People's Daily: new shares break helps to constrain issue three high phenomena

Break list for new shares. The original title: How to see the new shares "unbeaten" to "will Lose" 25th, 5 only listed new shares that have 4 break, into the year, a wave of mmmm fierce to attack our reporter Xuzhi New Year, listed shares of the first half of the first break, according to the current market price statistics, about 90% of the new shares have been below the IPO prices.　　New shares in the two-tier market break, and even the issue does not go out, will be listed companies and sponsors constitute the most direct constraints, the new issue of "three high" issue is expected to be solved. For a long time, new shares have been sought after by various funds.　　However, this year's "new equity unbeaten" historical experience has almost become a "new stock will fail."　　Into the new year, a-share market has been the most violent over the years a wave of "break" tide. January 25, the gem ushered in the day Rui Instrument, Oriental Country letter, Dwight Video, Wanda Information and tin Sheng new materials, such as 5 IPO listing transactions. Of the 5 new shares, 4 have fallen below the IPO price and continued to weaken throughout the day, closing more than 10% per cent.　　Only tin sheng new material out of the independent market, the first day of the market price rose higher than the IPO. However, such a scenario is already "flattering" to investors. January 18, style shares, such as 5 IPO, the day of the 5 new collective "break", not spared. In the previous January 13, the issue price as high as 90 yuan Sinovel after the listing of the continuous decline, but also caused many concerns.　　January 25, Sinovel minimum to 70.23 yuan, the price has shrunk by 20%. For a long time, the share market has been regarded as a scarce resource, by various funds sought after. In the vast majority of cases, the IPO also has an unequal range of premiums, thereby creating a "new" investors to bring a significant risk-free return. However, from this year's situation, the "new shares unbeaten" historical experience, almost has become a "new shares will fail." Statistics show that this year's IPO, "break" has become a big probability event. As of January 25, the listing of 26 new shares this year, the first day of the market break of up to 13, accounted for up to 50%.　　At current market prices, about 90% of new shares have fallen below the IPO price. Continued massive financing, coupled with tight short-term market funding, is the main reason for the break in the IPO, which is now, even though the economy is growing at a robust pace, or more than expected, that the stock market, known as the economic Barometer, has not followed the economic rally. Relatively speaking, the impact of capital on the stock market is more obvious, tightening policy expectations have become the most important factor to suppress the market upward.　　In the coming period, the monetary policy forecast based on the macroeconomic data analysis will remain the key factor of the market trend. Xu Guangfu, an analyst at the Hunan Institute of Securities, said that the issuance of new shares with a high P/E ratio, high price, and a higher ratio would inevitably result in a break.　　Continued huge financing, coupled with tight short-term market funding, is the main reason for the break in the IPO focus. New round of IPO reform since June 2009Since its inception, the IPO price has continued to rise due to the marketization of the new stock pricing process. November 1, 2010, the regulator launched the second phase of the reform of the IPO system, which aimed at small and medium-sized stocks have taken some targeted measures.　　But the price of new offerings has not been curbed. Analysis of the industry, in the current issue of the new system, although the second tier of the market has been compressed, but the issuance of pricing is increasingly high. From the point of view of listed companies and intermediary organizations, it is natural to expect high prices to be issued, but because of the lack of corresponding market constraints, the willingness of investors is not fully expressed, so that the interest balance is inclined to the issuer side.　　Therefore, the IPO mechanism still needs further improvement. In addition, the long-term formation of "every new must play" and the risk-free thinking habits, but also helped push the price of a higher level of the constant high. Despite the recent break in new shares, this thinking is still dominant.　　In the case of the big wisdom issued last week, the rate is only 1.82%, indicating that the IPO is still being sought after. Investors should make a reasonable valuation of new shares, the kind of blind investment that does not distinguish the pros and cons should be changed from a positive point of view, a large number of break, will be conducive to the increase in market binding.　　Xu Guangfu that, if the new shares in the two-tier market opening is break, or even out, then to the listed companies and sponsors constitute the most direct constraint, the issue of new shares "three high" problem is also expected to be solved. Experts remind, in the case of new shares repeatedly break, the stability of the purchase income is significantly reduced, investors in the purchase of new shares should be cautious enough, combined with the issue of the company's fundamentals, capital cost situation, the new shares for a reasonable valuation, and based on this as a strict choice of new shares, the　　Every new act of blind investment should be changed. Historically, the focus of the new shares break, often means that the market at the bottom of the arrival. The recent a-share market continued to fall, the new "break" tide also means that the stock market is about to see the bottom? In this respect, there are market analysis, the previous issue of the IPO is not high, if there is a break, indicating that the level two market has been extremely depressed. From the current situation, the break of the new stock price P/E is mostly still above 50 times times, which is quite different from the past.