Do you still have a new one? A shares plunged into the history of the most broken mmmm

Ashing since 1990, the stock market has experienced four intensive broken mmmm have you made a new one? This is the 2007 before and after the shareholders of a meeting language. Are you still playing new?　　Presumably this will become the recent shareholders of the meeting language.　　January 13, Sinovel wind power (601558.SH), show strong shares (300160.SZ) two new shares in the first day of the listing "Together" break. January 18, Style shares (601700.SH), Sirte (002538.SZ), Xindu Chemical (002539.SZ), Asia-Pacific Technology (002540.SZ), Hung Road Steel (002541.SZ), such as 5 shares of the collective break, which style shares tumbled 14.4%. Many investors feeling "see the new shares break, but have not seen the new shares so break!"　　On the same day, Liping, general manager of Shenzhen Stock Exchange, said that the break in the new shares was inevitable during the reform of the issue. The number of break since the beginning of 2011, obviously, break has been normalized, a-share market has also entered the history of the most serious, the most intensive "new shares break period."　　Behind this, is the new issue of the rapid expansion of the financing pressure, the incomplete reform of the IPO system led to the "three-high" expansion, as well as the high valuations of small and medium-sized stocks led to weak market confidence. Over the past 20 years, 4 intensive mmmm data shows that as of January 19, since the IPO restart in July 2009, a total of 267 shares have been break, including the first type of new shares of the break stock 176, while the total issuance of 469 shares, accounting for more than 37.53%; In addition, the public offering type of break stock 20 only , the private offering type of break shares 71.　　(See Figure 1)　　Wind data show that as of January 19, the IPO in July 2009 since the launch of the shares are still in the break state of 93, of which 16 in Shanghai, Gem 29, the SME plate 48. A total of 1236 stocks (including B shares) have been hit by a break since 1990, according to statistics from the financial services daily.　　Treasury data show that the first break shares in China's securities market unexpectedly is the first deep development of Shenzhen A (000001.SZ), deep development A on April 3, 1991 issued on the market, May 22 encounter break. Data show that 20 years, only 2007 years did not appear break stock, it is in that round of bull, "new" mania reached its peak. In addition, from the stage of break stock appeared, 20 years can be divided into four rounds of mmmm.　　(See Figure 2) The first round of broken Mmmm appeared in the 1993 ~1994 year, during which a total of 157 break new shares, while the total number of new shares issued 213, break rate reached 73.71%. The second round of broken Mmmm appeared in 2003 ~2005 year, during which there were 540 stock breaks, of which the 2004 SME Board was particularly intensive. Supor (002032.SZ), a board-listed company, has plunged 8.27% from its IPO price. After that, the appropriateHua Mu (600978.SH), the United States Xinda (002034.SZ) successively in the first day of the listing break.　　The third round of Mmmm appeared in 2008, with a total of 192 stock breaks, and a dense stock break that forced the IPO to suspend in September. The fourth round of broken Mmmm appeared in 2010, as of January 19 this year, a total of 174 new shares break. January 2010, the Chinese Chemical (601117.SH), Chint Electric (601877.SH), the stock (300046.SZ) and other companies in the listing within 10 days after the IPO price below. Since December 24, 2010, the first day of the listing break gradually increased.　　In particular, the IPO since 2011 has nearly collapsed.　　Although in terms of quantity, this round of broken mmmm is still less than the second and third round, but from the first day break number and concentration, the fourth round mmmm is the most ferocious.　　Persistent and intensive new shares break, many institutions in the deep, according to incomplete statistics, has not lifted the new shares in the price below the price of about 40, the agency floating deficit of more than 1 billion yuan.　　A public offering fund manager in Beijing told our correspondent, its management funds will also purchase some new shares, but the recent market dismal, the position is very low, not to mention the purchase of new shares. Shanghai A Securities collection Plan investment manager is simply to the newspaper reporter said, "Now the new stock is outrageous, do not understand that set of pricing game rules, the risk is not small, simply do not participate."　　"Dongdengwen, director of the Institute of Finance, Wuhan University of Science and Technology, said 2011 new shares will be broken mmmm to become a fresh landscape, hit the IPO will become a synonym for the hold-up."　　This newspaper and Tencent Finance launched a series of surveys also showed that more than 85% of investors said that in the current situation, no longer "new".　　The financing pressure exceeds 2010 years although the new stock break has something to do with the current market downturn, the supply factor is clearly the main cause of market imbalances. Since the IPO resumed in July 2009, the speed of new shares expansion has been staggering.　　Wind data show that in 2010 a total of 531 companies in the A-share market financing, financing amount of 1,027,520,000,000 yuan; the first public offering of the A-share market is 349, with a total financing of 492.1 billion yuan, exceeding the historical record of 446.9 billion yuan in 2007.　　In addition, 2010 A-share market implementation of major asset restructuring 47, the transaction amount of 133.8 billion yuan. Statistics show that 2010 China's security market financing scale of the world's first, IPO more than the first three years combined.　　But at the same time, a shares have almost become the world's worst performance in 2010.　　In 2011 only after more than 10 trading days, a-share market on 35 new issues and refinancing, raising 31.036 billion yuan, at this rate, the annual financing of more than 2010 is no doubt. As a result of a market downturn in the A-share market, the suspension of the IPO history, such as September 2008IPO suspended.　　Some brokerage analysts in Shanghai told our correspondent that it was feared that 2011 might be the case.　　In addition to the expansion of new shares, there are brokers analysts worried about whether to launch the International board this year, if so, on the A-share market funds face even worse.　　Although the rapid expansion of new shares is an important cause of market imbalance, the underlying reason is the incomplete reform of the IPO system.　　And the large area of the new shares break, one of the reasons is that the A-share market pricing mechanism is unreasonable, which is forcing the reform of the IPO system. After the June 10, 2009 launch of the new issue system reform, November 1, 2010, the SFC officially launched the second phase of the IPO reform, from four major aspects to promote the reform of the distribution system in depth.　　Recently, the Securities and Futures Commission has included the reform of the capital market reform in 2011 years. As for the specific measures to be introduced in the second phase of the new IPO system, industry analysts believe that the issue system and audit system will be the breakthrough point.　　The reform of distribution system will study the problem of stock issue, and no longer delineate the scope of inquiry, the audit system will optimize the audit process.　　But some of the agencies interviewed by this newspaper said they had reservations about the second phase of reform of the IPO system. "More than a year ago, the reform of the IPO system has compressed the two-tier market to make new gains, but the issue pricing is getting higher." Investment banks, companies like the high price, and some of the agencies involved in the inquiry do not like high prices and there is no way, so even the expansion of the scope of inquiry agencies can not solve the high price, on the contrary some inquiry agencies will drive up prices.　　"A Shanghai Securities brokerage department responsible for the reporter said. such as the highest price of the cities of the Sea of Puri (002399.SZ), May 6, 2010, the IPO price of 148 yuan listed 4 days is break.　　Shanghai, the highest price of Sinovel (601558.SH) January 13 to the IPO price of 90 yuan was a break.　　For the large area of new shares break, January 18, Shenzhen Stock Exchange General manager Liping in the CCTV China Economic Forum, said that the issue price is the issuer and sponsor in the grasp of complete information in the case of pricing, new stock pricing for the whole market of these share prices play a benchmark role. Some market participants think the next market situation is not optimistic. The market is now below the year line and the position is as low as possible to gain positive returns, said one of the securities managers.