Break tide: The new stock is not a cloud

Zhang Zhibin entered the 2011, the frequency of the IPO break is becoming more and more high, break speed began to become faster. After the Hilimeda (002537.SZ) on the January 10 on the first day of the market encounter break, January 13 motherboard and Gem market also ushered in the IPO on the first day below the IPO price, Sinovel Wind (601558.SH) and show strong shares (300160.SZ)　　The main board and the gem market of this "honor", Sinovel even 9.59% of the decline of the Shanghai and Shenzhen cities were the first decline yesterday. In the early days of Sinovel's IPO, the company was very much concerned about the market. Top of China's wind turbine head of the "Halo", 90 yuan of the price can be said to create a a-share motherboard market price history, and just before the listing, but also broke the news of Zhangjiakou Electric shock, for a while, sinovel whether the smooth listing and its listing positioning to become the focus of attention of market participants.　　The first day of the break, but also to gather the company's major venture investment giants some worried. Thursday on the first day of the IPO is a break of the new shares show strong shares, the market on the first day of the exchange rate is also not high, only 33.18%, due to its smaller circulation, the total transaction amount is only 208 million yuan, and even only sinovel today's transaction amount of about 10%.　　However, the same Thursday listing of the other 4 gem stocks or survived the first day of the listing is the fate of the break, respectively, made 7.38%~14.66% unequal.　　As to why the previous market-focused sinovel such as Huarui wind power of emerging industries will also encounter the fate of the first day of the break, a number of market participants in the IPO market is increasingly high prices. A brokerage investment bankers in the "first financial daily" interview, said that the current issue of new shares is too high, as long as the issuance of the listed companies, or investment banks, it is not whether the issue price has deviated from the value range. The higher the IPO price, the more money the listed companies Circle, the higher the underwriting income of investment bank, the final "pay" is still two-tier market investors.　　However, such as Sinovel on the first day of the break on the market, so that investors in the first-tier markets feel the existence of risk. One private-equity source said since January, the market transactions, the shrinking volume of the market liquidity is weakening, and such as sinovel such a high price issue of stocks, only on the first day of the new market value of more than 7 billion yuan, which for the current a-share markets, is a big burden, This level of stock is not like the gem of new shares, is a few large together can pry. In the market liquidity is not good, the issuance of too high stocks in the near future will face the risk of break, the difference is only in time.