Sinovel Wind: A typical sample of a malformed stock break

Click to view latest quotes Cai Xiaoming sinovel wind Power (601558) on January 13 to enter the capital market, and before the listing deliberately created such as "wind power first shares" and other halo is contrary to the 90 yuan super high price issue of Sinovel first listed by the two-level market investors abandoned, the opening is below the IPO price,　　And the whole day down, to close 81.37 yuan, a day down 9.59%. Sinovel's break in the IPO has been rare since the IPO was restarted, although there have been new shares in the gem or in the small and medium-sized plates, but they have fallen below the IPO price. What causes the company as one of the main board of Sinovel wind power to become a break "star"?　　Looking at Sinovel's IPO, we see that the recent stock break frequency of many factors, in sinovel has been obvious embodiment, in this sense, called Sinovel is "three high" stock break of the typical sample is not too. Factor one: Hidden high price issue under the current distribution mechanism, the agency's hot-won is undoubtedly the key to Sinovel 90 Yuan/shares IPO. 90 Yuan/shares set a record of the highest issue price in Shanghai, which makes Sinovel a veritable "first share of wind power".　　And the organization is so high-profile push Gao Huali wind power price, still playing "high growth" banner. From the point of view of the issue of earnings, Sinovel issued a 48.83 times-fold earnings ratio, a total of 105 million shares issued, after the issuance of total equity will reach 1 billion shares.　　In the price calculation, Sinovel market value of 90.4 billion yuan, has more than Yanghe shares, in the two cities all stocks ranked in the 35th. But from the performance after the listing, it is clear that investors to sinovel "high growth" banner is not recognized. The investment director of a domestic private equity fund pointed out that: in the pricing of sinovel wind power, brokers as the representative of institutional investors, "Wang Po sell melon, puff" Suspicion, simple from the 48.8 times-fold price-earnings ratio, it seems that there is a new energy concept sinovel wind power pricing of 90 yuan is still more than the gem Company "cheap" a lot,　　But the real problem is "growth". "The real concern and understanding of the fan industry can see the problem, in fact, before 2008, the domestic MW wind turbines from manufacturing into the production capacity of the time is longer, and because it is a large equipment, its production capacity can not be raised suddenly, formed a certain market gap, It also formed a temporary shortage situation. "But to 2008 years later, because see such a profit and supply and demand gap, we have a certain technical ability of all swarmed, technology mixed, now look at the whole industry, whether it is a machine or a component, is the state of investment overheating." Machine production enterprises have more than 80, the seller's market is changing to the buyer, we began to play price war, the future wind turbine gross margin is difficult to optimistic, or even decline. "If viewed from such an industry trend, 48.8 times times the distribution of the marketThe profit rate is not reasonable, but there is a risk of fraud-to the face of intensified competition, the decline of Maori industry companies to investors, but also to the investors painted a beautiful blueprint, and then in the pricing of the best trick, and ultimately damage the interests of investors.　　It is also reasonable that the market eventually chooses to vote with its feet. Factor two: The market funds can be slightly concealed high price distribution mode will sinovel to market, highlighting the sinovel disregard the interests of investors deep-seated psychology. But the level two market uses "break" to respond, very important one factor namely is the market capital is unwilling to "be fooled".　　This from Sinovel purchase and listing performance can be seen. First of all, judging from the rate, because Sinovel price is too high, absolute price let many small and medium-sized investors deterred. The final result is the online purchase rate of 2.98%, check rate for the previous new shares in the 9th highest.　　Market funds from the beginning of the purchase of Sinovel performance is rather indifferent, for the first day after the break laid a foreshadowing.　　Look again on the first day of the deal, Sinovel on the first day of the market has almost no decent rebound, the sale of new shares in the new stock is quite light, the rate of turnover is only 28.62%. Finally, look at the real performance of institutional investors, although in the pricing of a variety of interests from the point of view, some as underwriters of the agency to push up the price of sinovel, but this price is not recognized by most other institutional investors? It may be necessary to speak with real money. Institutional investors are far less enthusiastic about sinovel than they were when Goldwind was listed 3 years ago.　　At that time, Goldwind network under the placing of a total of 324 institutions, to sinovel wind power, this figure plummeted to 49, institutional investors in fact, Sinovel is in the industry has a profound understanding of the 90 yuan in the high price, more institutions in fact also chose to leave. Sinovel, which is not recognised by market funds, has paved the way for its own "circle of money", although it relies on the issue pricing mechanism, but it is difficult to change its true intrinsic value. From the abnormal pricing began, to the first day of the IPO deep break, sinovel clumsy performance is more like a farce, and step-by-step the real image of their own exposure to investors.