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Science and Technology Board

Science and Technology Board has become one of the hottest topics in recent times. It is only two weeks since the official opening of the science and technology board on July 22, but there are obvious differences in the attitude of the market to the science and technology board.

The pilot registration system of Science and Technology Board is expected to move closer to a highly mature market. However, at this stage, Science and Technology Board is only a pilot area for domestic capital market reform and innovation. The useful experience of the registration system is still in the process of continuous exploration. However, from the analysis of the development trend of the future capital market, in the future, the A-share market may present a trend of high-quality listed companies with US stocks, poor performance losses and even homogenization enterprises.

Although there is still a certain time gap between the centralized listing of the science and technology board, the release rhythm of the science and technology board is indeed faster. Among them, from June 27th to July 3rd this year, four Kechuang boards have completed online and offline subscriptions, but from the actual situation analysis, even if the entry threshold of the Kechuang board is higher, the winning rate remains. Very low, from the initial market liquidity premium, Science and Technology Board is still a feast for issuers and winners.

It is worth mentioning that in the trading period from July 8th to 12th this week, the science and technology board is in a situation of getting together, and there are 21 companies in the week to purchase online and offline. This is also rare in recent years. Market phenomenon.

Originally, drawing on the phenomenon of the first batch of listings on the GEM a decade ago, the scene of the first batch of 25 companies listed on the Science and Technology Board on July 22 was still within the market affordable range. However, for a total of 21 companies in the week to buy together, it will inevitably cause market anxiety. It is undeniable that with the deepening of the science and technology board pilot registration system, the capacity scale of the future science and technology board market will be further expanded. If the A-share market still dominates the stock funds, then the sustainable development of the science and technology board Expansion will still have the effect of diverting market liquidity.

xxOn July 8, the A-share market experienced a one-day drop of more than 2%, and this was also interpreted by the market as a shocking portrayal of the rapid expansion of the board.

In fact, 21 new stocks in the week will be put on the market, which will pose a psychological impact on the market. However, in the context of the market being enlarged and narrow, this phenomenon is easily interpreted by the market as a negative factor. However, in the actual situation, in the context of the subscription of new shares of the science and technology board, several issues need to be considered.

Among them, the arrival of the science and technology board itself needs to set a certain threshold for participation, and in the A-share market, the number of investors who meet the corresponding investment threshold is not much. However, under the influence of the effect of the new stocks, the investors are interested in the profit-making effect of the board of the company. In a short period of time, the number of investors who opened the board of the board has reached more than 3 million, and still There will be a tendency to continue to climb. In a way, this is conducive to bringing incremental liquidity to the market.

In addition, the company is still taking the market value placement method. However, due to the high density of IPOs, investors can meet the demand for multiple new uses with the same market capitalization, and the issuance of new shares of Kechuang Board is not large. The stock market value that investors need to use is not much. As a result, the market value of the Shanghai stock market is locked in by way of market value placement, and the phenomenon of stock market stocks will be diverted, but it may not be as obvious as the market expects.