First, during the period from 20 1 1 to the end of 20 12, the issuance of new shares was too fast, and a large number of new shares were listed collectively, resulting in a large area of dilution of stock market funds. Many people think that one of the reasons for the long-term bear market is that too many new shares are issued too quickly.
Second, for a long time, the high issue price, high P/E ratio and high raised funds of new shares have attracted more and more attention from the industry, and a large number of new shares issued some time ago have also caused many problems.
Third, the special reform of IPO has been intensively discussed recently. It is estimated that the 20 13 IPO may be after the Spring Festival or after the two sessions in March.