The launch of GEM has attracted widespread attention from all walks of life.

People are eagerly hoping that by lowering the listing threshold, many small and medium-sized enterprises that are troubled by capital shortages can obtain effective financing channels, thereby accelerating my country's technological innovation and business model innovation.

However, after the opening of the GEM, the emergence of high stock prices, high price-to-earnings ratios, and high fund-raising ratios caused the shareholders' worth to increase sharply, which also gave some people the urge to cash out. Important members of various GEM-listed companies began to resign on a large scale.

As of September 7 this year, a total of 61 senior executives from 30 companies have resigned.

Among these senior executives who resigned, 14 resigned due to a change of office, and the rest resigned voluntarily.

Among the 61 people, the number of stockholding executives is 28. Based on the closing price on September 7, their total stockholding value reached 1.64 billion yuan, and the average stockholding value of each executive reached 58.57 million yuan.

Some people exclaimed: The GEM is about to transform into a "cash-out board."

But some people think that the cash-out behavior of executives is not something to worry about. It is just a normal phenomenon for managers to re-choose their lifestyle after the company goes public.

The arrangements made by the Shenzhen Stock Exchange are well-intentioned, which fully reflects the purpose of the Chinese stock market to serve financing wholeheartedly.

Faced with the continuous breakouts of new and sub-new stocks, investors paid a huge price for this.

As for the regulatory authorities, other than going through the motions to remind investors to pay attention to investment risks, they have not taken any substantive measures to resolve such investment risks.

But when the first-day breakout of new stocks appeared and the first-day breakout of new stocks on GEM was approaching, investment funds were immediately called in as reinforcements to try to save the fate of the first-day breakup of new stocks on GEM.

This is the best performance of Chinese stock market financing above all else.

Moreover, judging from the arrangements of the Shenzhen Stock Exchange, allowing funds to buy stocks on the first day of listing of new stocks on the GEM, nominally treating investment funds as "saviors", in fact they regard investment funds as "scapegoats."

When new stocks are about to break the market, let the fund take over and then lock the fund. In this case, the fund will become a victim, and how can the interests of fund holders be protected? All along, investment funds have often played the role of charging into the battle for management.

role, regardless of the interests of the people.

This arrangement by the Shenzhen Stock Exchange once again proves this point.

The question is, can funds change the fate of GEM stocks, especially those on the first day of listing? Of course not.

Because new GEM shares are issued at high prices, their issuance prices seriously overdraft the company's future development.

In particular, it is common for GEM companies to "package and list", and "high growth" has become the biggest lie. In this case, it is inevitable that the stocks of highly valued GEM companies will be abandoned by the market.

As an investment fund, if you buy a large number of new GEM shares on the first day of listing, this can certainly delay the process of breaking out of new GEM shares, but this approach is harmful to both yourself and others.

After all, the investment of investment funds is subject to public supervision. If the investment behavior of an investment fund obviously harms the interests of fund holders, then citizens can vote with their feet and redeem the fund shares.

Therefore, even if investment funds are willing to be used as a weapon by the Shenzhen Stock Exchange, they cannot go too far.

Therefore, when the breakout of new stocks becomes a trend, investment funds can only follow the trend.

The fate of new shares on GEM being broken on the first day of listing will not change just because the Shenzhen Stock Exchange allows funds to buy new shares on the first day of listing.

In fact, on May 20, 4 new stocks were listed on the GEM. As a result, two of the new stocks broke at the opening of the market. Oak shares fell by 9.91% that day, becoming the worst-performing new stock in the A-share market in the past 15 years.

This move is enough to show that funds cannot change the fate of GEM stocks breaking.

The only person who can change the fate of new GEM shares is the management themselves.

Through the reform of the new stock issuance system, the price of new stock issuance will be reduced, and the current "three high" issuances will be bid farewell.