Overseas Market Turbulence, Investors' Risk Appetite Seems To Be Plummeting.

In February 16th this year, the China Securities Regulatory Commission again issued IPO approval, which means that 9 enterprises will be listed on this round.

According to the specific arrangements, there were 2 enterprises in all 4 enterprises and Shenzhen Stock Exchange.

As for the gem, there are 3 enterprises.

In fact, according to the new regulation of IPO, the public offering is issued.

Under the 20 million share (below) and no old shares pfer plan, the issue price will be determined through direct pricing.

In this regard, the new Chengdu Yisheng communications technology Limited by Share Ltd, which is to be launched on GEM, will adopt a direct pricing model.

The launch of the new round of IPO has brought some surprises to the market.

However, looking back at the previous round of IPO, that is, in January 19th of this year, the SFC approved the first application of 7 enterprises in accordance with statutory procedures.

It is interesting to note that compared with the latest two rounds of IPO approved data, the stock market has been briefly pulled up on the occasion of the approval of IPO by the SFC.

Among them, the February 16th stock market performance, for example, at the close, the Shanghai Composite Index rose 3.29%, Shenzhen composite index is 3.89% of the day's increase.

However, look back at the previous round.

After the approval of the news release, the market performance quickly reversed the previous pattern of short-term recovery after the news was confirmed, but the market index once again fell into a state of re search.

It can be seen that the analysis of market performance after the issuance of the last IPO approval also confirms the true portrayal of "magnifying profits and reducing profits" in the bear market.

Among them, the cancellation of the pre payment purchase mechanism, that is, the mode of payment after signing, is undoubtedly a special feature of the new regulation of IPO.

Affected by this, on the one hand, it can enhance the utilization ratio of market capital in essence, reduce the effect of new stock issuing on stock funds to a certain extent, and on the other hand, it will further reduce the number of new shares.

And the new comprehensive rate of return in the future will also be gradually reduced.

In fact, looking back on the success rate of new shares during the year also confirms this phenomenon.

Among them, statistics from institutional statistics show that in the first batch of new shares, the winning rate of the southern media is slightly higher than 0.1%, but the success rate of many other new shares is far below the level of 0.1%.

However, with the gradual increase in the difficulty of signing the new shares in the future, the overall success rate of the new shares will continue to plummet, and even the average 1/10 rate of the new shares will not reach 15 years.

At present, the nerves in the A share market are still relatively weak and should not bear more blood pressure.

It is undeniable that financing is the primary function of the stock market, but it also needs to be built on a healthy and healthy market environment before it can play a better financing role.

Otherwise, when the market is still in an unstable environment, willful opening of the IPO button will, again, dampen the recent market sentiment.

Thus, how to make balanced development of market financing and investment functions really test the wisdom and governance level of market managers.

The author believes that under the new regulation mode of IPO, although its blood pumping effect on stock market funds has not been as effective as before, and it can improve the utilization ratio of market capital in essence, it still can not change a phenomenon, that is, IPO is inseparable from the quality of market withdrawal.

At the same time, we should clearly see that this year's market situation is actually the most essential difference from last year's market environment, that is, the A share market has basically caught a bear market.

It can be seen that under the bear market situation, the pressure of the IPO on the market funds will be more significant, and "magnifying profits and reducing profits" has become the most true portrayal of the weak market.