism of temporary trading suspension, and set 30% and 60% suspension indexes, with 10 minutes for each 。

"The new economic structure of listed companies is expected by investors. The transformation and upgrading of China's economic structure continues to advance, new industries and new economy are gradually growing. As the gathering place of innovative and growing enterprises, the gem is widely recognized by the market, and the rise of the first batch of enterprises is reasonable. " Yang Delong thinks.

In its view, the implementation of registration system and related transaction system reform is conducive to promoting the long-term development of gem. After the pilot registration system, more companies in line with the characteristics of the new economy can be listed, which is conducive to promoting the gem to go out of a better trend in the next decade, and cultivate a number of companies representing the new economy.

"With the improvement of delisting system and the implementation of registration system, the market value of companies with poor quality and shell companies will decline, and the market will pay more attention to the core value of companies, which is conducive to the popularization of the concept of value investment and long-term investment in China's stock market." Chen Shijun said in an interview.

Pay attention to volatility risk

Although the first day of IPO was hot, the interviewees also pointed out that investors still need to improve their risk awareness and take a rational view behind the stock price rise.

According to the analysis of the macro strategy Department of GDF, from a long-term perspective, the registration system reform of gem conforms to the general trend of "factor marketization reform", which is an important measure to deepen the reform of capital market, promote the capital market to support the innovation and transformation and upgrading of the real economy. However, in the short term, the market is also worried about the capital diversion caused by capital expansion caused by the reform of the registration system, as well as the aggravation of the fluctuation after the opening of the price range.

"From the perspective of structure, the differentiation of stock price rise and fall is reflected to a certain extent, and the stock selection risk and volatility risk of GEM stocks under the registration system will be increased in the future." Yin Hao pointed out, "therefore, when investing in the gem, those investors who adhere to the concept of value investment and dig out leading companies with real core competitiveness through in-depth research can obtain better long-term returns."

In Yang Delong's opinion, the purpose of implementing the registration system on the gem is to allow more new economy enterprises to be listed. Therefore, these enterprises should be said to be "pretty girls marry first". The quality of the first batch of listed companies should be good. However, many of these enterprises are in the initial stage, so the investment risk can not be ignored. It is suggested that investors should pay attention to the risks.

"If the stock price of an enterprise can not rise too high, the main risk is that the stock price can not rise too much in the future. On the other hand, if the enterprise's stock price can not rise too high, there are two main risks Yang Delong said.

According to the after hours data on August 24, several stocks including Tianyang technology, Meichang shares, Fengshang culture and Anke innovation were sold by institutional seats on that day.

"Under the registration system, the rise and fall rate will be enlarged to 20%, which will bring greater volatility risk to individual stock investment, and will also put greater test on investors. Therefore, we should adhere to the concept of long-term investment and value investment, and not change the investment strategy because of the short-term market fluctuations. " Beijing a large public offering fund investment manager said.

"If the price range is relaxed to 20%, the fluctuation will increase, and the polarization of the market will become more and more serious. Therefore, both the science and technology innovation board and the growth enterprise market have set the entry threshold for investors. Investors should further improve their awareness of risk prevention. They should try to buy leading companies in the industry, far away from the topic stocks and poor performance junk stocks." The person said.

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