Inquiry agency Bo Silly Small and medium-sized board 19 new Ding IPO valuation big dislocation

21st Century Economic Report Zhu Yimin Shenzhen reported that the Securities and Futures Commission November 1 launched "on deepening the reform of the new issue of new issues guidance" to date, the hope of market-oriented inquiry to dissolve the IPO three high frenzy of new shares issued two reforms, has lasted more than one months. During this period, successively 18 new companies landed in the SME market.　　However, the widely criticized high price, high raise funds, high price-earnings ratio of three high, and did not follow the expansion of the scope of the inquiry to show any significant improvement signs.　　Reporter investigation found that the IPO is not only a high valuation of the rising, but also in the institutional network under the distribution process, valuation pricing seriously distorted dislocation, the relevant institutions bo silly growing.　　Hot IPO According to statistics, November 2 to date, Shenzhen SME board has a total of 18 listed companies, although the pace of IPO listing is significantly faster, but the stock prices of the initial price-earnings ratio is still climbing.　　The IPO of 19 small and medium-sized Enterprises listed after the two reform, the initial average diluted earnings ratio of 64.3 times times, is obviously rising.　　Data show that in 2009, 59 SME board listed companies IPO initial average price-earnings ratio is only 46.4 times times, the net placement prices on average P/E ratio up to the annual average level of 38.6%.　　With the high level of average valuations for new offerings, the all-time highs in the IPO price ratio are emerging.　　November 3, 2010, the Search for (002503.SZ) IPO issuance, the issuance of shares priced high to 75 yuan, diluted earnings multiples up to an astonishing 113.64 times times.　　19 Small and medium-sized Enterprises listed IPOs IPO initial raise fund total is only 16.5 billion yuan, in the meantime the net placing freezes the fund scale to reach 163.485 billion yuan, the inquiry agency uses the purchase fund, is equal to the initial raise funds 9.9 times times.　　It needs to be explained that 19 small and medium-sized enterprises listed companies to raise 16.5 billion yuan, has far exceeded the actual amount of money to raise investment projects, the actual raise funds in excess of the project investment plan required 159.5%.　　For example, the search for the plan to raise funds 380 million yuan, the actual total fund-raising 1.5 billion yuan, Jiangsu broad-minded (0002516.SZ) plan to raise funds 263 million, the actual raise capital of 1.005 billion yuan. IPO market hot, at the same time, the IPO after the two-tier market performance is also wonderful, 19 of the first day of the IPO price than the initial price of the average higher 52.4%, on the first day of the market increase on average up to 57%.　　One of Fuling mustard (002507.SZ) on the first day of the market rose 191.6%, Bao Xin Technology (002514.SZ) debut Rose 123.04%, Days wide Fire (002509.SZ) rose 101.6%.　　The second-tier market's stock price craze rose, further established the new shares issue myth invincible position. 8th, Shenzhen, Dongguan, Shanghai and other funds, insurance companies, brokerages,Trust Company's inquiry director, have told reporters that the new issue two after the reform of new shares more and more difficult, some of the funds are not small inquiry agencies have begun to sprout retreat, because there is a very large number of new shares of uncertainty, even if the price is high, not necessarily in the lottery.　　Hot IPO inquiries not only led to a surge in share prices after the IPO, but also caused a lot of unease among many inquiry agencies. Inquiry agency Crazy Bo Silly because the new issue two reform canceled the net placing, frequently over dozens of times times the purchase to make the agency need to shake the number.　　After the expansion of the inquiry, institutional investors as far as possible to obtain a high number of scarce new stock chips, had to take to the highest price as far as possible to report, and then wait to shake the number, look forward to the favor of the goddess of fortune.　　19 board listed companies under the network for the allocation of quotations, the issuance of three high prices so that institutional investors are extremely enthusiastic at the same time, there are a number of institutions can not be checked, the bad fortune extremely helpless. Reporter access to information learned, fuling mustard tuber (002507.SZ) under the network for the placing of quotations,　　CICC Company's own departments to spend 168 million yuan two times the purchase price, each declared to apply for the amount of 4 million shares, the first quotation for 19 yuan, the second quotation for 42 yuan, fuling mustard Network under the net inquiry to declare the highest price quote that is the creation of the gold company.　　Although the final issue price of Fuling mustard is only 13.99 yuan/share, but because of bad luck, the company continued to improve the price of the bid in the lottery to find nothing. In spite of this, CICC's enthusiasm for participating in the IPO remains hot.　　In Fuling mustard tuber under the net placing drubbing, CICC began to switch to the boss of Electrical Appliances (002508.SZ) under the network inquiry purchase. This CICC use of the net under the purchase of funds to increase to 240 million yuan, the same take two times gradually improve the bidding strategy.　　The first quotation is 28 yuan, the second quotation is 32 yuan, the number of each quotation is still 4 million shares.　　Sent a ruthless CICC, the second quotation again to create the boss under the electric net inquiry to declare the highest price, and the boss of the final set of electricity prices only 24 yuan/share. However, the creator of the people.　　At the expense of CICC in the boss of the electrical network under the allocation of inquiry still not harvest.　　Fuling pickled mustard tuber 53.81 times times a thin start, CICC reported the highest price-earnings ratio to 161.5 times times, in its mind, fuling mustard at least can give 73.08 times times the diluted price-earnings ratio. The price of CICC's appliances for bosses is also staggering.　　According to its highest offer, CICC offered a 62.74 times-fold initial earnings ratio, compared with 47.06 times times the real starting price. 8th, Beijing, a securities company in charge of capital markets told reporters, "in the market is not good situation, the various agencies to play new shares of the enthusiasm is very high, there are many institutions themselves do not make valuation pricing analysis, but the upside to ask a broker, inquiry when the newspaper how high appropriate." "In addition, the reporter found in 19 small and medium enterprises under the network placing inquiry ShenIn the course of the purchase, there are intriguing invalid declarations.　　Rich-country funds in the Lifan shares (601777.SH) under the network placement, because the securities account and the reporting information inconsistent, resulting in the purchase platform can not submit requisitions.　　Industry analysis, rich-country funds for the application of the account and the information is inconsistent with the reasons, may be related to its capital position scheduling, due to the online purchase time is urgent, rushed into the rush.　　More Oolong is to participate in a listed company under the Network inquiry for the purchase of two Shenzhen private funds, the invalid reason is actually the account does not have sufficient funds, because can not be in the specified time to make money, resulting in quotations for invalid quotes.　　IPO network under the process of placing inquiries, Bo silly organizations more than CICC. 8th, a Shenzhen fund company asked the director of new shares, said, "The account does not have the money private participation in the network under the inquiry placing, to a certain extent, will help push the IPO price rising." And the network under the false prosperity of inquiry and purchase, it will lead to a real optimistic about a variety of the strength of the investment organization is difficult to increase. "IPO valuation pricing big Dislocation November 25, Crestec Securities sponsorship underwriting of the" (002518.SZ) under the net inquiry placing end.　　Crestec starting price is priced at 32.5 yuan/share, the first-rate earnings ratio of 62.5 times times. However, the statement of the "valuation conclusion of the Investment Value Study Report", published by Crestec in the "IPO Lottery and placing results" announcement, is: A study on the value of the Gold Ham (002515.SZ) investment by the main underwriter, combined with relative valuation and absolute valuation, based on various valuation operations　　, and consider the company's market position and high growth, the researchers believe that the company's reasonable value range of 28.6 yuan/share-32.7 yuan/share, the same industry can be compared to the listed companies in the 2009 average P/E ratio of 83.13 times times.　　In fact, Crestec main business for UPS and supporting valve-controlled sealed lead-acid battery development, production, sales and ancillary services; while the main business of the premier Ham is the development, production and sale of the fermented meat products such as Jinhua ham and ham product and all kinds of low-temperature meats.　　One industry personage pointed out that the production of sales of ham companies can become UPS uninterruptible power supply High-tech companies valuation comparable to listed companies?　　Is it true that Crestec's issue pricing is really a reference to the Golden ham or is there another reason?　　IPO pricing more people are in distress is in Shun Jie Rou (002511.SZ).　　In shun Jie soft issue price as high as 38 yuan/share, the first thin earnings ratio of 55.65 times times, by the securities underwriting sponsorship. However, the basis for the price of shun Jie flexo distribution is: According to the main underwriter of China Shun Jie soft Investment value Research report, combined with relative valuation and absolute valuation method, based on the company's nationwide marketing network, expected good profitability and future business development trend, the researchers believe that the company's reasonable value range of 33.90 yuan/ Shares-38.36 yuan/share, in accordance with the main products are fast eliminationFepin and sales channels and the company similar standards, select a shares listed companies in the same industry can be compared to the listed companies Yanjing beer (000729.SZ), Chengde Dew (000848.SZ), Huang's Dairy (0002329.SZ), Shanghai Home (600315.SH), Bright milk industry (　　600597.SH), Tsingtao Beer (600600.SH), to the closing date of the issue inquiry (T-3 Day, November 10, 2010) Close calculation, the same industry can be compared to the listed companies in the 2009 average P/E ratio of 69.13 times times. Data show that the main business of Shun Jie soft: high-grade living paper products production and sales. And its selected comparable to the main business of listed companies is not beer is milk, as well as cosmetics.　　According to industry classification standards, in Shun Jie soft products, technology, commercial sales model and yanjing beer and other companies are completely not comparable.　　However, in order to let the shun Jie soft to the high price issue, but to play the imagination of analysts, the so-called fast-moving consumer goods market hot spot, instead of serious industry investment standards, behind the motives of thought-provoking. 8th, a Shanghai Securities Company Asset Management Department of professional Investment analysts told reporters, "The issue of pricing analysis does not strictly comply with the country's industry standards, the market hot spot to valuation pricing, such a big diversion of the valuation, it is downright bluff." "It is intriguing that those who hold heavy sums and invest themselves in rational values are fully receptive to the analytical model of the price of Shun Jie in the trust securities researcher."