< p > new shares < a href= "http://m.pmae.cn/news/index_cj.asp" > Listing < /a > the performance is walking at the same pace. That is to say, first stop according to the rule that "the bidding stage should not exceed 120% and 80% of the issue price", then according to the rule that "the continuous bidding stage should not exceed the 144% and 64% of the issue price", after stopping 30 minutes in the first second, the second will stop at 44% until the close. < /p >
< p > then, the daily opening rate will continue at 10%. For the "a href=" //m.pmae.cn/news/index_cj.asp "/a", we can only enjoy it all the way, and can not get on the road halfway. By the end of this paper, the first batch of three new shares has been trading for 5 consecutive days, and there is no sign of opening up. The three new shares listed on Wednesday are no more suspense than 44%. < /p >
< p > this is not news. It is also a matter that investors can easily foresee under the "new rules". In order to solve the problem of "three high" in the issue of new shares, the latest round of reform has a clear constraint on the issue price: a red line is the "industry average price earnings ratio", and the other red line is the "capital needed for raising investment projects". < /p >
< p > June 26th, the first batch of "a href=" //m.pmae.cn/news/index_cj.asp "new shares" has been reopened, and the price earnings ratio has increased from 10 to 20 times. The result is lower than the price earnings ratio of the industry, of course, it has "investment value". The new capital stock is unbeaten, plus investment value, everyone is in the rush, and the new shares will be closed all the way. < /p >
< p > in the face of this situation, there is a voice of dissatisfaction in the market. Although the author does not agree with the supervisor's practice of "headache and pain", it is called a "sawing arrow method". However, from the perspective of the reform of the IPO system in history, there is indeed a fact that "it is difficult for everyone to adjust". < /p >
< p > in fact, the deep-seated problems of new shares are not on these details, but on integrity and the rule of law. First, the purpose of raising funds by issuing shares is always questioned by investors. In recent years, the listing of private enterprises has become the main force, and the performance after listing has basically confirmed this doubt. The counterfeiting of listed companies is shocking, and the resignation of executives has become a trend. < /p >
< p > these wonderful phenomena are self indulgence, which can be said to be a kind of "self destruction the Great Wall" behavior, at least the market is sinking down in a more alarming case. The two is the understanding of the rule of law by regulators. Like sports regulation, let the market always be in a vicious circle of "one pipe, one death, one mess". The punishment for violators can not change the habit of lowering the height. < /p >