Million horse cable pricing by the market recognized the first day of "speculation new" risk should not be overlooked

Securities Times reporter Wu Qinghua as an IPO restart the second single, Million horse cable issued by the market wide attention, its online subscription over subscription multiples as high as 750 times times. At present, the million horse cable pricing and network placement, online subscription work has been basically completed, and will be listed on the listing.　　Yesterday, Wan Ma cable main underwriter of Ping An securities investment banking department managing director Handing on issue pricing and other issues received the securities Times reporter's interview.　　Reporter: First of all, congratulations million MA cable distribution to a complete success, compared with the IPO system before the reform, the issue of underwriting work you feel the deepest? Handing: Wan Ma cable is ping An securities in 2009 IPO system reform implementation of the second single IPO project, on the basis of fully understanding the spirit of the guidance on further reform and improvement of the IPO system, we have done a great deal of preparation for the distribution scheme and the distribution work flow of the million-horse cable.　　The release work is progressing very well.　　In the whole work process, the biggest feeling is that the new issue to the market direction of the development of the leapfrog, resulting in the behavior of the main market has changed greatly, especially in the preliminary inquiry and pricing link fully embodies the market game.　　Reporter: Can you explain the new IPO system, how the million-horse cable pricing, in this process, the issuer, the main underwriter, the network of institutional investors and other market subjects behavior changes?　　Handing: IPO Pricing marketization is one of the core links of this reform, the final pricing is the result of the mutual game formation of various market factors, such as investment value and risk, underwriting risk, information disclosure responsibility, credit accumulation and business ethics, etc. Under the network, institutional investors have strong ability in value understanding and risk identification, and their independent reporting data is the basis of pricing. The price of an institutional investor in any network cannot directly determine the pricing result, but it may affect the final pricing level, and based on the "buyer's offer" principle, the price below the final pricing is regarded as an invalid offer, will lose the investment opportunity, above the price of the effective quotation must be all purchase,　　Therefore, investors need to be cautious about their inquiry behavior. The new system gives issuers a better opportunity to express their value, but in the course of road presentation, the pressure of issuers is also significantly increased. On the one hand, we should make a scientific distribution plan, effectively organize the roadshow promotion activities, and help the issuers to show their investment value. On the other hand, we should negotiate with the issuer to determine the reasonable issue price on the basis of the data quoted by the institutional investors.　　In the process of consultation, we should help the issuers to rationally understand the reasonable valuation level of the company, the institutional investors ' willingness to offer, the reasonable demand for raising funds and the fluctuation of the two-level market, and finally form the price of the distribution. For small and medium-sized investors, to have a strong sense of risk, consider whether they have the ability to undertake various risks, otherwise should not participate in the new shares purchase. Should not exist in the new stock purchase must make money ideas, also do not in the two-tier market blindly follow"Fry new".　　I see the Shenzhen Research report shows that the overall loss ratio of individual investors who have "scrambled new" in the SME board since 2006 has reached 51.28%, which is very alarming, and I think the risk of "speculation" is even greater in the current market situation.　　In a word, the change of the market main body is how to "return to the responsibility" problem, each party should consider the risk and the benefit independently, responsible for own behavior.　　Journalist: How do you understand the "dilution of administrative guidance" as the new IPO system emphasizes marketization and dilutes the regulatory authority's executive direction on IPO issuance? Handing: In fact, throughout the process of the design of the distribution plan, the choice of distribution window, the final price of the issue is determined by the issuer and our independent consultation, the regulatory authorities did not provide specific guidance.　　Million horse cable distribution process, we through the way of the announcement of the full and rigorous clarification of the issue of the inquiry, pricing and purchase of the game rules, the net investors are very standard price, the price chain of scientific and reasonable synthesis of various factors, the regulatory authorities did not give guidance on pricing results.　　This is particularly important for small and medium investors, regardless of the pricing results, does not mean that the regulatory authorities to the issuer's investment value and the price of the endorsement, if it is determined to be high, only to show that someone is willing to buy, can not assume the corresponding investment risk should not follow.　　Interviewer: Can you comment on the pricing level of the million-horse cable distribution? Handing: For the million horse cable, 11.50 yuan of the issue price is very reasonable. From the quotation data, we have obtained 153 of the unified quotation of 543 of the placing object of the initial inquiry quote information, 13 yuan and 10 yuan below have a considerable amount, but 10-13 yuan between the purchase will be clearly concentrated. A price of 11.50 yuan, 189.38 times times more than the multiple declaration multiples, covers a 46% willingness to purchase, and the willingness to purchase near the price is particularly intensive, and we believe that it represents the main intention of the market. Negotiated pricing, we also consider that the price within a reasonable valuation range, the amount of funds raised in moderation.　　The final online release of 0.133% of the rate, also indicates that the majority of investors to the price level of the rationality of recognition.　　Journalist: Does such a high subscription enthusiasm bode well for a big increase in the market for the million-horse cable? Handing: Don't have this logical understanding. Subscription enthusiasm on behalf of the current market atmosphere is more active, in this active market environment, the value of the stock is more easily be fully explored. Million horse cable This price level has been a reasonable reflection of the company's current investment value, the future rise or fall, mainly to see the issuer more long-term operating level. If we carefully study the "guidance" and the announcement of the million-horse cable, it can be clearly inferred that the online issue of stock is completely dispersed in the hands of the majority of small and medium-sized investors, under this shareholding structure, I think the past "speculation" strategy is not possible. Plus July 2 Shenzhen also timely issued the "on the improvement of SME board initial public offerings of stock market first-day trading monitoring and risk control notice",On the plate in the first listing of the issuer of the day stock price, so if the market atmosphere is still too high or too big open IPO, I personally suggest that small and medium investors should take into account the risk of holding later, should not blindly follow the high hype.