Cao Zhongming: "New Restrictions" Once Again Plunged Into A Blind Alley

In September 10th of this year, the day and defense appeared on the gem, without the market expected, the day of no doubt reached a ceiling of 44%, and then began its continuous trading trip.

As of September 26th, the day and defense have been trading for 13 consecutive trading days, breaking the record of the 12 day of trading.

Its stock price closed at 108.69 yuan, which rose 3.52 times relative to the issuing price of 24.05 yuan, so it was among the "100 yuan stock club" and became second shares of A military stock.

Days and defense's continuous trading, investors in the ballot also earn money.

In fact, because of the concept of military clothing, in August 28th, Tian and defense and holly and other 5 new shares were issued on the same day, and before the major brokerage firms recommended the purchase target is heaven and defense.

In fact, Tian and defense did not "live up to" the major securities dealers, the new stock market will continue to record the new record breaking, but also once again extended the "new shares unbeaten" myth.

Apart from the 48 new shares issued in January this year, since the IPO opened again in June, continuous trading has become the "main theme" after the IPO.

Even if the market is not optimistic about the new stock market, in addition to the first day of listing with a 44% increase in trading, and then harvested 3~4 trading boards appear "shabby".

In fact, compared with the issue price, the stock price rises 1 times after the listing of new shares is not uncommon.

Frying "new" is a great tradition in the A share market. It is also an "investment culture" in the market, and the myth of "unbeaten new shares" has been staged frequently, and is obviously closely related to it.

Of course, this is also related to the "new order" issued by the regulatory authorities when limiting the speculation of "new".

In order to prevent the speculation of new shares,

Since the birth of the regulatory authorities, there has been little effort.

As the last round of new IPO suspended for a year and then restarted, in December, the Shanghai Stock Exchange issued a notice on Further Strengthening the supervision of initial trading of IPO in order to prevent and control speculation and maintain market order. However, the implementation of the system was questioned by the market. In June this year, the Shanghai Stock Exchange issued new shares.

Notice on matters related to initial paction supervision.

According to the circular, the effective declaration price for the first day of the new IPO is not higher than 120% of the issue price, and not less than 80% of the issue price. In the continuous bidding stage, the effective declaration price shall not be higher than the 144% of the issue price and shall not be lower than the 64% of the issue price.

The first day of the listing of new shares will touch 44% of the ceiling, which is obviously a great credit for the "new order", but in fact, it has contributed to the continuous trading of new shares since then.

No doubt, since June.

The trend of continuous trading is abnormal, even in the case of heaven and defense.

Statistics show that in the first half of this year, the earnings per share of the day and defense were 0.21 yuan loss. Nevertheless, they were still caught in the speculation and could create a new record of continuous trading. This is evident from the frenzied market speculation.

In the past, the regulatory authorities also imposed restrictions on the first day of the listing of new shares. For example, the first day of listing was not allowed to exceed 900%, and the final provision was abolished. At present, 44% is the highest limit on the first day. The problem is that the new regulation does not achieve the goal of restraining speculation in the market, but leads to the trend of "new" speculation.

This is neither what we would like to see, nor is it the original intention of the regulatory authorities.

Market regulation also needs to keep pace with the times.

In view of the increasingly rampant speculation of new shares, the regulatory authorities must do something and have something to do.