IPO New Regulations To Reduce The Income Of New Funds Is Still Profitable

A spokesman for the securities and Futures Commission announced that after perfecting the IPO system, the IPO will be restarted. It is clearly stipulated that in order to reduce the issue cost of SMEs and raise the efficiency of issuing, it clearly stipulates that the number of shares issued under 20 million shares (below) and no old stock pfer plans shall be determined through direct pricing, and all of them will be issued to online investors without any new regulations such as inquiry and placement under the Internet.

According to the analysis, the new new regulation has three major impacts on the market.

First, the way of distribution is moving towards the registration system.

In the long run, the new rules are more market-oriented, which is a major step forward in the IPO system.

Second, smoothing the impact of new capital freeze on the market.

June 2014

Opening up, the amount of frozen IPO shares also gradually increased, from the initial 1 trillion to the end of June 2015, breaking through 6 trillion, each IPO has a strong blood pumping effect, new investors need to sell stocks, bonds or borrow money to raise funds, resulting in tight funding.

Under the new new rules, the analysis shows that the rate of return on the issue of individual stocks is relatively small, and may decline slightly. It is mainly recommended that the new rules of the Oriental Multi Strategy C, the novice dominant industry C and the new strategy of C. are mainly in the two aspects of the winning rate and the yield, which are still profitable in general, but the profits will decline compared with the old ones.

At present, the whole new fund is mainly based on flexible allocation, accounting for more than 7 of the total.

From the perspective of the size of the fund, about 5 billion of the funds are about 50%, which means that the large scale new fund has great capital advantage under the prepayment system.

From the perspective of fund classification, the fund with flexible allocation exceeds 70%.

According to the indicators of "new shares, interval rise and fall, the standard deviation of net growth rate during the period" and other indicators, we should select new funds to study the changes of new funds.

At the end of the two quarter, a total of 213 funds conforming to the standard were mainly composed of flexible allocation funds, of which 4 were short stocks, 46 were partial debt mixed funds, 162 were flexible allocation funds, and 1 were mixed funds.

From the perspective of the size of the fund, about 5 billion of the funds are about 50%.

From the end of the two quarter, the highest proportion is 50-80 billion, with a ratio of 1/4, while the ratio of new funds to more than ten billion scale accounts for 18%, while less than 5 billion accounts for less than 1/2.

The larger scale of the new fund may be related to two reasons. First, investors have a high degree of involvement in fund investment in the bull market. Two, a large scale new fund has a large capital advantage under the prepayment system.

First, the signing rate will be substantially reduced.

The new round of IPO rules to eliminate the huge amount of funds to fight the new phenomenon, adjust the IPO process, cancel the provisions that investors should pay the purchase funds in full, and change the advance payment to determine the placing amount before making payment.

Stocks

Investors can participate in the purchase of new shares. In addition to playing the new fund, the general stock or mixed funds can participate in it, which will significantly reduce the winning rate. The advantage of playing the new fund's financial strength can not be clearly reflected.

Second, the yield of individual stocks declined slightly.

The earnings of individual stocks are related to the stock market and the price earnings ratio. In the stock market, the bull market has expanded the yield of new shares in the first half of this year, and the yield of the new shares is closely related to the stock market.

In the first half of this year, the IPO price earnings ratio is about 40% of the market earnings of the same industry, which means that the price of new shares is low, and there is a price difference in the one or two tier market, leading to a continuous trading limit after the listing.

Zhang Xiaojun, a spokesman for the securities and Futures Commission, said on the 13 th that at this stage, the issue of IPO should still adhere to the principle of low price continuous issuance, and the issue of price earnings ratio exceeding the same industry earnings ratio should be issued for three weeks.

We can see that IPO can maintain the level of price earnings ratio, and there will still be considerable gains after listing.

It is worth noticing that in this reform, the small stock with less than 20 million issued is cancelled, and the inquiry price is negotiated by the issuer and the main underwriter. The price is issued directly to the online investors. This will increase the efficiency of issuing small shares and reduce the issuing costs of small enterprises, but at the same time, the uncertainty of the price of small market shares will also bring greater impact on the return of small ticket.

On the whole, the rate of return on the issue of stocks is relatively small, and may decline slightly. It recommends orient Multi Strategy C, noan dominance industry C and Anxin dynamic strategy C.