17 new shares on the first day break whose fault

Financial Weekly Investment Bank laboratory researcher Zeng Wenlu/Wendongfang and hung road steel structure are listed on the first day of break, the new year to become the "send" the most break the securities brokerage. New shares were hurt early this year. 17 of the 49 new shares fell overboard on the first day of the IPO.　　Some say this is related to the market downturn, but despite the market's malaise since the end of last year, investment banks still seem to be disillusioned by holding a new stock. 49, relative to the same period in previous years, not low. Frequency, still very high. And 17, this figure is not seen in the same period in previous years, the frequency is very high; These 17 break new shares, the Oriental state and Hong Road steel structure let GF securities in the beginning of the year the sky is a haze; the 17 break shares, Sinovel let Security securities in the new Year at the beginning of the limelight; These 17 breaks in the IPO,　　Broadway Alloy should let the national letter securities teeth, if not it, national securities in the new Year at the beginning of the red is the Grand slam; These 17 break new shares inside, there are still 13 only from Ping An, east, Wu, Dongxing, Guotai, Haitong, Hongyuan, Huatai, Minsheng, Shenwan, southwest, Citic Investment and industrial securities hand. Secondary market response cold break stock Super 30% National Letter Securities in this year is undoubtedly the most active. Up to now has sponsored 9 companies listed, has received a sponsorship fee of 220 million yuan.　　Ping An securities not to be outdone, million and electric, source of oil and tin sheng new materials for it brought 195 million yuan of income. In the investment bank "new" passion flying, the two-tier market has reacted coldly, new shares break frequently. One of the first day than the price decline in more than 10% of the instrument, style shares, Dwight Video, Asia-Pacific Technology, Oriental National Letter, Xindu Chemical and Wanda information.　　Tin Rui Instrument by the Oriental Securities sponsorship listing, the first day than the issue of 16.68%%. South China Tigers, another brokerage, Guangdong Securities relative to the national letter peace is still some tragedy. So far this year, the company has done a total of two companies listed projects, a total of 87 million yuan for the sponsorship fee. However, the two shares of Oriental State and Hong Road steel structure were listed on the first day of the break, of which the Eastern country letter on the first day than the price decline reached more than 13.39%.　　The new Year has also become the most break of the securities brokerage. Also interesting is that many of the investment bank in the last year only to sponsor the underwriting of a stock, the stock is a break. Only sponsor underwriting a stock of investment banks have Oriental securities, Wanguo, securities and so on 16, and its sponsorship of the shares break 10. For example, the Dongxing securities sponsorship of Asia-Pacific technology, the opening is below the IPO price, the decline of 13.75%.　　Others also have the style of Wanguo sponsorship shares, Citic Jian Dwight Video, as well as Hongyuan Securities sponsorship Sirte, all in the first day break. Style shares, priced higher than the investment bank valuation by Wanguo sponsored by the style stake, to 14.4% of the break in front. Its IPO price is 35 yuan, the first day of market opening 29.97 Yuan, closed at 29.96 yuan. AsFebruary 17, the style shares closed at 29.75 Yuan, the decline rose to 15%. For the pricing and break of the style shares, one investment banker said: "The pricing of investment banks is based on the price of the inquiry agency." As for break, prove that although the first-tier market is hot, but the two market is not optimistic. In fact, this thing is like Beholder, the same person, some people think good-looking, some people feel not good-looking. "In fact, some organizations have also expected a break in style shares, securities in the" demeanor of the IPO debut report "that the style of shares should be priced at 30.4 yuan-34.2 yuan, and made a risk hint:" The recent IPO on the first day of break frequently, taking into account the style shares issued a high price-earnings ratio, There is a possibility that the IPO will fall below its IPO price. For the first day of the IPO, if there is profit overall to withdraw from the main, taking into account the style of a few companies can produce the current highest voltage grade 1000KV transmission line Tower of one of the enterprises, if the first day of stock prices fall beyond the scope of our forecast, the proposal to bear strong customer hold.　　"Although in the two-tier market, but according to the financial weekly data show that it is in the first market is still more popular, the net access to the allocation of the total number of institutions 53, placing a proportion of 4.12%." The 53 placements included Jinhui 1th of Zhejiang Merchants ' Securities and Huijin 1th, two products. For the new shares break, Jinhui 1th and Huijin 1th investment Zhou Liang very calm, he said, "The new stock purchase from last year to see is very lucrative, although the end of last year to now have a number of break, but from the overall view of the return of the new shares are relatively stable, relatively high." You'll see some stocks may break, but the odds of a break may be just 20%. Can not just see the break of the stock, if the profit of a lot of new shares statistics, will find that the purchase of new shares in fact more profitable. What we are pursuing is the overall yield of the aggregate product. "Investment bankers said:" The gem of the company's IPO generally have little break, but this time is relatively concentrated, for those large organizations, but also with a bet on the mood to do this thing, and the probability of winning is relatively large. "Irrational pricing who are pushing up the frequent break of new shares simply can be said that the IPO price is too high, the level two market is not buying it."　　So why is the IPO price so high? In fact, the underwriting fee of the investment bank is tied to its underwriting amount, the investment bank wants to get more sponsorship fees, the issuer certainly wants to raise more capital, so it is hard to avoid the valuation which is higher than the industry average when negotiating pricing. In order to purchase new shares successful, the offer will also be higher than the price range of the researcher's pricing report. Finally, the price of the investment bank is determined by the results of the inquiry.　　In these links, the interest layer has pushed up the price, and the investment bank plays the leading role. For example, prior to the style of the shares, Guotai in the inquiry report before the proposed RFQ interval is 26.60-29.50 Yuan, the first day of the IPO pricing range of 29.30-32.50 yuan.　　However, the initial inquiry results quoted more than 30.5 institutions have 57, the last investment bank "in accordance with the initial inquiry price" price of 35 yuan. Zhejiang Business Securities said the investment, said: "The purchase of new shares is very talk about a strategic investment behavior, we if the price is low may not have the opportunity to purchase the new shares, the price is high if the break will be caught." Of course, the company's fundamentals are also related to, according to the company's basic situation to make a judgment, the fundamentals of good quotes on the higher, the fundamentals are not so good, the price is lower. "If a break after the IPO, the issuer and the investment bank is fine, the new institutions have lost, the interests of the most damage is the two-tier market of retail investors."