Selection of new shares from prospectus
The prospectus of a joint stock limited company is a normative document for the public to know about the sponsor and the company to be established, to explain the issues related to the issuance of the company’s shares, and to guide the public to purchase the company’s shares. The prospectus shall be legally effective once it has been approved by the relevant government departments. All acts of issuing shares and subscribing shares by the sponsors and the public shall abide by the relevant provisions of the prospectus in addition to the relevant provisions of the state. Those who violate the prospectus shall bear the corresponding responsibilities.
After the adoption of the statutory content of the prospectus, the company shall, in accordance with the provisions of the Company Law, attach to the prospectus the articles of association formulated by the sponsors, and specify the following items: the number of shares subscribed by the sponsors; the par value of the issue price per share; the total number of issuance of bearer shares; the rights and obligations of the subscribers; and the rights and obligations of the current offering. The subscriber may withdraw the statement of the subscribed shares within the starting and ending period and when the subscription is not fully completed within the time limit. Although the prospectus contains a lot of content, for retail investors, only half of the paragraphs should really attract attention.
In the company’s prospectus, there will be comments on the development process and competition pattern of the company’s industry, the position of the company’s industry and its competitive advantages, which are often the most direct reference for investors to judge the quality and investment value of the listed company, and the quality of the listed company often determines its investment. Value, and investment value is an important factor affecting the trend of the secondary stock market. Therefore, we must attach great importance to the content of the prospectus on the competitive advantage and status analysis of listed companies, and carefully study it.
Generally, listed companies will introduce the overall situation and development prospects of the industry they are in, such as industry history, industry structure, industry policies and industry prospects. Investors can understand the overall situation of the industry in which listed companies are located, and in particular can judge the cycle and development of the industry. Prospects. If investors make investment decisions according to the industry analysis in the prospectus, it will be easy to judge the investment value of listed new shares.
In addition to industry status and development prospects, listed companies will generally introduce their competitive advantages and industry status (including major competitors in the industry) in the prospectus. Generally speaking, listed companies will highlight their competitive advantages as much as possible, while their weaknesses are often neglected while investing. People tend to be confused by the appearance of listed companies, which leads to misjudgment.
When judging the investment value of listed new shares or whether they have long-term investment value, investors must make a comprehensive judgment by combining the competitive advantage of listed companies with the industry growth cycle. Those leading enterprises in the rising cycle will often become the focus of mainstream capital in the market, thus forming a typical model. Long-term upward trend, such as Suning Electrical Appliances, Poly Real Estate and so on, after its listing, have stepped out of the oscillating upward operation pattern. Only by carefully screening the fundamentals of new shares can investors avoid potential risks and effectively grasp the investment opportunities of listed new shares.
In reading the prospectus, investors should not neglect the inconspicuous information besides understanding the basic contents of the company’s financial data. For example, they should know whether the company involves any legal proceedings. In addition, it is necessary to review the audit reports to ensure that the accountants do not have any special comments or reservations about the company’s accounts. In case of doubt, experts should be consulted.
After analyzing all kinds of data, if you think that the shares are worth buying, you should check the prospecting price and the related financial ratio in the prospecting articles to judge the investment value of the company relative to other stocks in the market.Trend Form and Investment Knack of New Stock Listing
Generally speaking, the speculation of new shares often has the following forms.
1. High-lift and high-hit
In the process of new stock speculation, most of the main players will take advantage of investors’ignorance of the situation of new shares to launch the process of high-profile beating. The high-profile beating often has the following forms.
(1) The IPO of new shares has opened up unexpectedly in the market. Many new stocks tend to open higher and go higher when the market expectations are higher, because many stocks have high expectations when they are listed, and the main force also wants to make some speculation. If the opening price is lower, the original shareholders take a more reluctant approach to sell, and if they open higher, the original shareholders will often sell out, so that they can often be lighter. Easy access to chips, the main force is likely to be through the high-altitude hit method, first open, and then wash dishes in the dishes. It’s easy to get enough chips.
(2) Seen from the trend of new shares after listing, most of the successful speculation of new shares have the important feature of being concerned by the market. If the lack of market attention to this important factor, can not attract the market to follow, once speculation is not easy to achieve certain results. This is because speculation as a new stock needs the cooperation of funds. Once a stock is hit a certain price, if the stock is not favored by the market, it is more difficult for the main force to make a successful speculation on the stock, and once it rises, it lacks a strong buy to hold the stock price.
2. High open and low walk
From the recent issuance of new shares in Shanghai and Shenzhen Stock Exchanges, we can find that, except for a small number of new shares on the day of listing, most new shares show a trend of high opening and low opening. The high opening and low going of new shares are related to three factors:
(1) Because the price difference between the primary market and the secondary market of new shares is very large and profitable. On the day of listing, as long as the rising rate reaches more than 100%, the Chinese investors will throw it away, and then look for the opportunity to subscribe for new shares again. So that a large number of social funds are concentrated in the subscription of new shares.
(2) From the position of the market, it is also very easy to cause the situation of high opening and low going. When the market is at a higher point, because of the fierce market and active trading, new shares tend to rise sharply after listing, resulting in a large number of profit platforms pouring out and cashing in.
(3) Many other listed companies often want to attract the attention of the market with a good image on the day of listing, and often invest or join hands with underwriters to offer a higher opening price.
From the law of new stock speculation, in all listed new stocks, except for a small number of listed new stocks, most of the new stock speculation will be open high, low and then high. This kind of hype mainly depends on the willingness of the main market hype. There is an important internal factor in most of the stocks that are speculated again after opening up high and going down low. That is to say, the stock price reflects its memory value with the gradual decline of the stock price after listing. This often happens because these stocks have better fundamentals. Among them, there are many high-tech sectors in the performance stocks. In the speculation of such stocks, there are usually two forms: one is the process of opening high and going low after listing, and then frying up in a relatively short time. There are many such stocks in Shanghai and Shenzhen Stock Exchanges. Some of them are limited to one week, while others are limited to two or three days. The other is to open high and go low after listing, and then rise again after a considerable period of decline. When this happens, the time span is long, some even lasts for several months or even more than a year. Once such stocks become post-issuer stocks, their explosive power will often exceed that of the stocks speculated after listing.
So at present, many new stock listings often show a high opening and low going attitude, and then the main force in the lower price to calmly build warehouses, once entering the stage of pull-up, it is often the stage of realizing profits.
3, low open high walking mode.
There are many cases of low opening and high going in Shanghai and Shenzhen Stock Exchanges. It should be said that low opening and high going stocks will bring faster profits to short-term operations. Low-open and high-rise stocks are related to the following factors.
(1) When the market falls, the price of new shares listed will not be very high. The main reason is that when the market plunges, new shareholders are often reduced by the decline of the market. If the newly listed Yibin Paper Co. opened at 10.88 yuan, the stock rose to 15.60 yuan on the same day. Investors who bought the shares on that day made very good profits.
The intrinsic value of some stocks is underestimated by the market. For example, the opening price of some stocks is very low after listing, but ultimately it is obviously higher than the original price at the beginning of the rise. Some stocks in Shanghai and Shenzhen Stock Exchanges have always been held by investors. The most typical one is Suzhou Hi-tech. At the beginning of the listing, the stock was opened at 18.3 yuan, but it has been allocated every year, but every year there is a process of fluctuation filling in rights, which makes the shareholders obtain very rich returns.
There are several inherent conditions for the occurrence of low opening and high going.
(1) Must be in the general market. If the market falls or falls sharply, this condition is more difficult to form.
(2) It is necessary to have the cooperation of themes and get the attention of the market.
(3) The intrinsic value of the stock is far above its share price, and the low-open and high-rise stocks tend to have better speculation, especially some stocks listed in the stock market crash. Although there was a low-open and high-rise at the beginning of the listing, due to its poor intrinsic quality, they will fall after rising to a certain high level, and eventually still close according to their intrinsic value. Rationale.
The listing positioning of new stocks often has such a cycle: from low open to high, to flat open to high, high open to high, then to high open to low, flat open to low, low open to low, cycle after cycle. Mastering this mode, combined with the new stock’s texture, subject matter, the size of circulation and the situation of joint-stock exchange, can find better short-term opportunities.