Cao Zhongming: The most expensive new shares in the history of raising money to sleep who gave the hypnotic

There is "the most expensive new shares in history," said the SME board stock, its performance and growth in the end how? Only the disclosure of more detailed annual reports will unlock the answer for us.　　This Monday, Hepalink published annual report shows that 2010 Hepalink business income year-on-year growth of 73.26%, net profit growth of 49.5% Year-on-year, operating income and net profit have created the best level in history. Although in the annual report of the proposed 10 to 10 to 20 of the profit distribution plan, but this is clearly not the focus of market attention. Last April Hepalink had 148 yuan "sky-high price" issue 40.1 million shares of new shares, raise 5.935 billion yuan, super raise nearly 5.1 billion yuan.　　After 8 months of time, the progress of the project, the use of extra funds, and so on, is undoubtedly investors more concerned about. and Hepalink disclosed the "2010 Annual collection of funds and the actual use of the special report" shows that the listed companies last year to invest in the project of only 5.7214 million yuan, investment progress in the prospectus disclosed by the fund to raise the investment project required 865 million yuan 0.66%, accounting for the net amount of 1 per thousand. In addition, Hepalink also spent 889 million yuan to replenish liquidity, 80 million yuan to repay the bank loans.　　Of the remaining 4.774 billion yuan, 2.274 billion yuan as a demand deposit, 2.5 billion yuan as a time deposit deposited in the Shenzhen New Era branch sales bank. IPO "Lion", intent to circle more funds, in the fund-raising project progress, but like a snail crawling, this is hepalink left to the market impression. Was the rush to go public, hepalink not urgently needed funds?　　Why the huge amount of money, after more than half a year spent millions of yuan, but let the huge raise funds idle in the bank "sleeping"? Obviously, from the investment progress alone, the utilization rate of hepalink raise funds is extremely low. This is not only a waste of market resources, but also a sense of irresponsible performance of its investors.　　Notice that the market is willing to pay a high price, not let listed companies to store it in the bank. There is no doubt that because of the high price distribution, it led to the huge hepalink.　　From the initial rush to go public financing, to later money more "hot", hepalink large amount of idle funds deposited in the bank, highlighting the reform of the new issue system caused by the various abuses. The general direction of the IPO market is right.　　But the current issue of new shares, in the market-oriented, but has evolved into a high price, higher P/E issue of "marketization" and the "market-oriented", Hepalink is only one of the typical representative. Because there is a huge amount of funds in the hands of the public companies at random profligate phenomenon is everywhere.　　Statistics show that as of March 22, the first 28 companies in the Gem 12 disclosed the annual report, the 12 companies, the use of super raise funds to buy land, buy a house, buy a car accounted for its total capital raising funds of 12.2%, this ratio is not low. Whether it is the huge amount of money deposited in the bank or the company's purchase and "welfare" investment,Everything is caused by the high price of the issue of the huge super raise. In addition, the phenomenon of raising funds to make new shares or investing outside the main business is equally shortage in the market. Listed companies to issue new shares listed, in fact, the most should pay attention to the use of fund-raising efficiency. While we are concerned about the waste of market resources, we should pay more attention to the waste of resources such as hepalink due to inefficient use of funds.　　In fact, a similar waste of resources is more insidious and more frightening. Avoid the large amount of the listed companies to raise, to prevent more "sea-mountain" to deposit huge sums of money in the bank, the purpose of marketing issues can not be lost, at the same time need to further deepen the reform of the IPO system. IPO at a reasonable price to issue new shares, on the one hand, the issuer can obtain the necessary funds, on the other hand, can also keep more money in the market, so that "Caesar's return to the god of God," should be our pursuit of the goal.