A股連續五日出現新股上市即破發,背後的原因值得深思!
格隆匯10月28日丨近期A股市場新股上市即破發成常態,自10月22日至今,相繼有中自科技(688737.SH)、凱爾達(688255.SH)、可孚醫療(301087.SZ)、中科微至(688211.SH)、新鋭股份(688257.SH)、戎美股份(301088.SZ)和成大生物(688739.SH)上市即破發。這已是近來A股連續第五個交易日出現新股破發的情況。為何突然會出現新股頻繁上市即破發?因首日破發案例均出現在9月18日IPO詢價新規頒佈之後,市場普遍認為與IPO詢價新規有關。註冊制下,早前因部分網下投資者“抱團報價”,使得A股市場頻頻誕生低發行價、低市盈率、低募資額的“三低”新股。因此,監管層今年9月調整了發行定價機制,通過將高價剔除比例由原來的“10%”降至“3%”,同時簡化突破“四值孰低”定價時的發行流程,加強詢價報價行為監管,聯手整頓IPO“抱團報價”行為,促進買賣雙方均衡博弈,提升發行定價市場化水平。相比於舊規,新規後新股的定價中樞顯著上行。

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