After A Month, The New Three Board Trading Volume Cut 700 Thousand, Why Did The Rush Of The "Cooling Off" Happen?

Up to now, nearly 40 enterprises have submitted selection materials and have been accepted by the National SME share transfer system (hereinafter referred to as the "national share transfer system").

At the same time, the stock transfer system has issued the first round of inquiry to most of the enterprises, and recently, enterprises have received second rounds of inquiries.

This reporter learned that the national stock transfer system is working overtime as soon as possible to speed up the progress of the audit.

This means that the new three board reform has brought forth a number of positive signals again.

On the other hand, according to the data obtained by the reporters from the securities dealers, as of May 25th, there has been close to a million scale qualified investor reserves. Compared with the end of March, with the joint efforts of the securities dealers and the national share transfer system, there has been an increase of nearly 700 thousand qualified investors in just 3 months.

The distance from the selection layer is getting closer and closer.

Recently, however, the two tier market of new three boards did not match the above positive signals, and the trading activity declined. The market seems to be waiting for the "cooling off" period before the selection layer.

There is still two months left for market speculation in August. How can investors understand the current stage and find new directions for attention? In twenty-first Century, the business reporter interviewed many senior people in the market with many questions.

Market temporarily into "cooling off period"

The number of new trading activities in the third board market has been greatly reduced.

Based on the data released by the official website of the national share transfer system, the economic news reporters in twenty-first Century counted the trading situation of all trading days in the past month. There were five trading weeks in the interval from April 27th to May 28th, and the average daily turnover of the new three board market gradually declined in the five trading weeks.

Reporter's first trading week in the statistical interval (April 27th -4 30), the average daily turnover is 700 million, and even the single day trading volume is more than 800 million yuan.

Then the average daily trading volume began to slide. The following transactions averaged 526 million yuan on Sunday, 455 million yuan, 420 million yuan, and 343 million of the lowest weekly turnover this week. The average daily turnover this week has been cut off compared with the first week.

Data is the most intuitive feedback to market sentiment. The above data have meant that the new third board market has ended the third round of the market since the reform started, and has entered a new stage of market competition.

Why is there a lot of positive signals in the market, so the market transaction is rather depressed?

Yun state capital partners Xi Qingqing said: "the new third board two level trading volume declined obviously, the main reason is that the market trading volume is too large, the tickets are all selected hot tickets, after the declaration materials are suspended, the funds selection of the selected layer income is suspended together to wait for the trial, and the funds that have not yet been admitted are suspended with the quality enterprises, and there is no chance to enter the games. Choose to keep the funds waiting to fight new. "

Xi Qingqing added: "on the other hand, the number of newly opened accounts has increased to 1 million households. Investors are mainly focusing on new opportunities in the selection layer. Because they are not familiar with the new three board market, they dare not participate deeply in the transaction of the selected layer."

Zhou Yunnan, founder of Beijing Nanshan Jingshi Investment Co. Ltd., told reporters that it had observed that the two third market index of the new three boards had stagflation recently.

He told reporters: "from the April 27th selection layer began to accept, the market making index has obviously been around the 1100 points up and down a narrow range of oscillation, the volume of daily turnover has also been unable to enlarge, stocks are also showing no good. The main reason is that with the continuous acceptance and continuous suspension of the listed companies, the money making effect in the two tier market seems to have suddenly hit the pause button. The selected layer stocks in the market have suddenly failed to take the lead in the big brother, and investors suddenly have no reference objects, and the two level market is in a dazed stage.

It can be seen that the current market mainstream view that with nearly 40 enterprises to the national share transfer system submitted application materials were suspended after the acceptance, many of which have led the leading companies, due to suspension of the two tier market transactions. This is a great blow to the mood of the market at present.

In addition, reporters also found that with the new three board reform since the several rounds of market quotation, many potential candidates or other good quality companies' stock price and valuation have been raised.

Li Ding capital's founding partner, CEO Gao Fengyong, told reporters that recently, many companies that were concerned about themselves were much more expensive than before, and hesitate to make investment decisions.

Where to follow?

Will the market be so depressed before the official selection of the market? This is also the question of many new three board investors.

There is also a slight divergence of views among investors.

Zhou Yunnan believes that the stagnation of this market will not last for a long time. With the deepening of the deepening reform of the new three boards, especially the acceleration of the selection layer, the new three board two tier market will soon usher in a wave of big market.

"The first fuse of this wave is probably the first landing of the selected layers in the stock market or the new three board transfer board listing system." It points out.

Xi Qingqing and reporters exchanged views that the current market predictable policies have been landed, entered the implementation period, in the policy expected vacuum period; the new three board enterprises have already had a lot of valuations to upgrade, and there is only a continuous increase in the value of the factors only declare the rhythm can stimulate. If the funds are transferred to the second batch, the third batch will not be able to assess the profit space temporarily. The current two tier market is difficult to have the overall market, only a stock market.

However, most investors believe that there are still opportunities to be excavated in the market.

Xi Qingqing told reporters: "there are high quality targets in the suspension business, and there are still good companies in the enterprises that have not stopped trading. Some enterprises have not completed the declaration activities because of the long internal process or entanglement to" Ke Chuang Chuang "or" selection ". We are concerned about the quality and cost performance of the enterprise itself, and then choose the target with the rhythm of the declaration.

Gao Fengyong said that there are still some companies with good performance. For various reasons, they were completely unable to deal with the situation before. They could turn into a tradable state, which would also help to trigger the market.

Zhou Yunnan said: "from the medium to short term, the emphasis should be placed on the enterprises that enter the innovation layer from the beginning of innovation or the two batches in the following year. In the medium term, after the listing of the selected layers, investors can focus on selecting the concept stocks of the quasi transfer board in the selection layer; from the long-term investment perspective, the investment cycle will be more than 3 years, and investors can focus on it. The basic level has high growth potential of small and beautiful potential enterprises, accompanied by enterprises from the basic level to the innovation layer, to the selected layer or even to the listing of the board, to pursue the huge bonus brought by the rising investment. "