Baekje broke its listing in China. Will it be normal for new shares to break in the future?

Baekje shenzhou quotation 192.6 yuan. Originally, many investors who won the lottery felt very lucky. In 2026, it is possible to usher in the biggest meat sign, 5438+0. But I didn't expect that the opening price of 65438+February 15 was only 176.96 yuan, which was lower than the issue price. The closing price on the first day was only 160.98 yuan. Investors who win 500 shares have a loss of more than 3 1 yuan per share and a loss of 1.65 million yuan. In the following days, it was still at a loss and did not return to the issue price.

202 1, 1, on September 8, the CSRC issued the "Revised Decision on the Inquiry of IPO New Shares", and the exchanges revised the rules accordingly. Since then, the situation has changed greatly, and playing new shares has changed from a steady profit to a dangerous investment decision. Before the IPO, there were ups and downs, but even if it was broken, investors could bear it relatively, and they could turn back later. But now in the face of excessive IPO price, once it is broken, it may be at a loss for a long time.

In fact, Baekje Shenzhou has shown signs of danger during its release. After winning the bid, Baekje Shenzhou abandoned the purchase amount of 65.438+0.99 billion yuan, setting a record for scientific and technological innovation board. But it was quickly refreshed. Investors are facing the most expensive new stock in history-Hemai shares, with an issue price as high as 557.80 yuan. After winning the lottery, the amount of decisive abandonment bonus reached 363 million yuan. The ultra-high issue price after the new inquiry rules has caused investors to be generally broken by listing. Seeing the tragic situation that Baekje Shenzhou broke for the first time, it is estimated that investors who subscribed for Hemai shares have been shivering.

The core contents of the new policy of IPO inquiry are as follows: (1) the high delivery ratio is adjusted to1%-3%; (2) Break through the original limit of "which of the four values (the median and average price quoted by offline investors and the median and average price quoted by institutional investors) is lower"; (3) Combating the phenomenon of holding a group quotation. The focus is on the quotation of the strike group. I feel that the market price was generally low before. However, I didn't expect that while controlling the seesaw, the control right on the other side was completely released, and the listing price soared, getting higher and higher, and the shares of Hemai increased by more than 200 times. So where is the space of the secondary market?

After the new IPO inquiry rules come out, it is extremely beneficial to listed companies and underwriting brokers. They can strongly intervene in the inquiry and finally decide that the issue price will be set high, because they are also the biggest beneficiaries, and investors and subscription institutions may become victims. This is a cruel market game, which has caused frequent new share breaks in the past two months. According to statistics, from 20 16 to now, only 13 stocks fell below the closing price on the first day, of which 12 stocks only appeared after the new inquiry rules of 202 1 came into effect on1October 22nd.

The inquiry mechanism of new shares should be adjusted later, otherwise the subscribing institutions and retail investors will lose money frequently and continue, so that investors will not dare to participate in the issuance of new shares in the future, and more and more will be abandoned. How do listed companies go public for financing? How can the capital market continue to operate normally? This is not a good thing for the long-term development of China stock market.