Welcome "Break", which is a rational return

Wang Jie Big Bear market in the new shares below the IPO price phenomenon, the recent occurrence. Under the 3,000 point of the stock market is already on the panic, the new shares are very not to face frequent break. Investors can not help but ask: new shares are not sent out?　　Will restarting a 7-month IPO still be halted? In fact, this time the "break" wave is not terrible. This is because market-oriented new offerings have injected a lot of bubbles into the two-tier market from the start, and rational markets will sooner or later break them. Look at those stocks that have fallen below their IPO price--the average price-earnings ratio of SME is nearly 60 times times higher! Gem close to 80 times times! Even the big-cap market, which has an average distribution of more than 45 times times earnings. On the two-tier market, some of the old stocks, dynamic P/E is less than 30 times times. Some bank stocks and steel stocks are trading at more than 10 times-fold multiples.　　Old stocks are so cheap, and new shares are so expensive, the myth of the new shares can only end. The first market of steady profit has finally felt the power of the two-tier market index. Once upon a time, the IPO on the first day of more than 50% of the gains easily. The first day of the IPO very high turnover rate shows that the first-tier market to make new money is always "cash immediately."　　"Break" is to make these steady earn not compensate for the new income forcibly "squeezed out." It is worth mentioning that this time the "break" of the new shares does not mean that the advent of the bear market, it does not mean that the new shares are undervalued, but the rational return of the securities markets. Speculative markets have been lacking in rationality, and market reforms have brought such "pains". After the IPO restart, the IPO chose to market, let "break" tide come more violent! Unreasonable issue prices must be broken. Welcome new shares break, this is a rational return.