New IPO frequent break fund or participate in gem speculation

Panorama May 27 News of the May IPO focused on the first day of the tragedy, even the gem of the new stock of the myth also dashed.　　The fund may already be trying to "Fry" the gem, under a policy that allows the regulator to buy gem stocks on the first day of the market. Almost every new IPO in May will have a first-break share. May 11, the SME Board of new stock new silk break; May 18, four new stock market, more than fluorine, Qixiang Tengda and Far East transmission three stocks break; May 20, the first day of the gem break, Otis shares and Jin Sheng shares break; May 25, Canton Tatsu break; May 26, Canchi pharmaceutical break.　　It is worth mentioning that, in addition to Linda Silk is a plate below the offer price, the rest of the opening is below the IPO price. "The new stock break is due to the high valuation, the higher P/e will bring the risk of break, the valuation is too high must experience the process of return to rationality." At the same time, the recent weak market environment is also one of the reasons, the overall dynamic valuation of the market move down the process, new shares are inevitably difficult to maintain a high p/E.　　"Jing Shun Great Wall domestic demand Growth fund manager Wang Penghui said." Frequent breaks in new shares have also raised concerns and concerns among regulators.　　May 18, the Shenzhen Stock Exchange has issued oral notice to the fund company, the public offering fund can be in the gem on the first day of market to buy gem stocks. At the beginning of the gem, in order to prevent the first day of the gem to Fry, the fund company Investment Gem has two restrictions, one is to prohibit public offering fund to buy gem stock, second, when the gem listed companies rose more than 5%, prohibit public offering fund to buy the company stock.　　It can be seen that the regulator wants to let funds in the hands of funds to enter the fund to reverse the trend of frequent break of gem shares.　　And the fund may have been waiting for the move, Shenzhen Stock Exchange published after the transaction data show, May 26, Gem IPO Canchi pharmaceutical first break, but the top five buy seats in the body accounted for two seats, the total buy 59.97 million yuan, accounting for the total turnover of 15.7%. Wu Santao, the manager of Soochow New venture capital, the main investment enterprise Board and the SME stock, said for new options, usually choose to watch its 2-3-year development prospects, and the issue price in a reasonable interval of the company to purchase, if the special bullish company's IPO is too high, it is necessary to see its future growth can quickly digest this high valuation.　　The main field of vision in the pharmaceutical, retail, food and beverage and other consumer industries and new materials, new technologies, energy and energy conservation and environmental protection industries. The comparison can be found that the Canchi pharmaceutical industry is the same batch of four new shares issued the highest price-earnings ratio, reached 62.5 times times. But the company was doing well, with a 90% increase in the first quarter of the year, after a nearly one-fold increase in net profits in 09. And the company mainly produces children's medicine, the main products Rui Zhi Qing in the children of antipyretic and analgesic drugs sales market ranked first, and the company is the first to intervene in the third terminal market, one of the enterprises, with obvious advantages of the first. From the growth, industry choice, SIG pharmaceutical industry fully meet the fund to make new standards. And when the new shares break, the fund will be able to get a lower cost than the IPO price. May 26 After the first break, the second day of the listing Canchi pharmaceutical industry opened more than 5%, and in the wake up trading. (Panorama net/Yin Yu)