Crazy mustard Behind the scenes: new issue two reform difficult to see results

Special reporter Zhang Xinpei from guangzhou "God wants to make it extinct, it must first make it crazy." "November 23, Chongqing fuling Mustard Tuber Group Co., Ltd. (002507.SZ, hereinafter referred to as" Fuling mustard ") landed Shen SME Board, the issue price is 13.99 yuan, the opening price is 25.50 yuan, finally to 40.80 Yuan closed. On the first day of listing, the turnover rate is as high as 89.99%, nearly 200% higher than the issue price.　　However, the next two consecutive days to close the closed. Fuling mustard Tuber mustard is the leader of the industry, 2009 market share of 13.69%, ranked first in the mustard pickle products industry. Each package earns only a few cents of mustard, the beginning of the listing staged a thrilling drama. "The price is too high.　　Choyang, an analyst with the Changjiang Securities and food industry, said it was unbelievable. The company's 53.81 times-fold P/E, 524 million-yuan fund-raising is more surprising. However, it is puzzling that this phenomenon appears in the new shares after two reforms, and the purpose of the second reform is to curb the emergence of new shares in the "three high" phenomenon.　　One wonders where the reforms are being achieved.　　Fuling mustard tuber price diving a bag of bland mustard, within days in the capital market evolved into a market value of more than 5 billion yuan, ups and downs of the legendary mustard tuber. At the beginning of the marketing of fuling mustard tuber, the price forecast range was carried out by major securities institutions. Guotai gave the company a 25-30-fold price-earnings ratio of 2011, which is expected to be priced at 12.89-15.47 a day. However, the November 23 fuling pickled mustard SSE the opening of the SME board set at 25.5 yuan, compared to the price of 13.99 yuan higher than 82.27%. The top of the plate was rushed to 48 yuan, the final gain was 191.64%. On the first day of the listing, three times were ordered to stop the plate, creating the current year's board of the first day to stop the number of new stock records.　　Since then, despite the fall in the share price, prices have remained roughly 30 yuan. Behind the surface scenery is a question. "Fuling Mustard in the prospectus quoted in the data from a local trade association and its own observation?" What authority? "A few days ago, some investors have questioned the data disclosed in the prospectus. Times weekly reporter consulted the prospectus found that the sales of competitors, accounted for the market share of the statistics are from the company's market research. And the brand advantage, geographical advantages and many other data are also from fuling Mustard Industry Association. Fuling Mustard Tuber Company's Association to do their own data statistics, the lack of independent third-party data provided by the authority is difficult to convince people. In response to this question, fuling mustard tuber Huang Zhengkun gave the answer is, "There is no more authoritative than fuling Mustard Association of institutions."　　Our statistics are in accordance with the rules and are authoritative. The prospectus also shows that the fish and spring mustard in 2008 to achieve sales revenue of 280 million yuan, the market share of 2.25%. The same year, fuling mustard sales income of 422 million yuan, the market share of 13.58%. ForHe Yequan Mustard Tuber sales revenue close to 70% of fuling mustard, the market share is less than 1/4? "That's because our prices are different," he said. Dong Huang Zhengkun told The Times weekly reporter. However, then the reporter looked up the relevant price information, found that the price is almost the same. In fact, the question of fuling mustard is not limited to this. 2007-2009, the company's operating income of 435 million yuan, 422 million yuan and 442 million yuan, the cumulative growth of only 1.6%, visible company development is basically stagnant. At the same time, the company said the funds raised were used to expand production and solve capacity problems. But Fuling Mustard supermarket shop rate has reached more than 90%.　　Where is the growth of it? And in science and technology innovation, it is because of the limited, only to lead fuling mustard early fold ji gem, eventually into the SME board. In the financial statements, the company's profits increased substantially in 2009. Even if the increase in income can increase profits, why do they drastically compress management fees? In response to all the queries, Dong Huang Zhengkun only used the words "what should be said in the prospectus, not the words I would not say" to respond.　　When the reporter called Chairman Huang Zhengbin, his secretary told reporters, because there is a sales mission in the body, the chairman has been busy opening a sales conference. Hot money or behind the scenes "according to the disclosure of content, fuling mustard in the next two or three years of performance is not enough to support the current high stock prices." Choyang told The Times weekly reporter.　　Some analysts pointed out that the first day of the IPO jumped 191.64%, 89.99% of the high turnover rate, also enough to highlight the fierce speculation of the hot money. "Fuling Mustard is a small stock, if sufficient capital, the stock price is easy to be pushed up."　　"Analyst Choyang think, just a few days on the market is so crazy, the biggest possibility is the hot money speculation, is expected to pull up the share price, and in this process, the loss of individual investors may be the largest." Wuhan University of Science and technology professor Dongdeng has suggested that fuling mustard is a traditional industry, mainly by "small profits but quick turnover", fuling mustard has at least three trading board. In fact, earlier several organizations are not optimistic about the fundamentals of fuling mustard. "The IPO has always been highly speculative. "Choyang said.　　Although the gem has been criticized, but the speculative strength of the SME board, the risk of the big, may be more than the gem. The last thing to do is talk about performance. No matter how high the stock price is now, if the performance is bad, the share price will always return to the original point. In this process, those who stir up money will not run away? Analyst Choyang said.　　The rise of new shares is only the weak in the funds to hype the subject, many enterprises in this explosion in the future performance of the serious overdraft of growth, such as fuling mustard, the Twin towers vermicelli. The second reform is difficult to see results in order to curb the three high on the stock market, the new issue of new issues in the next round of reforms in the investors ' expectations of the magnificent debut.　　It is ironic, however, that fuling mustard is so insane that it happened after two reforms. The second issue reform aims to curb the three-high. However, high P/E, high price, high raiseThe money is still on. Three new offerings, the lowest price-earnings ratio for the boss of electrical appliances, 47.06 times times, the highest price-earnings multiples are spent days to fire, reached 69.12 times times, fuling mustard for 53.81 times times. The average price-earnings ratio of three stock offerings is about 56.66 times times. Since the second half of 2010, the average price-earnings ratio of SME IPO is only 54 times times.　　The 70 times-fold price/earnings ratio of the day-wide fire brigade is more than 63.6 times times the average P/E of the IPO of the gem company since the second half of this year. The old problem has not been solved, and the new problem has been derived. In the new rules, the network under the placement of the way the number, only the success of the organization to obtain shares. However, this way of placing the new stock chips to a small number of institutions, for the institution of hot money speculation created conditions. Fuling Mustard As an example, the network under the inquiry agency has 173, but the allocation of only 8 institutions, each body was allocated 1 million shares. This again for the IPO after the speculation left a hidden danger. In the meantime, organizations that do not have access to the Internet will also be released online.　　and the provision of online purchase limit, it is very likely that a large number of funds into the two-tier market. Ye Tan, a prominent financial commentator, said the reform might even make the "three heights" of new shares more and more serious. Independent financial writer Pihai is blunt, the IPO system is unreasonable, prevent the new stock stir-fry measures in the form of a fictitious. The so-called "warning" suspension, not to prevent the effect of speculation. "The essence of the problem has not been resolved, the reform is not very meaningful, irrelevant, it is impossible to shake the three high issue of new shares."　　"There is no big difference for analysts," says Choyang. "The government should not be both the boss and the regulator, and the system of accountability outside the system should be implemented only at the level of government reform." "said Andy.