On April 10, the capital market ushered in the listing of the first batch of 10 companies under the main board registration system. This is the first batch of new shares on the main board registration system ushered in by the Shanghai and Shenzhen stock markets in only about one and a half months after the implementation of the comprehensive registration system. This also marks the completion of the most critical step in the reform of the registration system, and the registration system has officially landed in the entire market. Wuxi Parsons System Technology Co., Ltd., located in Binhu District, landed on the main board of the Shanghai Stock Exchange and became one of the new stocks.
First show appearance, rising throughout the day
As the first batch of 10 new stocks listed after the implementation of the comprehensive registration system for stock issuance in China, they all rose sharply on the first day of listing, and many of them triggered a temporary suspension of trading, and the rising trend continued throughout the day. As of the close on the 10th, all 10 new stocks rose sharply. Among them, China Power Port rose by 221%, the highest among the 10 new stocks, and Dengkang oral rose by more than 170%, ranking second. Shaanxi Energy, which has the smallest increase, also reached 47.91%, an increase of nearly 50%.
It is worth mentioning that Wuxi Parsons System Technology Co., Ltd. landed on the main board of the Shanghai Stock Exchange, becoming one of the first five listed companies in Shanghai under the comprehensive registration system, and also the 114th listed company in the A-share market in our city. The increase was as high as 110%. Guo Jianting, chairman and general manager of the company, said that as the first batch of participants under the comprehensive registration system, Parkson was fortunate to witness this historical moment, which is an opportunity for us, but more of a responsibility. In the future, Parsons will also be more confident in building the company into an internationally renowned and domestic first-class clean room system overall solution provider, contributing to the high-quality development of Wuxi City and Binhu District.
The gameplay has changed, investors and friends should pay attention
Previously, the A-share market had piloted the new share issuance registration system on the Science and Technology Innovation Board and the Growth Enterprise Market, and the 10 companies listed on the 10th were the first batch of companies registered on the main board. Future IPOs, whether in Shanghai or Shenzhen, will be completed under the framework of the registration system. This also marks that the registration system in the A-share market has transitioned from the previous pilot to the stage of full implementation.
Experts in the industry reminded that under the comprehensive registration system, the trading rules of the Shanghai and Shenzhen main boards have been optimized and improved, which are somewhat different from the trading rules that investors have been familiar with for many years. It is understood that under the registration system, there is no limit on the rise or fall of new shares on the main board within 5 trading days before listing. Previously, the effective declaration price in the continuous bidding stage on the first day of listing of new shares was not lower than 64% of the issue price and not higher than 144% of the issue price.
Zhang Jun, an investment consultant at Huatai Securities, believes that under the registration system, the era of “laying down and winning” may be gone forever. It is unlikely that new shares will have a continuous daily limit after 5 trading days after listing. Investors need to be vigilant . As a supporting mechanism, this comprehensive registration system reform also optimized the intraday temporary suspension mechanism during the period when the main board stocks do not have a price limit. “The optimization of the intraday temporary suspension mechanism can provide a ‘cooling-off period’ for the market and reduce the impact of irrational speculation. Investors should understand this change.” Zhang Jun said. For stocks, the price limit remains unchanged at 10%.
Market outlook, listen to the advice of experts
Regarding the impact of the registration system on the ecology of the A-share market, Liu Bin, an analyst at Zhongyuan Securities, believes that the essence of the registration system reform is to give the market the right to choose, strengthen market constraints and legal constraints, and improve the convenience of investment and financing. Compared with the approval system, the implementation of the registration system not only involves changes in the review subject, but also involves changes in concepts, gatekeeping methods, transparency, and regulatory enforcement. The A-share market will also gradually transition from the previous investment ecology of “skyrocketing and plummeting, bull short and bear long, and short-term speculation prevailing” to the future investment ecology of “smooth operation, slow bull and long bull, and long-term value investment as the leading factor”. At the style level, it is more difficult for a full-scale bull market to occur. “Half bull and half bear” will be the norm in the market, and it will test the ability to choose stocks.
Regarding the performance of the first batch of new stocks listed on the main board registration system and their impact on the market, Liu Bin pointed out that the trend of new stocks on the whole line on Monday has given the market strong investment confidence. , the broader market is expected to achieve the weekly “five consecutive positive” trend. In terms of operation, stockholders should be light on the index and heavy on individual stocks, and pay attention to securities companies, Chinese prefixes, “double innovation”, semiconductors, new energy, biomedicine, and “three low” stocks on dips, so as to avoid individual stocks that have risen too much recently. (Zhu Zun)