Motherboard vs Gem: 1 trillion funding scramble

This reporter Wang Zhaoji Xia Huawang Beijing report in the market bullish atmosphere, everything comes so natural.　　June 10, China Securities Regulatory Commission issued "on the further reform and improve the new issue system guidance", recently, the Shenzhen stock system began to test the issue of new shares, suspended several months of IPO restart into the countdown. 11th, China Securities Regulatory Commission deputy director Wang Lin to the outside world, although the relevant rules of the GEM has been basically complete, the relevant companies are actively preparing to issue a listing, but from the current situation, the motherboard IPO restart will be listed before the gem stock.　　The motherboard has robbed the pioneering board. "Huaxia Times" reporter noted that although the official position of management, the end of the previous on the gem and the motherboard is the first after the start of suspicion, however, the IPO again, at the same time, a continuous tens of billions of of the financing scale will inevitably be the entire market pressure, and then the launch of the gem, whether the market is sought after,　　Will the financing of SMEs be under pressure?　　A market to restore the board IPO, will the gem be marginalized? June 12 Friday, the A-share market even after the high innovation has finally had a small stagger, the Shanghai Composite Index in the previous day hit the 2828.74 point of the new highs, immediately made a deep adjustment, once fell 70多 points, and finally closed at 2743.76 points, fell 1.91%　　Shen fell 175.78 points, or 1.64%, on the same day. A day of normal adjustment, seems not to change the market funds abundant, but the funds in the maneuver between several markets, but there is greater uncertainty.　　According to the latest figures, new loans amounted to $664.5 billion in May, while the total amount of new credit in January-April was more than 5 trillion, and inflation expectations became stronger, predicting that more money would be "forced" into IPO and equity assets.　　Money scramble?　　Once again, when the IPO opened, China's construction, Everbright Securities, investment securities, Chengdu high-speed and other enterprises will undoubtedly become a popular enterprise. According to the Chinese Times reporter calculates, if the smooth start, the above 4 companies frozen funds will be as high as 2.3 trillion yuan.　　No doubt, the subsequent introduction of the Venture board capital face pressure can not be belittled. Some market researchers have made predictions about the likely rise of new shares in Chinese architecture. Hongyuan Securities chief strategy analyst Tangyonggang told the newspaper Reporter: "Even if the conservative estimate, the purchase of Chinese construction of new shares will be more than 1 trillion."　　He analyzed, Everbright Securities to issue 500 million shares, China Merchants Securities issue 360 million shares, to 1% of the calculation, and then compare the current securities listed companies 15 times times the price-earnings ratio, participation in the two of the new capital will be more than 300 billion yuan. However, Liu Jingde Securities Research and Development Center deputy general Manager of the "Huaxia Times" reporter interviewed that the motherboard before the gem will not affect the launch of the gem, but will not appear to scramble for funding situation.　　After all, the gem is for small and medium-sized enterprises to provide a place to finance a limited amount of money. At the same time, based on investment windLattice and preferences, the two markets should not appear to fight phenomenon.　　Some of the growth and flexibility of the enterprise will attract a portion of the funds involved, the part of the funds will not enter the motherboard. News analyst Xialijun also hold the same view, that the motherboard before the gem will not appear antagonistic situation.　　He pointed out that the main board of the circulation disk is larger, large institutions and the main body is mainly based on the main board, and the gem circulation plate is small, mainly risk investors involved, the two from the funds will not appear for competition.　　In this respect, Guotai Securities strategy analyst Shangpeng also take a positive attitude, the motherboard and the gem will have a balance between the gem, the high risk associated with high returns to some extent will attract fixed investors, SME financing does not exist funding concerns. "The enterprise that prepares to go on the gem has a lot of jade jewelry, we are ready to find out."　　"A private-equity man, Mr. Sun, has been itching for the gem. However, the famous financial critic Shupi said that the motherboard restart before the gem, the gem "is tantamount to a flash waist", the scenery greatly discounted. With the motherboard IPO reopened, the gem will gradually be marginalized, speeding up the chicken, to the later plate effect of more dense.　　Water-based analysis, in a sense, the marginalization of the gem is similar to the smaller SME board, although to some extent to solve the SME financing difficulties, but whether from high-tech or growth, China's gem and the U.S. gem is still different, many international gem failed to replicate the U.S. gem is also based on this. "The growth of good High-tech enterprises, even if they want to stabilize better development, because the financing limit of small development is limited, will also strive to be listed on the motherboard in the future."　　said the water skin.　　In addition, from the exchange level, as more blue-chip market, the Shanghai exchange will become more strong, the inferiority of the Shenzhen Small and medium-sized enterprises will gradually become obvious, the power gap between the two will be larger. or reappear to play a new "frenzy" since the May 11 IPO system for comments began, IPO restart work into the speed up phase, seems to be much faster than the industry imagined.　　One months later, the "guidance on further reform and improvement of the IPO system" was officially announced and the IPO restarted into the countdown.　　A spokesman for the Securities and Futures Commission said publicly that it might send approval to the company at any time.　　"Huaxia Times" reporter noted that the change in the comments and the request for comment draft changes little, on the basis of protecting the interests of small and medium investors, the paper adds the relevant contents such as "timely adjustment of share issuance policy, increase of the number of shares to be traded" and "perfecting the mechanism of callback and suspending the issuing mechanism", and so on, to increase the elasticity of the distribution mechanism and make it more marketable The promulgation of the opinion has been affirmed by the industry.　　However, the IPO after the launch of the first day will appear before the "speculation of the new market", a number of people in the interview with the reporter held reservations. In this regard, the SFC has also been blunt, and in the near future, especially after the introduction of the new system of the first or several shares issued, the results do not necessarily satisfy the parties, there may be inconsistent views. For example, due to market constraintsSystem is not sound, the buyer is weak binding, there may be a high issue price, high prices may lead to the first day of the listing below the IPO.　　Also may be affected by the secondary market excessive speculation, the one or two-tier market spreads in the first day of the IPO is still large and so on. "In the early days of the implementation of the reform there are some big differences in the situation is understandable, after a period of time will gradually smooth, should be full of confidence."　　said the person.　　In fact, not only the management, the 33 companies have been prepared to submit the final volume of the required submissions, and the investment banking team is ready to go. "The seal material supplements the consummation after the signature seal, will not have the change again." The sponsoring agency of the company concerned is preparing the final volume material. An investment banker told reporters. "As far as I know, CICC's investment banking team has been prepared.　　"Mr. Li, a private-equity professional who has long cooperated with CICC, said. And as the first single IPO to restart the highest expectations of China's architecture, its Dong Mengqingyu and the main underwriter CICC's project leader 11th in the "Huaxia Times" reporter interview appears very low-key: "Now in the listing silent period, the need to comply with the regulations of the SFC, inconvenient to say what." "Similarly, other popular enterprises Everbright securities, investment securities and other foreign is also tight-lipped." "We await the SEC's final message.　　"The fiery IPO restart is a low-key business between companies.　　People close to the management told the Huaxia Times reporter that the IPO restart June is not a big problem, and the order of restart is basically in order. "Everyone is guessing, all kinds of enterprises are public relations, send a market can accept." "Many market participants have no interest in the first single flower." "We will be ready to purchase!" "Northeast Securities analyst Zhaoxu to this reporter bluntly:" and the previous IPO compared to the current issue of the IPO system is not a small change, the return on new shares will still be very high, in 20%-30% above, hundreds of millions of funds chasing a new share of the scene will continue.　　"Hedging good to the period?" It is noteworthy that, since the issuance of the new system in mid-May, the market strong appearance, the Prev-way.　　However, after the IPO entered the countdown, the market faced short-term pressure, the market cautious people increased.　　12th, the Shanghai Composite Index even below the 5th and 10th EMA, a day deal 126.4 billion yuan, the volume can continue to shrink, stocks in Shanghai and Shenzhen stock fall. "In order to maintain market stability, there will be complementary measures."　　A number of analysts said in an interview with reporters. "Although the scale of bank credit increased, but based on the size of the pressure, market liquidity is not optimistic." "Rich-world funds, who have been busy for nearly half a month, have told reporters bluntly that the subsequent approval of the new fund will accelerate."　　The fund's massive fundraising will prepare for the IPO. According to statistics, in the past May, the average initial amount of 6 new funds was close to 4 billion, reaching 3.872 billion yuan, the first monthly average of the new fund in the last year. The May Shanghai and Shenzhen stock Reform LimitedThe lifting of the sale of shares in the new Year's new high, a total of 1.054 billion shares were reduced, compared to April to increase 38 million shares, especially the daily average reduction of 59 million shares. "The new fund issue is possible because it is a manageable part of the management," he said.　　"The Securities analyst for the long-term tracking fund industry said. However, Zhang Jianhui Securities Fund analyst, the use of new funds to hedge the IPO restart the supply and demand pressure, inefficient.　　After all, it will take some time from the approval of the Fund to the issue and the purchase. "And the general fund the best purchase amount of 3 billion, 10 funds are 30 billion, the market is positive." IPO Restart short-term impact is limited, but based on economic fundamentals warmer long-term see little problem.　　Zhang Jianhui said. "IPOs do not have an impact on the market because the financial boundaries of the one or two tier market are clear." A professional trader. "IPO restart bad has been digested, the current liquidity is abundant, basically do not need supporting measures, the market itself can adjust." Zhang, the securities strategy analyst in the capital, is in stark view.