Break Tide Attack Fund Wang Yawei Quilt of Huatai Securities and Hepalink

Click to view the latest market Click to view the latest market 21st century Economic report Xiao Qing Guangzhou reported due to the greater market system risk, the SME board and the gem speculation finally difficult to cover the bubble, began a sharp ebb, and led to the two plate of new shares frequently "break". May 11, and Thailand, love and Linda Silk three companies officially landed SME board. Among them, the day of Jia Xin Silk fell below the IPO price. The shares were slightly lower in early trading, and after reaching the 23.5-dollar high point, they continued to fall back and were supported at $22. But afternoon investors sped off the market, the stock price finally fell below the IPO offer, the end plate received 21.58 yuan, down 1.91% from the IPO prices. Linda Silk has also been the third-day break in the IPO this year.　　Prior to this, the joy of the shares and Hao Ninda on February 3 and 9th respectively on the first day of the listing break.　　On the same day, listing only four trading days of the first high price of the issue of the shares of the sea in the previous trading day after the fall, the same day again plunged, two o'clock in the afternoon was a huge seal to fall, the end of a slightly pulled up, open a fall, still heavy volume 9.84%, a 144.25 yuan, more than 148 of the issue price fell 2.53%. Zhang Guangwen, strategy analyst at the Guangzhou Securities Research Institute, said that the statistics bureau released the April CPI data in excess of expected growth, indicating that the price of upward pressure underlines the market worries that the central bank will implement tougher austerity measures.　　More importantly, in the background of deep adjustment of the market, including the gem of small and medium-sized stocks high valuations appear to be particularly conspicuous, the risk of structural adjustment faced more prominent. New shares break the wind wind statistics show that, as of May 11, 2010, the 130 companies listed this year, 34 companies have fallen below the IPO price, accounting for 26%.　　In particular, the SME board stock and GEM stock has become the main break, break company home number of 16 and 12 respectively. At the closing price of 11th, one of the gem companies in Ningbo gqy and the high and medium-sized board of the Lego shares to 18.18% and 17.33% of the decline of the top plate. Huatai Securities, the motherboard company, topped the 19.3% decline.　　In addition, more than 15% of the companies also include Ding Tai New materials, Chinese chemical, Netac technology, dream cleaning home textiles, the decline was 17.09%, 15.47%, 15.46%, 15.29%. Previously, the toy for the main business of the Lego shares February 3 opened that was brutally break, and to 21.57 yuan (down 1.87%) closed.　　Subsequently, February 9, the first day of the listing of Hao Yining also fell below the IPO price, as of May 11, Hao Ning Tatsu end Plate received 35.33 yuan, more than 36.5 yuan in the issue of 3.2%. Yu Xiaoyi, a researcher with GF Securities strategy, said that if real estate policy adjustment led to changes in economic growth expectations and the future performance of small stocks is difficult to reachAs expected, the high valuations of small and medium-sized stocks are clearly unsustainable and structural adjustment is inevitable. such as the Gem NETAC technology listed on the first day of the rise less than 40%, after the way down, 11th closing price of 32.97 yuan, from the issue price of 39 yuan fell 6.03 yuan.　　The company's first-quarter net profit fell 29.74% per cent year-on-year, and its earnings were not growing last year, and short-term results were difficult to support its high share price. As new shares break frequently, the institutional investors involved are also losing heavily. such as the biggest decline in Huatai securities, as of May 11 closed, Huatai securities all day plunged 3.81%, closed to 16.14 yuan, more than 20 of the issue price fell to 3.86 yuan.　　According to the announcement, Star fund manager Wang Yawei in charge of Huaxia market and China strategy total access to Huatai securities 5.908 million shares placing shares, costing 118 million yuan, the current floating loss of more than 22.88 million yuan.　　Similarly, large sums of money to participate in the sea under the network of the purchase of the agency did not have time to share the first high price shares bring joy will taste the bitter break. Wang Yawei of the Chinese market, Huaxia Strategy Fund to 148 yuan/share price in the net under the purchase of 1.8 million strands of the sea, eventually received 40,000 shares, and the whole "Huaxia department" a total of 8 funds to participate in the sea of new shares under the new network, in all the funds ranked first.　　As of the end of the day, the institutional network was allocated 8 million shares have been floating loss of 30 million yuan.　　"Double High" sequelae Yu Xiaoyi that the current new shares break frequently, is obviously the upfront price and high P/E distribution of the inevitable results. In fact, after a short break in February this year, the A-share market has again ushered in a wave of high price issuance since March. The average issuance price/earnings ratio of February this year has fallen below 60 times times.　　However, under the stimulus of the continued rise in small and medium stocks, the average issue price-earnings ratio rebounded sharply, climbed to 63.14 times times April level, the April IPO IPO price was pulled up to 47.45 yuan, refreshing the average monthly IPO price of the all-time high. and Hepalink 148 yuan issue price is to create a a-share IPO record. According to Wanguo statistics, 5 pharmaceutical stocks issued since the IPO resumed 37 times times the 2009 earnings ratio and 29 times times the 2010 forecast. Hepalink issued a 73.27 times-fold P/e ratio, far exceeding the average price/earnings ratio of the group's pharmaceutical stocks.　　According to the issue price calculation, Hepalink market value has reached 59.2 billion yuan, than the current market capitalisation of the highest pharmaceutical stocks Yunnan white powder high 20 billion yuan. In the Gem, the first-rate price-to-earnings ratio of the century is as high as 123.94 times times, followed by the Oriental Wealth issued by 116.93 times times earnings. In addition, the new state, Kang-hong frequency and three-dimensional silk 3 companies issued a P/E ratio of more than 100 times times.　　A total of 12 new shares issued more than 70 times times the number of board companies, and these 12 are listed after November 2009. Statistics show that July 2009, the average issue of new shares issued 33.74 times times earnings. In January 2010, the average distribution of 35 new sharesRate of 66.87 times times, the creation of new shares since the one-month history of the highest. "The new shares will not always be unbeaten, from the historical data, there are many cases of new shares break, if the market has been in accordance with the current high P/E distribution, the new stock break may be reproduced." "Zhang Guangwen said.