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GEM stock purchase under the registration system

GEM stock purchase under the registration system

On April 27, the pilot registration system reform for the ChiNext officially set sail. That night, the China Securities Regulatory Commission issued the "Regulations for the Registration and Administration of Initial Public Offerings on the Growth Enterprise Market (for Trial Implementation)", the GEM stock purchase under the registration system"Regulations for the Registration and Administration of Securities Issuance of Companies Listed on the Growth Enterprise Market (for Trial Implementation)", the "Measures for the Continuous Supervision of Listed Companies on the Growth Enterprise Market (Trial)" and The four drafts of the "Administrative Measures for Securities Issuance and Listing Sponsor Business" cover the initial issuance, refinancing, mergers and acquisitions, listing supervision, and the responsibilities of intermediary agencies.

On the evening of the 28th, Kweichow Moutai handed in an excellent transcript and a generous cash distribution plan. In 2018, Kweichow Moutai achieved operating income of 733.9 billion yuan, a year-on-year increase of 249%; net profit was 350.4 billion yuan, a year-on-year increase of 30%. Earnings per share is 202 yuan. The company plans to distribute 1439 yuan in cash dividends for every 10 shares.

From the perspective of capital trends, the financial sector also received capital favor, and banks and insurance companies made net purchases against the market. Among the top ten stocks today, the main capital inflows, three are big banks. Industrial and Commercial Bank of China is the most attracting fund, with net inflow of main funds ranking first, with a net inflow of 18.4 billion yuan; Agricultural Bank of China ranked fourth with a net inflow of 5.8 billion yuan; China Construction Bank ranked sixth with a net inflow of 400 million yuan. In addition, Ping An ranked ninth with a net inflow of 1.5 billion yuan.

The irrational rise of many GEM stocks has neither performance support nor growth guarantees. On September 8, the ChiNext surpassed the Shanghai Stock Exchange for the first time with a turnover of 337.5 billion yuan. The recent popularity of the GEM can be seen. This time, the ChiNext market performed very hotly. The listing of the first batch of new shares under the background of the registration system on August 24 and the start of the differentiated trading system on the ChiNext are undoubtedly the fuse. According to the regulations, starting from that day, the stock stocks on the ChiNext will be subject to a 20% price limit. There will be no price limit for the five trading days before the listing of new stocks, and a 20% price limit will be implemented on the sixth trading day. This trading system has also greatly released the liquidity of the ChiNext and activated the ChiNext market. The relatively small number of GEM companies is also an important factor that cannot be ignored. Compared with the Big Macs with a large number of Shanghai stock markets, the total equity of GEM companies is generally smaller. Under the situation that many shares held by actual controllers and major shareholders are essentially locked, the smaller tradable market is objectively It is more conducive to the hype of market funds. Most of the stocks that have seen a decent increase on the GEM in the near future are mostly small stocks in circulation. In addition, the Growth Enterprise Market has a good investor base and also played an important role. Both the Sci-tech Innovation Board and ChiNext have implemented a differentiated trading system, and this system was first implemented on the Sci-tech Innovation Board, and the trading on the Sci-Tech Innovation Board cannot be compared to the ChiNext. This is not only related to the lower entry barriers for the GEM, but also closely related to the better foundation of investors on the GEM. In fact, the entry threshold of 500,000 yuan for the Science and Technology Innovation Board has blocked most investors in the market, and it is obviously a little bit reluctant to generate the hotness of the Growth Enterprise Board. In the context of the ever-increasing turnover of ChiNext, the performance of ChiNext should actually attract investors' attention. In recent years, with the successful inclusion of A-shares in more well-known indexes such as MSCI, market investment styles are changing. Blue chip stocks and white horse stocks are sought after by funds, while junk stocks and low-quality stocks have been abandoned, and delisted stocks with par value have become listed companies Mainstream of delisting. However, the GEM has recently set off a revolution in low-priced stocks. The lower the stock price, the more favored by funds. At present, apart from Qianshan Retreat (300216), there is no stock under RMB 3, and there are only a few stocks under RMB 5. This phenomenon is obviously not normal. In addition to eliminating low-priced stocks, the GEM market has also spawned a large number of demon stocks. Tianshan Biology (300313) is a typical representative. Tianshan Biotech’s stock has gained a cumulative increase of 4951% from August 19th to September 8th. In addition, GEM stocks like Yu Diamond (300064) and Changfang Group (300301) are all monsters. Behind the extraordinary popularity of the ChiNext, the crazy speculation in the market has also been exposed. Taking Tianshan Biotech as an example, according to the analysis of multiple indicators disclosed by the Shenzhen Stock Exchange, such as the average transaction amount, the number of participating trading households, the number of shareholding households, and the average number of shares held by each household, small and medium retail investors have played a decisive role in pushing up the stock price of Tianshan Biotech. The role also proves the rampant market speculation. In fact, the irrational rise of many stocks on the ChiNext has neither performance support nor growth guarantees. It is purely speculative. To this end, the Shenzhen Stock Exchange requires that the three demon stocks including Tianshan Biotech be suspended for verification at the same time. This actually sends a certain signal to the market. In addition, Lucky New Materials (300446) and Tianlong Optoelectronics (300029) have become the first stocks to be issued risk warnings on the GEM, and the investment risks of the GEM have become prominent. If investors are still blindly pursuing ChiNext stocks, they may only be left behind.

The so-called art is to do simple and correct things repeatedly. It is to return to the basics after exhausting the lead, break through the constraints of technical indicators, go beyond technology, and repeat simple and correct operations according to the instincts and laws that have been tempered.

On the evening of September 5, 2018, Zixin Pharmaceutical issued an announcement to sign a strategic cooperation agreement with Chainfire Information, and has passed a resolution of the board of directors to cooperate in the field of blockchain + health. The main areas of cooperation between the two parties are research on the overall solution of the blockchain + health industry, the integration of blockchain technology with traditional medical and gene sequencer industry, especially the application of tracking and traceability technology in the CGEM stock purchase under the registration systemhinese patent medicine industry and the ginseng industry.