Pi Haizhou: The first day of the new stock listing broke one after another, investors hit the new to achieve "three no hits"

Pi Hai Chau | Cube everyone talks columnist

Following the first day of the IPO of The Technology IPO broke last Friday, the two new stocks listed on Monday, Kefu Medical and Kerdar, also broke on the first day of listing. Among them, Kelda broke at the opening, but then the stock price rose sharply, rising more than 20%, making investors who cut meat after the opening regret, and the new stock finally rose by 10.76% throughout the day.

However, Kefu Medical was basically in a state of rupture throughout the day. The issue price of Kefu Medical was 93.09 yuan, which opened at a low price of 82.95 yuan on the same day, and the opening price fell by 10.89% from the issue price. The lowest price of the stock throughout the day was 80.93 yuan, the maximum decline reached 13.06%, the highest price of 93.20 yuan, slightly higher than the issue price, but because it is an instant touch, there are very few people who can get out, and the final closing price is 88.97 yuan, down 4.43% throughout the day. The turnover rate on the same day was 47.96%, which means that many of the successful investors still chose to cut meat out of the market in the case of the first day of listing. This also means that the next rise and fall of the stock has nothing to do with these newly won investors.

The first day of the new stock listing broke, which of course poured cold water on the head of investors who played the new lottery. It is not easy for small and medium-sized investors to play a new lottery, one or two signs a year, then thank goodness, some investors can not win a sign in a few years, and now it is not easy to win the lottery, but also won the Kefu Medical such a "big meat stick", it is said that this is a "100,000 big meat stick", the successful investors are waiting for the new stock of Kefu Medical to be listed to eat meat and soup to make a little money. Who knows the listing of Kefu Medical's new shares, the "100,000 big meat sticks" have been lost, the "big meat sticks" have become "big flickers", and the investors who have won the new lottery not only did not drink the "broth", but they were actually cut meat. Playing a sign that was difficult to win in the new few years ended in a meat-cutting ending, such "good luck" is enough to make the successful investors laugh at themselves.

The first day of the listing of new shares was broken, which means that the myth of undefeated new shares in the A-share market has been shattered. Although there is no shortage of new shares in the A-share market, what can really make the myth of new shares undefeated can only be the first day of the new stock listing. Because the new stock breaks that investors have seen before are usually new stock breaks that appear after one or several rounds of speculation. Even if some new shares are broken after a few trading days after the listing of new shares, or the day after the listing of new shares, as long as there is no break on the day of the listing of new shares, and there is still a certain amount of speculation space, this will not endanger the existence of the myth of undefeated new shares, nor will it affect the enthusiasm of investors to play new. After all, investors who win the new lottery can profit from the speculation after the listing of the new stock, and the investors who play the new lottery are nothing more than the difference in how much money they make.

But the situation of the break on the first day of the new listing is very different. Because the first day of the new listing broke, this means that the investors who played the new lottery are unprofitable on the first day of listing, and even lose money. For example, Zhongzi Technology, which was listed on Friday, the highest price on the first day of listing is lower than the issue price, which means that the investors who won the lottery are all locked up, and investors can only cut meat if they want to get out. In this way, the myth of the undefeated new stocks will naturally be shattered.

Of course, for the A-share market, the first day of the listing of new shares does not start now, for example, Jianlong Weina, which is known as the first day of the listing of new shares on the Science and Technology Innovation Board, has been listed on December 4, 2019, which is one year and 10 months ago. However, although the first day of the listing of new stocks is not an isolated case of the A-share market, it is not a common phenomenon, but only an accidental phenomenon, occasionally there are such a case, two cases, but recently there have been several new stock listings on the first day of the break, this phenomenon can not but attract the attention of investors, investors can not "close their eyes" to play new, which has become a problem that investors need to face up to.

The reason why the recent first day of new stock listing has occurred one after another is obviously related to the reform of the new share issuance inquiry system between the CSRC and the Shanghai and Shenzhen exchanges in September this year. In view of the "group price suppression" behavior of the inquiry institution, the new rules adjust the maximum quotation exclusion ratio from "not less than 10%" to "no more than 3%", and at the same time strengthen the supervision of quotation behavior, further clarify the requirements for offline investors to participate in the quotation of new shares, and include possible violations in the scope of self-discipline supervision. As a result, driven by the new rules on inquiries, the issue price of new shares has been significantly pushed up. Most of the new stocks that broke on the first day of the recent first day were new stocks issued after the introduction of the new rules for inquiries. For example, the issue price of Kefu Medical is as high as 93.09 yuan, the issue price of Zhongzi Technology is 70.90 yuan, and the issue price of Kerrda is also 47.11 yuan.

Based on the successive occurrences of the phenomenon of the first day of the listing of new stocks, it is obviously not advisable for investors to "close their eyes" and play new. Continue to "close your eyes" to hit the new, it is difficult to ensure that the new shares signed by investors will not repeat the doom of the first day of listing. Therefore, for the new, investors still have to be leisurely, at least to achieve "three no hits".

First, new shares issued at ultra-high prices, investors should not participate in the new. From the perspective of speculation, the issue price is too high to inhibit the space for speculation in new stocks, and the possibility of such new stocks breaking is the greatest. The second is the new shares issued by high price-earnings ratios, and investors should not participate in the new shares. High P/E ratios look at both static P/E ratios and dynamic P/E ratios. The third is the performance of new stocks, investors should not participate in the new. Such as Zhongzi Technology, the new stock has not yet been listed, its performance has fallen by more than 80% year-on-year, such a new stock listing, the break is an inevitable.

Editor-in-charge: Anqi Liu | Review: Li Zhen | Director: Wan Junwei