Financial associated press commentary: the decline in the P / E ratio of new shares is the role of the market mechanism

Recently, a new phenomenon has emerged in the issuance of new shares under the registration system. Up to now, for the 14 new shares on the science and innovation board, gem and Beijing stock exchange that have disclosed the issuance information and subscribed in May, except that the P / E ratio of cloud technology issuance is not applicable, the P / E ratio of other new shares is lower than the industry's average static P / E ratio in recent one month, showing a significant downward trend. From the direct reason, it is that the intensive breaking of new shares under the recent registration system forced the P / E ratio of issuance to decline. Data show that from March 14 to April 29 this year, the proportion of new shares on GEM and science and innovation board under the registration system broke on the first day reached 52.73%, of which the proportion of new shares on science and Innovation Board broke on the first day was as high as 77.8%. The author believes that the P / E ratio of new share issuance has fallen for some time, which shows that since the implementation of the new inquiry rules in September last year, the game of all parties in the issuance market began to transmit to the pricing of new shares. Although it is simple to reduce the price when the price is high, it is the result of the game of new shares participating in all parties under the market-oriented issuance mechanism. This also shows that the market dynamic regulation mechanism of new share issuance under the registration system is effective.