Game "Fund law" 59th fund unscrupulous for new shares sedan

The 2011 Spring Festival was rather restless.　　Previously, the Fund law in the completion of the amendments to the provisions of the law, has begun to seek advice from the relevant ministries, which affects the nerves of many securities barons. Careful people have found that key changes that have been vigorously lobbied by some interest groups have been reflected in the draft of the revised Fund law, most typically 59th.　　Under existing provisions, the Fund's property shall not invest in securities underwritten during the underwriting period of the fund's controlling shareholders, but the revised Fund Act may remove this important provision. "If article 59th is cancelled, it will be a major setback to the Fund act." "said one senior person.　　Many organizations are urging the cancellation, precisely in order to open the Securities brokerage fund companies to its major shareholders open the door to the transfer of benefits. The fund pushes up the new stock price since 2011, the new stock frequently breaks, the investor has to swallow the new issue the "three high" evil result.　　The formation of "three high" is closely related to the irresponsible pricing behavior of the fund.　　To Sinovel as an example, because the original SSE general manager Shing and the former Southern Securities President Zhidong are original shareholders, before landing was widely concerned. From January 4 to 5th, Huarui wind power to the institutional investors launched under the network distribution, Changsheng, Guangdong, Yifangda and other funds reported the purchase price reached 90 yuan, thus obtaining from 103,400 to 1.0344 million shares.　　In the preliminary inquiry, the Chang Sheng Fund Company's two funds and long Sheng entrusted to manage the social Security 405 combination of the declared price as high as 96.50 yuan. January 13 Sinovel on the market, opened 87 yuan, closed 81.37 yuan, the first day of the listing is significantly below the IPO price.　　As at January 31, the 73.25 yuan fell by as much as 18.61%. Why fund Gan defying, unbridled for new shares sedan? Financial critic He Huannan said, "Spend other people's money not distressed", even if the break is not to pay their own pockets.　　Xun Jinchu, a senior economic researcher, also wrote that the key to radical "three heights" is to effectively restrict interest groups.　　The real market subject is the principle of pursuing its own benefit maximization, but because the fund increases the fund manager's interest subject in the multiple principal-agent relationship, the investment behavior does not necessarily take the owner's benefit maximization as the fundamental.　　Teson in a number of funds to betray the principle of value investment, the abnormal high price-earnings ratio of crazy new shares, some agencies and Teson, launched a public relations action, to amend the Fund Act, the Abolition of the fund investment brokerage major shareholders in the underwriting period of the relevant provisions of the securities.　　As the sellers of the capital market, the securities companies have the impulse to push up the IPO price strongly for the purpose of maximizing their own interests, because the "three high" of new shares often means huge sums of money, generous commission income and attractive bonus red envelopes.　　It is reported that the sponsor and underwriting fees are expected to raise the amount of funds of about 2%, while the partial extraction of the Commission, the brokerage is inconsistent, the industry average level of 5% to 7%. Industry insiders worry that if the revised Fund law"To remove the 59th ban, then the fund companies under the pressure of major shareholders to pursue profiteering, in the new issue of the price of indiscriminate pricing behavior will be more serious." At the same time, in the open market, whether the brokerage will force its holding fund companies to take, will also become a serious problem.　　In January, more than 102 million shares of Changan automobile were invested by Citic Construction and underwriting group, and 252 million shares were underwritten by China Merchants Securities Corporation last December. Data show that in the domestic existing 61 fund companies, "brokerage department" accounted for more than 50%.　　CITIC, GF, investment and other dozens of brokerages are holding a fund company, the Fund's assets in the possession of about 1.5 trillion yuan.　　Once the 59th of the Fund Act is amended, the "sedan" of new shares underwritten by the Fund's assets for major shareholders will be unimpeded. (Qi Outlook Oriental Weekly)