Pioneering board broken MMMM "raging": Average over 2.13 times times the back

May 4, Ningbo gqy (300076.SZ) and digital Video (300079.SZ) on the day after the market break fate, listing only 5 trading days of digital governance (300075.SZ) disk is also on the verge of breaking edge. April 28 and 30th, NETAC technology (300042.　　SZ) and the Southern Power supply (300068.SZ) has been break. This is the beginning of the February this year, the star-FAI model (300043. SZ), the stock of the 300046.　　SZ) and the source of RDA (300047.SZ) Three gem company break after another round of broken mmmm. With the issue of a new record price, in the securities and institutions of the joint promotion, gem companies more than the phenomenon of the more fierce.　　However, with the market index of the decline, Ningbo gqy and digital video two new listings on the day after the break news, really let the new capital initiation retreat, the two companies on the first morning rose only 5.02% and 4.04%. The average super raise 2.13 times times behind wind statistics shows, including suspended listing of Suzhou permanence (300060).　　SZ), has now completed the release of the 79 start-up companies, the total raise capital of 55,709,330,000 Yuan, and its release is expected to raise capital only 17,786,890,000 yuan, super raise 37,922,440,000 yuan is expected to raise capital of 2.132 times times. April 30 National Technology listing 300077.　　SZ) actually raise 2.38 billion yuan, more than expected to raise more than 335.5 million yuan more than 2 billion yuan, the fund is the plan for fund-raising more than 6 times times, the two indicators in the gem ranked first. Of course, 2 billion yuan of super raise funds and recently completed the distribution of the SME stock (002399).　　SZ) compared to still is dwarfed, the latter to the highest issue price of 148 yuan/share of 5.9348 billion yuan, and the original plan to raise 865 million yuan is only a fraction of the actual fund-raising. According to the reporter not complete statistics, in addition to national technology, has completed the release of the other 78 gem companies, over 1 billion yuan to raise funds including: Bi-water (300070). SZ) 1.987 billion yuan, South all power supply (300068. SZ) 1.525 billion yuan, Shenzhou Thai Yue (300002). SZ) 1.33 billion, digital video 1.288 billion Yuan, Wambonda (300055. SZ) 1.156 billion yuan, Oriental wealth (300059). SZ) 1.12 billion yuan and century Ding Li (300050.SZ) 1.019 billion yuan, the remaining companies, only the first batch of listed Dayu water-saving (300005.SZ), Huaxing Venture (300025.　　SZ) and xinning Logistics (300013.SZ) over raising funds less than 100 million yuan.　　It should be pointed out that if the base is expected to be raised, the number of Pathfinder multiples (exceeding the expected fundraising portion/projected fund-raising) is still 0.53 times times higher. Despite the current fund raising of these companies, there are special accounts, but the excess cashNot necessarily good for them. For example, in July 2000, the IPO 500 million yuan (planned to raise 600 million yuan) of Fujian Power (000993). SZ), the left hand embezzlement funds entrusted to finance, the right hand wantonly expansion of the non-main business, the final loss exposure was filed for investigation, the same case also occurred in Mo weaving Hua body; another listed company Lotus msg (600186.　　SH) is a situation where large shareholders have taken up more than 1 billion yuan in capital.　　Of course, the short-term benefits behind the super raise also includes the sponsors that help the listed companies to successfully complete the super fundraising.　　Generally speaking, the issue fee consists of underwriting fee, sponsorship fee, audit fee, lawyer's fee and issue handling fee, among which the sponsor usually acts as underwriter, and these two parts are generally 80%-90% of the total issue fee.　　According to the reporter statistics, has listed 78 gem Company's issuance cost total about 3,409,770,000 yuan, including Ping An, the national letter, Citic and so on 37 brokerages total share the income most. Whether from the sponsor of the number of companies or sponsorship fees, peace, investment and national letter are ranked in the top three.　　Among them, Ping An securities completed 10 of the company's sponsorship and distribution, access to 505 million yuan in the cost of 410 million yuan, investment and national letter are 7, the acquisition of underwriting and sponsorship fees are 322 million yuan and 233 million yuan respectively. However, if you look at the benefits of a single project, CITIC Securities to China Thailand Yue single project 120.96 million yuan underwriting fees and sponsorship fees to take the top; two of the total cost of more than 100 million yuan also includes CICC's oriental wealth (109.42 million yuan) and the first venture of the bi-water (101.6 million) two projects; In addition, Ningbo gqy, digital video,　　National technology and the Southern power of the project benefits are also more than 60 million yuan. "It is not a secret that brokers are withdrawing the right proportion of money from the super funds," "in general, when talking about projects, the sponsor fee and the underwriting fee are estimated to be about 2% of the amount of funds raised," said the head of the investment banking Department of a brokerage in Shanghai. And the super raise part will withdraw a certain proportion commission The industry average level is 5%-7%. "This is the reason why Citic Securities can gain 120 million yuan from the China Thai Yue Project."　　According to the China Thai Yue Prospectus intention Draft, the company plans to raise 502.53 million yuan, the results of the actual fund-raising 1.8328 billion yuan, even after deducting all the distribution costs still have 1.7 billion yuan. In the recent two-tier market has been a lot of money sought after the green water as an example, the company is expected to raise capital of 566 million yuan, in accordance with the proportion of 2%, as the sponsor and underwriters of the first venture securities fees of about 11 million yuan, and its actual collection of 2.553 billion yuan, even if the deduction of the cost of the issue is more than the expected fund-raising beyond 1.872 billion yuan.　　And the first venture to actually get 101.6 million yuan more than 11 million yuan more than 90.6 million yuan accounted for over 4.85% of the fund. Who is pushing up the IPO price although many of the sponsors in an interview with reporters said, the reason for the abnormal high price of gem is the madness of market behavior and distribution system.　　But the sponsor of the Fund in the case of a piece of the fact that its spare no effort to push high price of the purpose is self-evident, it is the abnormal high price so that 78 gem companies can obtain an average of twice times the capital.　　Break Ningbo gqy to 65 yuan/share of the issue price issued 13.64 million shares, real raise 886.6 million yuan, compared with the estimated 267.9 million yuan more than 618.7 million yuan.　　According to the company's prospectus data, Ningbo Gqy issued a 2009-year earnings per share of about 0.98 yuan, the issue price corresponding to 66.33 times times the static P/E. The reporter learned that, although the sponsors and the relevant agencies invited, many vendor analysts participated in the company before the listing of the research activities, but the final offer of the inquiry report of the seller's agencies very few.　　From the inquiry interval given by several brokerages, the range of Shanghai Securities, Guotai and capitals is 39.2-47.04, 41.12-48.21 and 50.05-57.2 yuan, and only the 66.6-74-yuan valuation of Oriental securities is above the issue price.　　This gap is caused by the four brokerages for the Ningbo gqy in the next three years revenue forecast gap.　　Shanghai Securities that the company this year and the next two years of revenue is 247.5 million yuan, 283.5 million yuan, and Guotai analysts believe that the company's 2010-2012 revenue is expected to reach 287 million yuan, 397 million yuan and 557 million yuan.　　On this basis, the Shanghai Securities Forecast, the company this year and next year earnings per share (EPS) only 1.12 yuan and 1.25 yuan, while the east, Cathay and Taihe countries think that this year, EPS in 1.42-1.48 yuan, next year will realize 1.85-2.09 yuan. After the IPO price is determined, the valuation of Ningbo gqy by century Securities, Citic Investment and Securities Trust is obviously high, which is 63.9-78.1 yuan, 73-83 4 Yuan and 78-84.5 Yuan respectively.　　However, on the first day of the market, the shares went low, and markets were selling money all the way, up just 5.02% per cent. May 4, Ningbo gqy directly below the IPO price of 63.63 Yuan opened, closed to 62.55 yuan.　　It and another April 30 listing of digital video as the gem listed the next day that break the top two companies.　　This means that if investors in the new Ningbo gqy are not sold on the first day of the IPO, they will be stuck on the morrow, and it is unclear whether they can make a profit in 3 months after the 98 agencies that have received 2.728 million shares under the net. "In terms of performance valuations and market occupancy rates, Ningbo gqy is not a very good choice, it is difficult to understand unexpectedly appear 125 times times oversubscribed," a long-term engaged in the new private equity told reporters, "In contrast, the same time the national technology for the purchase of the same period before the recent listing of the Blue water, Growth is better than this company. "What can be corroborated is that the transaction returns of April 26 and 28th, the agency appearedGreen water to buy the first 5 sales departments, and the May 4 of the transaction, and Ningbo gqy on the same day the listing of the National technology low open high, the report closed at 162.43 Yuan, up 3.25%, the day the transaction returns, two institutions total buy 164.26 million yuan. The private equity analyst said the main reason for this phenomenon is the cooperation between underwriters and institutions to make the latter willing to purchase in the first market, "on the one hand, because the gem originally share of the shares on the small, Ningbo gqy purchase the most institutions also on 2.7 million shares, less than 200 million yuan; On the other hand, although the break, But under the network placing shares will often be ' timely ' appear positive or institutional organization research recommendations, so also very few loss cases.