How do you view the rise of the first batch of new shares on the GEM?

On August 24, 2020, the new GEM registration system ushered in a new era of 20% rise and fall, in which the first batch of 18 listed companies collectively opened high, and the whole line was **. On the opening day of the 24th, there were already 8** stocks that rose by more than 100%. Among them, Kangtai Medical rose the most, and Meichang's shares rose the narrowest.

As of the end of **, Kangtai Medical's increase has been reached.

When the first batch of 18 new shares implementing the registration-based system on the GEM were collectively listed on the 24th, among the first batch of 48 companies, Anker Innovations officially became the first share in Hunan under the registration-based system on the GEM. With the listing and trading of this first batch of IPO companies, the GEM registration system has been officially fully implemented in China. Different from the previous system, before the listing of new shares on the GEM, there are no restrictions on the decline and increase for five trading days, and these 18 new stocks will all open higher without accident.

The overall situation of new shares is relatively stable. When the first batch of 25** stocks were listed on the Science and Technology Innovation Board, their average increase on the first day was 140%, while the average increase of the first batch of 18 new stocks under the GEM registration system has already been reached. Compared with the Science and Technology Innovation Board, the performance of the first batch of 18 new stocks under the GEM registration system is more prominent.

In addition to Kangtai Medicine's skyrocketing, there are individual companies that open high and go low, and his price is lower than the opening price. In terms of the number of 100-yuan shares, there were only 5 100-yuan stocks on the first day of listing on the Science and Technology Innovation Board, while there were 6 new shares on the first day of listing of the 18 new stocks on the GEM.

At the same time as the official implementation of the GEM registration system, there will also be some major changes in the GEM ** trading mechanism. For example, there is no limit on the decline and increase of the five trading days before the listing of new shares on the ChiNext board, and the limit on the decline and increase after that has been increased from the previous 10% to 20%.

From the perspective of the issuance system, the GEM registration system is based on the issuance rules of the Science and Technology Innovation Board. However, the difference is that the GEM registration system can also be listed for financing in terms of the weakening of corporate profits and corporate losses. However, it also sets out quantitative criteria.

In terms of delisting rules, neither the STAR Market nor the ChiNext Board have a consolidation period, streamlining the delisting process.

This is very normal, generally the new shares of this kind of newly opened company will rise relatively large, so don't be surprised, it will fall back in the future.

The first batch of new shares on the GEM collectively opened high, which is a good sign, and the GEM will definitely hit a new high, and shareholders are looking forward to it!

Judging from the increase in growth, it shows that the recent demand for entrepreneurship is very large, and it also shows that the domestic economy is gradually recovering.

The new shares on the ChiNext Board belong to the new shares of the Shenzhen ** Exchange, and according to the listing rules of the Shenzhen Stock Exchange, the highest increase is 44%.

Extended Materials. 1. Rules for the rise and fall of new shares on the first day of listing on the Shenzhen Stock Exchange:

1. The valid application of full-day investors on the first day of listing shall not be higher than 144% of the issue price and shall not be lower than 64% of the issue price, and the declaration exceeding the scope of the valid application shall be invalid. The calculation result of the valid application range is rounded to the nearest dollar. Mountain transport.

2. **The effective bidding range of the opening call auction stage on the first day of listing is 20% above and below the issue price. Exceeding the effective bidding range of the opening, but not exceeding the effective bidding range, the declaration can not participate in the opening call auction, temporarily stored in the trading host, when the continuous auction transaction price fluctuations make it enter the effective bidding range Changlu, the trading host automatically take out the declaration, participate in the continuous bidding. If there is no opening price in the call auction stage, the first transaction price of the day shall be used as the opening price.

3. If the intraday transaction price reaches or exceeds 10% of the opening price of the day for the first time during the continuous auction stage on the first day of listing, the Exchange will temporarily suspend trading for 30 minutes. During the temporary suspension period, investors can declare or withdraw their declaration. At the time of resumption of trading, the resumption call auction will be conducted on the accepted declarations.

The specific time of the temporary suspension of Xunliang is subject to the announcement of the Exchange, and if the temporary suspension time exceeds 14 57, it will resume trading at 14 57 and resume the call auction for the accepted declaration.

4. **From 14 57 to 15 00 on the first day of listing, ** call auction is adopted, and ** price is generated through call auction. **Cancellation of declarations is not allowed during the call auction phase.

5. The effective bidding range of continuous bidding on the first day of listing, intraday temporary suspension and resumption of trading call auction, and call auction shall be 10% above and below the most recent transaction price, but shall not exceed the range of valid bidding for the whole day.

6. **Market price declaration is not accepted on the first day of listing.

2. The purpose of establishment.

1) Provide financing channels for startups.

2) Through the market mechanism, effectively evaluate the value of entrepreneurial assets, promote the combination of knowledge and capital, and promote the development of knowledge economy.

3) Provide an "outlet" for venture capital, diversify the risk of venture capital, promote a virtuous cycle of investment, and improve the flow and use efficiency of investment resources.

4) Increase the liquidity of small and medium-sized enterprises, facilitate the implementation of equity incentive plans, etc., and encourage employees to participate in enterprise value creation.

5) Promote the standardized operation of enterprises and establish a modern enterprise system.

As of July 2020, the limit for the increase of new shares on the first day of listing on the GEM is 44%.

Issue price*64%《All-day valid Bishen Beishen**Ge》Issue price*144%;

Issue price * 80% of the opening call auction.

Effective Bidding Range (9:15-9:25) "Issue Price*120%;

If during the opening call auction, ** exceeds the effective bidding range of 20% above and below the issue price, but the ** is within the range of the valid application for the whole day, you cannot participate in the opening call auction, and the commission continues to wait for the matching transaction.

Continuous bidding. The effective bidding range of the resumption call auction and **call auction is 10% above and below the most recent transaction price.

They are Anker Innovations, Shengyuan Environmental Protection, Meichang Shares, Kangtai Medical, Jemet, Eurocom, Tianyang Technology, Landun Optoelectronics, Haichen Shares, Jieqiang Equipment, Huisheng Biotechnology, Jinchun Shares, Nanda Environment, Weikang Pharmaceutical, Fengshang Culture, Dahongli, Mengtai High-tech and Kabeiyi. **The average first-day increase at the time of listing was 140%, and the first batch of 18 new stocks under the GEM registration-based system have already risen on the first day.

On August 24, the first batch of 18 new stocks on the GEM were Anker Innovation, Shengyuan Environmental Protection, Meichang Shares, Kangtai Medical, Jemet, Continental Connect, Tianyang Technology, Landun Optoelectronics, Haichen Shares, Jieqiang Equipment, Huisheng Biotechnology, Jinchun Shares, Nanda Environment, Weikang Pharmaceutical, Fengshang Culture, Dahongli, Mengtai High-tech and Kabeiyi. Among them, 8 ** rose by more than 100%, and Kangtai Medical's increase reached.

On August 24, the GEM registration system ushered in a new era of 20% rise and fall, the first batch of 18 listed companies collectively opened high, the whole line **, and 8 ** rose by more than 100% at the opening of the 24th, Kangtai Medical led the rise, up to 100%; Meichang shares rose, the narrowest gain. As of **, Kangtai Medical has risen by as of.

The largest increase is - Kangtai Medical opened 441% higher, Kabeiyi opened 426% higher, Jieqiang Equipment, Mengtai High-tech, Dahongli bid more than 170%, and Meichang's increase expanded to 78%.

This kind of rule is to avoid the new stock being speculated to a restriction that does not know the so-called **.

This paper aims to first summarize the definition of the limit on the rise and fall of new shares on the GEM, then introduce the purpose, reasons and current situation of the limit on the rise and fall of new shares on the GEM, and finally put forward suggestions for improving the limit on the rise and fall of new shares on the GEM.

1. Definitions. 2. Purpose.

3. Reasons. Fourth, the status quo.

5. Recommendations. This paper points out the importance of the limit on the rise and fall of new shares on the GEM, and puts forward suggestions for improvement, which provides a reference for the improvement of the limit on the rise and fall of new shares on the GEM.

The limit on the rise and fall of sub-IPOs on the GEM refers to the daily rise and fall of sub-IPOs listed on the GEM within a certain value to protect investors from the loss of skyrocketing**. It is an important policy formulated by the regulator to stabilize the market, protect the interests of investors, and promote the healthy development of the market.

1. Definitions. The limit on the rise and fall of sub-IPOs on the GEM refers to the daily rise and fall of sub-IPOs listed on the GEM within a certain value to protect investors from the loss of skyrocketing**.

2. Purpose. The main purpose of the restriction on the rise and fall of new shares on the GEM is to stabilize the market, prevent the soaring, protect the interests of investors, and promote the healthy development of the market.

3. Reasons. The main reason for the restriction on the rise and fall of new shares on the GEM is that investors are more risky to invest in the new shares of the GEM, and investors' funds are vulnerable to the impact of soaring**, so the regulator has set a limit on the rise and fall of the price to protect the interests of investors.

Fourth, the status quo. At present, the rise and fall of new shares on the GEM is limited to no more than 10%, no more than 20% higher than the highest price increase in the first 20 trading days before listing, and no more than 20% lower than the lowest price increase in the first 20 trading days before listing.

5. Recommendations. In order to improve the limit on the rise and fall of new shares on the GEM, it is recommended that the regulators: first, strengthen publicity and let investors better understand this policy; The second is to gradually relax the price limit to encourage investors to invest in GEM sub-IPOs and improve investor confidence; The third is to strengthen supervision and strictly enforce the limit on the rise and fall to prevent investors from being treated unfairly.

This paper examines the relevant issues of the limit on the rise and fall of sub-new shares on the GEM from the aspects of definition, purpose, reasons, current situation and suggestions, points out the importance of the limit on the rise and fall of sub-new shares on the GEM, and puts forward suggestions for improvement, which provides a reference for the improvement of the limit on the rise and fall of sub-IPOs on the GEM.

The GEM and this year's reform of the price limit set at 20% and the registration system is not as expected, but in the continuation of the registration system, the first batch of 18 new shares listed high open high, but also illustrates the country's support and favorable policies for the GEM. This will undoubtedly give investors greater confidence. <>

Event analysis: many investors believe that the GEM reform may lead to the GEM, because since this year, the GEM has been constantly **, and it is a fact that the high valuation of continuous innovation is high, and many investors are worried that this GEM reform may be a bad news, which will cause the GEM to be the first to be listed, but since the first reform of the GEM reform since the listing of new shares, the first batch of new shares listed has not been as expected, but has created a record of opening high and going high. This fully shows that the state pays attention to and supports the capital market, and investors will have more confidence. <>

What is the registration system of GEM? From a simple point of view, the awareness of the GEM registration system is that the listing requirements have become lower, of course, this is only the GEM, and the listing requirements on the main board are still the same as before.

In the past, the listing of the a** field was an approval system, and a company often had to go through layers of approval if it wanted to be listed, so a company could be listed, which basically proved that the company was very good, because it was really difficult to be listed, but in the case of the registration system, as long as the company met the basic requirements of listing, it could be successfully listed, so the threshold of the registration system was much lower than that of the approval system. <>

The GEM rose and fell by 20%. Investors who have bought A-shares** know that there is a 10% limit on the rise and fall of today's trading in China, which means that if it rises to 10%, it will not be again**, and if it falls by 10%, it will not be again**. This is a major feature of A-shares, and it is also a mechanism to protect A-shares.

However, after the reform of the GEM, the rise and fall is 20%, which shows that the GEM will be the world of big funds or institutions in the future, and ordinary ** may not be able to participate.

It will increase the enthusiasm of investors, and investors will increase their investment in the GEM. Investors will be full of confidence in the GEM and full of confidence in **.

Many low-priced gems have seen a variety of big counterattacks that have risen by more than 10%, and almost all of the market's hot money in the short term is here, and the gem is indeed the most concentrated place to make money in the past two days. The amount of energy of the GEM may be the same as that of the main board in the later stage, but the number of ** companies on the GEM is far less than the number of ** companies on the main board! Once the main board does not have the amount to follow up, it will appear**, once the main board falls sharply, of course, the GEM will not be spared, and then the GEM will fall sharply!

At the same time, it can quickly change China's venture capital ecology, enhance the ecological prosperity of the venture capital industry itself, and the investment community will be more complete and more diversified and market-oriented.