Recently, the breaking of new shares has occurred frequently, and the number of successful bidders who abandoned the purchase has also increased significantly. Insiders pointed out that the sharp increase in the proportion of abandoned purchases is related to the changes in market sentiment caused by the frequent breaking of new shares. In the short term, with the adjustment of investor mentality and IPO quotation, the phenomenon of abandonment may be alleviated. In the long run, while the pricing of new shares is more market-oriented, it will be more rational to make new funds, and continue to strengthen the research on the value of new shares. Recently, tianyima, a new share on the gem, announced the online issuance results of IPO on the gem. The announcement shows that there is no offline inquiry and placement link in this issuance. The number of shares abandoned by online winning investors is underwritten by the sponsor (lead underwriter). The number of underwritten shares by the sponsor (lead underwriter) is 277819 shares, accounting for 2.36% of the total issuance, and the underwritten amount is about 13.5187 million yuan. The previous day, the results of the online issuance of new shares released by qiangrui technology showed that 509100 shares were abandoned, with an amount of 15.1814 million yuan. The number of shares finally underwritten by the sponsor (lead underwriter) is 509300 shares, accounting for 2.76% of the total issued shares. The abandonment proportion of the above two new shares is also prominent in the A-share market. According to the statistics of tonghuashun, qiangrui technology and tianyima ranked second and third respectively in the proportion of abandoned shares issued since 2010, second only to China Communications Construction. CCCC was initially listed on March 9, 2012, and its abandonment accounted for 11.05% at that time. According to the data since this year, the proportion of abandoned purchase of two new shares also ranks first, and the proportion of abandoned purchase of Juyi technology, which ranks third, is only 0.69%. Insiders pointed out that the current high proportion of abandonment is closely related to the frequent breaking of new shares in recent times, and investor sentiment has been greatly affected. Even if the lot is won, they are worried about breaking losses and give up payment. However, with the adjustment of investor mentality and IPO pricing, the proportion of abandoned purchases will return to normal. Recently, nearly 50% of new shares have broken. Flush data show that since October 22, among the 20 newly issued stocks, 10 new shares broke at the opening, of which 9 new shares were still broken at the closing of the first day of listing, with a breaking proportion of nearly 50%. According to the statistics of CITIC Securities, the new income of 200-500 million class a accounts in October was only 0.1% - 0.2%. Since 2021, the new income of 200-500 million class a accounts has been about 5.47% - 11.22%. CICC said that among the newly issued registered new shares, the broken shares have similar characteristics: poor performance in the industry, high absolute price and higher pricing than the industry. The breaking of the first day broke the risk-free return characteristics of offline placement of new shares. Some inquiry objects may withdraw from the offline placement market. In addition, the drop in the shortlist rate caused by the increase in the difficulty of the game will raise the probability of winning the lot of a single stock. More institutions believe that the era of "lying and winning" will end, and secondary investors with strong research strength and high-quality listed companies will benefit in the future. CITIC Securities said that after the revision of the new inquiry regulations, the effective quotation range was significantly expanded, the effective quotation proportion decreased significantly, the pricing center moved up, the winning rate increased, and the increase on the first day of listing decreased significantly. It is expected that the new share market will develop in a more rational and mature direction. Innovation will no longer be a risk-free investment, but will test investors' research ability and pricing ability. China Merchants Securities also said that the release of the new inquiry rules will help to improve the marketization of initial pricing. The price difference between the primary and secondary markets may gradually narrow. Perhaps the breaking of new shares will become the norm in the future. Investors need to rationally participate in the investment of new shares and improve the ability to select targets in combination with fundamental research and judgment. (outlook new era)