Broken mmmm again hit 30% new shares green funds face tight to promote the probability of exceeding 1%

This reporter Zhang Coquang Beijing reported that 2011 just the past half a month, from January 7 to 13th in the 5 working days, a-share market has ushered in 16 new shares of intensive listing. At the same time, the first day of the new shares did not see the first break also reproduced a shares.　　According to statistics from January 7, the first batch of new shares in 2011 years since the IPO, there have been 4 stock break, and another gem new Zhendong pharmaceutical (300158.SZ) in the IPO, the day after reluctantly received Yang, the next days can not carry the pressure to sell the plate helpless break.　　At this point, in the new year just the past two weeks, the Shanghai and Shenzhen cities 16 listed shares, already 5 have fallen below the issue price, accounting for more than 30%.　　A new round of broken mmmm?　　It has been the third wave of new IPO breaks since the reopening of the IPOs in July 2009. The first round of listed new shares of the break occurred in May 2010, according to statistics, from May 11 to June 1 in the three weeks, a total of 26 new shares in the Shenzhen stock market and Gem Board listing, of which, there have been 11 stocks suffered first-day break, accounted for more than 40%.　　And immediately after the end of June to the middle of July, broken mmmm again attack, in three weeks time, has 8 listed new shares suffered the first day break, accounting for the current number of shares of the IPO is close to 40%. The reporter noted that, from May 11, the first new stock break began, until July 16 two months, the Shanghai Composite Index and Shenzhen exponentially are at the bottom of the rebound phase, including the Shanghai Composite Index and the Shenzhen exponentially on July 2 respectively to 2,320 points and 8,945 points of the annual low point.　　Meanwhile, trading volumes in the SSE and Shenzhen are also in the midst of a continuing downturn, with the SSE and Shenzhen hitting 46.2 billion yuan and 44.6 billion yuan annual turnover on June 28 respectively. Similar to the previous round of broken mmmm, since the Shanghai and Shenzhen index entered into the shock period last December, the trading volume of the two cities has shrunk, the average daily trading volume can only maintain around 100 billion yuan, and on January 13, the SSE and Shenzhen trading volume of 88.9 billion yuan and 63.9 billion yuan, set the annual low.　　On this day, the new listing of 6 stocks, Sinovel Wind (601558.SH) and show strong shares (300160.SZ) are almost at a lower price open, followed by low drive down, and finally closed, compared to the issue price respectively down 9.59% and 4.06%.　　And the other two only listed on January 7 and January 10 of the Residential Treasure (300155.SZ) and Hilimeda (002537.SZ), the first day of the listing of the decline of 2.65% and 1.6% respectively.　　The issuance rate continues to rise in a A-share continued shocks hesitant period, whether the new shares break will continue to spread, this becomes the most concerned about the market. At present, queuing up in the Shanghai and Shenzhen cities outside the door of the 5 new shares, has completed the online network under the purchase and distribution, only listed, according to the previous listing of several new shares of the steps, these 5 stocks the mostThe listing will be available on January 17. What worries the market, however, is that the 5 of new shares waiting to be listed as early as the previous network under the distribution of the purchase of the market, the pursuit of the hot heat on the continued downturn, and reflects the higher online distribution and the proportion of the net placement, 5 new shares of the average online issuance rate of up to 1.92%, The average net placing ratio is as high as 14.3%.　　Among them, Hung Road steel (002541.SZ), Asia-Pacific Technology (002540.SZ) and the Xindu Chemical (002539.SZ) of the online issuance rate of 2.28%, 2.38% and 2.45%, respectively, under the net distribution of placements of 22.2%, 17.6% and 18.2%. Reporters noted that the online issuance rate of the continued rise in the IPO has become a common phenomenon since this year.　　In the current listing of 16 new shares, there are 11 of the stock of the check rate of more than 1%, while the average rate is as high as 1.2%, of which, the highest rate of sinovel wind power check rate of up to 2.98%. Although the high rate does not mean the break of the new shares, however, the market funds in the IPO online when the hot pursuit, but also to a large extent affect the company listed after the capital participation degree. Reporters in the current first break on the 4 new shares of statistics, noted that its check rate is above 1.22% average level.　　And the other only on the second day listed below the IPO price of Zhendong Pharmaceutical, its check rate is also as high as 1.09%.　　The first day of new shares continued to decline in the market index tends to shake the finishing period, the continued high rate and consecutive break, directly affect the two-tier market for new shares of the pursuit of enthusiasm. According to a previous study by the Securities Research Institute on new shares in 2010, the main board, SME board and Gem in 2010, the first day of the price of 26.78%, 43.88% and 38.84% respectively, and the 2011 for the three values of the valuation interval of 10%-25%, 35%-　　55% and 25%-45%. However, according to the reporter on the current listing of 16 new shares statistics, 2 main board shares on the first day of the increase of 37.11%, 4 of the first day of the SME stock market rose to 12.5%, 10 only gem stocks rose to 12.77%.　　Among them, in addition to the main board in Hainan Rubber (601118.SH) on the first day of the rise of 83.81%, led by the average increase beyond the valuation range, the SME board and the gem of the first day of growth has been lower than this valuation range. For stocks in the first day of the increase in the continued decline, interviewed by the analyst explained as, when the market index into the early fall, because the speculation on the fund is not safe, the possibility of speculation on new shares is very high. "When the majority of new shares on the first day of the increase in the following 10% immediately stop the start, because at this time the first break of the IPO risk has been relatively large." And when the first day of the market is low or negative, it may mean the first day of new shares 'Broken mmmm ' comes again.　　"Q&a q= Huaxia Financial a= Chase Securities strategy researcher Wu 䶮q: We note that when a a-share break phenomenon, are accompanied by the market index decline and trading volume shrinkage, then, what do you think is a kind of relationship between them? A: There is a positive correlation between the IPO break and the index. When the market starts to fall, general new shares will not immediately break, because the new shares have a relatively high premium, few people on the market will be empty, it is difficult to break, until the fall after a period of time, this kind of watching empty mood after a certain time, whether it is a stock or new shares and secondary shares, are beginning to fall　　So generally in the middle of the decline in the market is the most concentrated new shares break period.　　Q: The recent IPO rate has continued to rise, then, the rate of high and new shares break between what kind of relationship? A: The rate and many indicators, are accompanied by changes in the market, if the market is very good, then the funds in the purchase of new shares will also be very positive, and when the market is in a weak and volatile pattern, speculation funds will be in the new search for safe haven.　　Now the problem is that the issue of new shares is relatively high, the basic has been the first day of the premium to erase the space, which will lead to the continued decline in the return of new shares, once the broken mmmm, the rate will be pushed higher.　　Q: For the current market on the new stock break, investors have a pessimistic mood, how do you think about it? A: With the improvement of the system, break can not be a market negative news, but gradually will be seen as a normalized market phenomenon. Before we all put the new stock purchase as a risk-free income, and this as a consensus, once the break in everyone will be more nervous, that this is the market more extreme phenomenon. In fact, from the capital market, there is no risk-free income, since the issue price is the market set out a reasonable prices, why there is such a high premium? Can not say that because it is the new shares must be excessive increase in the rise, these are unreasonable phenomenon.