Gelonghui November 28th | Peking Business Daily reported that Hong Sifang's first day of listing surged more than 19 times, but fell by nearly 50% the next day, causing heavy losses to investors who chased the high. For new stocks that encounter speculative trading on the first day of listing, it is best for investors not to participate, as overvalued valuations will always come back down. The speculative sentiment of new stocks is easy to fade after irrational surges, and there will definitely be significant adjustments after the sharp rise. Looking at the turnover ratio on the second day after listing, more than 80% of the stocks have been sold, which may include the 8.32% of shares that investors didn't have time to sell on the first day of listing, or investors who bought high on the listing day. In any case, for new stocks like Hong Sifang that are speculative on the first day of listing, those who chase high prices are basically chasing paper wealth and may eventually exit with great losses.