"Three Diaries" Of The Selected Layer Of The New Third Board: From Breaking To The Jedi Rebound

The first three trading days of the first three trading days of the selected layer of the new third board fully demonstrated how the market of a new market fluctuated.

On July 29, in the case of a large-scale breaking of new shares on the first day, the selected layer of the new third board ushered in a Jedi rebound on the third trading day after the opening of the market. The stock prices of all 32 companies were red, and the stock prices increased by more than 5%.

From the first day of a large-scale break, to the third trading day strong recovery of market sentiment, in a short period of three days, what happened to the new third board select layer market?

It is worth noting that after the first batch of enterprises listed on the new third board, the market will have a vacuum period of about one month. Therefore, how the secondary market of the selection layer performs during this period of time will also directly affect the inquiry pricing and issuance and underwriting work of subsequent enterprises.

Jedi rebound

Using the Jedi rebound to describe the performance of the new third board select layer market on the third trading day is more appropriate. Just in the first two trading days, the market was still immersed in the doldrums brought by the breaking of new shares.

In fact, around the midday of July 28, the select layer has opened the prelude of "counterattack", but whether from the momentum or individual stocks, that day did not completely reverse the market sentiment.

On the morning of July 29, with the strong promotion of several companies such as shared technology and Bertrand, the market of the selected layer of the new third board started an overall carnival. First, the share prices of all 32 enterprises turned red. Then, the stock price rise of shared technology was close to the 30% limit set by the new third board selection layer.

By the end of the 29th, the share prices of all 32 companies had risen by more than 5%, and 15 companies had increased by more than 10% in a single day.

At the same time, in the case of the market rising momentum, the selected layer did not appear the situation that the market worried about the continuous decline of trading volume. On July 29, the trading volume of 32 selected layer companies reached 1.72 billion, while the trading volume of the whole day on July 28 was about 1.4 billion yuan.

"The increase on July 29 has made many investors who stick to the selection layer and did not panic to sell their chips on the first day. The performance of the select layer of the new third board in the first three days also fully illustrates the importance of market-oriented game. Without too much administrative intervention and restriction, the market will take the initiative to buy companies with undervalued value, and the market will spontaneously rebalance." Huang Pu, a senior investor in Beijing's new third board, told reporters.

However, the performance of the three trading days, the market spontaneous game is really important, but there are many other factors can not be ignored.

For example, in the downturn on July 28, the market heard that the regulatory authorities intended to further improve the liquidity of the select layer. On the other hand, among the 32 selected companies, many companies spontaneously issued the announcement of increasing their holdings to maintain the stock price of the secondary market.

Reasons for rebound

From the perspective of market sentiment, the four measures proposed by the regulatory authorities to improve liquidity are the most important positive news.

Specifically, the regulatory level plans to introduce market makers to provide liquidity and increase the supply of trading orders on the basis of continuous competitive trading at the selective level; it will also further optimize the entry of public funds into the market. The clear policies include that the proportion of public funds investing in new third board stocks is no longer limited, and public funds set their own risk rating according to their own risk management ability; We should optimize the market index, compile cross market index of small and medium-sized stocks, compile investment index of selected layers, guide the market to develop index funds and ETF products, and smooth the channels for medium and long-term capital investment such as social security, insurance, basic pension, and enterprise annuity.

Among them, the first two are considered by the market as measures that can be implemented quickly, while the latter two require a certain period of time.

"Mixed market making has long been discussed in the new third board market, but it has not been implemented. This time, it also clearly reflects the determination of regulators to improve market liquidity. In terms of public funds, due to policy restrictions, only five products of five fund companies participated in the issuance of the first batch of selected enterprises, and the fund scale was still small. After the selection of public funds, it is expected to become an important source of funds Zehao investment partner Cao Gang said.

However, some senior investors are optimistic about the prospect of Beijing's IPO market. The regulatory layer timely sent a positive signal to the market, which played a stabilizing role. Our company also made a decision to further increase the position of the selected layer of undervalued target. On the 28th and 29th, there were not small-scale purchases. "

However, a number of market participants told reporters that the four policies are more effective. Even if the first two policies are easier to implement, they will take some time. However, market confidence is as expensive as gold, and the policy calls at this time undoubtedly played a supporting role, and the shareholders of a number of selected companies voluntarily announced an increase in holdings in recent days, which is also releasing confidence to the market.

From the perspective of market transactions, after the exchange of hands in the first two days, the selling pressure accumulated by the first batch of 32 enterprises is gradually alleviated. In addition, incremental funds have begun to enter the market, and the market sentiment rises rapidly under the influence of various factors.

"This time, the new third board selection layer broke out on the first day, the main reason is that the overestimated market incremental capital scale can not bear the pressure of excessive public old stocks. However, after two days of full trading, the selling pressure of the public's old stocks has been greatly eased. In addition, funds have entered the market to copy the bottom, and the regulatory authorities have released positive signals. It is reasonable for the market to rebound on the third day. " Beijing area a large public offering fund attention to the select layer market fund managers think.

However, according to the report of the reporter, one third of the enterprises still have not broken the price in the 21st century.

Some sharp market views also put forward that we should clearly understand the characteristics of the new third board select layer market and abandon the previous idea of speculating new shares in a shares. The current selected layer market of the new third board is closer to the Hong Kong stock market and the mature European and American markets.

"The trend of these 32 companies is bound to be divided. Many companies may be in a state of low trading volume and lower than the issue price for a long time, while some companies with good quality and expectation of board transfer will get more transaction attention and valuation accordingly. At the same time, we can take a few points as the feedback of the secondary end of the market, or we can even take this as a reference for the second level of the market Huang Pu said.

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