Compared With IPO, Market Refinancing Efforts Are Quite Fierce.

Since the new rule of IPO came into operation, the rhythm of A share IPO issuance has accelerated.

In the first 10 months of this year, the speed of IPO issuance basically kept on the average monthly distribution rhythm of two batches, while the average monthly financing scale maintained a constant growth trend.

Too fast

The pace of issuance should be slowed down. The degree of repair of investment confidence has weakened the investment return function of the stock market and adopted the fast IPO issuing rhythm, which is not conducive to the long-term healthy operation of the stock market, or even the consumption advantage of the stock market too early.

However, it should be noted that the SFC has approved the first application of 9 enterprises, and the total amount of financing is not more than 4 billion 500 million yuan.

A week later, in November 11th, the SFC again approved the first application of 15 enterprises, and the total amount of financing was not more than 11 billion 200 million yuan.

It can be seen from this month's issuance rhythm, there is indeed a trend of acceleration.

According to statistics, 2015

The scale of IPO financing reached 158 billion 800 million yuan and 220 new shares were issued.

But in this year, because of the impact of the stock market turmoil, the rhythm of IPO issuance in the second half of the year was affected, and even fell into a stop and release situation, which slowed down the IPO issuance process in that year.

However, from 2016 data analysis, this year's A share market IPO speed is not inferior.

According to statistics, the number of IPO in the market will reach 200 this year, and the total scale of financing is expected to exceed 100 billion yuan.

This shows that although the volatility of the A-share market is not high this year, and is not in a bull market, the pace of IPO issuance and the overall scale of financing are not inferior to that in 2015. A

It is worth mentioning that compared with IPO, the market refinancing efforts are quite fierce.

According to statistics, this year, the total refinancing scale of listed companies has exceeded 1 trillion. Many listed companies have promulgated the way of private placement and rights issue, which has played a certain role in the diversion of market stock funds.

In this regard, the acceleration of the pace of IPO and refinancing has posed a great pressure to the A share market, which is already dominated by stock funds.

Although the rhythm of market IPO issuance has been increasing gradually, but due to the revision of the new regulation of IPO, and the cancellation of the prepaid subscription mode, the pressure on the stock fund diversion of stock market suddenly dropped.

However, throughout the market performance in recent years, the phenomenon of new shares has been banned repeatedly, and this profit effect has gradually extended to the second time.

Therefore, the field of new shares and sub shares has become the most profitable place for stock market in recent years.

Although the influence of IPO itself will not be very large, the continuous deduction of the effect of new shares and the new shares will undoubtedly further divert the attention of the market.

As a result, the market can only be confined to the local money making effect rather than the overall effect of making money.

The author thinks that the rhythm of issuing IPO from January to two is reasonable.

However, when the pace of IPO issuance significantly increased, and even became the three batch or even four batches of the issue level in January, it will undoubtedly impact the psychological level of the market, and the impact of the diversion of stock funds will gradually be reflected.

As for the frequent occurrence of large cap IPO, its impact on the stock market is even more obvious.

It can be seen that for the A share market, only when the stock market's investment and financing functions are balanced, can the stock market develop healthfully and speed up the confidence of investment in the market.

If we do not take full account of the degree of repair of market confidence and weaken the investment return function of the stock market and adopt the fast IPO issuing rhythm, it will not be conducive to the long-term healthy operation of the stock market, or even consume the advantage of the stock market too early.