Hearing that Wang Lang was quite interested, Yuan Hao couldn't help but smile proudly: "Boss, this is different from the past, do you know that the rhythm of stock issuance during this period of time is the fastest in history?" ”

"I've heard a little about this, and I've heard that more than a dozen companies are now going public every week." Since Wang Lang is the manager of the financial asset replacement department, his understanding of the stock and equity market is gradually deepening.

"Hehe, boss, you have heard a lot, as you have heard, in the past, the pace of stock issuance was slow, and companies waiting in line for listing may not be able to wait for three or five years. Even if they are ranked, the performance of some enterprises has long become unrecognizable and does not meet the listing standards, so some listed companies waiting to be reviewed at the back of the list will find ways to restructure the loss-making shell companies that have been listed to be listed in disguise. ”

Yuan Hao leisurely picked up the coffee on the coffee table and took a sip and continued: "At that time, shell resource companies were scarce, and there were many companies that wanted to reorganize and go public. ”

"Doesn't this raise the cost of financing for companies that want to go public?" Wang Lang shook his head.

Yuan Hao patted his thigh and said: "That's right, those companies that take advantage of the reorganization and listing spend a lot of money to go public, they will issue a large number of additional placements, and some companies will even raise a large number of additional funds without even identifying the use of funds, and they are willing to put a lot of money in the bank to eat interest. ”

"Doesn't this break the financial ecological chain?" Wang Lang said.

"Who says no, the entire financial ecological chain has been artificially raised in cost, creating a vicious circle, the cost is passed down layer by layer, and the last person who is forced to pay is the retail shareholders who want to make a little money in the stock market." Yuan Hao said with an indignant expression.

Putting down the coffee cup in his hand, Yuan Hao continued: "With the acceleration of the pace of stock issuance, the shell resources in the past have no longer become so rare, and the dammed lake of the enterprises waiting to be listed for review has been gradually dredged, and many shell companies have begun to sell at lower prices, and some clean shell companies have fallen to about 1 billion. ”

"This is a good thing, companies that can't wait can spend a lot less money on backdoor listings, and people can pay less for high-cost financing." Wang Lang thinks this step is quite good.

Yuan Hao, who was sitting on the sofa, shook his head and said: "Boss, things are far from being so simple, the accelerated pace of IPO review and listing can affect the whole body, and there are advantages and disadvantages from both the local and global perspectives." ”

"Oh, what's that saying?" Wang Lang asked.

"Let's not talk about the overall financial impact, taking our backdoor restructuring and listing of the shell target is also a mixed pros and cons." Yuan Hao looked at Wang Lang and said seriously.

"Mixed pros? The cheapness of the shell target is a good thing for our company's investment in the acquisition, why is there a mixed pros and cons. Wang Lang was a little puzzled when he saw Yuan Hao say this.

"Boss, the target is cheaper, you are right, but our income has also dropped a lot."

Yuan Hao said, took out a piece of information from his side, and continued: "I have read the general idea and income assessment proposed by Mr. Luo at the president meeting last autumn on the asset replacement. The main premise of Luo's acquisition is that the valuation of the high-tech sector is maintained at 80~100 times the price-earnings ratio, on this basis, Luo's total estimate that the market value of the company's shares in Shuoxing Technology can reach 4 billion after the successful listing, and the profit can be about 2.5 billion after deducting the cost of paying about 12~1.5 billion for the shell target. ”

Wang Lang couldn't help but nod when he heard this, this was what Mr. Luo analyzed at the autumn meeting at that time.

Yuan Hao looked at Wang Lang and said with a wry smile: "Boss, as I just said, today is different from the past, with the acceleration of the pace of corporate listing, the high-tech sector of the secondary market of the entire stock market can no longer maintain an average price-earnings ratio of 80~100 times. ”

Yuan Hao raised the information in his hand and continued: "The latest investment bank report analysis points out that the average price-earnings ratio of the high-tech sector has moved closer to 50 times, and now the secondary market trading is thin, even if the performance of Shuoxing Technology Company after listing still reaches 0.5 yuan per share, the company's market value is at most 20000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 ”

was analyzed by Yuan Hao, Wang Lang suddenly realized that it was a mixed pros and cons or biased calculation, and it would not be an exaggeration to say that the pros and cons were big.

"In addition, the source of Luo's acquisition funds at that time has also become a variable, and the tightening of universal insurance will make half of Luo's acquisition funds uncertain." Yuan Hao added another point.

"In this way, a slight change in policy can really affect the whole body." Wang Lang pondered.

Hearing Wang Lang say this, Yuan Hao said with a smile: "That's not the reason, how many people have read the red-headed document on the transformation of national welfare housing to monetized housing in 99?" People who really have a long-term vision and read thoroughly, which is not worth hundreds of millions now, there will always be several opportunities in a person's life, just to see if you have the vision and patience to grasp it. ”

"Then you can talk about the impact of IPO speeding up review and listing on the overall financial situation?" Wang Lang smiled slightly.

"I can't say this well, but the accelerated review of IPOs has a direct impact on the repositioning of the average price-earnings ratio of the entire secondary market and even the stable operation of the entire financial system." Yuan Hao looked at Wang Langdao.

"Oh, let's hear it." Wang Lang is also quite interested in this.

Yuan Hao began to recall: "There were certain defects at the beginning of our equity market, when the state only circulated part of the equity on the market in order to pilot it, so that the circulating market value was artificially reduced, so the stocks, especially the small tickets, were speculated extremely high. ”

Yuan Hao took another sip of coffee and continued: "Of course, some companies with good growth, the price-earnings ratio has slowly decreased with the growth of the company, but this pilot has developed a very bad bad habit for the secondary market, that is, it must be fried every time it is new, why?" It's because there are few outstanding shares and a small market value, so it's easy for funds to rise. ”

"Well, this vicious speculation of new stocks is really not good, not to mention harming the interests of the people, but also affecting the stable operation of the market." Wang Lang also agreed.

Yuan Hao continued: "After that, in order to revitalize the stock assets, the government was ready to let all the stocks that were not in circulation be listed, breaking the original rules of the game, and the originally artificially shrunk-in circulation was about to be revalued, so the market came out of the five-year bear market. Later, after the state ceded part of its interests and successfully achieved the reform of equity division, all stocks were finally listed and circulated, and the market also took advantage of the period of rapid economic growth to get out of a vigorous bull market. ”

"It seems that the reform of equity division made a lot of contributions back then, and it was not a small difficulty." Wang Lang responded.

"It's not just that the difficulties are not small, when I first put forward the idea of going to be listed in full circulation, it was mentioned that it would fall once, and some of the new stocks that were speculated at a high level fell by nearly ninety percent." Yuan Hao recalled the past and sighed.

"Didn't it all rise back in the end in the big bull market?" Wang Lang said with a smile.

"But the hidden danger is still not completely removed!" Yuan Hao not only smiled bitterly.

"Oh, the reform of the division of shares has been successful, and all the tradable shares can be listed, but there are still hidden dangers?" Wang Lang was a little strange.