Core Insights - The article analyzes the phenomenon of initial public offering (IPO) speculation in the A-share market, likening it to selling spoiled fruit at a high price, where new stocks are often "dressed up" to hide flaws and exaggerate strengths [1] - Original shareholders push for high valuations during IPOs for financing, while retail investors are drawn to the "profit-making effect" of new stocks despite knowing the high pricing logic [1] - The structure of share distribution, such as in the case of Haocreator Ruitong with 79.04% of shares being restricted, allows institutions to easily manipulate stock prices through a "pump and dump" strategy [1] Summary by Sections IPO Speculation Dynamics - New stocks are often subject to initial speculation, with significant profit potential in the early stages due to the absence of price limits and the T+1 trading system, which stimulates investor interest [1] - The current rules tacitly allow for initial speculation, which can attract funds to support real economy financing [1] Historical Context and Future Implications - Historical data indicates that most heavily speculated new stocks tend to revert to their true value within a year [1] - Changes in the Shanghai Composite Index's compilation rules in 2020 adjusted the inclusion timing of new stocks from 11 months post-listing to one year, reflecting a shift in how new stock performance is evaluated [1] Investment Strategies - Retail investors are advised to sell on the first day of trading for new stocks as a profit strategy and to avoid participating in the speculation of newly listed stocks, suggesting a wait-and-see approach for one to two years before considering investment [1]
昊创瑞通：新股炒作“阳谋”与投资安全策略