Fund manager bluntly: the IPO price is like a predetermined.

In addition to the telephone "interference" fund manager bid, through the active setting of the network "subscription multiple", you can "frame" the quotation interval, manipulating the issue price.　　Between different new shares, the net check rate (subscription multiple) gap is very large, there are fund managers blunt, which some of the traces of control. Subscription multiples in contrast to the public opinion of the price of inquiry agencies in the sky, there are fund companies expressed different views, "can not be denied that the object of inquiry is susceptible to the underwriter interference, and then affect the IPO price." But on this basis, the more core problem is that underwriters can control the issue price by operating the online check rate.　　"In other words, even if there are many inquiry agencies to give a low inquiry, but the underwriters can also increase the number of the net to keep the IPO price at a higher level." "Daily economic news" reporter for this year issued by the SME board and the gem of the IPO network under the statistics found that the difference between the new shares is very large.　　The lowest rate of Changrong medical (002551), Hundred Run shares (002568) is only 2% (the subscription multiple 50 times times), and the highest rate of Xujiahui (002561) is up to 48% (subscription multiples of 2.1 times times).　　Although the number of the check rate and participation in the inquiry agencies have some relevance, but institutional investors believe that such an extreme difference is not normal, behind more is the traces of artificial control. Xujiahui as an example, a total of 68 inquiry objects to participate in the offer, and the final delineation of the number of valid quotations only 21.　　According to its initial inquiry form, more than two-thirds per cent of agency quotations are below the issue price, regardless of whether the median or weighted average of the overall offer is significantly lower than its fixed price. At present, the method of pricing The new shares is: the quantity of the intended purchase corresponding to the effective quotation of the stock placing object, according to the quotation price from high to low to sort the cumulative, the same price will be sorted by quantity from high to low, when the cumulative valid quotation corresponding to the number of the proposed purchase is equal to or first over the net issued shares of the number of n times,　　The corresponding price is determined to be the issue value. The only limitation is that "after the preliminary inquiry is completed, the number of public offerings is below 400 million shares, and an inquiry object providing a valid quotation is less than 20, and the issuer and its principal underwriter shall not determine the issue price." "But it's too easy to find 20 in more than 1200 of the respondents," the industry said. However, there is no definite stipulation for the purchase multiple, and it has a large arbitrariness. Some fund managers bluntly, some new shares of the high rate of the outrageous, "it is like a predetermined price, just to be in the prices of the corresponding subscription multiples ' crossed '." "Prisoner's Dilemma" under the system, if the underwriter interferes with the inquiry of the institution in the "high issue price" behavior, it is obvious that it is illegal to make inquiries, then it is seemingly lawful and reasonable to push higher prices by controlling the purchase multiples.　　In an environment where moral and legal restraints on capital markets are not strong enough, there is no shortage of loopholes in the system. "New shares ' three high 'The crux of the problem is that the current IPO mechanism is designed to guarantee that stocks can be sold.　　"A fund manager who has long been involved in a first-tier market has" struggled ".　　In his view, the current distribution system is actually designed a "prisoner's Dilemma" chess: on the surface is weak binding on the buyer's agency, but the inquiry agency only to the high price to get the placement, and therefore have to participate. Since the establishment of the Shanghai and Shenzhen Securities Market, the regulatory layer of the new IPO system has tried many reforms, and "market pricing" is the reform direction in recent years.　　Since 2009, the regulator has already reformed the IPO system twice. However, from the results of the reform, there is no fundamental solution to the issue of price of inquiry agencies. "Under the new rules, the only price quoted by the agency will be eligible for placement, after the finalists into the lottery link, which means that the price of high power still exists."　　said the person.　　A deep reading of the buyer's and seller's right to speak balance in the two sessions this year, there are many voices to improve the reform of the system of new shares. As the most important institutional investor in the capital market, the fund is the most enthusiastic participant in the market, and has a more real feeling about the drawbacks of the current system.　　The daily economic news reporter will be in the interview on the fund manager of the recommendations of the system improvement are summarized as follows, the core points of these proposals are to balance the buyer and seller of the right of speech. 1. Purchase by a price range.　　For example, after determining the issue price, quotes in the following range of prices 10% of the inquiry object can enter the purchase, rather than a single issue price as the threshold for the purchase, which can partly alleviate the impulse of high prices. 2. Proper control of the net check rate.　　Regulators, for example, enforce a net-check rate within a range. 3. Increase the number of effective inquiry agencies in the net required for successful distribution.　　For example, the current "20 effective quotes" to 100, to a certain extent, to improve the inquiry agency's voice. 4. The underwriters are prohibited from seeing real-time quotes before the inquiry is due.　　To prevent interference with the RFQ object.　　 5. Increase the penalties for fraudulent sponsoring agencies. Related article: fund manager explosive: Underwriters demand a new raise price