High price-earnings ratio stubborn new shares inquiry reform or difficult to satisfy

21st Century Economic Report Angelababy Yang Hua Beijing report "We are agreeing on the details of the agency's participation in the IPO reform, and there have been many private placements."　　In late August, a vice president of a brokerage investment bank told reporters. After the SFC announced the second round of the new issue of the reform of the new system guidance, the expansion of the allocation of the scope of the participating institutions has become the focus of three types of institutions are placed high expectations. "Private equity, PE, some of the strength of enterprises affiliated investment companies, are well suited to be included in the network under the scope of the placing agencies."　　"A few days ago, a person close to the regulatory level pointed out. But according to the reporter survey, the agency's response is not as enthusiastic as expected. "At this stage we will certainly not participate in the IPO."　　"A Shenzhen PE director said. "The IPO price, especially the gem and the first board, is too high, P/E is 40-50 times, unless the IPO is below 10 times times earnings, we will not be interested in placing a net."　　The Shenzhen PE director explained.　　And the securities companies actively involved in the private equity fund, its actual participation is also hot and cold. "We will not participate in the net placing. "A Shenzhen Sunshine private equity boss directly answer, because the small and medium-sized companies starting price is high, participation risk too big."　　Other private placements by journalists have also been relatively lukewarm in their participation in the online placements.　　Also listed under the expansion of the scope of the allocation of "seeded" industrial capital, most of the Pre-ipo and two-tier market, the traditional industry companies mergers and acquisitions opportunities.　　Behind the institutional apathy, it is the gem and the SME board of high and low price multiples caused by the distorted valuation system. PE, industrial capital cling to Pre-ipo "I contact the PE all to participate in the net placing no interest." The first is because the standard PE fund was established with strict investment contracts, are limited to participate in PRE-IPO investment. Shenzhen PE director said.　　In addition to capital investment restrictions, the core reason is the IPO high price/earnings ratio. According to the SFC, in the past two years, the initial earnings ratio of the SME board and the gem has soared.　　In 2007 and 2008, the initial average price-earnings ratio of small and medium-sized companies was 28.2 times times and 26.63 times times respectively; In 2009, the initial average price-earnings ratio rose to 47.1 times-fold, and in January-April this year the first average P/E was once as high as 54.8 times times, but still up to 47.65 times times the May-July.　　The high temperature in the gem is more obvious, the 2009-year gem Company's initial average price-earnings ratio of 64.82 times times this year, January-April to 75.8 times times higher. "The IPO is really too high." In the case of PE, although the cost of equity investment is also improving in recent years, some PE short-term share costs to 10 times times P/E, but still much lower than the initial earnings ratio. Placing on the net is not profitable for PE.　　Shenzhen PE director said. "Compared with similar companies in the international market, we have a surprisingly high earnings ratio for our gem and SME." In 2008-2009, the Hong Kong Gem started at about 10 times times the starting price, and sharesThe right investment fund starts to enter. And the mainland Gem and SME board companies to return to this level, at least three years. So we're not going to be involved now.　　Shenzhen PE director said. "PE is not a target for us to consider expanding placements, they are more focused on PRE-IPO operations," a beijing-based brokerage banker confirmed.　　"PE unintentional tired, is placed high hopes of the industrial capital also delayed no action." "There is no plan at present, because the participation in the GEM, the SME network placement risk is high."　　"The head of an investment company affiliated with a listed company confessed to reporters. In fact, these industrial capital on the gem is not not the heart, they have already targeted Pre-ipo stakes in the rich profit space to set up a venture into the form of the company.　　By contrast, the high price of the first-tier market is a deterrent to a sensitive industrial capital. Wind statistics show that, as at the end of 2009, in addition to listed brokerages, holding a stake in the venture capital companies of the listed companies up to 79, they have a total stake in 55 venture capital companies, statistics of a total investment of up to 7.8561 billion yuan. These venture capital companies include Shenzhen Innovation Investment, the same side of investments.　　There are many listed companies wholly-owned subsidiaries, such as the Electric Media (000917.SZ) wholly-owned subsidiary Shenzhen Fortune Venture Capital Co. The listed company gains handsomely from the Pre-ipo project of the venture investment enterprise.　　To Hebei Iron and steel, public utility, Yantian Port, Guangdong Electric Power A four companies in the common favor of Shenzhen innovation investment as an example, four listed companies to invest a total of 682 million yuan to hold 44.91% of the shares. Shenzhen innovation Investment in Enterprises, since 2006, has 18 in the SME board listing, 8 in the gem listing.　　For example, Shenzhen Innovation investment in July 2008 with the remaining three venture capital investment fund of a total of 52.8 million yuan, the actual corresponding 12 million shares, the cost of 4.4 yuan per share, of which Shenzhen Innovation investment held 3.4125 million shares. August 12 This year, Le Video online market open 49.44 yuan, more than the cost of investment in Shenzhen innovation has a premium of 11.24 times times, floating surplus to 150 million yuan. and investment in Shenzhen Innovation investment in several listed companies, from the Pre-ipo link profit from the abundant also self-evident.　　In contrast, the net placement of the proceeds is far lower than the Pre-ipo market income. "Our operations are more concentrated in the stock market downturn, the lower valuations of the same industry companies mergers and acquisitions operations, because the investment is familiar with the traditional industry areas, the risk is small." And the gem, the large and medium-sized companies from emerging industries, and even specialized in their research institutions are not necessarily see, as a listed company subordinate investment department, there is no energy research and participation in their network placement.　　"said the head of the investment company of the listed company. Private equity funds are worried about "quilt cover" "There are a lot of private equity in contact with us, select the scope of inquiry object, but also the private equity as a more suitable candidate." Said the vice president of the brokerage investment bank. "Because they compare with ' generation 'Table sex.　　"However, the sunshine private placement in the face of real participation in the Internet placement, but become cautious." This kind of cautious first comes from the net placing the Doorsill to raise with the private equity own asset scale small contradiction. "The new reform direction calls for an increase in the number of nets allocated to each institution, to a starting price of 50 yuan companies, for example, the current gem of the majority of companies in 50 million shares, of which under the net circulation accounted for 10 million shares, according to the current reform direction, the number of the allocation of institutions around 5, That is to say, each institution will get a allotment of 2 million shares, the cost of their allotment reached nearly 100 million. and private equity assets management scale is usually below 1 billion, suddenly come up with so large funds to participate in the network placement is not easy.　　"said the Shenzhen private equity boss.　　The SFC's guidelines for soliciting opinions do not provide detailed provisions on the amount of placements made under each net and require only "reasonable setting". What is the scope of "reasonable setting", a person close to the regulatory level pointed out that this is not in the SFC's regulatory scope, the market to decide. "Though I cannot say what is the reasonable amount of placements, however, in view of the regulatory level, a certain SME network under the distribution of 10 million shares, under the current placement system, there are usually 100 or so institutions can be matched, and basically is the average distribution, that is to say, each can only get 100,000 shares, assuming the price is 10 yuan, Then each institution's allocation amount is only 1 million yuan for the holding cost. 1 million yuan may be a big number for individual investors, but for institutional investors there is little. So the 100,000 share of the quota is certainly unreasonable.　　The Vice president of the Securities Investment Bank said to reporters that there is no specific amount of individual placements to be set according to the size of each issue. In addition to limited asset size, private equity is more worried about the lower placement rate. "The starting price is already very high and there is not much room for future increases," he said.　　"said the Shenzhen private equity boss.　　According to the SFC, the initial average P/e ratio of the SME board and the gem is gradually lower than that of the final.　　Take the gem as an example, its 2009 initial average price earnings ratio of 64.82 times times, and the end of the earnings ratio of 105.3 times times, at this time to participate in the network placement of the institutions often have a larger profit margin.　　2010 1-April, the starting average of the gem is 75.8 times times, the end of the term is only 67.39 times times. Coincidentally, the SFC data show that in 2009 listed 36 gem companies, not a company first day break and listed within the month break, and 2010 of the 67 new gem companies, the first day break 5, listed within the month break 21.