Four new shares issued at a discount of 15% market pricing

This reporter from the company obtained data show that the use of the reform of the new stock inquiry system set out the issue price, Guilin three gold, million horse cable, home run more than three SME board companies, and the same industry shares two-tier market earnings ratio, only about 15% discount,　　In 2008, the average discount for all 71 SME stocks was 47%.　　In addition, online subscriptions account for more than 6 times times the average last year, the amount of frozen funds has declined.　　This means that the mechanism of market pricing in the reform of IPO is playing a role, secondary a sharp reduction in the price gap, to a certain extent, to slow down the previous market hoarding huge sums of money to hit new shares of the negative impact.　　Discount of about 15% in the reform of the IPO system, the core is to realize the pricing marketization, the way is to improve the price of inquiry and purchase of the binding mechanism, that is, "real quotes, real purchase." "(new policy) requires that the inquiry object should not be high, if the quotation is lower than the final fixed price, there is no placement opportunities." This is to a large extent prompted the inquiry agency to the status of the issuing enterprise, the industry in depth research, carefully give a reasonable price.　　"One of the people who participated in Guilin three gold inquiry said to our correspondent.　　The person described the experience of participating in Guilin three gold, the agency's inquiry was given the price is about 17 yuan, but the final offer of Guilin three gold is 19.8 yuan, p/e up to 32.89 times times.　　The company's data show that the three gold prices in Guilin, the same industry two-tier market price is 35.92 times times, at a discount of about 8%. The price is higher than its offer, "there may be agencies concerned about the low prices can not be allocated, a slight premium to report to ensure that the placement."　　"Million horse cable and home run more than 30.88 times times and 31.58 times times, the price of the same industry in the same two-tier market earnings ratio is 36.02 times times and 32.63 times times respectively, the discount of 14% and 13% respectively." Together with Guilin three gold, three board shares issued a P/E ratio than the same industry two-tier market price/earnings discount of about 15%.　　And last year issued a board of all companies average is 47% discount. "This is the most direct impact of the new system, objectively speaking, to a certain extent, to achieve market-oriented pricing, of course, and further improve the space."　　said the person.　　Another result of this is that the new system issued under the IPO, its price and the same industry two-tier market prices narrowed significantly, directly compressed the IPO on the first day of gains.　　Three board stocks of the first day of the increase is the three gold pharmaceutical 81%, million horse cable 125%, home run more than 93%, none of the Chinese-industrial international listing on the first day of the highest increase of 576% of the extreme situation.　　Data show that 2008 71 board stocks on the first day on average rose 116%. The willingness of retail investors to take part in the purchase of new shares has received unprecedented attention in the reform of the IPO.　　For example, each account can only purchase once, a single purchase set the maximum number of restrictions and other measures, are aimed at improving the rate of small and medium investors. Newly issued three SME enterprisesIndustry, this goal is initially apparent. SSE the number of accounts involved in the purchase, the amount of frozen funds and other indicators made a comparative analysis. The results showed that the number of online subscriptions of the three enterprises was 3.36 million, 2.8 million and 1.68 million respectively.　　And last year issued all the SME stock, participate in the online application of the average number of accounts only 410,000 households.　　In fact, the main board of the Chengdu high-speed online users also increased significantly, a total of 3.98 million households, much higher than the 5 companies in Shanghai last year, the average number of online participation accounts 1.19 million of the level. "Online participation is more enthusiastic, which is related to online restrictions on the proportion of individual account subscriptions."　　A person close to SSE said.　　Of these requisitioning accounts, three of the funds for individual accounts accounted for 97.99%, and only 2.01% per cent were from institutional accounts.　　Of course, the nature of the account, the market has questioned some of the personal accounts behind the actual organization, but at present it is clearly not accurate to judge the ratio, from the intuitive point of view or has a certain comparability, because 2008 personal account funds accounted for only 29.58%, the difference is large. Another result is a significant increase in the rate of checking. Guilin three gold for 0.17%, million horse cable for 0.13%, home run more than 0.25%.　　The average check rate for 2008 was only 0.08%. The increase in the rate of the check makes the stock distribution tilt to the personal account. SSE data show that Guilin three gold distribution to the personal account of the shares accounted for 98.19%, million horse cable is 98.31%, home run is more than 79.39%.　　The index was significantly different from the 2008 average, with a 29.48% per cent share allocated to individual accounts last year.　　Another indicator is the amount of funds frozen under the net, three new companies to freeze 30 billion yuan, 21.7 billion yuan and 47.8 billion yuan, compared to last year, the average frozen 21 billion yuan increase. and the net placing proportion is similar to last year average level. Three companies under the net placing ratio is 0.61%, 0.53%, 0.43%.　　The average last year was 0.48%. "This is consistent with our original judgment, there are some restrictions on the Internet, institutional funds will be rushed to the net, the network agencies to participate in more funds."　　"One of the brokers who participated in the inquiry of three companies said to our correspondent.　　It is noteworthy that the previous emergence of large-scale transfer of positions from banks to the new shares, in the new issue has been curbed. Data show that Guilin three gold purchase funds unfrozen, involving the transfer of funds of about 14 billion yuan. Previously, whenever the SME board issued new shares, the average transfer of positions is more than 32 billion yuan.