Float 74% to 17% fund gem new Step alarming

Yang Yinghua Yu Haitao "Every new must fight" or king? With this week's four gem listings, since the founding of the gem, there have been 118 gem IPOs, of which this year, there have been 215 IPOs.　　According to the reporter statistics, as of September 8, in the statistics of the 57 fund companies under the 216 fund to participate in 85 of the new IPO network under the purchase, the fund spent 2.755 billion yuan to participate in the gem to play a fresh, so far the floating surplus of 603.9 million yuan, the average yield of 22%. A careful analysis of the reporter found that this year, the fund in the gem hit a new rate of return has fallen sharply. In the first batch of gem companies, the fund used 738 million funds to play new, and in the listing three months after the closure of the net placement period, the Fund has achieved 548 million yuan, the yield reached 74%.　　The new 3-month yield on the gem, which was issued between January and May this year, fell to 17.29%.　　From 74% to 17%, this is the valuation adjustment that has been going on for a long time under the distorted valuation level of the gem, and how far will it go to make a new and lucrative fund for the gem?　　Funds to play a new step of the fund to play a new gem of the steps have not stalled, but its income is accompanied by the ups and downs of the market to sit up the roller coaster, the fund this year's gem to play a new road, go step by step alarming.　　This week, the gem of new shares Kennedy fire, long surplus precision, Jia Yu shares, Oriental Daily rose four arrows, in the earlier release of the net placement results show that a total of 73 funds to participate in the play.　　Among them, Kennedy fire nets under the network placement is favored by 55 funds, 46 of the fund appeared in the long surplus precision network placement, Oriental Rose attracted 35 funds, Jia Yu's front door is quite deserted, only 13 fund participation.　　As a whole, the fund's new enthusiasm has not receded, but in fact, the fund has experienced a new low ebb period in the past year.　　The first batch of listed 28 gem new shares encountered a stir, the initial day of the IPO on average rose as high as 106.23%, one day to date the best performance of a batch of gem new shares.　　This reporter statistics found that the fund has invested 738 million yuan, to the first batch of gem IPO three months of release period calculation, the fund has been in this batch of new shares on the harvest of 548 million yuan, the yield of up to 74%.　　However, after the first day of speculation continued to fall, the May 20 this year on the market of Heng Xin Mobile, Oak shares, Jin Sheng shares and the 4 new GEM Technology Board of New shares, 2 only appeared break, the first day on average fell 0.4%, the first day of the weakest performance of a batch of new shares.　　With this, the fund's new performance also entered the Ice Age. January 20 This year's listing of the star-FAI model as an example, it is the second batch of the Fund gem to play a new delicacy, a total of 14 funds to participate in its network placement. However, its 3 months after the release period of performance, but let the fund tasted bitter taste. Star model after 3 months listed below the IPO price, a decrease of 2.27%, and 14 funds in the star models on the loss of 520,000 Yuan.　　In fact, in the January 3 to May 26 issued 46 gem stocks, a total of 17 new shares in the market three months after the break, and the fund in 46 new shares, invested 1.365 billion yuan, but in the listing three months after the harvest only 236 million yuan, 3 month yield sharply reduced to 17.29%. Among them, Jin Sheng shares let 9 funds suffered Waterloo, three months total loss of 5.4537 million yuan.　　And the blue cursor also let 17 fund three months floating loss 6.11 million yuan.　　The yield fell from 74% to 17.29%, in less than half a year. However, since the beginning of the July, the first day of the gem new shares of the weak phenomenon has changed dramatically. August 6, the IPO of the national Proton Electronics, Juloka shares and the rise of 118.47%, 77.67% and 60.12% respectively, the average increase suddenly rose to 85.42%, quickly approaching the first batch of gem new shares 106.23% of the average gain.　　And in June so far issued 30 gem new shares, not a break, its China proton electronics and Xinjiang Western animal husbandry has risen more than 133%, and in the four new shares issued this week, the Kennedy fire has reached 158.16%. Still on the gem to play a new infatuation not to change the fund, also finally eased a sigh of relief.　　Its 30 shares issued in this period, only invested 589 million yuan, but so far has been floating 308 million yuan, yield as high as 52.29%, back to the first batch of gem IPO when the peak.　　How far can we go when the new shares are undefeated?　　In this ups and downs of the new trip, with the new play of the bond-type funds to harvest the most abundant.　　Wind data show that since the listing of new shares in August has been better performance, some "dozen new" positive debt base performance even surpassed some partial stock fund, the long Sheng positively configures the bond, the Agricultural bank remittance rationale lasting increases the benefit, the National Union security Bond A is in the top three, rises 6.16%, 4.57%, 4.44% respectively.　　However, it is a question of how long a new dream can take. According to the data provided by the SFC to reporters, the gem started a high price-earnings ratio bubble has been gradually dashed. In 2009, the gem started on an average of 64.82 times times earnings, with an average of 105.3 times times earnings at the end of the two-tier market.　　Since the start of the year, the gem has remained high, with an average of 75.8 times times the start of the 1-April, compared with 67.39 times times the initial earnings ratio. A Shenzhen PE personage pointed out to the reporter, the current gem's high valuation is irrational, and compared with the international similar market, its gem issue price/earnings ratio is usually within 10 times times.　　With the increase in the supply of new shares, institutional inquiry is becoming more rational, to hit the fresh income will begin to touch the bottom.　In the enthusiasm of the market, the high valuation of small and medium-sized stocks risk may not be noticed, once the market encounter a sharp adjustment, the high valuation of small and medium-sized shares risk will be quickly exposed and passed on to the two-tier market investors.　A Beijing securities sales manager told reporters that the current individual investors in the gem and other small and medium-sized stocks are not many, because its valuation is too high, on the one hand, investors buy too much, on the other hand, there is a huge uncertainty risk. The sales manager pointed out that the current two-tier market in the gem stocks are mostly private and some large, in terms of private placement, in the first half of its earnings are not good, and private equity to pursue absolute income, in the remaining half a year, only the choice of easier to pull up and speculation of the gem stock to win the band gains.