Abercrombie Outlet Why more and more the higher the price-earnings ratio of new

Why more and more the higher the price-earnings ratio of new shares

■ Focus IPO

□ Ling Wang

IPO from last June to restart since the

why more and more the higher the IPO price-earnings ratio? This is a concern for every healthy development of China's stock market wants to know the answer. Especially in the current secondary market price is downturn in the Shanghai main board market is only about 20 times earnings,Abercrombie Outlet, a group of blue-chip earnings ratio less than 10 times or even the case of new issues has repeatedly hit a new high price-earnings ratio, a Issue-level market price-earnings ratio price-earnings ratio and the secondary market upside down again, this phenomenon is far from normal, chaos in China's stock market value of the important performance.

why this very unusual phenomenon? This is the final analysis, the results of China's stock market immaturity. China's stock market is a China's stock market speculation of new habits, so the new shares of the premium is much higher than the old shares,MBT Dalian create global software outsourcing and,Abercrombie, and the small-cap stocks are also suitable for speculation, so the small-cap stocks has been far higher than the market share of the premium. If you let this trend continue, China's stock market up to 250 times the IPO price-earnings ratio is also soon be able to see things, the Chinese stock market investors will become a

immaturity of China's stock market is based on the reasons, the current issued shares to implement market-oriented approach is clearly inappropriate. Immaturity of China's stock market, an objective that China's stock market sent shares of the market also lacks the soil, coupled with restrictions on the number of new issues and new issues of the examination and approval system, the current IPO market is only a pseudo-market, is market-oriented line of misappropriating the name of the real, the Chinese stock market At this point, the GEM, small plates of IPOs in particular.

higher IPO price-earnings ratio the more the fact that the current system does not apply to IPO on the GEM board of the new issues and small. Especially in the GEM, the system not prepared to force the case of introduction, and then blindly copy the board distribution system, which leads to higher IPO price-earnings ratio the more the situation. Therefore, China's stock market is not mature in the current situation should be promptly stopped GEM, small plates issued shares the market and replaced with the pricing issue,Abercrombie Outlet, the Chinese stock market IPO into the small plate pricing issue,