New shares broken mmmm growing a-share

New shares broken mmmm intensified. Yesterday's listing of 5 new shares, opening that all break, the momentum of the fierce, unprecedented.　　Trading in 2011 only 3 weeks, the new shares with a 50% break rate to record the highest value, future worrying. The emergence of broken mmmm, and the market continued to fall, but the most fundamental reason is the IPO three high stubborn disease (high p/E, high price and high amount of funds). The "broken MMMM" of new shares not only touches the nerves of investors, but also challenges the two reform of new shares issue.　　Ye Tan, a well-known financial commentator, pointed out that the new stock break is not the result of the market reform of the distribution mechanism, but the consequence of lays, and the management should rethink the issue pricing mechanism. 5 new shares of the new collective break on the January 7 listing of the first day of the IPO is a break of the new shares, January 10 listed on the Sea-State United States is the second first day of the IPO break new shares. January 13, has "prev close issue History of the most expensive" the title of Sinovel market, and will break to a new height: Sinovel wind power Price is 90 yuan, the day to 87 yuan break prices open, close to 81.37 yuan.　　After two days, Sinovel continued to plunge, as of yesterday, Sinovel Telegram received 74.51 Yuan, a short four days fell nearly 20%. Yesterday, broken mmmm ushered in a "big scene": Five new shares in all break prices open, creating a A-share breaking record. As of the close, five new shares in the Shanghai stock market style shares fell the most (14.4%); In the Sirte of the SME market fell 7.92%, Xindu Chemical fell 12.63%, Hung road, steel structure fell 6.56%.　　The turnover rate of five new shares is about 25%. The five-share break means all the new people are stuck. A dozen new people told the reporter, because the recent trend of the market is too weak, so turn to hit the IPO to try to take a chance. "There have been several dozen new, each time is a steady profit." This time bought 10 hand style shares, thought can earn a 20%-30%, who knows but wait for the ' Fall Stop Board '. Look at this posture, future still fall, so can only cut meat out.　　"The Year of the rabbit trade three weeks, a total of 21 new shares listed, of which 10 new shares have suffered break, nearly 50% of the break rate to record the highest value."　　Cause multiple factors trigger broken mmmm intensified mmmm, especially yesterday's five shares broken, caused the market high attention. Shing, director of Guangzhou Securities Research Institute, said that the new shares break is only a phenomenon, behind there is a comprehensive factor at work. "Together, there are two main reasons: a direct factor is the recent market in a weak state, a tight capital, last year when the market was strong, even if the new stock prices, there is no serious break phenomenon; second, the issue of new shares and pricing mechanism is still continuing to ferment, The new shares break reflects the new issue reform is still in progress. "Huaan Securities analyst Wang Anping told reporters, 18th listed new shares all break, is caused by three factors: first, the current market in the policy tightening expectations of the overall market is quite depressed; second, the recent issue of new sharesAnd the number of listed, in the already depressed market environment caused greater financial pressure; Third, the issue of new shares issued more and more high, and the market compared to similar companies premium.　　In Cai Rongxin, an associate professor of finance at the China Ridge College, the main reason for the break was that the inquiry mechanism pushed up the issue price, and the central bank's tightening policy was a fuse. The analysis of the mechanism of the reverse-forcing issue mmmm the emergence of the market jittery, investors talk about the new color change. Sina about "in the face of broken mmmm, you will also purchase new shares?" The network survey showed that 33,200 of the respondents, 66.1% of the people chose not to purchase, 17.4% of the people chose to wait and see, only 16.4% of the people will continue to play.　　Calls for a reform of the IPO mechanism have again intensified in the market. The financial commentator Yeh Tan is pointing the finger at the IPO mechanism. Tan said the fact that new shares or a high premium issue, or a large area break, is a clear warning of the failure of China's securities market pricing mechanism.　　The market is likely to return to normal by admitting facts and strengthening regulation, punishing companies that are not responsible for pricing, and eliminating the excess costs of excessive fundraising. 2010, an average price of a shares of 30.32 yuan, the average issue of 54.96 times times, the average distribution of the net rate is 10.33 times times.　　Statistics show that in the first half month of 2011, 16 new shares (excluding the 5 shares listed yesterday), the average issue price of 44.10 yuan, issued a price-earnings ratio of 77.88 times times, the issue of the market net rate of 13.29 times times.　　However, Dongdengwen, director of the Institute of Finance and Securities at Wuhan University of Science and Technology, said that the new shares break is a "buyer's ego" of the normal phenomenon, can effectively inhibit the irrational "hit the fresh" enthusiasm, directly forcing the IPO price return to "normal", in the capital market benefits. Nanfang Daily reporter Tian Zhiming Gao