Neway Valve (603699) was officially listed in Shanghai Stock Exchange on 17th January. It is the first listing after IPO restart and rose sharply on the first day. ANBOUND research team believes that IPO reform should not be done in a rush. During the initial phase of IPO restart, the market will be hit by two issues namely high offering price and high price-earnings ratio. The regulators need to stick to marketization and believe that the market will adjust by itself.The pricing will become more reasonable only if the investors gone through all the difficulties by themselves.