Since the beginning of this year, the pace of IPO issuance has slowed down. According to the data, in the first quarter, 31 companies achieved initial listing, lower than the level of 86 in the same period last year, the total IPO raised 22.368 billion yuan, lower than the 96.137 billion yuan raised in the same period last year, and the IPO of 80 companies was terminated (withdrawn), more than 47 in the same period last year.
The reasons for the company's initiative to "cancel orders" mainly include the decline in performance, changes in the business environment of the industry, and problems found in the inquiry stage. Of course, there are also reasons such as too long queues and impatient waiting. Whether it is an internal reason such as a decline in performance, or an external reason such as a long queue time, it is a good thing for a company to withdraw its listing application. At least, in the current market environment, it's a good thing for investors.
You must know that in the A-share market, an efficient, orderly and strict market supervision mechanism has not yet been fully established, especially in the withdrawal of listed companies from the market, and has not yet formed an effective restraint and normative system for enterprises.
The reason why capital likes to invest in some enterprises that do not have much scientific and technological content, do not have good products, and do not have good market prospects is very simple, that is, through market operations and burning money, etc., the enterprises will be made into profit-making tools with strong conceptual speculation functions, so as to promote their rapid listing, and then quickly exit after listing to complete the purpose of capital speculation. As for whether there is room for growth after the company is listed, and whether it can bring positive factors to the market, capital investors will not ask, even if it is the actual controller of the company, they will not think too much about this issue. Because, they are not so much entrepreneurs as capital players, and the enterprises they "create" are, in the final analysis, profit-making platforms planned together with capital speculators. In the current A-share market, some companies have been listed for many years, raised billions of funds, lost billions of yuan, reduced their holdings and cashed out billions of yuan, but their operating income has not reached billions, but the stock price has speculated to hundreds of yuan.
It is precisely for this reason that it is completely correct for the regulators to strengthen the supervision of the entry of enterprises to go public, and not to allow a large number of bad coins to enter the market because of the implementation of the registration system. Through the strict investigation and punishment of violations of listed companies, the strict accountability of the personnel involved in the case, and the strict supervision of intermediaries, so that the personnel at all levels and at all gates can have a sense of awe for the market, the law, and investors, and no longer treat the listing of enterprises with the mentality of "breaking through", but treat the listing of enterprises with a "responsible" attitude, then the quality of listed companies can be greatly improved.
The fact is that if a company goes public and "breaks through", it can only show that listing is not a pleasant thing, but a painful thing, not a good thing, but a bad thing. As everyone knows, the listing of enterprises is not only as simple as financing, but also through listing, it will form a strong support for the development of enterprises and bring rich returns to investors. If the listing of an enterprise is a "breakthrough", it is impossible to form the functions of these aspects, especially investors, who may be seriously harmed by the "breakthrough" enterprise.
Naturally, whether it is an enterprise or an intermediary agency, as well as a regulatory agency, it should be treated as a career, and should be treated with a "responsible" attitude towards the listing of enterprises, so as to take the initiative to check and actively eliminate all kinds of possible risks and hidden dangers, rather than colluding to fool enterprises into listing and create profit space for capital investors. In this way, how can the A-share market be stable, healthy, and sustainable?
Only by controlling the entrance and minimizing the listing of enterprises kidnapped by capital can we effectively block the blood loss point of the market, so that listed companies will not become blood-pumping machines in the stock market, but blood-forming machines. In the current A-share market, due to the fact that there are too many listed companies kidnapped and coerced by capital, especially in recent years, the vast majority of listed companies created with concepts are profit-making tools and profit-making platforms for capital, resulting in a large amount of blood loss in the stock market, and it is difficult for investors, especially ordinary investors, to provide enough blood for the market, which eventually leads to a serious decline in the market.
Enterprises with real quality should be encouraged to go public, and the funds raised through listing should provide better conditions for the development of enterprises. Companies that have brought in too much capital should strictly control their listing to avoid adding too many vampires to the market. The stock market must be a "win-win" platform for listed companies and investors, rather than listed companies winning and investors losing, if so, the stock market will one day collapse completely. Remember, it is a collapse, not a crash, and the Chinese stock market of 3,000 points is not yet qualified to collapse.