In the second quarter, the P / E ratio of the GEM issuance of the GEM of the Science and Technology Board decreased from the previous month.

Reporter Wu Xiaolu

In the first half of this year, the ups and downs of the new stock issuance market. After the new shares were frequently broken and abandoned in March and April, in May and June, the new stocks of science and technology boards and GEM have not been broken on the first day, and the increase in the first day of listing has rebounded.

Wang Huiqing, a postdoctoral of the Bank of China Research Institute, told a reporter from the Securities Daily that investors' awareness of risk is increasing, and it is increasingly rationally treated with new shares. For investors, the business prospects of listed companies themselves are more noteworthy.

CSI

In the past two months, I have not broken the first day of the new shares.

According to the statistics of the same Flush iFind, in the first half of this year, a total of 39 new stocks were launched on the first day of listing. There were 25, 11 and 3, and 3 and 3 of the Science and Technology Board, GEM and Bei Stock Exchange. Among them, the three of the Beijing Stock Exchange were newly listed since May; and the first day of the science and technology board and the GEM new shares appeared from January to April, with 6, 1, 12 and 17, respectively. Only new shares are broken; no break in May and June.

This change has emerged in the issuance market of science and technology boards and GEM. For example, in late April, the Shanghai Stock Exchange organized a number of securities firms to hold a symposium to request the issuance price carefully; in May, the Shenzhen Stock Exchange issued the "Inquiry Letter" to 20 underwriters to pay attention to the procedures and predictions of the investment value report.

In response to relevant regulatory measures, in the second quarter, the P / E ratio of the newly issued P / E ratio of the New Year's Enterprise Board and the GEM have declined from the previous month. In the first quarter and second quarters, the average P / E ratio of science and technology boards was 124.59 times and 59.45 times, respectively; the average price -earnings ratio of the GEM of the GEM was 51.86 times and 34.06 times, respectively.

Wang Huiqing said that with the continuous improvement of the market -oriented pricing mechanism, institutional investors will be more prudent in the process of participating in new shares inquiry and issuer's determination of the issuance of new shares, and new benefits and risk levels will be more rational.

Science and Technology Board GEM

Investors have risen in a month -on -month number of investors

In the context of the lower price -earnings ratio and the recovery of the secondary market, in May and June, the first day of listing of new stocks rose, and the effect of making new money has appeared. From January to June, there were 31, 17, 37, 36, 17, and 31 new shares listed. The average increase in the first day of listing was 44.82%, 42.08%, 32.83%, 8.32%, 49.64%, 50.93 50.93 %, Gradually rising since May.

Among them, the new stocks of Shanghai and Shenzhen Main Board performed stable. From the perspective of the science and technology board and the GEM, from January to June, there are 10, 4, 13, 16, 3 and 7 new shares listed on the science and technology board. %, 9.84%, 13.98%, -10.94%, 44.19%, and 73.01%; the GEM has 14, 6, 16, 16, 5, and 11 new shares. The average increase of 61.70%on the first day of listing is 61.70% , 69.37%, 51.64%, 21.06%, 68.16%, 67.02%.

With the recovery of the average increase in the first day of listing and the recovery of new money -making effects, science and technology boards and GEM investors began to rise from June.

Data show that in June, the number of new households in science and technology boards and GEM increased by 18.59%and 10.55%month -on -month, which has improved, but it has not risen to the beginning of the year.

Tian Lihui, dean of the Institute of Finance Development of Nankai University, said in an interview with the Securities Daily that the number of new households in June was a sign of the recovery trend in my country's stock market. Although the stock amplitude in the recent stock market has increased, the stock market has risen as a whole, and the phenomenon of breaking the new stocks in my country has gradually decreased. Therefore, investors participating in new investors have increased.

Wang Huiqing said that the recent increase in the number of new households has increased, which is related to the relief of the breakthrough of new shares. On the other hand, it is also related to the macroeconomic situation and the overall recovery of A shares. This is the market dynamic game of the registration system reform. Reasonable results.

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