Collective break second round: The painful period of new shares

Kuanzhiyong new shares "broken mmmm" again. Yesterday, the first listing of 5 new products (300165.SZ), Oriental National Letter (300166.SZ), Dwight Video (300167.SZ), Wanda Information (300168.SZ), Tin sheng New Materials (300169.SZ), only the rising of tin Sheng, All 4 Other new shares fell below the IPO price and fell by more than 12%.　　Private equity manager Liu Jie said the IPO performance as a market sentiment index, the recent group break of the new shares severely hit the market sentiment. New shares fall again on the first day of the IPO 5 gem IPO, Tin Sheng Fresh materials from early bid began to float red, yesterday closed at 40.4 yuan, higher than the IPO price rose 26.25%. By contrast, the other 4 IPOs were "miserable" yesterday. Tin Shui Instrument yesterday from the beginning of the collar fell, closed at 54.16 Yuan, a 16.68% lower than the issue price. The decline also hit a new high on the first day of the IPO.　　The other 3 new shares have been green all day, closed down more than 12%, Oriental letter fell 13.39%, Dwight Video fell 14.2%, Wanda Information fell 12.14%. Senior investor Zhenvige said: "In the last two batches of 9 new listings, 8 were listed on the first day of the IPO. This year, the new shares broken Mmmm is definitely the most intensive, the most tragic one. Not only is the high break ratio, there have been nearly 80% break in listed new shares this year, and a high break in the new shares, a number of shares than the IPO price fell nearly 20%. "New shares break down popular new shares are often the most popular varieties of the market, when the new shares so high density to wear the issue price, market sentiment is also greatly affected." Liu Jie, chairman of Chengdu Bing Jian Investment Management Co., Ltd. said: "The new share break will not only attract fresh capital, its huge decline itself is also easy to bring investors panic, exacerbating investors ' pessimism about the stock market." "In Liu Jie's view, yesterday's big drop in small and medium stocks is also a setback to sentiment." Yesterday, a total of 29 stocks fell, basically small and medium-sized stocks. "It's worth noting that this is the second collective break, which is far more shocking and destructive than the piecemeal break in new shares, which could spark fear of new shares," Liu Jie said. Unlike Liu Jie's excessive pessimism, Li Dahuan, director of the British Securities Institute, is much more optimistic. Li Dahuan to the "First financial daily" reporter revealed: "New shares break is the result of natural adjustment of the stock market." These new offerings are priced on the high side, with the two-tier market for small and medium stock valuation collective callback, wait until these new listings, break is not surprising. However, Li Dahuan that, in accordance with the first few rounds of the mmmm development law, new shares break, within two or three months, the next new shares in the issue of pricing will be gradually rational. With the increase in the IPO rate and the lower price/earnings ratio, new shares will have a profit-making effect.　　To some extent, the break of new shares is the pain that the IPO pricing level must undergo in the rational. OfLine restraint mechanism to be straightened out when the two-level market investors smell "new" color change, those just get issued approval, is the road in the process of new shares also feel the new shares broken mmmm bring "cold wave." A just led the completion of Beijing, Shanghai, Shenzhen Three Road program of the sponsor representative told our correspondent: "Before the new Shares roadshow, are the agency representatives as far as possible to find the company executives cliché, to do everything to know the company issued pricing bottom line." Now the road in the process, need investment banks, financial PR to actively invite organizations. Company executives also have to actively ask the Agency to purchase intention. The sponsor's representative asserts that institutions are sometimes as sensitive as retail investors.　　As long as a new stock in the quilt, the next purchase of new shares are cautious. There are signs that the release-binding mechanism, which failed in the days when the new shares were fired, is gathering strength. Sources inside the fund said: "The fear of the purchase of new shares, capital preservation funds, bond funds will suspend the purchase of new shares." In the inquiry procedure, the stock fund will also quote from the angle of ' medium and long term investment value '. "More than two fund companies have asked researchers to use a" prudent pricing "approach and valuation models in their IPO pricing reports.