Gem 97% for retail investors

On the first day of trading, retail investor turnover accounted for 97%, securities investment funds, social security funds and insurance did not participate in Lu Yuan although the regulatory layer and the media repeatedly prompted the risk, but the first day of the gem is still seriously hype. Yesterday, Huayi Brothers (300027.SZ) and other first 28 gem companies listed in the Shenzhen Stock Exchange, they opened an average of 76.46%, the highest for Huayi brothers, or 122.74%.　　From the media live broadcast situation, when saw the opening of the rapid increase in the opening of the scene in Shenzhen Huayi Brothers shareholder Feng Xiaogang, Wang Zhonglei, Wang Zhongjun and other people can not help jumping from the chair, the face of joy opened flowers. The performance of the 28 companies was even more surprising. After a short probe, 28 companies continue to pull high, all of the plate suffered Shenzhen suspension, a number of shares rose once more than 200%.　　However, the afternoon gem most of the fall, the whole day trend shows a "few" zigzag. At the close, 28 stocks averaged an average gain of 106%, Jinya technology (300028.SZ) rose to 209.73%.　　Exchange data show that after the stir-fry, the average P/E ratio of 28 stocks reached 111 times times.　　Red Sun Medicine (300026.SZ) and Shenzhou Thai Yue (300002.SZ) has become 2 hundred shares.　　According to the CBN reporter learned from the Shenzhen Stock Exchange, the total turnover of 434 million shares yesterday, retail investor turnover accounted for 97%, securities investment funds, social security funds and insurance. Data show that institutional investors buy 11.4295 million shares, accounting for the market share of 2.63%.　　Among them, securities investment funds, social security funds, insurance, etc. did not participate in the purchase, brokerage and financial total buy 1.1525 million shares, QFII total buy 5,200 shares, other general legal person total buy 10.2718 million shares. Contrary to the case of institutional investors such as the fund, the retail investor frantically kills into the gem. 252600 individual investors participate in the purchase, the total buy 423 million shares.　　Among them, the number of buying shares under 50,000 shares accounted for 99.56%, the number of buying shares accounted for 86.31%, the number of buy shares under 10,000 shares accounted for 97.22%, and the number of buy shares accounted for 60.08%. "The first day of the opening, speculation is very serious." The issue price was high and turned so many times. Hype atmosphere is too heavy. Management has made so many prompts, or hype so heavy.　　Professor Watson, president and economist of Yanjing Overseas Chinese University, used several "heavy" to describe the gem of yesterday. Watson warns individual investors to face the gem carefully. "For individual investors should be prompted, a little careless is stuck, to use a small amount of money in the scope of the stock."　　"he said. The total turnover of these 28 stocks is 21.908 billion yuan and the average turnover rate is 88.88%. "Believe that after a short shock, the market will gradually return to rationality, and the valuation bubble will shrink."　　"said Jing Ulrich, chairman of China Securities and Commodities at JPMorgan. The gem should increase supply as soon as possible."The initial listing is hype, this is unhealthy phenomenon." Serious speculation and supply and demand are also related, this is the first batch of carefully selected 28, with the gem issued normalization, the increase in market supply, market speculation will slowly cool down. Although there are 188 companies currently offering applications, the number is not large enough. The stock price structure of the motherboard market is unbalanced, the gem is the same, this is the stock price and stock number plate size, and the performance is not much relationship.　　Watson said. Although the first day of the gem was fried, but many economists still expressed optimism optimistic about the gem, optimistic about the gem to China's innovative private capital, the broad prospects of private enterprises. Ms Ulrich said yesterday that China's gem could be as successful as the Nasdaq.　　China has a solid economic background and a considerable number of innovative and innovative enterprises, which are very similar to those in the United States. In her view, China's gem is based on the overseas gem, taking full account of China's specific national conditions.　　In addition, the advantages of China's gem also includes the diversification of industry institutions, issuing standards than overseas gem market more stringent, p/e relative to the motherboard premium more reasonable. "Medium and long term I am optimistic about the gem, China's economy is huge, small and medium-sized enterprises also have corresponding volume, like the water is very large and deep, can bear bigger."　　Watson said. The regulators said they would adhere to the high threshold of the gem, Watson has a different view. "The threshold problem, I think, is the trend of gradual reduction." It is like 1977, 1978, 1979 when the college entrance examination, this is the accumulation of more than 10 years did not participate in the college entrance examination of talent, natural elite, high threshold. Gem is also 10 years did not open, so the beginning of the quality of enterprises, listing requirements, but with the threshold to reduce administrative approval, the gem can truly, the real acceptance of entrepreneurial enterprises. ”