Hit the new war: China hopes the debt base floating loss 16 million yuan

In the early April, star fund manager Wang Yawei a few public appearances, talking about the issue of the reform of the IPO system.　　At the same time, the new shares break from the case gradually into the entire capital market trend. Wind data show that as of Friday, 2011 a total of 101 shares listed, of which 49 new shares have fallen below the IPO price, break rate reached 48.5%. This means that the institutions that are keen on this are already losing money in nearly half their new "investment".　　In particular, some habits rely on the new gains in the interest of the bond-type funds, floating deficit has reached tens of millions of dollars. New shares broken mmmm in the 49 break new shares, the most-traded shares (601700.SH) tumbled 14.4% on the first day of the IPO, falling by more than 20% per cent in Friday.　　In addition, 10 new shares fell more than 10% per cent.　　Of these 49 new shares, 34 only on the first day of the listing suffered break. The formation of new shares breaking mmmm, in addition to the current pricing mechanism of new stock, the more important reason is that the market shape has changed. In 2011, the market changed to the previous low market valuation of the pattern of high valuations, began its own valuation adjustment, the valuation of the long-term undervaluation of the large market value of blue chips began exerting force.　　At the same time, some high valuations of small market stocks began to adjust downward. The pattern has had a direct impact on previously high valuation issues, and the market for new shares has gradually cooled.　　But after the IPO, the two-tier market cooling faster than the IPO before the inquiry mechanism, so at the beginning of a high P/E shares were most affected.　　According to the data, among the 49 break shares, the top 6 shares were listed in January, with 8 of the top 10 stocks listed in January. Another set of data can also account for the fact that in January a total of 35 stocks were listed in the IPO, and as of the weekend, the 35 stocks had 23 breaks, up to 65.7%, well above the 48.5% break percentage this year.　　Of the 19 stocks that debuted in April, there were only 6 breaks, with the deepest drop of Ningki (002572.SZ), which has so far fallen 6.64% per cent, to 26 in 49 break shares. In the break stock, the small market share of the stock is quite high.　　Data show that 49 break new shares, only 6 motherboards listed shares, 17 board listed stocks, GEM listed shares accounted for 26, more than half. In addition to 49 new shares break, there are more than half of the new shares in the market after a good performance. Of these, the January 7-listed Hainan rubber (601118.SH) has so far risen 115%, the participation in the new institutional income has doubled.　　In addition, the profitability of Kester (002549.SZ), BBMG shares (601992.SH) and South bearing (002553.SZ) also reached 70.3%,79.1% and 83.6% respectively. 3 months since the agency participated in the new networkLock-up period, so far, the 2011 listing of new shares, there are 16 new shares have been lifted, institutions can be reduced through the two-tier market. Of these 16 new shares, 11 stocks were in a break at the expiration of the 3-month lock-up, and 5 stock prices rose.　　As of Friday, there were still 11 breaks in the 16 stocks. It is noteworthy that these 16 stocks have a higher turnover rate within 3 months, but as of Friday, the turnover rate was almost flat at the expiry of the lockout.　　A fund industry personage thinks, this kind of phenomenon shows, even after the lock is regular, also did not appear fund substantial reduction situation.　　From the overall point of view, the net purchase rate of the highest and the lowest 10 stocks listed after the performance are mixed, the agency for the new shares of the popularity of the IPO after the performance has no obvious relationship. For example, the net placement rate of only 1.26% of Jiangnan Water (601199.SH) online has also been favored by investors, a total of only 0.478% of the check rate, is the most popular new shares since 2011.　　The shares rose 9.31% per cent on the first day of the IPO, but fell 2.13% from the IPO price as of Friday.　　However, under the net placement rate of 1.65%, slightly higher than Jiangnan water new research Shares (300159.SZ), after the listing is good, the first day of the listing Rose 52.35%, although a decline since then, but as of Friday compared to the IPO price still rose 25.46%.　　China hopes that the new loss of debt base is most mmmm in the new shares broken, the fund is not only to make a fresh return on whether to participate in a new, but also to choose the object of the "vision."　　So far, the Chinese hope that bond funds in the participation in the new funds, holding lock regular shares of the most floating losses. Wind information data show that 2011 China hope that the debt base to participate in a total of 12 new shares placements, the cumulative purchase of funds reached 920 million yuan. The fund has a very high rate, the amount of funds allocated to 244 million yuan, in all the new funds ranked fifth.　　Unfortunately, its involvement in the new action has caused the fund a loss of 16.1803 million yuan, is the most losses in all funds. Analysis of the cause of its losses, in its participation in 12 dozen new, 7 times have caused the floating deficit.　　Among them, only Sen horse Clothing (002563.SZ), it caused a loss of 10.528 million yuan. In addition, China's other debt base, Huaxia Bond investment fund hit a new loss also reached 9.7497 million yuan.　　And China Rich enhanced return, China rich income enhancement, easy to reach the income enhancement and so on three debt base's loss also more. But there are also some good-looking bond-type funds. The rich-day growth bond fund, for example, took part in 11 new shares placements and 3 convertible bonds, earning 30.3302 million yuan.　　Of these 11 new shares, only 4 have only a small loss, the U.S. special Gas and Huibop (002554.SZ) respectively to the Fund to contribute more than 14.336 million yuan and 11.8 million yuan of income. In addition, Hon Yang Securities Investment Fund and XindaThe new earnings of the Australian bank's leading equity fund have also exceeded 20 million yuan.