The boom in the Hong Kong stock market and the depression of A-share market became the epitome of China's capital market in the first half of 2018.

Ipo proceeds of Chinese shares totaled hk $35.941 million in the first half of 2018, down 15.60 percent year on year.The median initial price-to-earnings ratio was 16.71,basically the same as the same period last year.According to Wind,ipo proceeds of Chinese shares totaled hk $35.941 million in the first half of 2018, down 15.60 percent year on year.Diluted earnings ratio calculated according to the median (excluding negative values) was 16.51,basically the same as the median initial price-to-earnings ratio of Chinese shares listed in Hong Kong.

Notably, the stock price of 13 Chinese companies that went public in Hong Kong in the first half of 2018 fell below their issue price on their first day of trading, accounting for 68.42 percent, as of June 30.

The share prices of Zhongan Zaixian (6060.hk), Yixin group (2858.hk), Razer (1337.hk), Pingan Health (01833.hk) and Yuewen group (0772.hk), which were once called "the five giants of the new economy" by the market, also fell sharply.The latest share price of previous four groups has fallen below its issue price.Xiaomi was officially listed in Hong Kong on the morning of July 9, priced at hk $17 and valued at US $54.3 billion, more than half the expected US $100 billion valuation. But even with its "low price" issuing, xiaomi did not escape the fate of "falling below its issue price" on its debut.

Although the phenomenon of the price falling below its issue price is serious, there are still a large number of enterprises in the queue to rush into the Hong Kong stock market. Why is it so hot? It is understood that low listing threshold became the main reason.In addition, as the a-share listing and merger and reorganization review become more and more stringent, the new third board market is sluggish for a long time, and there is a large amount of capital in the domestic equity investment market that cannot be withdrawn. Therefore, it is the most realistic choice to "focus on" the Hong Kong stock market at present.

July 3, Mr Li, chief executive of hkex group attended the bond anniversary BBS.Recently in the face of a large amount of Hong Kong listing of new shares break,as for whether the Hong Kong market has the ability to deal with the frequent "" giants" "listings, li responded that the Hong Kong market is a big market that connects global funds, so as long as there is a good valuation and a good company, money is not a problem and the Hong Kong market is not a limited area.The breaking of new shares recently is the change of secondary market price, price change is the price that comes from the game of two sides of the market -- Supply side and demand side, so it still reflects the normal relationship of buying and selling in the market.

US. stocks: financing reached a record high of 6 years

What about the U.S. stock market? Stocks plunged in February after a run of "crazy" stocks in January, but It was on a crazy rise then.

Some analysts believe the rise in U.S. stocks may be related to a wave of stock buybacks by U.S. listed companies.In the second quarter, U.S. public companies announced $433.6 billion in share repurchases, nearly double the $242.1 billion in the first quarter.Among them, finance (us $10.6 billion), technology (us $10.5 billion), health care (us $6.5 billion) , optional consumption and industrial-products companies are major players in stock buybacks.It is understood that in the capital market, listed companies can reduce their total equity by buying back shares.The thickening of earnings per share can not only increase the value of the company's investment (namely the stock price), but also benefit shareholders, employees, investors and shareholders.

In addition to the positive market, the number of U.S. stock listings also hit a record high.

So far this year, more than 100 companies have raised a combined $35.2 billion through U.S. listings, the highest level since 2012, according to data from research firm Dealogic.Meanwhile, technology accounted for a quarter of U.S. listings in the first half of the year, with 28 deals raising $12.2 billion, double the amount in the same period last year, the data showed.

So what about domestic giants in the U.S. capital markets?

According to statistics, the most impressive performance of video shares was seen on July 5 (U.S. eastern time), when the shares of bailibili, iQIYI and Huya all rose from their ipo price, among which Huya shares doubled to $29.9 and exceeded $6 billion in market value. While fintech firm a&c’s broke, and Dianniu’s increased from its issue price, neither rose much.

In addition, after online education institutions such as Sunlands, Jingrui education listed, the stock price underperformed, which did not meet previous expectations.

In the second half of the year, many giants companies such as tencent music, nio, etc.will enter the US stock market , the performance of the forerunner does not seem to block the enthusiasm of the latecomers. A large number of companies are also lining up to sprint for Hong Kong or the US.