How to get A shares after GEM registration?
The GEM pilot registration system scheme was born.On April 27, after the Central Committee for Comprehensive Deepening Reform passed the “General Implementation Plan for GEM Reform and Pilot Registration System”, the CSRC publicly solicited opinions from the public on the main institutional rules for GEM reform and pilot registration system.Publicly solicit opinions on the reform of the GEM and the pilot registration system supporting business rules.The next day’s market performance received much attention.Opening on the morning of April 28, the three major A-share stock indexes opened higher, and then fell sharply, turning green across the board. The ChiNext and Shenzhen Component Index once fell more than 2%.At midday, the three major indexes rebounded.As of the afternoon close, the Shanghai Composite Index closed at 2810.02 points, down 0.19%; Shenzhen Component Index closed at 10501.15 points, up 0.47%; GEM index closed at 3849.15 points, up 0.60%.How do A shares go after the GEM registration system is introduced?A-share deep V giant shock in early trading on April 28, A-shares opened a rapid diving plunge, once a hundred shares fell, and then deep V-shaped pull up.In the morning, the GEM index fell close to 50 points, the largest decline reached 2.5%.However, after ten o’clock in the morning, the GEM index stopped falling and rebounded. It turned red again after about half an hour and recovered all the lost ground.In the science and technology board, more than 40 shares fell by more than 10%.However, it also pulled back again. Only 3 stocks left over 10% of the closing stocks in the morning.Until midday, after undergoing a major dip, the three major A-share indexes continued to rise, collectively closing in the afternoon, and the GEM index rose more than 1%.Semiconductor, epoxy resin, venture capital, liquor, brokerage and other sectors led the rise.As of the afternoon close, the Shanghai Composite Index closed at 2810.02 points, down 0.19%; Shenzhen Component Index closed at 10501.15 points, up 0.47%; GEM index closed at 3849.15 points, up 0.60%.Chen Li, chief economist of Soochow Securities, pointed out in an interview with Saiyan.com that when promoting the registration system, everyone first worried that the GEM would open its doors and raise funds on a large scale, so the scarcity would decline accordingly.In the morning, both the Growth Enterprise Market and the Science and Technology Enterprise Market showed a decline in expansion and contraction, mainly because investors generally worried that the stock supply would increase significantly.After the GEM index fell, there was a rebound to stop the decline. Chen Li believes that if you only look at the relationship between supply and demand, the opening of the GEM will definitely be a biased effect, because there is more inventory, it is not scarce, but the final decision is necessarily the company ‘sFundamentals, corporate profitability and other factors.”So just because of the increase in IPO, there may be a decline in the index, which is an irrational extraordinary performance,” Chen Li said.Chen Li said that the open registration system is not a long-term good for the GEM, but should be said to be a good for industrial development, industrial financing, and the development of the capital market. “I do n’t think that this has any impact on the index.The company ‘s profit is determined by the stock price, which has nothing to do with more or less stocks. “How to set the fluctuation rate under the pilot registration system?The growth rate limit of GEM will be relaxed to 20%.After the reform of the Growth Enterprise Market and the pilot registration system, there was no increase or decrease in the five days before the listing of newly listed companies. After that, the increase and decrease limit was adjusted from the current 10% to 20%.With regard to the initial trading mechanism for listing of new stocks on GEM, in order to increase the initial price mechanism for listing of new stocks on GEM, there will be no increase or decrease in the number of days for new stocks, and there will be no increase or decrease limits in the first 5 trading days;%, 60% two levels of suspension indicators, each suspended for 10 minutes.Five trading days later, the price limit of the GEM stock auction will be relaxed to 20%.In addition, GEM has also dated the after-hours pricing transaction mechanism. After the closing of the auction transaction, the principle of time priority is followed, and the closing price of the day is matched continuously with the after-market pricing transaction declarations one by one, so that the investor needs to trade at the closing price.Similar to the Science and Technology Board, the GEM has added a “price cage” during the continuous bidding period to strengthen the prevention and control of abnormal trading behaviors such as pulling up and suppressing, to prevent serious abnormal distortion of the stock and continued excessive hype.”Special Provisions for Trading” stipulates that the bid price of the limit price declaration in the continuous bidding stage shall not be higher than 102% of the purchase benchmark price, and the price of the sale declaration shall not exceed 98% of the sale benchmark price.The maximum number of single declarations has also been capped.In order to reduce abnormal trading behaviors such as uplifting and suppressing and large-volume sealing ups and downs, and to suppress short-term speculation of stocks, the number of price limit declarations should not exceed 100,000 shares, and the market price declarations should not exceed 50,000 shares.At the same time, the current institutional arrangement for the minimum declaration quantity of 100 shares per GEM is retained, and the trading habits of investors are not changed.The strategy team of Yuekai Securities believes that the pilot reform of the GEM registration system will fully carry out the experience of the science and technology board registration system and deepen the reform of the capital market.For the secondary market, there is no increase or decrease in the number of new listing companies on the GEM five days before the listing, and the limit of change after the five days will be adjusted from the current 10% to 20%. This replacement may increase the short-term GEM change rate.Referring to the performance of the first batch of listed companies on the SME Board, GEM Board and Science and Technology Board, the average increase on the first day of listing is more than 100%, but the difference is that the first batch of companies in the SME Board and GEM companies have consecutive killing intervals since then.On the day, the average decline in the half year exceeded 30%, and due to the slow pace of issuance in the early stage of the science and technology board, the excess return rate in the past half year of opening was very obvious.The strategy team of Yuekai Securities also pointed out that considering the new system’s overall reform of the GEM stock and increment, the increase in the supply of the primary market may lead to micro-liquidity of funds, and the scale of short-term GEM companies will continue to expand or will intensify.In the long run, high-quality enterprises whose survival of the fittest is below the innovation positioning will be favored by long-term funds, the value of shell resources will be suppressed, and the capital market environment and investor structure will be double optimized.Sauna, Ye Wang Zhang Siyuan Gu Zhijuan Editor Chen Li proofread Zhang Yanjun