The biggest rise and fall of 30% on the first day what are the risks of the first batch of REITs officially listed today?

China's first public infrastructure REITs will be listed today, and a total of nine infrastructure REITs pilot projects will be listed on the Shanghai Stock Exchange (5) and Shenzhen Stock Exchange (4).

Specifically, the first five infrastructure public offerings of the Shanghai Stock Exchange are 508056.SH, Soochow Suyuan (508027.SH), Zhangjiang REIT (508000.SH), Zhejiang Hanghui (508001.SH), and first Water (508006.SH), and the fund managers are CICC Fund, Soochow Fund, Huaan Fund, Zhejiang Merchants Securities Management Fund and Wells Fargo Fund respectively.

The first four infrastructure REITs of Shenzhen Stock Exchange are Shougang Green Energy (180801.SZ), Shekou production Park (180101.SZ), Guangzhou Guanghe (180201.SZ) and Yangang REIT (180301.SZ), respectively, and the fund managers are AVIC Fund, Boshi Fund, Ping an Fund and Clay Innovation.

As the characteristics of risk and return are different from those of stocks, bonds, funds and other financial products, public REITs sets a limit of 30% on the first day of listing and 10% on the first day of non-listing, and no less than one liquidity service provider for each product is selected to provide services such as bilateral quotations, so as to improve the liquidity mechanism in the secondary market.

As a new type of investment in China's capital market, the risk level of infrastructure REITs is lower than that of stocks and higher than that of fixed income products. From the point of view of the industry, infrastructure REITs is a kind of financial asset with stable cash flow and good liquidity, which is more suitable for medium-and long-term investors.

In addition, public offering REITs, as an emerging investment variety, has been recognized by the majority of investors, but public offering REITs still faces many risks after listing on the exchange.

Among them, the main risks that may be faced by investment infrastructure funds include fund price fluctuation risk, infrastructure project operation risk, liquidity risk, termination of listing risk, tax and other policy adjustment risks.

China International Capital Corporation previously said that considering that the capital market is not very familiar with REITs products and its investment logic, it does not rule out certain fluctuations in secondary market prices after the listing of the first batch of products. From the perspective of the overseas market, there has been a sharp rise or decline of similar stocks after the listing of some REITs products. Investors are advised to treat the investment value of the first batch of listed REITs rationally to avoid chasing after the rise and fall, resulting in investment losses. For public investors, they must not have the mentality of "getting rich overnight" in REITs.