For the three P/E ratios of the three new shares, the high-voltage line that broke 23 times is actually expected in the market. However, the phenomenon of such high price-earnings ratios such as Ruichuang Weiner and Tianzhun Technology has made the market somewhat unexpected. After all, the family is close to 60 times and the family is almost 80 times. Moreover, the new stocks of Science and Technology Board have appeared nearly 80 times the price-earnings ratio at the beginning, and will also play a bad role in the demonstration of other new stocks in the future.
Although the Kechuang board market is positioned in the high-tech industry and strategic emerging industries, as it allows the loss-making enterprises to go public, objectively, after the listing of certain science and technology enterprises, due to technological advancement and technology update, the enterprises are more likely to be The market is eliminated; on the other hand, the science and technology board enterprises also have the risk of failure. In this way, based on the strict delisting mechanism of the Science and Technology Board itself, the risk of high price and high price-earnings ratio is obviously self-evident.
The market-based issuance of new shares has once given the market a heavy blow. After the release of new shares in 2009, the price-earnings ratio of the issued shares has shown a trend of rising. For example, the first batch of companies on the GEM, Nanfeng shares broke the price-earnings ratio of 70 times. After that, Dinghan Technology broke the price-earnings ratio of 80 times, and Yangpu Medical broke the price-earnings ratio of 100 times. In 2009, the P/E ratio of IPOs in the whole market averaged 53 times, and in 2010 it increased to 59 times.
Although the new shares of Science and Technology Board have the follow-up mechanism of the sponsor institution, and the self-discipline initiative of the Science and Technology Commission Self-discipline Committee, these are all conducive to the price of the new shares issued by the company, but the issue price of the new shares of the board will also Influenced by market conditions, supply and demand, and investor sentiment. In particular, for some stocks, it will be highly sought after by the market, and it is also possible to have a higher price-to-earnings ratio (such as breaking a hundred times) in the science and technology board. Therefore, the price-earnings ratio of Ruichuang Weiner is only a temporary high point of the board.