Relevant statistics show that in 2023, the IPO amount and refinancing scale of the A-share market will both decline year-on-year, which is a very interesting phenomenon. After all, there was no obvious slowdown in the pace of IPOs last year, on the contrary, due to the strong launch of the registration system, both the issuance speed and the number of queues have increased to varying degrees. In fact, as long as we think about it a little, it is not difficult to understand that this may be the result of the extreme imbalance in the two directions.
Coincidentally, Mr. Pi Haizhou, a columnist for the Beijing News and a well-known financial scholar, also came to a similar view. He believes that the financing function of the securities market is positively correlated with the market market, and the money-making effect of the market is water, and the financing ability is the ship, and only when the tide rises can the ship be high; if we focus on a certain aspect for a long time, it will inevitably lead to functional disorder! Ensuring the dynamic balance of the primary and secondary markets is a science and an art, which can reflect the profound insight into the laws governing the operation of the market, and at the same time, it can also reflect the advantages and disadvantages of the ecological environment.
Mr. Pi further said that even in order to ensure the smoother operation of the financing side, we should also take the initiative to pay attention to the investment function of the market, and we must give strong guidance from the source, so that the market situation can gradually improve, and then support the efficient development of financing activities. However, the reality is always cruel, the accelerated deterioration of the disk performance is simply miserable, more than 5,000 collective declines every day, still arrogant and without a little care, how many people can bear this market?
It is difficult to explain the big A that deviates from the law of basic value and has no bottom line, and if it does not touch the substantive soul change, even if there are a thousand benefits, it is in vain, and at present, even the financing function that has been repeatedly positioned has been affected. Do you think there is any other plausible explanation?