This year, half of new shares break high price distribution is the main reason

-Our reporter Wan Jing new shares break into the recent two-tier market hot words.　　According to the Chinese Securities News reporter statistics, as of February 10 closed, 2011 New Year's Day after the listing of 38 shares, there are 17 shares below the IPO price, accounted for up to 45%, the most tragic is the first on the first of the first listing of 19 shares break, occupy half. New-stock breaks ensued and a deeper decline comes after the year. January 13 listed on the market, Sinovel (601558) The latest price is the biggest decline compared to the price, its issue is as high as 90 yuan, and February 10 close to only 73.2 yuan, the decline of up to 18.67%. January 18 listed on the style of shares (601700) offering price of 35 yuan, February 10 close also only 29.17 yuan, the latest price decreases than the issue of the IPO also 16.66%.　　Of the 17 new shares that have been break since 2011, the latest closing price of 6 new shares has fallen by more than 10% per cent. The unique phenomenon of the first day of market break has also appeared on a large scale recently, with a total of 19 new listings since 2011. The January 18 listing of 5 new shares-Sirte, Xindu Chemical, style shares, hung road steel and Asia-Pacific technology, the first day of the listing all break.　　Of the 5 new shares listed on January 25, 4 were listed on the first day break. In particular, the last day before the Spring Festival holiday (February 1), the Shanghai and Shenzhen Cities 7 new shares listed collectively.　　Among them, gem new shares of the Han information (300170) opened then below the IPO price, and the Shanghai Board of the star-Yu shares (601799), radio and Television (601616) also in the disk successively break. In fact, a large number of new shares break at the end of 2010 has been reflected, as of February 10, the listing of less than three months of 92 new shares, 32 were encountered break, accounted for more than One-third.　　The November 2010 listed new shares have 3 break, December listed new shares have 12 break, 2011 has 17 new shares break. High-priced distribution is the main reason for the large break caused by the high price issue of new shares. Since the New Year's Day of 2011, the listing of 38 new shares of the average price-earnings ratio of more than 70 times times, of which there are 3 of the first diluted earnings ratio, the gem of the newly-developed shares (300159) the first to share a thin earnings ratio of up to 150.82 times times. There are also 4 of the first-round earnings multiples of 90 times to 100 times times, with 8 IPOs trading between 80 times and 90 times times earnings.　　The two cities have a total of 22 new shares of the first stock price ratio of more than 70 times times. Judging from the absolute share price of new shares, the IPO price has also been high in the market since year's day. Sinovel's issue price is as high as 90 yuan, Donfoulon (300171) of the offer also has 86 yuan, the new research shares at a price of 69.98 yuan, 38 only a 9 IPO prices in 50 yuan above, the IPO value of less than 30 yuan only 16. The industry said that such a high price-earnings ratio and the issue price, even if the market is betterNot be able to support, not to mention the current market is in a slump, not surprising after the listing break. For example, with only 7 new shares listed on February 1, the average P/E of 5 gem shares is 74.75 times times, and the average of 2 board shares is 58.92 times times.　　Among them, the East Fu Long issued a price-earnings ratio of up to 96.63 times times, the stock online check rate of up to 7.16%, set the Gem Open board since the highest record, investors purchase enthusiasm has been significantly reduced. New shares have been sharply narrowed or even negative gains have hit institutions and retail investors "to hit a fresh" enthusiasm, because the agency to participate in the network under the placing of the shares to be locked for three months, the risk of a significant increase.　　Statistics show that in January 2011, only about 41 of the institutions that were allocated under the single IPO net plunged by half, compared with the average of 92 in December 2010. And according to the rules, "after the preliminary inquiry is completed, if the number of public offering shares is below 400 million shares, an inquiry object offering a valid quotation is less than 20, or if the number of public offerings is more than 400 million shares, and less than 50 of the inquiry object provides a valid quotation, the issuer and its main underwriter shall not determine the issue price and shall suspend the issue. "Some investment bankers pointed out that if the issue of new shares can not be reasonably priced, in the future or will appear due to the lack of inquiry objects suspended issue."