Restarting IPO Is An Important Decision For Market Normalization.

Four months after the suspension of the IPO, the Commission announced at a regular press conference last Friday that IPO was restarted, and decided to resume the 28 companies IPO postponed under the current system. It is expected that 10 enterprises will be issued in 2 weeks or so, and the remaining 18 will be reissued within the year. A shares rose sharply on Monday.

The change of these rules will greatly change the past new operation and new strategy, and the new operation of individual investors will be greatly affected. The institutional and financial advantages of the new investors represented by the new fund will be further revealed.

　　 Personal increase in difficulty is the first choice.

Although the SFC has adjusted this time ipo One of the purposes is to increase the protection of investors' legitimate rights and interests. However, analysts believe that the cancellation of the first payment requirement will greatly increase the enthusiasm of fund participation, and the success rate will drop accordingly, so that the challenges faced by new investors will be greater. Investor It is not allowed to entrust brokers and other agencies to purchase operations on their behalf, and have to operate by themselves. This new regulation also increases the difficulty of individual investors directly participating in new businesses. Against this background, the tool value and allocation value of the new fund are further highlighted.

The resumption of IPO's fight against the new fund is no doubt a blessing. However, the change of the rules also brings some restrictions. For example, in order to raise the yield of the new fund, we must control the scale, because the scale will be a heavy burden under the new regulation; cancel the issuing of the new shares under the 20 million shares, and let the new fund lose many opportunities to get the new shares; there is a big uncertainty in the future earnings, because it is not clear whether the price window guidance is open. But in general, the new fund is still worth investing as an absolute return, and its advantages are more obvious than those of Monetary Fund, pure debt fund and graded A.

According to the statistics of reporters, in the most intensive months of issuance of new shares in the first half of May this year, all the 290 funds involved in the new 20 funds were allocated more than 50 million yuan during the period. The Cathay Pacific Fund occupied four seats. In the total number of new shares allocated by the statistical company, the products of the Cathay Pacific Fund were allocated 158 (the same stock separately allocated for different fund products), ranking the highest among all fund companies. There are more than 100 fund companies including Penghua, Guo Lian, ICBC Credit Suisse, South, Dacheng, Dongfang, Baoying and the Great Wall.

　　 Stock market Bond Market Limited influence

Industry insiders say that restarting IPO is a step towards market normalization, which has a positive impact on market expectations and risk appetite. In particular, the abolition of the advance payment system for subscription of new shares has stopped the huge amount of funds frozen due to the purchase of new shares, and no longer need to freeze the new cash, easing the blood pumping effect of new shares on the stock market, and long-term favorable market.

The restart of IPO will certainly cause some impact on the stock market, but the impact is limited, because the practice of market capitalization increases the allocation demand of funds in the market, hedges the impact of the supply side, and the risk preference of participating in the new fund is relatively low, and it does not completely overlap with the funds invested in stock investment. In addition, the new fund has always been dominated by flexible allocation hybrid funds and capital preservation funds. Such funds are flexible in positions and flexible in stock debt switching. In the face of this opportunity to restart IPO, there is no doubt that they have some advantages over other types of equity funds.

As for the impact on the bond market, marginally, it will boost the risk-free return and divert part of the funds. However, due to the pressure on capital freeze under the new method is not as big as before, the overall impact is limited. As for the new fund, most funds can be used to invest in the proceeds of the bond thickening fund because no advance payment is required.