Institutions without fear of Chinese construction 51 times times PE net frozen capital trillion super PetroChina

The new IPO system has a clear effect on the Chinese architecture, according to the Chinese construction yesterday's announcement, the Chinese construction IPO net and the online check rate is 2.61% and 2.83% respectively, set the IPO online since 2006 the third highest rate.　　The lack of online proportions is also a sign of the agency's enthusiasm for Chinese architecture.　　China's construction of the net frozen funds close to 1 trillion yuan, this scale even beyond the release of the most high-profile Chinese oil (601857), which reflects the agency for China's construction of 51.29 times times the distribution of PE does not express concern, the Chinese construction in the two-tier market performance also has great expectations.　　Under the network frozen funds to create a A-share record from the Chinese construction network under the state of purchase, institutional funds for China's construction and high distribution of PE confidence. From the relevant data statistics, the new and old cut to the IPO system reform before, raising funds in the scale of 20 billion yuan in the IPO project, the net placing objects on average only 334, under the network to purchase the most enthusiastic distribution of only 484 placing objects to participate in, and China's construction network under the distribution of the allocation of objects up to 531,　　Far above previous levels. From the freezing of funds, the new and old cut to the new system before the reform to raise the size of more than 20 billion yuan under the IPO project network under the average frozen capital of 411.4 billion yuan, the network under the maximum size of the purchase of funds for the freezing of 799.2 billion yuan, this record for the release of the unusually hot Chinese oil　　PetroChina is also slightly above Chinese construction in terms of the number of shares issued and the total amount of capital raised, but the Chinese construction IPO network freezes nearly 1 trillion yuan, surpassing the highest level in the past. The new IPO rules determine the organization in the online and network between the two channels can only choose between the first, from the results, the institutional funds have apparently abandoned the purchase of the upper bound online subscription to participate in a 3-month lock-up period of the net placement.　　In other words, in the choice between risk and opportunity, institutional funds are clearly inclined to seize the opportunity to invest in new shares. EAS securities that the Chinese construction network under the heat of the purchase also to a certain extent, the agency for China's building in the future to give a certain degree of strength, and in the Shanghai Composite Index has reached 3,300 points of the background, the agency can be so hot to the net under the purchase,　　To some extent, it also shows that the institution is also full of expectation for the good outlook of the A-share market. Li Dahuan, director of the Institute of Securities, said to our correspondent, although from static PE to see the release of China's building valuation is higher, but due to last year in the real estate trough period, is a special situation caused by China's construction performance trough.　　And this year, the real estate industry in a clear recovery, the overall warming is a big probability event, coupled with the Chinese building more than 30 million square meters of land reserves of gold is still very high, from this view, the Chinese construction of the issue of the valuation will be reduced, the agency to purchase Chinese architecture can be achieved profits. The increase in profit space of small and medium investors in China's architectural IPO, due to the participation of agencies online purchaseRestrictions and only participate in the online subscription, resulting in the network under the purchase of funds significantly exceed the online purchase funds, so China's construction according to the prior scheme set from the Internet to the next 1.2 billion shares, so that the net and the final distribution on the net is 6 billion shares, which is also a a-share market the first online to the net to the next case. Before the callback mechanism was started, the net placement rate was only 2.08%, while the online check rate reached 3.39%.　　After the callback, the Chinese architecture still embodies the online check rate is higher than the net-rate of the characteristics, this is the first time since 2007. China's construction rate is significantly higher than in the past 1.14% and 1.03% of the Shanghai IPO in the average net and online check rate level, from the W IND data show that since 2006, the last time to restore the IPO, China's construction online purchase rate after Air China (601111) and ICBC ( 601398 and ranked third, it can be seen that IPO for online purchase rate of return has a clear boost effect. Theoretically speaking, the Chinese construction distribution online purchase on average every 150,000 yuan of funds can be signed, small and medium-sized investors profit space significantly increased.