New shares break down and push down the price of a market

Commercial newspaper reporter Limbe after several batches of new shares appeared on the first day of the large area break, the issue price and P/E of new shares have been different degrees of decline. One of the 5 gem offerings today, the Hong-precision (300176) price-earnings ratio is only 45. 5 times times the lowest in one months. Not only that, the average issue price of this batch of new shares also fell a lot.　　This batch of new shares has a higher safety factor than the previous batch. The IPO price/earnings ratio began to decline, with only 57 of the 5 shares on average issued. 82 times times, the lowest is 45. 5 times times, the highest 73.　　1 time times, well below the 80, 90 times-and even 100-fold earnings ratio before. A researcher who declined to be a public identity said in an interview with a commercial newspaper that the frequent break in new shares this year and the ever-increasing break on the first day of the IPO will certainly force the first-tier markets to retain the option of fixing new offerings. "A two-tier market valuation decline will have a certain impact on the issuance of new shares." "" The two-tier market in the late November and mid-December was ideal, and the issuance of the new shares was also high as valuations continued to rise in the two-tier market. The researchers pointed out that the new shares of the SME board and the gem have been increasing the price and the P/E ratio.　　At that time, the issue of new shares issued a new record price, 120 times times, 150 times times everywhere. In fact, the issue of such a high valuation is not only outrageous but very dangerous.　　Because the rise in the new shares itself is a temporary speculative behavior of the hot money, once the two-tier market slump, speculation funds will be withdrawn, the performance of the IPO will also be affected. A similar situation has already appeared before.　　Beginning last February, the market shocks upward, the SME board index has also risen sharply, the issue price of new shares and the P/E ratio with the increase in the index, "three high" phenomenon is particularly obvious. From the point of view of the issue, three-dimensional silk (300056), Oriental Wealth (300059) is more than 100 times times, the National Technology (300077), the Sino-Green Po (300052) of the issuance of multiples are also approaching a hundredfold; from the absolute issue price, Jerry shares (002353),　　Green Water (300070), Warburg Stock (300074), Wambonda (300055), such as the issuance price of more than 50 yuan of a few, Hepalink (002399) The starting price is as high as 148 yuan. But the two-tier market, which started at the end of April, is a big adjustment May listed new shares have a break, especially such as Oak shares (300082), Canchi Pharmaceutical (300086), Guang Lian Da (002410) and other absolute distribution price of more than 50 yuan in the high-priced stocks, the first day of the listing on a large break.　　This round of mmmm until the market stabilised last July. The last round of new stock break frenzy also led to a sharp fall in the 6 July issue of the new shares, Pine Cheese shares (002454), Moen Electric (002451), Hundred Shares (002455), such as the issue of new and medium-sized board shares have plummeted to about 30 times times. Analysts believe the same problem arose in the mmmm of the new shares. "The two rallies that started last July and the end of September so that the small and medium-sized board, Gem in the two-tier market valuation has been greatly enhanced, thus, the issuance of the new shares of the higher price, from the lower 40, 50 times times up to 80, 90 times times, many new shares on the issue of multiples.　　"Not only that, the high price of new shares are also out of the river, the newly-developed shares (300159), the British Fly Billiton (002528) and some other shares of the absolute price of more than 50 yuan, Tomson Times Health (300146) of the starting price is up to 110 yuan." Since then, due to the market has been another round of adjustment, whether it is the main board of stocks or plates, gem stocks, have been implicated, began a long and endless decline, new shares also began a round of broken mmmm.　　After a collective break on the first day of two large new shares, the pricing of new shares began to converge. Recommended priority for the purchase of Hongda precision and Teng Bang International (300178) is today issued five new shares, the issuance of a low price-to-earnings ratio of two, respectively, 45. 5 times times and 49. 8 times times. In addition, the two new shares of the absolute issue price is also low.　　Analysts suggest that the two new shares should be given priority in the current market situation. "Now the concept of new shares, performance and so on, as long as the low price/earnings, the absolute issue of low prices and small plates of new shares, is to play a better choice, relatively safer." "The analyst believes that the two new shares, the Hong-te precision more worthy of bullish."　　He therefore advised investors to Honte Precision, Lang Yuan shares (300175), Sifang Tatsu (300179), Teng Bang International and Zhonghaida (300177) The order of the purchase. The number of this issue is 224.1 million shares, including 18 million shares online, offering a price of 16 per share. 28 Yuan, corresponding to the issuance of P/E ratio of 45. 5 times times. A single securities account can be subscribed for up to 1. 80,000 shares, the shelf purchase only need 29 capital.　　30,000 Yuan. The company specializes in the development, production and sale of precision die castings and assemblies for automotive engines, gearboxes and chassis manufacturing.　　The company's leading products for the high-end automotive engine and gearbox manufacturing, the fund-raising project for the automotive Precision die-casting processing parts expansion construction projects and light alloy precision Molding Engineering Center construction projects. Lang Yuan shares the total issue of 27 million shares, of which 21.6 million shares online, the issue price of 17 per share. 1 yuan, the corresponding issue price/earnings ratio is 51. 8 times times. A single securities account can be subscribed for up to 2. 10,000 shares, shelf purchase required funds 35.　　910,000 Yuan. The first number of the Quartet is 20 million shares, of which 16 million shares are issued online, with a price of 24 per share. 75 yuan, the corresponding issue price/earnings ratio is 68. 8 times times. A single securities account can be subscribed for up to 1. 60,000 shares, shelf requisition needs39.　　60,000 Yuan. The main business of Sifang is the research, development, production and sale of man-made polycrystalline diamond sintered body, synthetic diamond composite, cubic boron nitride sintered body, cubic boron nitride composite, synthetic diamond products and cubic boron nitride products.　　The company's fund-raising projects for composite superhard materials High-tech Industrialization Project, composite superhard materials products and composite superhard materials and products Research and development Center project. Teng Bang International total issued 30 million shares, of which 24 million shares online, the issue price of 21 per share. 9 Yuan, the corresponding issue price/earnings ratio is 49. 8 times times. A single securities account can be subscribed for up to 2. 40,000 shares, shelf purchase needs to use 52.　　560,000 Yuan. Teng Bang International is an air passenger transport sales agent, and provide hotel reservations, business travel management and tourism services, such as integrated tour service provider.　　The company raised funds for international Business Travel Operations Center project and Marketing Service Center project. Zhonghaida issued 12.5 million shares, of which 10 million shares online, the issue price of 46 per share. 8 Yuan, the corresponding issue price/earnings ratio is 73. 1 time times. A single securities account can purchase up to 10,000 shares, shelf requisition needs 46.　　80,000 Yuan. Investors hit new enthusiasm to Donfoulon (300171) to 7. The Oriental Tower (002545) also refreshed the record after the 164% online check rate hit a record high. From this batch of four new shares of the probability of the case, as long as the shelf purchase, the online dozen investors can hit.　　This is a rare phenomenon, and on the other hand, investors are no longer keen to purchase new shares. According to the Oriental Tower announced today's check rate information, the shares of the online check rate of up to 10. 11%. According to statistics, after the IPO restart, online check rate of more than 10% of the main board of the new shares of Huatai Securities (601688). Before, the online check rate is the highest in the SME board of New shares is Vinriyan (002434), 3.　　448%, the highest online rate of gem IPO is the big Rich technology (300134). This time only 2. 76.32 million investors in the online purchase of the Oriental Tower, the number of effective purchase shares only 3. 4.4 billion shares, the rate reached 10. 11%, 200,000 yuan to sign the Oriental Tower. Under the net also only has 14 placing the object to submit the valid declaration, the oversubscribed subscription multiple is only 3.　　8 times times.　　Judging by the online rate of the East Dragon and the Oriental Tower, investors are now deterred by higher-priced or more-expensive new shares, despite a drop in earnings multiples in recent days.　　Although the new joint Electronics (002546) has a higher p/e ratio than the Oriental tower, it is clear that the new-linked electronics are more recognised by the new distributors, because of the lower price and the smaller number of releases. The rate of information disclosure, there are 5. 1.45 million investors in the online purchase of new electronic, the new joint electronic online on the rate of 3. 934%, there are 17 placing objects submitted a valid offer, the excess subscription is 11. 17Times。 Main board new shares (601799) The online check rate is also up to 5. 769%, a record 6 months ago. The number of valid online subscriptions for Xingyu shares is 4. 49.64 million households, frozen funds 17.7 billion yuan, the net placing proportion is 5. 725%, the subscription ratio is 17.　　47 Times times. The online checking rate of radio and television Electric (601616) is 3. 43%, frozen funds 46.5 billion yuan, the net placing proportion is 26. 58%, the subscription ratio is 3.　　76 times times. News link Black alloy today black alloy (601137) listed today. According to the statistics, the brokerage gave the average first day forecast price of 26. 53 yuan, 1 lower than the IPO price of the new shares.　　8%. Haitong Securities gave a forecast cap. The agency expects a 0 per share gain for the Bo-Wei alloy this year. 83 Yuan, according to the 2011 30-35 times P/E, the company shares a reasonable valuation range of 24. 9-29. 05 Yuan. Dongguan Securities, which offer the lowest forecast, are expected to yield 0 per share this year. 71 Yuan, reference the same industry listed companies valuation level, the company's reasonable stock price range of 21. 3-28. 4 Yuan.