The probability of the new shares of the Beijing Stock Exchange breaking is low.

The decline in secondary market stocks, especially the issuance of new shares, poses certain challenges. For the reasons behind it, the current background may be more important.

1. Because the entire market is now in a relatively fragile and sensitive special stage, whether it is the Beijing Stock Exchange, A-shares or the international capital market, this is the situation. Therefore, for new share issuance and stock prices, etc. have had a relatively large impact.

2. For the Beijing Stock Exchange itself, the previous release of policy dividends was relatively concentrated and sufficient. If the market enters a calmer, more rational state, or even a little too calm and rational, then it will actually pose a new challenge to all new stocks.

Third, it is the new stocks of the Beijing Stock Exchange. Some stocks are indeed unbeatable for investors in terms of their attractiveness, their own scale, their own quality, their own scientific and technological innovation content, etc. More surprises to come. In the context mentioned above, if it does not have relatively more attractiveness than expected, the pressure of this new stock issuance will still be relatively greater.

Since February this year, the Beijing Stock Exchange has been issuing new shares one after another. Today, Clete implemented online subscription. Some investors believe that the new shares listed recently have broken prices, which will affect investors’ enthusiasm for new shares. The capital may not be as good as previous new shares.

Some investors suggested that the Beijing Stock Exchange’s IPOs could be in line with A-shares and adopt a market value allotment method to stabilize the confidence of the secondary market while launching IPOs; some investors believed that it could be similar to convertible bonds. Use the credit account lottery method to subscribe.

In Fu Lichun’s view, the successful issuance of new shares ultimately lies with the company. "In the context mentioned above, if we enrich the pricing methods of new shares and the allotment methods of new shares, we can actually look forward to it. There may be such links. But fundamentally speaking, it is still up to the company itself, according to the market and policies. According to the entire stage and background, we can adjust the pace of this issuance and the level of pricing and valuation."

Zhu Wei, a veteran of the New OTC Market and general manager of Guangdong Power Equity Investment Fund Management Co., Ltd. Yi Ze said that the public issuance of convertible bonds launched by the Beijing Stock Exchange is more effective than market value placement.

Compared with market capitalization allotment to create new and stable secondary markets, Zhu Weiyi believes that hundreds of billions of new funds should be introduced into on-site trading, and gave detailed suggestions:

1. Introducing long-term funding. After the issuance of 8 Beijing Stock Exchange public funds, there will be no new public funds issuance in the future. The Beijing Stock Exchange public fund application filed by CITIC Construction Investment (25.070, -0.53, -2.07%) has been filed for several months, but it has not been approved yet;

2. Reform the IPO system and implement a system that combines market value + full cash. Market value + full cash is the most scientific, which can enable all parties to maintain market value and introduce new shares. running water. The specific market value can be studied. For example, if the market value of the North Exchange is 100,000 yuan, you will be eligible to participate in the subscription of new shares on the North Exchange. The specific subscription should be made in cash. As at present, the more funds, the more allocations.

3. Release the detailed rules for the public issuance of convertible bonds. According to the Securities Issuance Registration and Management Measures for Listed Companies issued by the China Securities Regulatory Commission, companies listed on the Beijing Stock Exchange can either issue convertible bonds in a targeted manner or publicly issue convertible bonds. However, at present, the Beijing Stock Exchange has only issued the "Registration and Management Measures for the Securities Issuance of Listed Companies". "Business Rules for the Issuance of Convertible Corporate Bonds to Specific Targets", it is recommended that the Beijing Stock Exchange issue the "Business Rules for the Issuance of Convertible Corporate Bonds by Listed Companies to Unspecified Targets" as soon as possible to implement the public issuance and transfer of convertible bonds. In order to allocate convertible bonds, investors have to allocate underlying stocks in advance, and the Beijing Stock Exchange stock market rises. This is how the Science and Technology Innovation Board market is activated.