Most expensive stock break Shing loss 770 million

(Reporter users) A-share motherboard "most expensive" stock sinovel wind power to record. Yesterday, the listed Sinovel opened the break, the final fall 9.59%, as the first time since 1995, the worst performance of the main board of new shares.　　Analysis that the high price and industry competition is the main reason for Sinovel break. The opening break Sinovel wind power to 90 yuan in the IPO price on the main board, set a A-share board of the highest issue record. Yesterday, Sinovel to 87 yuan Open, the opening break, then the stock price all the way down, the final closed to 81.37 yuan, down 9.59%, the first day turnover rate of 28.62%.　　From the first day of the close decline, sinovel performance is only better than last year's IPO gem shares (9.91%), but also become a share of the main board since 1995, the first time since the listing of the first performance of the new shares.　　Citic Securities issued a report yesterday, said Sinovel's reasonable valuation range between 65 yuan-80 yuan, the issue price of 90 yuan significantly higher. A shares of the same goldwind technology is an important reference. Citic Securities believes that Goldwind and sinovel 2010-2011 business structure, market position, profitability and growth potential are very close, according to the 2011 20 times times P/E valuation is more reasonable.　　Citic forecasts 2010-2012 earnings per share of 2.83 yuan, 3.64 yuan, 4.49 yuan, so the value of 65 yuan-80 yuan.　　Shing market value of 770 million in accordance with the price of 90 yuan, before, Sinovel President Han Junliang holds a market value of 10.8 billion yuan, the actual control of Tibet new League, Shanghai, the first general manager Shing shareholding market value of more than 8 billion yuan. Sinovel, which traded on the first day, did not allow two billionaires to rise. According to yesterday's closing price, Han Junliang stock market value shrank 1.03 billion yuan, no longer "billion" said.　　Shing's stock market also shrank by 770 million yuan.　　The indirect holding of sinovel more than 10 million shares of shareholders Geo Jidong yesterday said on Weibo, understanding investors on the debut of Sinovel, but believe that Sinovel has the strength to create the first five years of glory. Some analysts have pointed out that the price war has begun, wind power equipment manufacturing capacity relative surplus. From the whole industry gross profit margin, thanks to the increase in localization rate, from 2007 to 2009 the entire industry gross profit margin is in the rising stage, but from the beginning of 2009 there has been a slowdown and decline trend.　　In the case of Goldwind, 2009, the gross profit margin of its machine sales was 25.6%, and in the middle of 2010 it fell to 23.8%. The phenomenon of gem new shares on the first day break show strong shares yesterday break, 6 of the institutions are all shrinking 1.11 million yuan (reporter Liu Xia) gem new shares break scene again. Yesterday's show strong shares opened quickly below the 35 yuan IPO price, closed to 33.58 yuan, 4.06%. Other 4 gem shares in central China CNC, Lehman Photoelectric, pioneer new materials and sources of oil rose in 7%-15%. With the rapid expansion of the gem, gem new shares break frequently appeared. January 7 landing on the gem on the first day of the home is break, become the 2011 debut break of the new shares.　　However, compared to the previous two years apart for six months, the show strong shares away from the home treasure break only 6 days. On December 9 last year, the 138.46 times-fold price-earnings ratio of the galaxy was issued, and after that, it was updated with a record of 150.82 times times the IPO.　　The 5 shares that were listed yesterday averaged more than 100 times times earnings. "The recent market downturn, the desire to deal is weak, but also cause the cause of the gem break," the Datong Securities Hu Xiaohui also told reporters, "a period of time before the market rumors of a lot of pressure on small and medium-sized enterprises is heavier."　　For example, the annual submission to the highest ten send 10, such as rumors prohibit the fund to buy the day more than 5% of the SME board gem and so on. Yesterday break of the show strong shares, the final allocation of the 6 institutions are, China Merchants Securities cash cattle set asset management plan, Tak Shing Bond Securities Investment Fund, the National Security Bond Securities Investment Fund, the National Social Insurance Fund 406 portfolio, Xingye organic growth flexible allocation of hybrid securities investment funds and Nanjing Tong Tian Technology Industrial Co., Ltd. own funds investment account.　　The 6 institutions, each costing 27.3 million yuan, subscribed to 780,000 shares, which shrank by 1.11 million yuan at the close yesterday and became 26.19 million yuan. It is noteworthy that, in the January 7 break of the net placing list of the treasure, the show strong shares of one of the institutions of investment securities cash cattle Collection asset management plan also "unlucky" appeared.　　With 450,000 shares, the $22.05 million that had been paid was only 20.52 million yuan yesterday.　　Ask how the break into the normal distribution system reform?　　According to Xinhua news agency, the frequent break of the IPO sparked concern, some analysts believe that for a mature market, new shares break is an inevitable trend.　　Capital Securities analysts said that in the current issue of the implementation of the audit system in the context of the large-scale break reflects China's inquiry system there is a great reform space.　　SSE general Manager Song Liping in the new issue reform seminar has said that in the gem listed enterprises in the process of inquiry, there are a small number of requests for quotations and other improper behavior, underwriters have views on this, but also to the exchange to reflect, but still can not exclude them.　　Some analysts believe that the completion of the reform of the distribution system needs to solve the problem of intermediary agencies, the intermediary agencies and other relevant stakeholders in the process of listing all the details on the record, errors will be prosecuted, to standardize the agency's behavior. Guo Tianyong, director of China Banking Research Center at the Central University of Finance and Economics, argues that "three high" is the result of market-oriented choice after the reform of the IPO system, and the "three-high" problem will gradually disappear as the scale of China's capital market expands and the market pricing mechanism is continuously perfected.