Break "torture" inquiry mechanism new stock Sinovel 3rd fell 18.35%

"-9.58%,-4.3%,-4.47%". This is the Shanghai stock Exchange the highest price of Sinovel wind power (601558. SH) listing three days of performance: down 18.35%.　　Such figures are clearly frustrating for institutions and retail investors who are accustomed to new and sought-after IPOs.　　In Sinovel break and falling continuously behind, the market inquiry method, price-earnings ratio forecast, playing new mentality and other keywords, again received attention.　　What's the price to listen to? has provided the market with more than 6,000 units, 1.5 MW wind turbine sinovel, a listing on the eye-catching.　　The world's third wind turbine manufacturer, January 13 when the Shanghai stock price of 90 yuan/share. Before the listing, there was a disagreement about the pricing of $90.　　The break event highlights the difference between market valuation and enterprise valuation. "The first financial daily" reporter from the people in the know, Sinovel in the inquiry, not only solicited many interested in the purchase of institutional investors, but also with brokers, analysts did the exchange.　　At that time, most institutional investors recommended prices between 80 yuan to 110 yuan, and some bids even reached 130 yuan/share. It is understood that sinovel in accordance with most of the inquiry advice bid. In addition, the listed recommendation of the Security letter securities to give the proposed price per share of 90 yuan to 110 yuan.　　Sinovel senior wind power after several research, discussion, the price set in the range of 80 to 90 yuan, and finally hammered out 90 yuan as the issue of prices. However, Mr. Yu, a securities analyst, said there were still some problems with Sinovel's inquiry, and that such problems might not be one of sinovel, and many companies had it.　　After seeing numerous inquiry reports, the analyst pointed out that some brokerage fellows still gave out the inquiry proposal of less than 90 yuan/share. Xiang Fortune Securities Inquiry range of 54 to 61 yuan, which is the lower of the brokerage inquiry.　　Haitong, Shenwan, Guo Jin, etc. given the lower limit of the inquiry range at 72 yuan to 83 yuan, the highest price also has 100 yuan/share. "In other words, sinovel wind power management to determine the final 90 yuan issue price, in fact, there is a gap with some brokerages."　　Mr Yu pointed out that from the point of view of the newly-listed private enterprises, the pricing is certainly higher, because private equity accounts for a larger proportion of the total equity of the company, 10 Yuan and 20 yuan, and has more wealth in its own right. However, Sinovel said that the senior level is that Sinovel did not want to send a high price, is still hoping to have a certain premium after the release, so only chose the "90 yuan" this most approved the issue prices. Sinovel issued a problem--which is the price of new shares to listen to?　　Is the inquiry agency, brokerage fellows or shareholders?　　How many P/E ratios are appropriate?　　In fact, the IPO price set by Sinovel is related to the company's forecast of P/E ratios. Just yesterday, the company released a 2010-year earnings advance news, the company's net profit year-on-year 2009 1.89 billion yuan will increase 50%, that is2.8 billion or so. "In terms of the number of shares issued, net profit, the company's earnings per share of 2.8 yuan, corresponding to 90 yuan stock price, p/E ratio of 30 times times up and down." This is similar to many of the new energy companies at the time P/E ratios. Therefore, the price is not set high.　　Sinovel said the above high-level wind power.　　But a 30 times-fold P/e ratio may seem high to some brokerages. The same belongs to Wind Power Enterprise's Goldwind technology, its 2010 to 2012 PE estimated at 23.6 times times, 17 times times, 12.5 times times.　　If this price-earnings ratio as a reference, Sinovel wind power of 90 yuan shares are overvalued. In addition, a securities researcher also said that Sinovel at the beginning of the issue, should take into account the feelings of some small shareholders. Some shareholders do not look at the price/earnings ratio and the share price, but look at the absolute value of the stock. "A 90-dollar stock, and a 20-dollar stock, who is more likely to double?" Who has more room to rise? If some investors do not care about the price-earnings ratio, they will invest in this mindset. So many people may not buy sinovel.　　Mr Yu, the analyst, also pointed out that some bond funds are very keen on the purchase of new shares, their mentality is that through the fight to make more stable returns, and not to study the fundamentals of the enterprise, not to consider whether the price is really the market can be recognized, which also makes a number of shares of the issue of the issuance of a high new record.　　Reporter enquiries found that the purchase to Sinovel of the bond-type fund including Changsheng, Guangdong, Yifangda, China Sea and other fund companies under the multiple bond-type funds.　　However, China Investment securities researcher Huihui said that the decline in the price of Sinovel, in the context of the overall performance of the recent stock market is related. In Sinovel's three-day market, the Shanghai Composite Index rose 0.22%,-1.28% and 3% respectively. Sinovel said: "The recent decline in Goldwind technology has also been deep, from about 24 yuan in mid-December 2010, to the close of yesterday's 19.4 yuan, a total decline of nearly 20%." The fall of two stocks, including Sinovel, has been a blow to some institutions and brokerages investing in the new energy sector. "As one of Sinovel's initial investors, Geo Jidong (blog), in the break day extremely feeling. On Weibo, he said: "We are obviously very dissatisfied with the performance of Sinovel, I as the early investors, and as the old securities people, very understanding of everyone's mood." I will also put the idea of everyone, as shareholders to convey the status of Sinovel management layer. "Sinovel after the break, may not only need to Geo Jidong shareholder opinion to the management, but also remind the enterprise, to more comprehensive, more active understanding of the ideas of the shareholders, conservative view of the market may be the best policy."