254 companies raise nearly 400,000,000,088 new shares to taste the break

This reporter Cai Zongqi reform of the IPO system has been running for a year.　　In this year, 254 companies successfully landed a a-share, starting to raise capital amounted to 386.7644 billion yuan, an average p/e ratio of more than 50 times times, 88 new shares suffered break. The myth of the new IPO May 22, 2009, the CSRC on the "further reform and improve the issue of new shares guidance," the public solicit comments, and then restart the moratorium on a large six-year IPO.　　From the beginning of the three gold in Guilin, online distribution date calculation, as of May 23 this year, a total of 254 companies listed successfully, of which 22 companies landed motherboard, 144 companies listed on the board, 88 companies debut gem.　　Wind data show that 254 companies starting to raise the size of 386.7644 billion yuan, for the underwriting of the major brokers to contribute 14.243 billion yuan starting costs. Under the new distribution system, the SFC has practiced the reform idea of "marketization" and canceled the window guidance.　　But the high P/E issue followed, with 111 companies listed in 2009 starting a 53.334 times-fold price-to-earnings ratio, and 143 companies listed in 2010 were close to 60 times times the starting price-to-earnings ratio, well above the previous 20-30-fold earnings ratio. High P/E, the A-share market is the myth of new shares. As of May 23, 88 out of 254 companies had a break taste.　　January 28, 2010, China's power to open the new issue of new shares issued the first day of the IPO break, and then, the SME board also appeared on the day of the IPO break phenomenon. Since the Chinese electricity market, most of the SSE stock market debut break or close to the IPO price phenomenon.　　Small and medium-sized board and the gem performance relatively stable, but the increase is greatly reduced, which doubled before the rise narrowed to 10%-50%. The IPO has been forced to issue a return on earnings.　　Dongdengwen, director of the Institute of Finance and Securities, Wuhan University of Science and Technology, said that for some time, the gem of the new shares issued more than 80 times times the return to 60 times times, the SME board shares issued a return to 50 times times the price-earnings ratio, the issuance of the market share price is 30 times times return.　　But Hepalink and other high-priced stocks have again challenged the price-earnings ratio ceiling, and are expected to lead a new round of broken mmmm in a quick dip below the IPO date, with 12 breaks in the 15 IPO listings in May. The market performance of the price-earnings ratio "ceiling" and "floor" for the reform of IPO Dongdengwen said that over the past year, the change in the IPO price/earnings ratio has basically undergone a complete operating cycle, and generally separately identified the current China's new issue of the "ceiling" and "floor" Level: The stage extreme value range of the market share issuance is 20-50 times times; the stage extreme value range of the SME plate issue is 40-80 times times; the stage extremum range of the gem issue is 50 times. In other words, the middle value of the IPO price-earnings ratio is: large-market Shares 35 times times, 60 times times,Gem 80 times times. In his view, the market rules for the issue of new shares are already very clear: as long as the "first day break" phenomenon temporarily disappeared, then the issue of new shares will confidently climb upward, until once again touch the "ceiling" level, it will reproduce the "first day of the IPO break" spectacular sight, So as to bring the IPO price/earnings back to a downward trend; then, "The first day break" phenomenon gradually decreased, after the issue of new shares gradually stabilized, "IPO break" phenomenon gradually disappeared, so reciprocating, continuous circulation. This is the market performance of "new Shares break".