Everyone knows that This year, shares break the norm, obviously the stock has changed from a shortage of supply exceeding demand. It stands to reason, should be a buyer's market when supply exceeds demand, but people do not understand is that a market is still a seller's market, new issues continue to worry about the emperor's daughter to marry, Why?
A shares of new shares has been kidnapped
Although expansion of new shares has been a scapegoat for the secondary market downturn, but the issue of new shares has never worried about failure. After the IPO market price, although the issue price is extremely high, has been criticized for the investing public, but it still attracted many requisitioners. Why? Because in the past years, the myth has become the new shares unbeaten legend A shares. Break new shares is a rare coincidence, even as the broader market bottomed out in the signal, break new shares, often means a rebound even more efforts to reverse the market is approaching, and the new shares is the rally leader.
this complex through the GEM is not only a more enhanced high that investors are generally afraid of high prices, but small cap stocks are chasing too high. At the same time, a large number of secondary market share price significantly lower than the homogeneity of the old kind of new shares has become a forgotten corner, nobody cares. The law of value in the A-share market was completely distorted.
for this phenomenon, it was explained to new shares in short supply. But the fact is not a small cap shares scarce resources, but how many how many. This week 14 new shares issued after another, including the 10 GEM, 2 small plates and two motherboard Shanghai shares, which hit a year high density the most, no issue can be described as offensive rhythm. This is an interesting phenomenon, on the one hand the high IPO price, new shares are still sought-after shows; the other IPOs that break the norm, showing the secondary market have been unable to undertake too many high-priced new shares for new shares is greater than requirements. Then appeared on the market two distinct voices: one that should increase the supply of new shares, change approval system for the registration system, completely meet some of the speculators preference shares; the other that the expansion too fast, two level market has been unable to bear, it should slow down or even suspend the IPO.
two voices are actually biased, the management is not possible in the short term policy of issuing new shares to make major changes and adjustments. This is because this round of new shares is broken damp sluggish secondary market has nothing to do with the entirely new issues caused by abnormally high prices, and the IPO price is still high, indicating that the market shares of the wind is still very speculative, market-oriented coping strategies Nature is to increase the supply of new shares until a market equilibrium. However, A-share market is that the sad new shares has been kidnapped, of course, ultimately increasing the supply of new shares to achieve the purpose of reducing the issue price of new shares, but shares the downward movement of the price axis, the focus will inevitably lead to the secondary market also down The result is lower prices of the old shares will be low, compared to the end in terms of the pricing of new shares, or too high. return new shares issued
cheap real has been seriously distorted, and the crux of A-share market has long been over-reliance on financing functions. A-share market is now caught in a dilemma about among the increasing number of new issues, secondary market, the increasing scale, and gradually beyond the ability of investors to undertake. If you pause or slow down the IPO IPO pace, the market will inevitably lead to speculation of a retaliatory wave of new shares, further pushing the issue price of new shares; the other hand increase the volume of new issues, and ultimately increase the pressure on the secondary market, can only lead to secondary market downturn.
stock is not in short supply, but supply exceeds demand, but the appearance of just the opposite. Immediate response measures can only further increase the supply of new shares, but this is subject to greater harm to the secondary market price. Putting the cart before the results for A-share market being caught in a vicious circle: the vast majority of new shares are priced extremely high, but this has become the new shares of the investment become the future capital stock of These new shares until the game comes to an end of the share capital, and since then rapidly However, there are new shares from the stock market on behalf of such a game can always play it, but the secondary market stand?
a false market, a seller simply because the policy reasons for this, the solution is not expensive to release the name of the market, but the name of the executive of the low-cost distribution, elimination from the high price of new shares issue of The real value of investment in shares is not obtained by flourishes huge capital reserve, but by competition in the market to get its operating profit. Shares that are not competitive, if not a huge amount of capital fund of the
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