New shares break the wind broker self cautious play

Editor's note: It is a problem to play new or not to play new. The first day of IPO frequently breaks, tests the professional investment organization to the market judgment.　　In the course of the interview, the Securities Times has found the two new mentality in the current point of view, or can provide some reference for investors. Securities Times reporter Li Dongliang as the two-tier market faces valuation downside risks, last week's IPO performance gave the market a big surprise. Data showed that last week, the style of shares, Hung Road steel, Sirte, Xindu Chemical and Asia-Pacific Technology 5 shares on the first day of the break, the average decline of more than 11%.　　As of the last Friday, in addition to the steel construction of Hong Road, the remaining 4 new shares in the closing price is still below the IPO price, the average discount is still nearly 10%. The other 15 IPOs, which were listed in January, averaged 17.07% per cent on the first day.　　But in the 5 trading days after the listing, only a small increase in environmental protection on the first day of the close of 3.16%, the remaining 14 stocks have opted to break down, on average, compared to the first day of the closing price fell to 10.53%, of which 8 new shares below the offering price. New shares break cold wave, so that the brokerage self-made enthusiasm suddenly cooled.　　A number of securities brokers have told the Securities Times reporters that the recent new will tend to cautious, and some even temporarily give up the subscription. Shanghai, a large brokerage of the private sector, said the company's previous inquiry to fill in the price criteria, is generally found in the two-tier market in the industry, profit models and other aspects of the new shares with comparable companies, and then according to a certain discount in the inquiry when the offer.　　After repeated breaks in the new shares, the company's demand for discounts will be expanded. The same concerns have been expressed by people in charge of inquiries from the proprietary business unit of a large Shenzhen brokerage.　　He said the company's proprietary sector had been cautious about new developments and had considered temporarily not participating in any IPO inquiries, given the recent break in the IPO. Compared to large brokerages, small and medium-sized brokerages have always been more enthusiastic about playing new. However, with the new shares repeatedly break, some small and medium-sized brokerages to play a fresh camp signs of loosening. "Primary and two markets are no different to us.　　"The owner of a small and medium-sized securities broker said if the share price in the primary market is lower than that of the two-tier market, it will sell stocks in the two-tier market to buy new shares; Now there is a downside risk in the two-tier stock market, and there should be a downward spiral in the first-level market. The investment manager of a Shanghai securities broker said that the new stock break and the organization often present a certain lag, that is, there will be the first share breaks, and then the organization would be cautious.　　is currently in the new stock break stage, which will be watered down some of the securities companies to play a fresh initiative. The investment manager said that if the observation cycle is relaxed to the past year, the new stock break is still an individual phenomenon, unless in the next six months to a year still continue to appear the status of the current issue, or the agency to play a fresh enthusiasm is easy to rekindle again, after all, a large number of brokerages in the market also has a "copy bottom" complex.