The rhythm of IPO's weekly batch is broken. What is more important than suspending IPO?

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The rhythm of IPO's weekly batch is broken. What is more important than suspending IPO?

2018-11-05 10:25:28 48 ℃

Since the implementation of the new IPO regulations, the IPO issuance rhythm in the A-share market has gradually The attitude of promotion, and after November 2016, the IPO of the A-share market realized the release speed of the batch on a Monday, and this has gradually become a true portrayal of the normalization of IPO issuance.

From the original one month, a batch was issued, which gradually evolved into a batch of two weeks, and then the IPO is issued at a later batch, which has become the IPO issued by the A-share market in recent years. A true portrayal.

Perhaps, from the positive impact analysis, speeding up the IPO issuance rhythm of the stock market, it will help speed up the flood discharge for the IPO barrier lake, and accelerate the transition of the stock market to the registration system, and finally realize the IPO accompanying release model. . As of November 1 this year, the number of enterprises that the CSRC accepted for the issuance and issuance of depositary receipts was 271, which has been significantly lower than the number of queued enterprises in previous years.

However, from the negative impact analysis, the rapid pace of IPO issuance has not given the market a breathing space. In recent years, the stock market has been steadily trending, and the stock market continues to expand and continue. The restrictions on the sale of shares to ease the tide, reduce the tide is inextricably linked. On the surface, although the market has gradually produced some numbness in the phenomenon of high-speed IPO issuance over the years, unfortunately, the IPO issuance speed of the stock market has not fully measured the real affordability of the market itself, and thus has continuously weakened the market. Investment confidence.

However, it should be noted that for the current A-share market, the flood discharge task of the IPO barrier lake is not the primary issue, and with the continuous deduction of the high-speed IPO release rhythm, the main market of the A-share market The contradiction has gradually changed from the flood discharge problem of the IPO barrier lake to the problem of dredging the restricted stock. In other words, as long as the pace of high-speed IPO is not substantially slowed down, it is difficult to reduce the pressure on the stock market's restricted shares and the pressure to reduce the holdings.

However, in the past week, the latest IPO approval has not been ushered in, and this is a rare phenomenon in recent years. However, judging from the suspension of the IPO approval, it is actually quite meaningful.

In fact, from the analysis of the stock market policy environment in the recent period, there are signs that the relatively rare policy environment has continued to pick up in recent years, and the continued stability of the stock market has gradually attracted the attention of management. With a focus on, and adopted a series of targeted measures to alleviate the downward pressure on the current stock market, intends to improve the stability of the stock market.

Indeed, for the current stock market, continuous stability is still the primary task, and only the market environment continues to pick up, and the stock price of listed companies continues to rise, which is an effective strategy to solve the risk of stock pledge closing of listed companies. . If you think about stabilizing the market, there is still a certain deep meaning for the latest week's stock market suspension of the IPO approval, which has created more positive conditions for the continued stability of the stock market.

The financing function has been valued by the A-share market for many years, but unfortunately, it is precisely because the A-share market has long been financing as a functional orientation, which has also led to the continued imbalance of the stock market's investment and financing functions. For this problem, we have not been able to get enough attention for a long time. If this round of stock market irrational decline, which led to management's further thinking on the function positioning of the stock market, and the previous over-emphasis on the financing function, may bring an unprecedented expectation of recovery in the A-share market.

However, it should be noted that although the IPO approval is suspended for one week, this does not mean that the IPO is completely stopped.

From the actual situation analysis, the IPO audit committee has just completed the transition, and the IPO review trend analysis basically continues the trend of strict review in the past, but also due to the pressure of lifelong accountability. , intensified the work pressure of the audit committee. Perhaps, the suspension of the IPO approval for one week has not only given the time for the trial committee to speed up the connection, but also gave the market a chance to breathe, but it does not rule out that the IPO release rhythm will be adjusted from the previous batch to Batches on two Mondays, even one batch a month, and if the IPO release rhythm is flexibly adjusted and does not stick to the release rhythm of the previous batch, it is also a good news for the A-share market.

However, it is still not appropriate to be too optimistic about the breaking of the IPO's weekly rhythm. From the actual situation analysis, we still need to continuously observe the rhythm of the IPO approval and the strength of the IPO fundraising will be substantially changed. Taking a step back, if you only adjust the rhythm of IPO issuance, but it does not reduce the size of the IPO single-batch fundraising, then this is not really decompression in the market. As a result, for the market, what is more expected is the slowdown of the IPO issuance rhythm and the reduction of the IPO monthly fundraising scale. This is also a positive condition for the stock market to continue to pick up.

In addition, the A-share market has continued the pace of high-speed IPOs in the past few years, and with the ban period of many new shares gradually approaching, even if there is an upgrade to the new version of the upgrade, However, it may not fundamentally eliminate the long-term risk of the restricted stock market. As a result, if we want to continue to stabilize the stock market and improve the stability of the market, we must not only reduce the scale of IPO financing, but also reduce the pace of IPO issuance, and still need to further block the disguised reduction and fancy reduction. Vulnerability gaps, extending the time limit for the sale of restricted shares, and increasing the cost of illegal reduction and early reduction, and alleviating the pressure on the restricted stocks to stop the dredging of the stock market, winning the continued stability of the stock market and further improvement of the rules. more time.