One phenomenon is that if there is an industry-intensive IPO backdoor in one year, then

One of the phenomena is that if there is an industry-intensive IPO/backdoor in one year, this period will be the stage boom of the industry. So Hong Kong stocks in 2018, this year’s science and technology innovation board, to some extent, bear the handsome they shouldn’t bear at this age. There is an important economic law behind this phenomenon. Overfinancing will lead to excessive expansion of capital expenditure, deterioration of competition structure, and subsequent rapid reduction of capital return.