Among these companies which have recently introduced bonus share distribution plans and whose stock prices have also risen strongly, the presence of "new issue subscription" funds can almost always be seen. There were a total of 8 institutions that obtained the shares of Ziguang Huayu under the offline allocation, including Xingquan Organic Growth Flexible Allocation and Xinda Ausin Leading Growth, each of which was allocated 450,000 shares. However, judging from the information disclosed in Ziguang Huayu's annual report so far, as of the end of 2011, Norsun Flexible Allocation, Norsun Thematic Selection, and Jinguang Industry Advantage, etc., also appeared on the list of top ten floating stock shareholders of this company. Since there is no restriction on the circulation of the shares held by them, they should have been bought from the secondary market. Considering the performance of Ziguang Huayu's stock price in the secondary market after its listing and the "break below the issue price" that occurred at the beginning of this year, the favorable news formed by "bonus share distribution" has made the "new issue subscription" funds and investors who bought from the secondary market feel "relieved". In addition, two funds of ChinaAMC participated in the allocation of Rongzhi Special Color Jingzhong Lian. Behind Zan Yu Technology, the presence of ChinaAMC and ICBC Credit Suisse could also be seen. Zan Yu Technology's 2011 annual report showed that as of the end of last year, there were also two funds of Norsun among its top ten floating stock shareholders. "Institutional investors naturally have advantages in terms of information and discourse power, which ordinary investors cannot compare with. Ordinary investors should not chase high prices when some stocks invested by these institutions surge." Some insiders expressed such opinions when talking about the above situation. The investment director of a fund company in Shanghai said when talking about growth stock investment that to obtain a strong safety margin for investing in such stocks, one needs to conduct in-depth and continuous research and understanding of individual stocks. At the same time, one should buy as much as possible to strive to become one of the top few floating stock shareholders. The reasons are: first, to stabilize the mentality of long-term holding, second, to have more chips in hand to have more discourse power when facing listed companies, and sometimes even play a certain supervisory role. In addition, the China Securities Journal reporter also learned that many fund managers are now hesitating between growth stocks in the ChiNext and SME boards and blue-chip stocks in the main board. From the perspective of economic transformation, they are more optimistic about the future growth space of the former. But at present, the tendency of regulatory policies and the obvious valuation advantage of blue-chip stocks make them worry that ChiNext and SME board stocks may still have a large adjustment. Therefore, they are quite torn about whether to stay or leave.