Can new stocks still be touched? Just look at the recent operations of Hai'an Group to understand. It just got listed last week with an issuance price of 48 yuan, and on the first day, it was directly pushed to the ceiling of 100 yuan. And then? Next came a textbook-like free fall.

Today is already the fifth trading day, with the lowest price during the day dropping to 67.53, and the closing price is basically at the floor price. Except for the first day of listing, which barely counts as an increase (actually it was a high open and low close with a negative candle), the following four days have all seen declines, each day more severe than the last, with a drop of one-third from the peak on the first day—an overall decline of 32%. Not a single retail investor who entered the secondary market has survived.

The first five days have no limit on price fluctuations, and many people think they can take a big gamble, dreaming of a turnaround. The reality? The peak is reached as soon as the new stock is listed, completing all upward channels in one day, leaving only a long downhill road ahead. If you dare to quote, they dare to sell; you drive in with a luxury car, and in the end, you push out a bicycle frame—this is the true portrayal.