Surging new shares break mmmm wash the market

Under the "three High" false, "play new" from "Pie" into "trap", investors chose to vote with their feet-Rodgen Nouliwa 2011, A-Share on the history of the most intensive new shares "broken MMMM", this year's listing of 21 new shares have 9 only on the first day of the listing of "break".　　In this context, "new" from the original "risk-free return" into "high-risk behavior", more netizens borrow the popular lunar year movie "Let Bullets Fly" name as GUANGPI, stick out ridicule couplet: A sign 9,000, check as shot, eat nine loss to earn a bomb, circle money such as Rob money. If the large-scale "break" to the analogy of a A-share has a disease, then, "Three high" (high price, high P/E, Superb raise amount) is the cause. In fact, the market for "three high" criticism has already been, but this time seems to be a real one.　　Faced with a virtual high price, investors voted against the actual action, thus turning "verbal accusation" into "market choice".　　"Broken mmmm" discovered, who in the pursuit of high-priced stocks? "Broken mmmm" really came, and menacing. Data show that this year a total of 21 new shares listed, as of January 24 closed, below the IPO price of the new shares have 18, "break" rate of up to 85.7%.　　Among them, this month "break" is the most expensive on the January 14 the main board of Sinovel wind power encountered by the "Waterloo", 49 nets under the new listing agencies on the first day of the IPO floating deficit as high as 1.7 billion. In this round of "broken MMMM", the performance of the gem is particularly eye-catching. According to statistics, as of January 19, the new issue listed 10 gem stocks, 6 were brutally break, of which 5 stocks are still below the IPO price, 2 stocks in the first day of the listing will be declared "lost." January 25, the gem ushered in the day Rui instrument, such as 5 new shares listed transactions.　　Of the 5 new shares, 4 have fallen below the IPO price and continued to weaken throughout the day, closing more than 10% per cent. "Myth of Wealth Creation" was greatly discounted, and entrepreneurs ' capital wealth was severely diminished.　　According to the "Securities daily" reporter statistics, in the experience of the break of the 6 2011-year gem new shares, show strong shares of large shareholder wealth shrank by 11.43%, topped the list.　　What causes the "broken mmmm"?　　Surveys conducted by the Universal Survey show that 1107 of those who chose "too high price" voted 757, accounted for the total ratio of 68.38%, the choice of "market downturn" in the number of votes 336, accounting for the total ratio of 30.35%, the choice of "indefinable" has 14 votes, accounting for the total ratio of 1.26%.　　Although measures to curb the "three-high" are constantly being introduced, it is clear that the cure for the disease remains to be seen. Data show that there is a growing trend of higher p/e ratios. October 2010-December, the first-month average price-to-earnings ratio is 59.26 times times, 67.46 times times and 75.88 times times respectively, showing an ascending state.　　On the basis of the data, the January 2011 IPO valuation climbed to 81.81 times times, hitting a new monthly record. IPO averageThe amount of "lap money" also appears to be rising in the high price distribution pattern. January 2010, 35 new shares on average raise capital of 1.213 billion yuan. And this January has not finished, has completed the issuance of new shares on average raised 1.516 billion yuan, an increase of about 25%.　　In addition, the phenomenon of super raise more prominent, show strong shares plan to raise capital only 164 million yuan, and the actual raise capital up to 819 million yuan, super raised nearly 4 times times. So, why the high price repeated?　　Who is in pursuit of high-priced stocks? Shenzhen general manager liping that the core of the "three-high" problem is that the IPO is overvalued.　　Lack of professional competence or lack of self-discipline has led investment banks to judge or lose the standard of IPO prices. Some people in the industry believe that the issuance of shares to become a minority access to the channel, become a windfall, the creation of wealth myths effective way. In some of the "upstarts" that have been offering multiples, brokers and funds are "sedan" to seek excess returns. Looking at the recent issue of new shares, the major risk of the inquiry attitude is significantly more cautious than the securities brokerage account and funds, the price is often lower than the latter. And because of the "daring" of the latter, investment banks and IPO companies certainly have the incentive to choose a higher issue price. For example, the main underwriter gave a valuation range of 43.20 yuan to 50.40 yuan in the roadshow, taking a break below the IPO price of 17.66%.　　However, some securities firms ' proprietary accounts offer 68 yuan and 64.8 yuan respectively in the inquiry, corresponding to the issuance of a P/E ratio of nearly 125 times times. Despite the frequent break in new shares, the pace of IPOs does not seem to change. It is understood that, following the first week of 2011, there are 11 new shares concentrated issuance, this week the new issue node more intensive, a total of 14 new shares listed. Monday and Thursday, respectively, there are 5 gem companies online purchase, the Tuesday issue is two enterprise board companies and two motherboard companies. The total is expected to be issued 450 million shares, the total amount of fund-raising for 4.7 billion yuan.　　Industry experts said that the trend of rising still need funds to promote such a high density of distribution, listing will be short-term market funds face a certain degree of repression. Investors use their feet to vote, purchase funds or "hibernate" "since the IPO restart, this is the third round of new shares broken mmmm."　　Huang Coujun, an analyst at Credit Securities, points out that, on the one hand, this means that the stock market will enter the adjustment period in the short term, on the other hand, a lower p/e ratio is a good thing for the level two market. "A high price/earnings ratio will not last. "Yang Huabo of the National Gold securities, said that the listed companies should be priced in the two-tier market, for high-priced companies, investors are doomed to vote with their feet, on the other hand, new shares broken mmmm and the current overall situation of the stock market."　　This often happens when markets are vulnerable, showing investors ' caution. In fact, the increasingly common "break" phenomenon has left the first-tier market with a "cooling" signal. According to statistics, 6 of the 21 new shares that have been released since January have a checking rate of more than 2%. And looking back over the Four seasons of 2010 years, only twoOnly the IPO rate is above 2%.　　Industry insiders said that the online check rate of the sharp rise in the "break" frequency of the shadow, the enthusiasm of the investor purchase is no longer high.　　"Dozen new" from "Pie" into "trap", prompting the purchase of funds prudent investment. As a matter of fact, since November 1 last year, under the "new" system of the SME board and the gem, the number of the funds allocated to the Fund has been greatly reduced, but the quantity allocated will be greatly increased. In the view of fund managers, if the IPO is good, the rate of return will be greatly increased, but if the IPO after the poor performance, then the allocation of funds will also face greater losses.　　For the SME board and the gem "Dozen New", the fund is clearly more cautious. And new shares frequently "break", also let bond fund very injured, according to incomplete statistics, all kinds of funds have been three high new shares hold hundreds of millions of of funds. So far, also dissatisfied with the network under the new stock purchase three-month lock regular 33 times break new shares under the net received nearly 1 billion funds. The funds allocated under the network were heavily damaged, and the main casualties were the bond-type funds that had benefited considerably from the new year. According to Yi data, last November until now, only 5 of the 70 new equity-enhanced bond funds are positive earnings, and are less than 1% of the profit, 65 new shares of enhanced income is negative.　　This year, 77 new stock-strengthening bond funds have only 6 funds for positive returns, and are less than 0.3% of the profit. In addition, there are indications that with the advent of the Spring Festival holiday and the market continues to fall, some investors choose to hold the currency for the Chinese New Year. As a result, some banks homeopathy, in the Spring Festival before the introduction of a variety of large short-term financial products, and some threshold high to 500,000 yuan or even 1 million yuan, in order to scramble from the stock market outflow of the third party deposit funds.　　There are banking industry insiders said that the Spring Festival is the year-end award-intensive period, at this time the market funds are more well-off, it is to absorb funds for the layout of the loan quota is a good time. At the same time, the linked "new" bank financial products significantly reduced. It is understood that from the first half of last year, the A-share market break, many banks have suspended the pure dozen new financial products. "The new IPO rules have made it more expensive for banks to run new types of wealth management products, but their gains have shrunk." "A person in the industry said that, according to the current issue system of new shares, institutions can not be online under the network simultaneously purchase, a single account set the upper limit and other measures to weaken the agency online subscription to play a new advantage, the profit rate of financial products to play a serious" shrinkage.