New shares issued three high stubborn disease remains to be solved

Zhou Xiaoyun Wind statistics show that since November 2 fuling mustard (002507.SZ), Day wide Fire (002509.SZ) and Boss Electric (002508.SZ) Three new shares officially issued, so far has 29 new shares through the issue, but the "three high" phenomenon seems to remain serious. Data show that the average price of new shares issued since the beginning of November is 28.2 yuan, with the average of 29.3 yuan issued for the SME board and GEM since the second half of this year (excluding November).　　The 29 IPO has an average of 62.12 times-fold earnings, and is slightly above the 58.55 times-fold price-earnings ratio of the IPO's two-time reform.　　In addition, the problem is still more serious, data statistics show that the IPO two times after the reform of the average of the new shares of about 655 million yuan, compared to the second half of the issue of the new shares in the average of more than 80 million funds, the amount of the increase is not reduced. Zhang, a securities researcher in the capital, told the first financial daily that if the dynamic P/E ratios for new shares after the two reforms were slightly lower than the P/E ratio in the 2010 and 2011, the price/earnings ratio had not been significantly reduced after discounting the factor. "Because the issue price is always high, showing that the funds are still more sought after, so naturally will continue to appear higher funds over the phenomenon of fund-raising." "From the two-level market performance of new shares, the first day of the IPO performance is not" to force ", the phenomenon of capital Fry has not been effectively curbed. As a new issue system reform of the first batch of new shares, fuling mustard, day wide fire and the owner of electrical appliances Three of the stock in the IPO is a capital stir-fry, the plate has been temporarily suspended. The first day of fuling mustard tuber rose as high as 191.63%, turnover rate is as high as 89.99%.　　After the explosion is a slump, fuling mustard after two consecutive days after the opening of the fall, the speed of the face is staggering. Some analysts believe that the reform of the new rules, the network under the placement of the number of the way, only the success of the institutions to obtain shares. However, this way of placing the new stock chips to a small number of institutions, for the institution of hot money speculation created conditions.　　This may also be the price of fuling mustard quickly pushed higher part of the reason. A brokerage analyst told reporters that the guidelines were designed by management to increase the sense of responsibility of investment institutions, avoid the previous institutions in the issue of new shares in the process of disorderly inquiry, interfering with the pricing of new shares, "but overall, this round of reform is still in the fine-tuning stage, the market also needs a certain period of observation to test the effect of the implementation of the policy." More reform measures are expected to be proposed in the future. ”