Nearly 40% new share breaks are the bane of high price distribution

"When the tide receded, I knew who was swimming naked." "With the recent continuous downturn in the two-tier market, the price bubble of the first tier market is bursting." Wind data show that, as of June 3, 157 of new shares issued this year, 61 have fallen below the IPO price, the break ratio is close to 40%. In addition, there are 2 new shares of the prices and price parity.　　Moreover, this year unexpectedly has 16 new shares is the first day break, since 1995 to the Shanghai and Shenzhen cities only 22 new shares first day break. Of the 8 new shares that were listed this week, two were break on the first day of the IPO, and 3 new shares hovered on the margins. June 1 listed Kangsheng shares and Tianhong shopping malls to 19 yuan, 36.1 Yuan opened, both in its offering price of 19.98 yuan and 40.00 yuan below, 3rd to 18.62 Yuan and 38.77 yuan closed. On the same day, Yi Chang shares on the 3rd closing price of 14.25, is rapidly to 13.80 yuan to close the issue price. In the June 3 issue of the new shares, although there is no first-day break in the case. However, N Lark to 40.53 yuan Close prices are struggling at the edge of the break, the stock price of 40 yuan.　　N Cologne 89.64 Yuan closing price is also away from the price of 83.36 yuan. Just past May, also emerged this year the biggest round of mmmm. May 26 new shares 9 first day break, including 6 new board and 3 gem new shares. Among them, the biggest break in the first day is the Austrian shares, reached 9.91%, the first day in 1996 years, the biggest decline.　　It is worth mentioning, although Hepalink saved the first day without break "face", but struggled after 4th also difficult to escape the fate of the break. The frequent break in new shares caused by high price issuance has led to a fall in the number of fresh profits and a deep quagmire of some institutions. According to wind statistics, this year, the public to raise funds to lock the total float of the fund for 160.5055 million yuan, the cumulative amount of funds allocated to 12,888,614,000 yuan, the cumulative purchase of funds is up to 34,528,441,800 yuan. Meanwhile, the National Social Security Fund in the same period of data is 37.4708 million yuan, 3,360,629,000 yuan, 7,443,064,400 yuan. In this calculation, the Social Security Fund yield (floating surplus/received investment funds) is only 1.1%, the public offering fund yield is 1.2%.