200 billion supply deal with 40 billion IPO will not constitute a financial pressure demand.

<P> "IPO is not the point." Turning to the expansion of the market is about to face when a fund company executives straightforward, "the year 400-500 million new shares issued will not constitute financial pressure on the market." </ P .> <P> "money is not the problem", this view seems to have become institutional consensus. .After learning the news of IPO will restart, most institutions reflect the calm, in their view, brought its IPO funds to worry about the pressure, not as worried about circulation after the listing of restricted shares, as the latter's total .is much greater. .</ P> <P> capital requirements: During the year 40 billion </ P> <P> industry estimates, the size of IPO during the year no more than 500 billion yuan. .</ P> <P> Historically, A-share market's largest IPO wave in 2000, when the IPO size reached 867 billion yuan, then, IPO size decreased year after year, to 2004, IPO size of only 380 .billion. .It can be seen, IPO size has a close relationship with the market. .In a bull market, IPO larger market in the fall in, IPO size will be reduced. .</ P> <P> a senior investment bankers that this year, although the stock market hot, but overall is also low because of the historical position in the market recovery, IPO sudden surge of scale impossible. .If compared with the historical data, the scale of this year's IPO is most likely similar to 2004 or so, the annual 400 billion yuan. .</ P> <P> If you consider some of the large capitalization stocks, such as the big state banks, the market demand, IPO size may be increased, but, IPO restart is still in the preheating stage, the official start will take some time, .It is now May 2006, only 8 months, therefore, the market shares of factors and time factors cancel each other after the IPO year is not too far behind the expected size. .</ P> <P> "on average, 40-50 million per month which is the funding needs, and now the daily stock market turnover is 300 billion yuan, it will not form too much pressure on the market .. "this person said. .</ P> <P> money supply: more than 200 billion </ P> <P> Galaxy Securities that, IPO resumption will attract a lot of money into the market, and the resulting size of the additional funds in 2000 billion yuan. .</ P> <P> recover the cash purchase is considered to be an important factor to attract funding. .Before placing the system introduced in the market value of the cash purchase to a market system has a large accumulation of funds in the stock market hot by the year 2000, the subscription of new shares in the primary market in the total amount of funds was more than 200 billion. .And after the abolition of the cash purchase system, a lot of money to withdraw from the stock market. .</ P> <P> industry believes that the resumption of cash purchase, may return funds back to the stock market. .If the market continues to show an effect of money in order to present sufficient capital environment, re-financing is not impossible to attract 200 billion. .</ P> <P> "The key is that the spread between the primary and secondary market will not long exist." Said an analyst at Galaxy Securities, "inquiry system is implemented from the end of 2004 several cases of view .from one market to the secondary market, still has a larger profit margins, attraction of capital remains high. "</ P> <P> corporate pension, insurance funds and other sound-based funds of funds may be added .the main source. .Investment in the securities market is a common need of these funds, but the risk is greater secondary market made them cautious, therefore, IPO after the restart, the risk of a relatively small market for their significance. .In addition, the strategic investors will also create a lot of funding. .</ P> <P> diversion of funds: little impact on the stock market </ P> <P> have investors worried and restore some of the cash purchase will enable the diversion of funds to the secondary market, primary market. .But the agency believes that this will be much affected. .</ P> <P> Hai Tong Securities that, IPO diversion effect on the secondary market does exist, but the one primary and secondary capital market with different risk preferences, a mostly stable market-based funding requirements on profit .not too high, the secondary market funds prefer high-risk and high return, the secondary market will not turn to a market most of the money; two to a market some of the funds will flow into the secondary market, offset by the secondary .market, a blood sample, so that, overall, the secondary market for the supply of funds will not be seriously affected. .</ P>.