IPO Will Adopt The Mode Of Market Placing + Yaohao.

In December 24th, this is the Christmas Eve of the Western custom. On that day, there was a farewell in China's capital market: with the issuance of high tech petro chemical, the IPO system based on market capitalization plus full margin Advance + Yaohao was also ended.

Starting next year, the IPO will adopt the mode of market capitalization plus Yaohao, and no longer require investors to fully pay the deposit.

Since the establishment of Shanghai and Shenzhen stock markets, their IPO has undergone many adjustments. However, no matter how the specific ways are changed, they are basically based on full margin purchase, which is also the basic practice of overseas mature markets.

But the problem is that since the IPO does not really achieve market pricing, most of them will have a good rise after the IPO, leading to the emergence of the so-called "new invincible" legend.

Because of this, the purchase of new shares has become a risk-free investment behavior, attracting a large number of funds to chase profits, making a huge contrast between the primary market and the two tier market, especially in the low market, the high yield of the primary market and the general loss of the two market.

Sharp.

As a result, the IPO system will have to be modified again and again.

The market placing and Yaohao model, which will be implemented next year, is not something new. It was implemented in 2000. After pushing forward the reform of split share structure, the parties concerned believed that it would no longer be necessary to adopt this marketization color shortage mode, instead of full margin + Yaohao purchase.

It is said that after the abolition of the market value allotment + full margin + Yaohao purchase mode, about about two trillion yuan of new shares purchase funds will enter the two level market.

Because without the risk free high yield of the primary market, they are looking for a way out.

In my opinion, it is entirely possible for some of the funds to flow back to the two tier market. After all, its holders are also involved in the two level market operation.

After the purchase of new shares no longer requires these funds, it will indeed consider the issue of putting money into the two tier market.

However, such a proportion will not be very high, because the funds previously reserved for the purchase of new shares often exist as part of the asset allocation, pursuing low risk, and entering the two tier market will bear high risks.

Therefore, the opportunity to increase the stock market in the future is based on the purchase.

The reflux is obviously not very realistic.

Of course, under the mode of market capitalization plus Yaohao, the enthusiasm of investors to enter the two tier market will be improved. After all, the distribution of new subscription income is more inclined to investors in the two tier market. Whether this can not only encourage the expansion of the primary market, but also ease the role of investor sentiment in the two tier market, the answer was soon met.

In overseas mature markets, there is no new issue.

This model is mainly because its new issue is fully marketed, the first level market is in line with the two level market, and the purchase of new shares and the purchase of old shares have no significant excess returns, and the risk is not necessarily small.

Therefore, there is no basis for market placing.

Relatively speaking, the degree of marketization of domestic market is still relatively low, especially in the issue of new shares, the phenomenon of artificially regulating prices is very prominent, and even the phenomenon of "low price gets" is appearing.

Under such circumstances, the invisible hand of the market will inevitably drive the capital into the primary market. In order to avoid the contradictions and injustices arising from it, it seems that the primary market can only be linked to the two tier market, and the base of the market value distribution is also here.

Now, further abolition of the full margin purchase and purchase link is a way to deprive big funds of their dominant position in the purchase of new shares.

Therefore, some people call this method "buying stocks and sending lottery tickets".

Of course, this is far from the rules of the market economy, but if we take care of the objective situation, people will have to accept such a distorted reality.