10.11% Check Rate: Oriental Tower tell you the agency is afraid

Financial weekly investment banking laboratory researcher Zhang Xingan/text involved in playing new institutions less is normal, the possibility of high price break is more, now institutional investors in the return to the rational "recent market is not good, the agency to the new shares are not much enthusiasm."　　"said one person in the securities industry.　　New shares break, "chasing the newcomers" lose money, hit new enthusiasm cut vocabulary, accompanied by the New Year Bell, with the time the old man entered the 2011-year capital market. Just entered the new year, every time the IPO break is like a knife, stabbed to retail and investment institutions.　　In the face of such a scene, the retail investors are scared to be overwhelmed, and the injured institutional investor, also dare not act rashly. January 18, 2011, the first network of the Oriental Tower under the first web site promotion will be held in Shenzhen Futian center Marco Polo Day Hotel in the Hawaiian Ballroom.　　In the past, the IPO network under the referral will be crowded, lively, and the day in the Oriental Tower of the first promotion will be slightly deserted, and did not let people feel "Hawaii" enthusiasm.　　January Shenzhen is the coldest time of the year, the Oriental Tower to promote the scene as well as people "chilling."　　If say is the reason that the market is bad, that is compared with the Oriental Tower's slightly deserted, the atmosphere of Nem Mongjun is hot and thump. The same is the beginning of this year issued new shares, the Oriental Tower online check rate of 10.11%, and Nem Mongjun is the online check rate of 6.16%, is undoubtedly 49 new shares more conspicuous. But why is there so much difference in the scene of the promotion?　　What happened behind the high rate? Oriental Tower of High School signed and low PE this time the Oriental Tower issued for 43.5 million shares, the network issued 8.7 million shares, online distribution of 34.8 million shares.　　The online check rate is as high as 10.11%, and the proportion of institutional investors under the net is 26.32%. This time, to participate in the Oriental Tower Inquiry agency only 34, 14 are in line with the quotation range, the final successful purchase of only 8. The 34 institutions, the highest price to the number of Ping an Investment Management Co., Ltd., its "entrusted management of Happy Life Insurance Co., Ltd. Dividend products" to 70.58 yuan offer the top.　　The remaining 20 of the agencies involved in the offer were all rejected by the "39.49" price, and the two products of the Banrishin fund were quoted at the bottom of 25 yuan.　　Online purchase of the situation for the effective total number of subscriptions for 27,632 households, online check rate of 10.11%.　　With high net placing ratio and high probability, is 50.5 times times the Oriental Tower is not a high issue price-earnings ratio, compared with other new shares this year, it is significantly lower than 60 times times the mean value. An industry analyst said, "The Oriental tower 39.49 yuan Price is still more reasonable, in our expectation." From the current trend of the stock is basically in line with our pricing, institutional positions can not explain the company is not good, can only say it is a piece of uncut jade. "Oriental Tower mainly to the steel structure and tower type product development, design, production, sales and installation of the main businessServices, the establishment of production, sales and service as one of the marketing strategy. "For the Oriental Tower steel Industry, it belongs to the energy-saving, recycling industry has been favored by the government."　　and its downstream nuclear power, wind power, UHV is the Twelve-Five development strategy of this year's important industry, the future of the company's development prospects are quite optimistic, said industry analysts.　　Since the steel industry has always been the object of Government's preference, why are only 35 institutions involved in the inquiry? "Many new shares break this year, many institutions have lost money, the money to lose a lot of the nature of their purchase enthusiasm is not high."　　But if it is profitable, the agency is naturally enthusiastic to purchase, "South China, a brokerage capital markets department head of the Financial weekly reporter said.　　10.11% online check rate and the proportion of 26.32% under the net allocation, the above-mentioned Securities Capital Markets department responsible for the ratio between the two is relatively reasonable. Check rate and circulation related Nem Mongjun is the same as the Oriental tower has a higher proportion of the network and the rate, and two different companies are involved in the inquiry agency enthusiasm.　　This participation Nem Mongjun is under the net Inquiry investment organization altogether 92, is the Oriental Tower 2.7 times times. In terms of probability, the fewer people who are usually involved in the lottery, the more likely they are to win.　　But why is there 92 institutions to participate in the network under the circumstances of inquiry, Nem Mongjun is still 32.88% of the high net placing proportion? "The success rate is high, and the number of circulation is inseparable, and Nem Mongjun is the best example."　　"A member of the capital markets Department of a brokerage in South China said to a financial weekly reporter. Neimong to participate in the network under the inquiry of the 92 institutions, there are 24 successful purchase. Its total circulation of 120 million shares, of which under the net circulation and online circulation of 24 million shares, 96 million shares, Nem Mongjun is the total circulation and the total circulation of the Oriental Tower is nearly 2.8 times times higher than.　　Online effective total number of users for 83,414 households, the successful rate of 6.16%.　　To electricity, calcium carbide, Ferrosilicon, PVC resin, caustic soda and other products for the main business Nem Mongjun is, it not only has a set of power plant as a link, the construction of "coal-electricity-chlor-alkali chemical" and "coal-electricity-metallurgical" integration of the circular economy, the industry is also the core of the Twelve-Five development strategy this year.　　Although Nem Mongjun is 92 "Chasing the new clan" Heat touted, but the financial weekly reporter in Nem Mongjun is "the net placing results notice" found that there is a "chasing the new clan" halfway away.　　Yinhua Fund Management Co., Ltd. 's "core value of the Preferred Stock Securities investment fund products" participated in the purchase of the net, but due to the failure to pay the application in time is therefore considered an invalid Application object.　　As for the reasons for Non-payment, as of press day, still did not contact the Silver Wah Fund Management Co., Ltd. related person. "Chasing the new clan" is very injured "the first day to buy, the next day to lose money on many institutions." The frequent break of new shares has a great impact on institutions, "the head of the capital markets Department of a brokerage in South ChinaShown。 At the start of the new Year, many investment institutions have fallen off the beaten table.　　Frustrated "chasing the new clan" looking at once the myth of the unbeaten, the mood more and more heavy, and the enthusiasm of new shares is slowly fading, the organization has become more and more cautious.　　Throughout the market, last November all the way up to the peak of 3186.72 points, then began to fall at the end of this year, until January, the market has once broken below the 2,800 point of support, has been floating up and down 2,800 points.　　At present, the whole market is in a downturn, "chasing the new clan" can wait and see the market, the right to vote is a wise choice. A person in the industry also said, "It is normal to participate in the new organization less." This can avoid the issue price is ' chasing the new clan ' to drive up, the high price will be more likely to break the IPO, so the current institutional investors in the return to rationality. ”