Institutions turn up the KCI The bottom of the world has been turned over

Further statistics show that a total of 203 companies listed on the board have been investigated by institutions in the first half of this year. As of June 30 this year, there were only 301 companies listed and traded on the board. Excluding new stocks that have just been listed, institutions have not yet had time to "get their hands on" them, so institutions have almost turned the board upside down in the first half of the year. It is very rare in the history of A-shares for institutions to conduct research on a sector or a specific group of stocks close to 100% in half a year.

Some data show that most of the new stocks fell in the first two years of listing, with a negative average return, and only in the third year did they turn around and gradually bottomed out, with the average return starting to turn positive. This is mainly because after listing, the secondary market tends to give new stocks a higher valuation, which will allow newly listed companies to form a bubble more share price early on, while a normal bubble squeezing process will follow.

After about 2 years of bubble squeezing, the company's share price gradually returns to rational, and may even be undervalued. In addition, the construction cycle of most of the listed fund-raising projects is also in about 2 years, with the fund-raising projects into the return period, the company's performance began to appear benign growth, share prices also naturally bottomed out. Such as the original small and medium-sized board opened in 2004 after 2 years, leading the market out of the bull market from 2006 to 2007, is also the largest round of bull market in the history of A shares. And 3 years after the GEM opened in 2009, it bottomed out first in 2012 and then became the leader of the bull market in 2014-2015.

The Keitong Board is also almost 2 years old since it opened in 2019 and is about to enter its 3rd year. Many shares of KCI listed companies have fallen back more than 50% from their highest price since listing, and a large number of companies have fallen below their issue price. If the historical experience can be repeated, the spring of the board may come, and the large area of institutions researching the listed companies on the board is a side-by-side evidence that this phenomenon deserves attention. And perhaps the biggest suspense is which stocks will become the spring flowers of the science and technology innovation board.