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今日論市 | IPO狂歡之年,買新股幾乎穩賺不賠

文章來源:彭博

撰稿:謝曄

就在本週全球股市上漲動力有些減弱的同時,上市新股則表現狂熱。

Airbnb週四在美國掛牌首日上漲逾一倍,送餐平臺DoorDash週三飆升85%。

據彭博報道,在大約200家今年上市的公司中,80%還沒盈利,上市首日股價卻平均上漲了27%。 中國的情況基本別無二致。監管機構簡化上市流程後,中國首次公開募股(IPO)也經歷了精彩的一年,不光貢獻了今年全球最大IPO中的三筆,買入上市新股也幾乎穩賺不賠。

今年在中國內地、香港和海外上市籌資至少1億美元的249家公司中,約87%上市交易以來帶給投資者正回報。股價漲幅中值爲52%。 國有半導體硅材料生產商硅產業集團在滬市漲逾800%。電子煙設備生產商思摩爾國際在香港市場上漲271%貝殼找房在美國市場上漲240%,促使其上市三個多月後增發股票,是IPO後回報最快的中概股。

這種在科技領域表現尤甚的狂熱行情,部分源於中國在關鍵技術上自力更生的戰略。監管機構放鬆IPO交易限制也助長了市場熱情。推出一年的科創板不對股票上市後前五天的股價設限。 或許,只要主要經濟體利率還接近於零,這場全球IPO狂歡就可能持續下去。歐洲央行週四還剛剛擴大了購債計劃。不過在中國,信貸增速似乎正在觸頂。儘管決策者將確保明年不會出現刺激政策斷崖,但還是把音樂擰小了一些。

狂歡能否繼續,讓我們拭目以待。

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