Listed on the first day up more than 20% and 50%, such as the stop for half an hour rose 80%, the suspension to 3 minutes before closing
Song Liping, general manager of Shenzhen Stock Exchange, China Central Television in an interview a few days ago, said the first batch of companies listed on GEM before the Shenzhen Stock Exchange, the first consideration is the explosion speculation.
This is because the new shares listed on the first day is a very special period, is the primary market and secondary market occupies, and sometimes a secondary market failures and market failures in the first day of listing is likely to have resonance.
The implementation of the first day of a special suspension system
Song Liping said the market was an important sign of maturity is in fact the price level, the core function of the market price, if the stock price is too high to speculation, away from the value of listed companies, then this is certainly a very big market risk, so from the management , the market operation of the terms, concerned with price taken for granted.
Stir in the prevention of the first day of listing, the Shenzhen Stock Exchange have made various serious consideration, we can say go all out, brains. First, in terms of publicity, shares recover listed, Shenzhen Stock Exchange investor education articles published on a continuous publicity over the past few years, investors in the first day of chasing losses is very high, some even more than 90% loss, telling investors it is risky.
On the other hand, in the system design, the Shenzhen Stock Exchange have stocks breakers design. The difference is that with the small plates, the GEM companies listed on the first day up more than 20% and 50%, the stop for half an hour, then rose to 80% if so, would have been suspended to the close of the first 3 minutes, the purpose is to give investors time to think calmly. It is often said that the "stock fuse."
Song Liping: the market is still immature
On the regulatory side, Song Liping also said that the Shenzhen Stock Exchange will be particularly concerned about the super-raised funds. For GEM companies raised funds over the regulation of the Shenzhen Stock Exchange in the design of the system draws on small plates stored in a special account to raise funds system, small plates of practical experience over the past 5 years to bring confidence to the regulatory GEM. It now appears that small plates are 300 companies, most companies use to raise funds as long as the norm, there is no big risk. GEM raised funds for the use of super is essential that the company's management team is standard operation and stable operation.
Starting with high price-earnings ratio for GEM problem Song Liping said that technically normal, because the pricing of the GEM is the world's problems, even in mature markets, there are the problem. However, she believes that our market is still a big gap with the mature markets, the issue of price-earnings ratio of 28 is high, this is market immaturity.
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