There is nothing new in the sun.
Originally, shuipi didn’t want to comment on the ultra-high issuance of Wo Mai. This is also a market-oriented behavior. After all, some people are willing to pay such a high price. However, the trend of Hemai after its listing was unexpected. On the one hand, many people abandoned the purchase, on the other hand, the share price rushed to the high price of 827 yuan / share on the same day.
He Mai’s performance in the past two days surprised many people. Today, the highest share price returned to 764 yuan / share, closing at 746 yuan / share. Of course, the trend of Hemai has a lot to do with its small plate, because Hemai has only 8.8 million circulating shares, so it is very easy to be controlled.
The most controversial issue is that the fund raised by Hemai is about 5.5 billion. After listing, the company soon issued an announcement on investment and financial management, ready to take 4.5 billion for investment and financial management. 4.5 billion investment and financial management may get higher interest from banks every year than a year’s profit. In other words, targeted fund-raising, or the establishment of fund-raising projects, is actually very ironic. This leads to a reverse allocation of valuable social financing. Over raising itself is an injury to other companies that urgently need to solve financing difficulties. There was so much social capital. One company raised more than 10 times, and it only needed 500 million financing projects. Now it raised more than 10 times, which means that more than 90% of the funds are actually invalid investments. In fact, the decision made by Hemei is the best proof.
It should be said that this situation has not happened for the first time in the A-share market, and so did Shenzhen Hepalink Pharmaceutical Group Co.Ltd(002399) that year. Shenzhen Hepalink Pharmaceutical Group Co.Ltd(002399) at that time, the company raised 5.9 billion yuan. When the company was listed, it hoped to raise about 500 million yuan. But the market pricing as like as two peas is 5 billion 900 million, which is exactly the same as the situation of today’s grit.
Of course, everyone can see the final trend of Shenzhen Hepalink Pharmaceutical Group Co.Ltd(002399) . We have enough time to observe whether Hemei will become the second Shenzhen Hepalink Pharmaceutical Group Co.Ltd(002399) . At least in the aspect of IPO, the over raising of Wo Mai has explained that the market-oriented bidding method, or the determination method of issuance price, has a huge bug, which is actually a manifestation of market failure.
Seeing this phenomenon, shuipi can easily think of Marx’s description of the basic contradiction of Capitalism: the basic contradiction of capitalism is the contradiction between the socialization of production and the private ownership of capitalist means of production. In production, it is the contradiction between the organized production in individual enterprises and the disorderly competition in the market.
Let’s carefully understand whether the chaos in the issuance of new shares is also a form of this contradiction. I hope the management can pay attention to the problem, because for the whole Chinese capital market, IPO has always been a tangled thing, and oversupply will lead to market downturn. However, in terms of individual stocks, there is a serious shortage of supply. How to balance contradictions is the art of management. We cannot allow the free play of the market. The extreme manifestation of free play is over raising, which leads to serious mismatch and waste of social resources.
On the disk today, the Shanghai and Shenzhen stock markets are not good, but in fact, it is hard to say. Just from the index difference between Shanghai and Shenzhen, we can see that today, Shanghai fell by 0.07% and Shenzhen Composite Index rose by 0.70%. The difference is still very large. Although there is not much difference between the rise and fall of individual stocks, the performance of index stocks is actually caused by the differentiation of index stocks.
The index stocks of Shanghai Stock Exchange are very weak today. The yellow line is above and the white line is below on the K-line chart. On the contrary, the index stocks constituting the Shenzhen Composite Index performed strongly today. The K-line chart of Shenzhen composite index shows that the white line is above and the yellow line is below. In fact, the main plate adjusted today is the real estate plate. In the past period of time, the real estate sector was relatively strong, and today’s adjustment is also expected. On the contrary, the index stocks of today’s strong sectors of traditional Chinese medicine and games are mainly concentrated in the Shenzhen composite index, and only one Contemporary Amperex Technology Co.Limited(300750) is enough to support the red of the Shenzhen market index, and the difference is still relatively large.
But what is the biggest difference? In fact, it lies in the structural difference of northward funds. Today, the northbound funds flowed out another 1.7 billion in the Shanghai Stock connect and basically flat in the Shenzhen Stock connect, with only a small amount of outflow.
Today, the overall outflow of northbound funds is a little more than 1.7 billion. Although the outflow is small, we should note that the transaction volume of northbound funds has decreased significantly. Today, the Shanghai Stock connect traded only 38 billion, and the Shenzhen Stock connect traded 56 billion. At the peak of northbound capital transactions on December 12, the two cities inflow 78 billion and 80 billion respectively.
In other words, the highest turnover of northbound funds recently can reach 158 billion, accounting for more than 10% of the total turnover of the whole Shanghai and Shenzhen stock market. Now, the total turnover of northbound funds today is only 94 billion, and the shrinkage is very large. It seems that the measures taken by the CSRC to crack down on fake northward funds are still very effective.
Today, the total turnover of the Shanghai and Shenzhen stock markets has exceeded 1 trillion, squeezing the water from the north, and the effect is very obvious.
One sentence comment: what you buy is not what you sell.
(Huaxia times)
