Known as ' young man's first stock ' of the ' unicorn ' enterprise millet, listed in less than one months has become a popular stock of Hong Kong stocks. However, the collection of ' thousands of love ' in one of the millet, its market performance is a bit disappointing. July 6 on the first day of the market break, after the use of ' green shoe mechanism ' once saved the issue price, but not a day, August 2 again below the IPO price. Family lei June once in the millet listing on the day issued a rhetoric: ' to let in on the debut of the market to buy millet stock investors earn one times! ' This sentence has now blown away in the wind.
Millet has made investors with high expectations, the current break not only to damage its image, but also cast a shadow on the Hong Kong stock market.
' New economy ' lacks performance support The millet incident is not a solitary case. Since last year, many of the ' unicorn ' listed in Hong Kong have been break, some even the market value of halving. Known as the "technology insurance first" of the public in September last year after the IPO market value of up to 140 billion Hong Kong dollar, the current contraction of nearly half; backed Tencent's online reading platform read the group last November, the highest market capitalisation close to billions of Hong Kong dollars, the current evaporation of nearly 40%;
Stock prices in the first day of the IPO went all the way down, the share price has long been halved; the Chinese internet health care doctor, China's IPO in May this year, was barely flat on the issue day, after which it also break. Most of these companies operate on the Internet platform, so they have a modern label like ' New Economy '.
Since the mainland to promote ' public entrepreneurship, People Innovation ', ' Internet + ' is recognized as the most market prospects for the entrepreneurial direction. But the ' Internet + ' runs faster, it still has to rely on good performance to get a foothold, the ' new economy ' is still to be based on the real economy. "Unicorn" enterprises, although the new mode of operation to attract market attention, but after the listing of its price positioning must be based on the performance of the axis, and they are most vulnerable to test performance. The millet can not overtake from behind.
Recently, millet loudly released the ' two-quarter smartphone shipments of 48.8% ', ' millet will enter the field of air-conditioning ' and other good news, even if it is true, investors need the current performance to support its price. Hong Kong is dominated by institutional investors, and there is little market for the excessive packaging often used in mainland IPOs. Due to the excessive packaging can easily lead to IPO price leeway, it has caused its stock market after the operation of the loss of necessary flexibility. Since last year's listing in Hong Kong's ' unicorn ' enterprises, many are still in the loss phase, this is the start-up phase of entrepreneurial enterprises unavoidable phenomenon, but after all, the market valuation pressure.
Millet usually learn from the ' unicorn ' break lesson, in the IPO design a more scientific price, but unfortunately, millet for short-term interests confused, IPO lays, resulting in market retaliation after its listing.
Hong Kong stocks to absorb a a-share lesson The millet break actually has something to do with the fact that the IPO market has been too dense this year. According to statistics, the first half of this year's Hong Kong market IPO Enterprises reached 101, raising capital amounted to HK $51.2 billion, after the IPO, most soon below the IPO price. More than 100 new listed companies have 75 listed after the IPO price, including the first day of the break is close to half, the decline of more than 40% also have a lot.
This is a profound explanation of the truth in a A-share, the IPO is too dense, will be a two-tier market repression, and in turn to the IPO enterprises adversely affected. In the ten years since the financial crisis broke out, the pattern of international financial market has changed. With the rise of cities such as the mainland of Shanghai, Hong Kong's former status as an international financial centre is under threat. The Hong Kong stock market, in particular, has been heavily dependent on mainland enterprises because of the reduction in local listing resources.
Therefore, when the scale of mainland IPOs began to shrink, Hong Kong began to attract mainland companies to the Hong Kong listing, and to this end to amend Hong Kong's corporate law, allowing the same shares of different companies to enter the market for the millet opened the door. In addition to the ' unicorn ', some mainland banks and large state-owned enterprises, which are temporarily unable to list due to policy changes and market pressures, have also diverted Hong Kong stocks.
The Chinese tower, the world's most-paid large mainland state-owned company, is also allowed to IPO in Hong Kong and will be listed on August 8, the largest Hong Kong IPO since 2010, which will effectively enhance the position of the Hong Kong market in the global marketplace. At present, the Hong Kong stock market is still very hot, in the case of a A-share, it is difficult to give full play to the IPO financing function of the situation, the emergence of the public equity in the IPO, can be said to seize the favorable opportunity, which has played a positive role in the growth of Hong But a short time to focus on the listing of so many companies, natural market trend generated no small pressure.
Once in the A-share market jiuzhi stubborn disease, has been transmitted to Hong Kong stocks. Hong Kong has a more mature mechanism than a a-share in the stock market financing function, but if the market exceeds the market law, it will be punished by the market.