New shares rise lower on first day

The market continues to slump, the same drag on the first day of the IPO performance. Yesterday, 3 Gem IPO, the result of two only rose in nearly 2.5 months of low.　　Among them, Rui Ling shares rose 3.12%, Elcoteq power supply rose 1.95%. The first day of new shares rose less than October 15, in the small and medium-sized Hinur on the first day of the first day rose only 1.5%.　　The close of the company's power supply yesterday reached a new low on the first day of the IPO in nearly 2.5 months, only a step away from the break, and the lowest price fell to 40.5 yuan, up only 1.25% per cent from the $40 IPO. Elcoteq Power yesterday's turnover rate also hit the recent IPO new low, the whole day turnover rate is only 53.06%. The exchange rate for the shares is only 63.25%.　　Yesterday's best performance of the new shares of gas control technology closed up 30.9%, the turnover rate reached 86.37%. The dismal performance on the first day of the IPO has also caused a sharp contraction in the "new specialist" earnings.　　The deal billboard shows that yesterday ranked 3 new shares sold in the top five were all five "hit the newly-specialized" swept, is the national letter of the "Three Musketeers" state Securities Shanghai Beijing East Road, the state letter securities Shenzhen and Nine road, National Letter securities Guangzhou Dongfeng Road, as well as the wealth pass securities Shaoxing People's Road, Huatai Securities Jiangyin Forte Road. Elcoteq power of the IPO rate of 0.469%, each of the signing of a contract requires 4.26 million yuan; the IPO rate of the shares of Rui Ling is 0.821%, and each one of them will need 2.34 million yuan to sign a contract.　　At yesterday's closing price, each of a visa to the Thai power supply only 390 yuan, the yield is less than one out of 10,000 per cent, a sign of the shares of the profit of 600 yuan, yield less than three out of 10,000. Deal billboard show, yesterday the best performance of the new shares burning control technology, there are institutional funds in a large amount of intervention, 3 institutions to buy 85.97 million yuan, accounting for yesterday's 9.22% of the turnover. Another agency bought 8.02 million yuan from the company. and to buy the power of the department is the sales office seats.　　Of these 3 new shares, there are "hit the newly-specialized" from the song, buy and sell the amount of the same list. New shares break again in batch statistics found that since mid-July, the end of the large-scale "broken mmmm", a-share market only two new shares on the first day breaks, respectively, September 29, the listing of the SME shares and September 28 listing of the large market shares Ningbo port.　　However, since the middle of November, as the market has been declining, the first day of the IPO performance is also more and more depressed, since December has been 5 new shares on the first day of the increase of less than 10%, including December 24, the listing of the new SME, as well as the December 28 listing of the Shanghai Board of the And after two consecutive days of decline, the day before yesterday, the British fly Billiton has fallen below 53.8 yuan of the issue price, although a rebound, but still did not stand on the issue price.　　Sub-star chain yesterday also a break and a long time in the price below the price hovering, only the tail plate with the market rebound, barely stand on the top price, 22.51 yuan close to only 1 cents higher than the issue. Furthermore, 1210th months of the listing of the SME Kailash shares, the October 21 listing of the SME stock market in Zhejiang Yongqiang, November 25 listed in the Shanghai Board of the IPO Lifan shares also in the December 27 break, the November 2 listed new SME shares December 28 break, these new shares are still under the issue price. Other recently listed new shares such as the South Pump, overpass lifting, fragrant snow pharmacy, Jiangsu Broad-minded, Dalian Port are hovering around the price.　　Before the listing of new shares, new shares break more, September 28 listed on the market, Ningbo Port yesterday the lowest fell to 3.1 yuan, the closing price of 3.16 yuan to 3.7 yuan from the price gap widened to 14.59%. Issue reform, bubble still blow big new shares broken mmmm again, Zhejiang Business Securities analyst Shi Quake, the IPO first day break is now in sight.　　The main culprit is the bubble of new offerings. Flush IFND statistics show that, in December this year, the average issue of the IPO price-earnings ratio of 75.88 times times this year, the highest in each month, compared to the previous 67.36 times times the highest average price-earnings ratio of 8.5 times times higher. In other words, since the launch of the second round of reform in November, the bubble of new shares has blown sharply.　　The reform of the distribution system seems a bit of a donkey's taste. The most outrageous is the Monday issue of new research shares, the issuance of a price-earnings ratio of up to 150.82 times times, and then break the history of the IPO. The December issue of more than 100 times multiples of 3.　　December 6, the issue of Tomson Times Health, the issue price reached 110 yuan, set a hepalink since the new high. In addition to the new issue of the bubble more and more, the increase in the number of new issues has increased the pressure on the two-tier market, affecting the IPO performance. Throughout December, the number of new offerings reached 36, with May becoming the largest number of new offerings in the month. Only this week, the number of new shares issued reached 10, an average of two per day.　　The number of new shares issued in the year 349, almost daily (trading day) issued 1.4.　　After New Year's Day, according to the current information released, the January 4, 2011 to 6th alone in the three trading days, there are 11 new shares issued, including 5 gem new shares, 4 new board shares and two motherboard new shares, on average, issued up to 3.67 per day. The downturn in the market has become another important factor restricting the performance of new shares. From the trend of the year can be seen, when the market is stable or even steadily rising, the new issue of the bubble began to expand; once the market weakened or even plunged, before the high price, higher P/E issued on the IPO will suffer a cold shoulder, or even break.