New enthusiasm hits record high

Information Times reporter Ye Jing "not the highest, only higher."　　"Use this fashionable advertising language to apply now a a-share of the rate is appropriate." After the year, a-shares continued to oscillate, new shares were break, according to the Giant Ling consulting statistics, break rate of up to 55%. With the "loss of money effect" of the spread of investors to "play new" interest is also increasingly low, resulting in the IPO rate Zhimakaihua: January 19 issued by the SME Board of new shares million and electric, the net under the rate of up to 40%, to create a new board of shares under the record rate of the all-time high　　, January 25 issued the new shares Oriental Tower, online check rate quickly up to 10.1%, after the 14.43% of Huatai Securities, created nearly a year of new shares online check rate of new highs. New share frequency break hit a fresh enthusiasm plunge 2011 Open the door unfavorable, the market continues to oscillate lower, new shares breaks large area appears. In this context, the new enthusiasm of institutional investors quickly cooled. Statistics show that, as of yesterday, since January has issued 31 new shares, there are still 19 break, are Oriental state letter, Hung road steel structure, the source of oil, pioneer new materials, medium-rock soil, West pump shares, Sirte, Wanda information, Million and electric, Dwight Video, Black alloy, show strong shares, Zhendong Pharmaceutical, Home Bao, Xindu Chemical, Hilimeda, Tin Rui Instruments, Asia-Pacific technology, style shares and Sinovel wind power. Among them, more than 10% per cent fell to 8.　　The frequent break of the new shares, so that the enthusiasm of the agency to quickly drop to the freezing point, in January to participate in the single share of the IPO network only about 41, the average number of institutions in December 2010, compared with the average 92 companies, a fall of more than half. Under the influence of the large reduction of the number of the placements in the network, the probability of the IPO is rising. January 19 issued by the Board of the Board of new shares million and electric, online check rate of up to 40%, a hit to create a new board of the new stock network under the record of the record; January 25, Donfoulon, Yuan Li shares, such as 5 Gem announced the announcement, the data show that the average number of new shares on the Online frozen funds amounted to 132.7 billion yuan.　　Among them Donfoulon the rate is as high as 7.16%, set the gem has the highest record.　　Two days later, 4 new shares also announced the online purchase rate, the second board of the East tower, the rate of 10.1%, refreshing the gem of the company's East Dragon Record, and create 2009 IPO restart since the highest level of the board.　　Analysis of the industry, in addition to the new shares break lead to play a fresh capital away from the field, thereby significantly increasing the rate of the IPO, the recent new intensive issuance of frozen funds is also the important reason for the rate of increase.　　Statistics show that since January, the average number of new shares under the net is up to 9.41%, compared with the December 2010 average of 4.57% in the net, the rate of increase 1 time times more. To hit a new example of a mine fund to reduce the price of the high probability of the IPO, the final result of frequent break is that the institutions involved (individuals) have a large area of losses. where valuesTo mention that, for the new and enjoy the debt base, according to incomplete statistics, this year in the new venture has lost more than 260 million yuan. There are 80% more or less losses in the debt base, with a maximum loss of more than $18 million.　　Some of the debt base, such as stable debt base, fell more than 3% per cent, the fastest decline in the debt base. The biggest break in Sinovel, for example, ended yesterday with a closing price of $73.25, down 18.61% from the $90 issue. According to the information, 7 funds were involved in the placing of their nets, and a total of 1.51 million shares were allocated. Among them, the large value growth, the middle sea income and the stability of the square reached 517,200 shares, 310,300 shares and 258,600 shares respectively.　　China Rui Wind power to participate in the new fund, the current floating loss has more than 25 million yuan.　　It's worth mentioning. At present, its price discount of 18.54%, ranked in the new stock break list of the runner-up position, the successful participation in the network under the placing of more than 53 institutions, including 20 public offering fund, as of yesterday's total loss of more than 64.37 million yuan, but also at present let the fund lose most of the shares. Lesson wit, the losses caused by the new equity break, have made fund companies more cautious about pricing new shares. January 27, radio and electronic, Xingyu shares, the new joint electronics and Oriental Tower, and other 4 companies published under the net placing results, it is reported that the fund in the quotation phase of the offer has been greatly reduced. Radio and television has received a total of 28 of the allocation of effective quotes, including 12 fund companies under the public offering funds and social security portfolio, including 22 products to participate in the offer, but most of the fund's price is far below its 19 yuan of the issue price.　　In particular, Huaan enhanced income, only to give a 12 yuan quotation, lower than the lower limit of its price range of 16.2 yuan, and willing to give a high price of the fund only a few. At the same time, the new joint electronic only received 17 of the target of a valid offer. Although the state union, Warburg Societe Generale, Peng Wah, Suisse and investment and other fund companies are involved in the offer, but the final allocation of 6 of the placing of the object, only Huaxia bonds a fund, actually received 700,000 shares.　　The new joint electronic underwriter of Huatai Securities offered a reasonable valuation interval of 44.1 yuan ~49 yuan, but eventually the new electronic IPO price only 33.8 yuan. In addition to the lower price, some organizations have used the occasional two-or three-document price quotes.　　such as the rich days of growth on the radio and television Electric reported 18 Yuan and 16 yuan two prices, respectively, corresponding to 3 million shares and 4 million shares of the proposed purchase volume. This situation, the January 27 began to purchase the 5 Gem Company's IPO price and the issuance of a P/E ratio has also been significantly reduced. Data show that Hong Special precision purchase price of 16.28 yuan, the issue of 45.47 times times the issuance of P/E; long-source shares of the purchase price of 17.10 yuan, the issue of 51.82 times times, the purchase price is 46.80 yuan, the issuance of P/E multiples of 73.13 times times, Teng State international purchase price of 21.90 yuan, the issuance of a P/e ratio of 49.77 times times, the quartet reached the purchase price of 24.75 yuan, the issue68.75 times times.　　The 5 companies have an average of less than 60 times-fold earnings, a recent low. Industry insiders said that the agency to provide multiple prices, mainly for risk considerations, if the final fixed price is lower, you can purchase more; If the issue price is too high, less to purchase some. This is also from another point of view, the current institutions on the purchase of new shares cautious attitude.　　Some fund companies have even said they want to suspend new business. The reporter observes the new stock inquiry system urgently needs to improve overall, the new share break is caused by a variety of reasons, both market factors, new stock expansion speed is accelerating, one day five or six shares Qi Qi to play the phenomenon, diverting the money, but also the company's internal factors, some companies grow or expected to be poor, so that investors enthusiasm is not high.　　However, whatever the blame, the point that cannot be obliterated is related to the reform of the IPO system. In November 2010, the Securities and Futures Commission launched the second phase of the reform of the IPO system, hoping to increase the number of IPOs in a single institution, making it return to rationality and prudence in the IPO pricing declaration, and to cool down the IPO in the "three High". But after that, the issue of new shares issued a record price-earnings ratio of 150.82 times times the highest price-earnings ratio, the company's environmental protection to 778.9% of the super raise rate to create new highs.　　Since then, Sinovel wind power to 90 yuan to set the price of the Shanghai Board of the new record. Southwest Securities chief strategy analyst gang that new issues constantly challenge the market to endure the bottom line, when the market is not recognized, the "new issue" myth will be broken. And the large-scale break reflects our country's inquiry system has a great reform space, but also shows that in the implementation of the second phase of the new issue reform measures on the basis of the need to further improve the follow-up supporting reform measures.