Chang ' an Car "break" additional issue reluctantly

Changan Auto (000625) released the results of the public offering today, the company finalized the issue quantity of 360 million shares, the total amount of funds raised 3.508 billion yuan. Among them, underwriting group underwriting 103 million shares, accounting for 28.51% of the total issued, and the online participation of social public investors in the allocation of shares accounted for only 11.24% of the total amount of the issue.　　Although the issue was made, the release results were lower than the company had expected. Online, under the net purchase not up to the expected Changan motor this plan issued more than 411 million shares, the issue price of 9.74 yuan/share, is expected to raise the total amount of capital not more than 4 billion yuan.　　Online, the network under the preset number of distribution is 40%:60%, is expected to issue 164 million shares and 246 million shares respectively. According to the additional results, the distribution network and online purchase rate of 100%.　　Online participation of social public investors to purchase the number of households for 3051 households, the number of shares allocated to 40.4966 million shares, accounting for the total amount of 11.24%, the net institutional investors purchase a total of 8, placing shares of 217 million shares, accounting for the total amount of 60.25%. The distribution online, the net purchase did not meet the expectations. The number of online subscriptions is less than 1/4 of the original plan.　　And the network under the purchase despite large shareholders and many institutions, the number of requisitions is only 88% of the original plan. Under the net placing, the company holding shareholder Changan Automobile Group Co., Ltd. placing 100.7 million shares, Beijing North Crystal Technology Investment Consulting Co., Ltd. placing 41 million shares, weapons equipment Group Financial Limited liability company placing 35 million shares, Ping An trust limited liability company placing 25 million shares, China Xinda Asset Management Co., Ltd. placing 6.6 million shares, China International Finance Limited (National Social Security Fund 410 portfolio) placing 5 million shares, ICBC Credit Suisse bond-type Securities investment fund placing 3 million shares.　　China Union Security Fund Management Co., Ltd. placing 700,000 shares. Market weak market shocks led to the company's share price before the IPO is the issue of Changan car "cold" the main reason.　　On the eve of the January 10, Changan car shares fell 3.31%, 9.64 yuan/share, has fallen below the company price 9.74 yuan/share.　　Weak city environment drag on the issue since 2010, 11 listed companies through the public offering more than 40 billion yuan, of which 8 companies appeared underwriters underwriting, Changan automobile is 11 companies in the third underwriting group large proportion of the underwriting company. Since 2010, among the 11 listed companies with public offerings, National Electric Power (600795) and Wolong Electric (600580) Two companies have found a rare 100% in the online issuance rate, and the enthusiasm for additional subscription is not high, leading to two companies also have a substantial underwriting of underwriters.　　China electric Power 3 billion additional shares, the underwriting group from the expense of 800 million yuan to underwrite 252 million of them; Wolong Electric's Underwriting group underwritten the total number of additional shares of 97.53%. But two companies are openly growingThe reasons for not being favored by investors are different. According to Wolong Electric prior to the announcement, the company intends to increase the number of shares not more than 104 million shares, the issue price of 17.74 yuan/share, but as of May 17, the company issued a day before the issuance of the company's shares at 16.59 Yuan, below the additional price.　　Obviously, the price break before the issue is the main reason leading to the underwriter's large underwriting. Similarly, state-owned electric power eventually issued 3 billion shares, raising more than 9.5 billion yuan, to buy China State power of 4 companies and 5 fixed investment projects. Before the suspension of the December 16, 2010, the state electric power to close 3.45 yuan, the day Rose 2.985%, 3.19 yuan of additional prices than the closing price discount to about 7.6%.　　However, the number of shareholders subscribed to the original circulating shares of state-electric power accounted for only 30%. Analysts believe that the main reason for the cold reception of the state power supply is that investors do not agree with the valuation of the acquired assets. In the Beilun three assessment, the value added rate of 36.42% was assessed by the asset base method, and the value added rate was 206.17% by income method, while the evaluation report chose the latter. At the same time, the acquisition of 2.41 times times the state power of the city's net rate is relatively high.