Small investors should not blindly follow the trend of speculation of new
2012-11-22 Source: Shenzhen Stock Exchange
Trading of the new shares has always been more active capital market, stock price fluctuations. Many small investors believe shares no hold-up disk, there is room for speculation. In fact, since no new shares transaction history, and listed on the first day of the game between different investors prone to "herding" great risk blindly follow the trend, small investors should be cautious to participate.
The Shenzhen Stock Exchange statistics show that the structure of the first day of IPO investors have certain characteristics, buying were mainly individual investors, including a number of large funds, trading in the new shares frequently large (referred to speculation of new large) often played an important role. For example, since June this year, listed on the first day gain greater 凯利泰 (300,326), Elite (002686), Tianjin Membrane Technology (300,334) and Jinhe organisms (002,688) 4 stocks, there are more than 200 accounts for single stock listed on the first day total trust in a million or more, and from early 2011 until 2012 on July 26 during the day to buy the number of shares resident in the top 10%, the average trading shares 54 (up to 173), the average holding share scale 2.485 million yuan. Fried new, mostly large professional investors usually have more than 10 years experience involved in the stock market, market dynamics and investor psychology is very understanding. They will be involved in selecting the new shares speculation, generally choose a subject of speculation, the higher the evaluation mechanism, low price-earnings ratio, lower the online placement success rate, the higher the placing under the net purchase multiple, smaller float caps stocks. On the operations have first to buy short-term hold, quickly sold characteristics, mainly in the opening set after the opening ten minutes during the auction and declare expensive to buy, sell rapidly in the next IPO.
Fried new big hype shares ideas and practices more consistent, easy to form a group effect. They conduct high commission opening call auction, will push shares open, but after the opening ten minutes of the centralized buying further push up the share price, while the formation of active trading situation, which tends to lead to other investors follow the trend of speculation "herding", pushing the stock price continues to rise. From the statistical data, frequent speculation of new large groups of households involved in more stock, listed on the first day of gains and turnover increases.
Empirical studies show that high risk involved in new shares of speculation, but small investors tend to blindly follow greater losses. For example Tianjin Membrane Technology July 5, 2012 listing, the listed share price falling the next day, to July 30, three-quarters of small and medium investors losses, an average loss of 11.7%, while speculation of new large more than 40% profit, fried new large loss of losses average loss of 3.7%. When the majority of investors do not blindly follow the trend of trading of new shares, to be the last of stakeholders.
In recent years, the Shenzhen Stock Exchange has been frequent speculation of new, abnormal trading multiple accounts to monitor the implementation of key, as the case may be taken in advance to remind them, a matter of warning, after a series of regulatory measures norms, and was released this year, "shares initial listing unusual transactions Control Guidelines "in strict accordance with the guidelines require investors asked to participate in shares trading. Meanwhile, in the promotion of members deepen Investors in the management, the Shenzhen Stock Exchange established the first day of IPO risk warning system, first-day gain for large shares, in addition to requiring listed companies to publish timely risk warning announcement, but also requires members to effectively way to alert investors to read the announcement, speculation effectively prevent new risks.
Next, the Shenzhen Stock Exchange will continue to strengthen the monitoring of the shares traded on the deliberate hype, there are irregularities or suspected manipulation of account regulatory measures will be taken according to the law or disciplinary measures and reported to China Securities Regulatory Commission investigation.
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