The first new shares on the main board on Monday (April 10) under the listing of China's comprehensive registration system performed strongly, and investors were full of enthusiasm for the new mechanism after the reform.Analysts said that the new mechanism will make the Chinese stock market more in line with international standards and accelerate the listing process.
According to the Wall Street Journal, the first batch of 10 Shanghai -Shenzhen Stock Exchange's main board listed on the first day of listing has risen collectively. These 10 companies come from different industries, including dentist services and commodity commodities.trade.
Shenzhen China Electric Port leads the rise in Shenzhen China Electric Port, and the stock price rises more than doubled.Chongqing Dengkang Oral Care Products Co., Ltd. and Baicheng System Technology Co., Ltd. doubled.The remaining seven companies' closing increases exceeded 50%.
After the GEM, which has been registered in Shanghai, which is mainly technology stocks, it has been piloted for several years, and has been promoted to all domestic markets in China.The requirements of profit prospects have reduced the administrative restrictions on stock sales and pricing.Prior to the introduction of the new mechanism, the company must be reviewed and approved by several rounds of dense supervision, including evaluation of its profit trajectory and competitiveness, and was allowed to be listed.
According to the new registration system, the price rising decline in the first five trading days of the new shares listed on the market has been relaxed, and investors also have more transaction options.
Analysts believe that related new regulations have their advantages.
According to a report from Goldman Sachs, through this new system, the company may make the first public offering (IPO) faster and accelerate the participation of the market for institutional investors.They said that these changes can eventually create a "more rational" investment environment and "highlight the development of Chinese policy makers more attention to the development of the stock market and promote direct financing."
Analysts of CICC also said in a report that they are expected to "continue to improve pricing efficiency" under the new system.
However, some investors expressed concern that a large number of new stocks may take away liquidity and put pressure on the stocks that have already listed.
But Goldman Sachs's analysts believe that even if "liquidity extraction" occurs, the degree will be limited.They pointed out that each company's funds raised by IPOs in the A -share market are usually less than 1%of their total market value, and their dividend yields are usually above 2%, "enough to meet financing needs."
In the first quarter, China's IPO fundraising amount in the shore market was 78.3 billion yuan (RMB, the same below, about S $ 15.1 billion), a year -on -year decrease of 55%.Don't go.The IPO fund raising of 10 companies on Monday raised from 784 million to 7.2 billion yuan.
