"Corporate shares of the king," the highest price of the purchase of Poly Big Brother Head also fever?

Every reporter Wang Yu industry "corporate shares king" Liu recently in the market has made big moves.　　From the early stage to 1.68 billion yuan to invest in Beijing Oriental A (000725, closing price of 5.5 yuan), to nearly 200 million yuan investment in Chongqing development (000514, closing price of 17.53 yuan) less than the month, the recent Liu and consumption of more than 1 billion yuan, bought into the Poly real Estate directed additional shares in the 45 million shares, to become the largest shareholder of Poly subscription amount of natural shareholders. More noticeable is, in July 6 poly Real Estate received the submission of the return price list, Liu to 28.12 Yuan declared price, high residence listed 43 first, and the same day Poly real estate close to 29.65 yuan, 28.12 yuan declared price and the same day close to only 1.65 yuan.　　In the rebound since Poly Real estate stock has risen more than 200% of the background, "corporate shares King" is so optimistic about the real estate leading Poly, its good reason is what, behind and hidden what purpose?　　Question 28.12 Yuan of poly real estate too cheap?　　July 16 Poly Real Estate announced the results of directional additional, including Poly Group, South Fund, Bosera fund, National Letter Securities, Liu, etc., 8 of the specific target subscribed 331.675 million shares, the issue price of 24.12 yuan, the total amount of capital raised nearly 8 billion yuan. In the company announced the Non-public announcement, "Daily economic news" reporter accidentally found that as of July 6, 43 of the purchase price list, "corporate shares King" Liu to 28.12 Yuan High 43 subscribers, and this price and poly real Estate closing only 1.65 yuan. "Such a high purchase price, and the level two market is almost equal, this is too exaggerated!"　　An insider told reporters in Surprise. In this doubt, Li Kengyi Securities researcher told The Daily Economic news reporter, "Poly This issue price is reasonable." As for the high price of $28.12 declared by Liu, it may be that he thinks it is more appropriate. But Xiamen's richest man Coshiping declared the price is 21.12 yuan, the difference is a full 7 yuan. "They are very ' smart ' investors, so for poly real estate investment value, everyone has everyone's judgment, we estimate the reasonable valuation of Poly Real estate is about 30 yuan." "It is understood that Coshiping also counted as the market leader, he had and Liu like, to 1.68 billion yuan to invest in Beijing Orient, in Beijing Orient additional shares on the first day of the IPO, two people carrying more than 2 billion, but this time" failed "in poly Real estate.　　His assistant, Hong Suzen, also told the media earlier that Coshiping thought the price was too high to exceed expectations.　　However, Xiang Fortune Securities researcher Hong Junyu does not agree with the additional price, he pointed out that Poly real Estate directed additional prices far exceed their expectations, for the Liu declared 28.12 yuan, also feel too high. A Shanghai Bank financial manager told reporters, "The real estate market is going to have a hot end, now it seems poly real Estate ThisThe price is reasonable, but after a year or two years, the price may be too high. "Perhaps, as Li Kengyi said, each investor has a different view of whether the 28.12 yuan price is too cheap for poly real estate."　　In addition, Li Kengyi also pointed out that the increase in prices now, the scope of the expansion of total equity has narrowed, then the dilution of the company's rights and interests will not be as much as before, from this point of view, the general investors are still favorable.　　The question two skillfully uses the requisition rule? In the market speculation Liu 28.12 yuan to purchase Poly Real estate is too cheap, another view followed, Hong Junyu told the Daily economic news reporters, institutions or individuals in the direction of additional inquiry, bid higher than the final price of the targeted additional prices on the one hand, the value of the investment, there is a more important reason,　　Maybe he knew the rules for the purchase. The announcement shows that in 43 of the specific objects submitted by the "purchase quote", Zhu Qian recorded three times to declare the price, The top one is 24.12 yuan, the declared quantity 30 million shares; the fund declared the price is 24.12 yuan, the declaration quantity 30 million shares; century cosmetic care products company three declaration price, the highest once 25.52 yuan, the declaration quantity 29 million shares; Liu Declaration price of 28.12 yuan, declared quantity 45 million shares; Fondeki declaration price 25.32 yuan, declaration quantity 35 million shares, the declaration price of the national Letter of Securities 24.92 Yuan, the declaration number of 40 million shares, the South fund declared price of 24.12 yuan, the number of declarations 54 million yuan.　　It is worth noting that seven of the successful subscribers are just all of them (excluding Poly Group). To get a clearer picture of the rules of purchase, the reporter called the Poly Real Estate Securities hotline, the relevant people told reporters: "Generally speaking, we negotiate with the main underwriter, by fax to meet the specified conditions of the specific target issue the subscription invitation, and then at the specified time waiting for them to submit the purchase price and quantity." Next, we will first filter the amount of money declared. Because this raise total fund is 8 billion, raise object not more than 10, so we will choose the amount of funds can reach more than 700 million objects. "It is noteworthy that the person also said that after the completion of the screening, is the announcement of the 43 objects of the" purchase quote ", in the elimination of some inconsistent with the rules of the object, the final is the list of the remaining prices from high to low to sort, such a row down, the issue price is determined,　　The successful subscription is equal to or greater than the issue price. A senior private equity person pointed out that the directional additional process is similar to the collection bidding process, "you even fill the highest price, the final transaction price will not be your price, and the price of filling a little higher, a little advantage, is to ensure that you can buy." "As a veteran market person like Liu, the interpretation of the various trading rules in the securities market is meticulous and in place." Even if the declared price is too high, the final transaction price is certainly not the highest price deal, butThis can guarantee the success of the purchase.　　Question Three Rivers big head fever? The major agencies to rob Poly Real Estate directed additional shares, in fact, is only a miniature of the current targeted additional buying spree. Participate in the directional additional issue really is the bag make not compensate?　　In fact, the directional issuance of shares in 2008 has become a lot of market veteran heart forever pain, and Haitong Securities is one of the most "unforgettable" case. November 2007 Haitong Securities to 35.88 yuan/share for directional additional, this is the market at the time of a major event, bidders, the scene of the hot, people remember, coupled with the two-tier Haitong securities market close to 60 yuan, the issue is definitely a good deal, unfortunately, when a year later, 8 of institutions holding additional shares lifted, when the successful purchase of Haitong Securities, the "winner" has been fully set.　　On the day of the lifting, Haitong securities stock price is only 11.98 yuan, 8 institutions accumulated floating deficit nearly 9 billion yuan. In the November 2007 many investors were unaware that the real fall in the market had come, and that investors were still sleeping in "Rich Dreams".　　And when the Shanghai Composite Index repeatedly hit a new high, the property market is also the first to rebound, investors seem to start again to do a "rich dream." Gu, Secretary general of the China Real Estate Association, said in an interview with the Daily economic news that the supply and demand relationship in China's real estate market has always been unbalanced, so as long as policy support, the real estate market will respond positively.　　This year, with the support of the national policy, real estate market sales have warmed up, now the real estate companies continue to finance the enclosure, a variety of investors involved in the company targeted additional, high price purchase, all illustrate the real estate market optimistic.　　It is in this case that poly real estate at the beginning of this year to no less than 15.89 yuan/share directional additional prices, raise capital of 8 billion yuan, as a result of the implementation of every 10 shares sent 3 units 1.32 yuan, in addition to the right after the release of the reserve price automatically adjusted to 12.12 yuan/shares, and the final issue prices determined to Hong Junyu said, 24.12 yuan additional price than the original 12.12 yuan price a full high of nearly 100%, from this directional additional price can see the issue of the issue of the subject at all regardless of the premium, active purchase, fully explained the market is now on the real estate stock frenzy sought after. Another point is that, in addition to Poly Group other than 7 additional objects have a 12-month lock-up period, but because of its optimistic about the real estate market, Liu and other specific objects for the declaration of prices continue to improve, it will lead to additional prices so high.