There are three main reasons for the IPO of A-share listed companies: First, the price-earnings ratio is only 23 times, which is lower than the market price-earnings ratio; Secondly, listing only increased the proportion of shares by 25%. The sales period of other stocks is limited (one year or three years), resulting in a small liquidity sector and a liquidity premium; Finally, the trading restriction system. Combining the first two points, it is more convenient to use the trading restriction system. Therefore, if you are such an investor, if you sell in time (usually when the daily limit is open), you will basically make a profit. Even if it is not sold in time, it is not easy to break down. Even if it is broken, there is still a chance to return the capital, because the price-earnings ratio of the issue is only 23 times, unless the performance changes immediately, leading to an increase in valuation.

It is normal for mature countries to break new shares. The break between Hong Kong stock market and American stock market is not new. For example, 36Kr recently went public in the United States, and the issue price fell by 14.5 USD on the first day, and the financing was about 24150,000 USD. 36Kr US IPO fell 13.24% to 12.58 USD on the first day. The original IPO in China compensated the losses of investors in the secondary market, so the P/E ratio of IPO was 23 times. After listing, there will be N daily limit, with an average increase of more than 100%. Once the main board IPO is broken, investors will not make money. After all, if they win, the share price will not go up. It is impossible for investors to make a profit. They can only cut off the meat. At best, lose more and lose less.

The main board IPO should not be broken. After all, the price-earnings ratio is very low, lower than that of companies in the same industry. The only possibility is that the P/E ratio of some bank stocks is higher than that of listed companies in the same industry. Science and technology innovation board is likely to usher in the trend of breaking. As a winner, you can only choose to cut the meat and leave. No winner can choose short arbitrage. Science and technology innovation board can sell short on the first trading day. The so-called short selling means selling coupons, waiting for the stock price to fall, and then buying them back to get the difference.

However, at present, the breaking rate of new shares is very low, and the profit margin of shorting is very small. Even if the stock price breaks, the probability of making a profit by shorting is very small, but some stocks with huge gains can choose to make a profit by shorting. The cost of these investors is very low, and the earlier the investors, the lower the cost, especially the founding shareholders. Two days ago, the author just analyzed it with three squirrels, and the registered capital of the company is only 654.38+0 million. Two months later, after several rounds of financing by IDG, the company's development funds were almost all developed by investors' funds except the start-up funds of 6.5438+0 million. Founder Zhang Liaoyuan's original capital was 6.5438+0 million yuan, and now its value is 65.438+0 billion yuan, an increase of 6.5438+0 million times. His cost is so low that he can make money below the issue price.