According to a data reported by Hong Kong Wind News Agency, in January 2024, a total of 14 companies will be listed for the first time in the A** market, with a total amount of 118800 million yuan, of which a total of 4 new shares were listed on the Beijing Stock Exchange in January, second only to the main board of the Shanghai Stock Exchange, with a raised amount of 8600 million, has surpassed the GEM. Judging from the performance on the first day of listing, none of the new shares broke in January, and the new A-share market achieved "0 breakage" for three consecutive months.
What is worthy of our careful scrutiny is that there has been "0 breakage" for 3 consecutive months, which means that the last time a new stock broke should be in October 2023. And in September 2023, new share issuance is at a low level.
"Revitalizing the capital market and boosting investor confidence" was put forward in July 2023, and the management introduced a series of measures, which did not have a significant effect, which is one of the reasons why new share issuance was at a low level until September.
It is necessary to emphasize the fact that the major indices of the Shanghai market have a record of falling for 6 consecutive months, and the Science and Technology Innovation 50 Index has a rare consecutive fall in October.
At the end of October, the Beijing Stock Exchange market bottomed out, and then launched a round of skyrocketing, the Beijing Stock Exchange 50 Index in November, December in two months, the cumulative ** more than 50%, enough to explain everything.
At the same time, the Shanghai market was rapidly rising during the Beijing Stock Exchange, and Xianxian Finance once issued a soul question, with the Shanghai and Shenzhen markets in exchange for the Beijing Stock Exchange market surge, is this transaction worth it?
After winning a respite in the issuance of new shares, although in January, the Beijing Stock Exchange market also began to fall sharply, judging from the data, it did not affect the rhythm of new stock issuance, and also achieved "good results".
Especially in the process of the Beijing Stock Exchange market rising sharply and the Shanghai market gradually falling to a new low, it can be said that for two months, we basically did not see the continuation of relevant rescue actions, nor did we see the mainstream ** waving the flag.
It is precisely in January 2024 that with the start of the Beijing Stock Exchange market, various rescue strategies have been introduced again in a variety of ways, and investors have not bought it, and the ChiNext Index and the Shenzhen Stock Exchange Component Index have both refreshed new lows in three years.
We have reason to continue to ask, is the current A-share market still only focusing on the financing side, and when there may be problems with the financing function of the market, is the "investor-oriented concept" just a placebo?
Hu Xijin's call on January 31 to "implore all provinces to temporarily cancel or significantly reduce this year's listing plan to reduce the pressure on IPOs from the source" resonated with the majority of investors.
Objectively speaking, Lao Hu's shouting is difficult to have any effect. For A-shares, the pace of new stock issuance is related to the market's affordability, and in the history of A-shares in the past many rounds of bull and bear switching, when the market falls into a trough, the IPO rhythm will slow down.
You must know that the current A-share after the registration-based reform, if there is a suspension, it means that there is a small flaw in the registration-based reform, and the relevant person in charge will not be able to hang on his face. In other words, for some people, the market is not the most important, but the unimpeded IPO financing is probably the most important.
Unless there is another problem, the market is too poor and the IPO is not smooth, and it is forced to be suspended. And now, in the case of the major indices falling for 3 consecutive years, and the major indices of Shanghai and Shenzhen for 6 consecutive months, there has been a spectacular situation of "zero breaking" of new shares for 3 consecutive months.
On the one hand, the market is miserable, and on the other hand, the new shares are undefeated, it can only be said that this is the characteristic of A-shares, and such a good issuance situation is probably not in the United States, which is rare in the world. Paying attention to the issuance of new shares, but not paying attention to the return of investors in the secondary market, eventually made the entire market stagnant for more than 10 years. We can't help but ask, is it worth paying such a big price?