After more than three months, the IPO and refinancing review has been restarted, which means that the financing function of the A-share market has been restored again. Behind the restart of IPO and refinancing review, investors may be worried that the rise of A-shares is coming to an end. In fact, judging whether the rise of A-shares is over does not only depend on whether the review of IPO and refinancing has been restarted, but must be carried out in many aspects. analyze.
Before the restart of the IPO and refinancing review, the last review meetings of the Shanghai Stock Exchange and the Shenzhen Stock Exchange were in early February. After more than three months, the IPO and refinancing review of A-shares has started again. What is the reason behind it?
The first reason is that financing is an important function of the stock market. If a market only has financing and no investment function, it is unhealthy. By the same token, if a market has no financing and only has the investment function, it is incomplete. The restoration of the financing function of the stock market is also a true reflection of a complete stock market.
The second reason is that the money-making effect of the stock market has begun to gradually recover, and the market index has returned to 3100 points. This is also an important prerequisite for A-shares to resume IPO and refinancing review.
Some time ago, the stock market experienced an irrational adjustment trend. Since February 5, the financing and refinancing review of A-shares has also been in a phased suspension state. As the investment environment in the stock market gradually improves, the money-making effect of the stock market begins to gradually increase, creating a favorable market environment for the restart of IPO and refinancing reviews.
The third reason is the strong demand for corporate financing and refinancing. There are as many as 522 companies under review. To ease the pressure on IPO barrier lakes, it is necessary to speed up the restart of IPO review and refinancing review. If there are too many companies queuing up and the review cycle is extended, it will also lead to further increased pressure on the IPO barrier lake.
After three months, the IPO review has restarted. Does it indicate that this round of rising A-share prices has come to an end? The key depends on the next IPO issuance rhythm and the number of IPO issuances. Maintaining a balanced and reasonable issuance level will have a very limited impact on the market. Taking a step back, if the pace and quantity of IPO issuance exceed the market's capacity again, it will have a greater impact on the market. The balanced development of investment and financing is the key to the healthy development of the stock market.
ipo review restarts, investors do not need to be pessimistic, nor do they need to over-interpret. After the market forms an upward trend, it often forms an upward inertia. Even if the pace of IPO issuance increases slightly during the period, it will not have much impact on the market.
After experiencing the irrational decline of the stock market in early February this year, the market's sensitivity to news such as the restart of IPO review and the acceleration of the pace of IPO issuance will also increase significantly. Perhaps, behind the restart of A-share IPO review, it will more or less affect the market's investment sentiment, but the rise and fall of the stock market ultimately depends on the economic environment and the fundamentals and valuation levels of listed companies.
Financing is an important function of the stock market, and the investment function is also very important. Looking at the world's major mature stock markets, the long-term upward movement of the stock market is mostly related to the phenomenon of balanced development of investment and financing in the local market. In some stock markets, the scale of financing has been far lower than the return on investment over the years. This is precisely a reflection of the emphasis on the ability to return returns to shareholders.
For the A-share market, it does not lack funds, but it lacks investment confidence for a long time. In the final analysis, in the past, too much emphasis was placed on the development of the financing function and the investment return needs of shareholders were neglected. As more and more listed companies implement stock repurchase and cancellation measures and increase stock dividends, the investment return capability of the A-share market is also significantly improved. When the stock market achieves balanced development of investment and financing in the true sense, then A-share market The focus of stock market operations will also gradually increase.
Against the background of continued improvement in the policy environment and low valuation levels, the investment attractiveness of the A-share market is still relatively strong. As long as A-shares pay more attention to shareholder return capabilities and improve shareholders' shareholding experience, the investment value of the A-share market will also increase significantly, bringing considerable investment return expectations to long-term investors.
-
-
-
-
-
-
-
-
-
-