IPO high price issue 300 billion super raise funds idle

-This reporter Liu Xinglong 150.82 Times times, the new research shares to become the highest ever issued price-earnings. "Not the most expensive, only more expensive" high price distribution is creating a growing number of sky-high IPOs. Super Raise fund scale expands unceasingly, since 2010 the listing 353 stock Super raises the fund to reach 308.03 billion yuan, accounts for the concurrent financing scale 60%.　　A large amount of funds idle and the two-tier market contraction of the shock to form a strong contrast. The three-high issue continued to enumerate all the shares, the first-price P/E multiples of a total of 14. January 7, 2011, the IPO of new research shares topped the list, up to 150.82 times times, December 9, 2010 listed the star of the second, 138.46 times times, the third on the November 12, 2010 Watson biology, 133.8 times times. In just three months, the "ceiling" of the A-share IPO was punctured three consecutive times.　　New research shares issued 150.82 times times the price-earnings ratio, without considering the first day of the market increase in the case, the gem is now the average value of 2.14 times times, the SME board 3.08 Times Times, Shanghai stock Board of 8.89 times times. At the beginning of 2010, with the new state, the Century Ding Li and Kang-hong, such as frequency multiples of the IPO, the market continues to question the high price of the gem issue, when investors will be higher than the issue of P/E, high prices and high proportion of super raise collectively known as "three high. After the correction in the market, driven by China's west, two heavy outfit, Hao Ning Tatsu, such as the first break mmmm emerging, the issue of valuation also quickly cooled.　　After one year, the first-tier market "three high" reappearance, and intensified. Not only the SME board, GEM, high hair impulse also spread in the motherboard market. January 7, 2011, A shares of the Hainan rubber issue 87.73 times times, after the 2007 listing of China Ocean and China Life, is nearly 3.5 since the most expensive motherboard new shares.　　This has also made the January 7, 2011 listing of 6 new shares on average issued a price-to-earnings ratio of 92.18 times times. Broken mmmm or reappear for the January 7 listing of new shares, the first day of the first performance is ice-fire double days. 150.82 Times times the issue of valuation did not let the new research shares on the back of the burden, but became the first-day performance of the best IPO, Rose 52.36%, and one fell into the "Hundred Unit" club.　　And the treasure is quite not smooth, opening less than a minute is below the IPO price, become the gem of nearly half a year to break the first day of new shares. In fact, in the last batch of gem new shares, Elcoteq power supply, the first day of the company's shares rose only 1.95% and 3.12%, the trend of new shares to decline is very clear.　　With the housing treasure "quilt", a year ago the first day break mmmm or will repeat. According to the data since 2009, the first day performance of new shares mainly depends on the market environment, rather than the level of the issue valuation. In late January 2010, Sheng from 3,268 to 2,900, and huge market volatility left 5 new shares in the same period. The current a-share market, although the chances of a sharp correction is small, but the deal. December 29, 2010, the market created four quarters of the same year since the amount of land, nearly two trading days in Shanghai turnover is below the level of hundreds of billions.　　2010 years of the Four seasons with a strong rebound in the market, the new stock camp did not break, and now under the influence of monetary tightening, the liquidity of the market environment is still tight enough to support a high price issue of the market is worrying. It is noteworthy that the high issuance of new shares is also caused by the current two-tier market "lack of money" important reason. High-priced issuance makes the proportion of the IPO more and more higher, since 2010 the listing of 353 stocks raised capital of 501.222 billion yuan, and the super raise funds reached 308.03 billion yuan, accounting for the proportion of 61%. Due to the lack of suitable investment projects, the majority of these funds are deposited in banks, a small number of purchases of property, liquidity and so on.　　The current situation is that on one hand the IPO from the market constantly "pumping", a large amount of idle money, on the other hand, the market lacks liquidity support, the stock market rebound twists. Market participants said that the current reform of the new issue reform in the second phase, the reforms aimed at high prices, large proportion of the issue of bidding, the introduction of a restraining mechanism at random and other specific measures. However, the new shares "aristocracy" is still frequent, more than 90 times times the level of P/E has been seriously overdrawn the growth of small shares.