Relief of the pressure of capital diversion under the new distribution system

Every reporter Zeng stock time is coming again, June 29, Guilin three gold will begin to publish online, July landed the SME market. The IPO has been suspended from last September and has been in the past half a year before it is restarted. The A-share market again ushered in new shares, from the market background, and the history of many IPOs in the same place, and what are the differences?　　What new test will the A-share market face now? The market background is similar to the 2006 suspension and restart of previous IPOs, almost every IPO moratorium is a bear market. But the market performance after the IPO restart is different.　　Among them, the first four times the suspension of IPOs, there are management "forced" to bail out the intention. such as the August 1994 IPO suspension, when the background is the stock market plunged, management had to introduce three policies to suspend the issuance of new shares, and strict control of scale, while developing domestic investment mutual funds to foster institutional investors, and selectively to the quality of securities institutions to finance. Obviously, the suspension of the IPO was to adjust the market supply and demand relationship, but did not solve the problem fundamentally.　　Then, after a brief rebound, once the IPO restarted, the market returned to its original downward trend. However, the IPO has been suspended to restart, somewhat similar to the May 2006 IPO restart. May 2005, the A-share market below 1000 points, the issuance of new shares suspended. At this point, the market has relied on its own strength to find a big bottom of the markets.　　At the same time, the IPO was restarted only after the stock market had run smoothly for nearly a year, when the index rose from 998 points to 1500. Analysts believe that, in fact, the A-share market has never been short of capital, the lack of money-making effect, the lack of investors in the market confidence. The surge in the year from May 2005 to May 2006 has helped investors find confidence.　　Thus, the IPO restart at this time, did not bring too much impact on the market.　　The IPO restarted, also after a shares after 9 months of bottoming out, and gradually let investors find confidence in the resumption of new shares, so even in the short term may affect the pace of the market, but the long-term trend will not change.　　New distribution system to reduce capital diversion another concern is that, under the new distribution system, the reopening of IPOs will most likely reduce the pressure on market funds to be released from the IPO. In the past, the reason why a a-shares to restore new shares, the market is often very worried, the big reason is that once the IPO, a large number of institutional funds will be from the two-tier market to the primary market.　　After all, the issue of new shares at that time greatly safeguarded the interests of institutional investors. However, this year, the management of the IPO system has been a major reform. First of all, the requirements of agencies can not participate in the network under the purchase and online purchase. Second, individual investors can only purchase one account, whether institutional or individual. More importantly, there are stricter restrictions on the online purchase limit for each account, such as ShanghaiThe maximum number of online subscriptions for the issuance of new shares shall not exceed 1 per thousand of the total number of times the internet is issued, and no more than 99.999 million shares. The Shenzhen market stipulates that each securities account subscription must not exceed the main underwriters in the issuance of the purchase limit determined by the announcement. Relative to the past, for institutions, if the participation in the online IPO, especially the SME board of the new issue, no matter how much money, but can only purchase tens of thousands of shares, and can not participate in the network placement. Even if the participation in the network placement, the number is very limited. As a result, the previous enthusiasm for the purchase of new shares of institutions, it is likely to purchase the new shares greatly reduced passion. This will help ease the pressure on the capital to be diverted from new offerings.