Super raise big reversal: Sinovel wind power 5.9 billion motherboard king

Financial weekly investment banking laboratory researcher Zeng Sheme/Wen Gem is out of favor 52 new listed companies, the top 25 is the main motherboard and the board of the world, originally the most powerful gem abnormal bottom wind turbine flow, gem and motherboard of the super raise funds change also. In the past, the super raise has always been a topic of concern to the gem.　　And so far this year issued a listing of 49 new shares has broken the gem of the practice of the company, has always been low-key motherboard in the super raise has repeatedly shouted. According to the financial weekly data, the 49 new shares in 35 have been listed, and the 35 companies to raise a total of 25.203 billion yuan, of which the most for the main board listed Sinovel (601558.SH), the minimum number is the gem of the Enterprise Board of the Hong-special precision (300176.SZ).　　What causes the gem market and the motherboard market to reverse the universe?　　The motherboard is king, the circulation is the big lever this year, "Sinovel wind power" The word has been and "break" hangs together. To 90 yuan/share of the super high price of the main board of the wind power, Sinovel, the first day of the market hit a fatal blow, and a fujue.　　Since January 13, 2011 on the listing to January 24, Sinovel wind down to 70.23 yuan, until now also did not recover the vitality. However, the super high price can not withstand the test of the two-tier market, but it does give sinovel to make a pot full of wind power. At the beginning of the year, Sinovel wind power was on the "super Raise King."　　Its super raise funds amounted to 5.874 billion yuan, than the last one hung special precision of the super raise funds a full high of 5.766 billion yuan. In fact, regardless of the first day of the broken back is a superb fund-raising, unified point is, Sinovel to record a record high price.　　Especially as the main board listed stock, such pricing and super raise funds is too outrageous? An industry insider in the interview with the Financial weekly reporter said: "As the main board listed stock, this situation is not outrageous, but is the main board market achievements Sinovel's superb fund-raising, because its own issue of the amount of equity is huge, compared with the plan to raise funds, the price set a little higher, There will be a huge effect on fundraising.　　According to its announcement, Sinovel has a circulation of up to 105.1 million shares.　　The industry has also played a analogy, higher pricing is caused by the main board stock large super raise money chips, and the huge circulation played a role of leverage amplification.　　As for pricing, we have to mention the securities, it is Sinovel's main underwriter and sponsor.　　According to the report issued by the Rui-Xin Securities to Sinovel, the reasonable valuation area of Sinovel is located in the range of 80 yuan to 90 yuan. "Make a reasonable valuation area of 80 yuan to 90 yuan, and finally locate 90 yuan, it is not the people in our distribution department can artificially decide."　　"A staff member of the Securities issuing department said to the financial weekly reporter. "The reasonable valuation area is based on the declared price of the agency investor on that day," the staff explained, "the investment bankThere is a need to ensure that a significant proportion of institutional investors can be recruited, while the 90-dollar pricing is determined by the relevant analyst based on a certain valuation method combined with the day's offer and the relevant economic or industry background.　　"However, not all institutions have reported high prices: Several products of Banrishin Fund Management Co., Ltd. have quoted a low price of about 60 yuan.　　Financial Weekly reporter immediately call the fund manager, he is not too willing to explain the low price of the reason, said that the declared prices are only casual report. Gem Super raise performance low-key side of the car is listed on the main board of the New Year's super Raise King, there is the new board of the gem Honte precision, it is the 49 of the newly raised funds in the least. The actual total amount of funds raised to 334 million yuan, over 108 million yuan. According to common sense, huge super raise capital and ultra-high price-earnings ratio always follow the gem, and even lead to the management of deliberate regulation and control.　　This year, however, he has broken the practice and made a special case. According to a person in the industry, the gem has always been the problem of high raise, because the listed companies have a strong desire to pursue a higher p/e, and the smaller plate of the gem stock local liquidity is larger, resulting in a high valuation premium, as the sponsor of the investment bank also want to be in the extra cost of a bowl of soup,　　Because the part of the super raise charge is higher.　　Therefore, as the gem members of the Hong-precision super raise funds in the rankings of the failure performance, it seems a little strange.　　But if the gem is not the love of investors, it can not explain the opening price of the first day compared to the increase in the price of the price of up to 97.36% of the high rise. Is it too cautious to offer a price range of $22.50 to 24.61 yuan from the National Gold securities?　　According to Honte Precision announcement, in 23 companies to participate in the inquiry, 20 of the declared prices are below 20 yuan, the net institutional investors placing ratio of 13.33%.　　It is reported that the Hong-special precision of the competition, 2007 listed in Guangdong Hong Chart in the year the issue price is only 11.41 yuan.　　And in 2011, 49 new shares, the first day of the market close to the price of the highest increase is not the metaphor of the Hong-precision and not in the net placing the link to be bullish? An industry analyst said that the lower super raise funds and the high precision of the issue of low circulation, but also compared with other new shares are not high pricing is inextricably linked.　　Pricing is not high, it may be institutional investors do not look good, but the price of a competitor to make the basis of the issue, it may be the industry price.　　High price is the main cause of a motherboard a gem in the super raise funds on the list broke the routine, the reason for this is two points, a larger circulation to become the driver of the lever effect, the second is higher and relatively low pricing. The analyst said, "In fact, comparing the two P/E ratios is not very large, sinovel 2011 earnings multiples of 48.83 times times, and the Hong-precision of the initial earnings ratio of 45.47 times times,And the key point is that the circulation of the two huge difference, both need to raise the amount of money is also very different, sinovel wind power for 3.447 billion yuan, hung special precision only need to raise 226 million yuan.　　These factors have become the main board of Sinovel wind power and the gem of the great and precise big diversion of a factor. Sinovel in the main board market performance of ultra-high prices, securities related people used such a word to describe, "the existence is reasonable, since the emergence of a high price of 90 yuan, it shows that some people in the market to pursue it."　　"And for the motherboard market and the gem market in the super raise money issues show the" switch Phenomenon ", others also have different views. Another personage in the industry said, "The gem raises many, precisely explained the market irregular and the speculative behavior is particularly obvious, but since SSE the text to suppress, now appears the standard many, has the healthy development situation." For the motherboard, the extra fundraising is too much to show that institutional investors have once again looked back to the motherboard. and the motherboard plate is too large, the risk of investment is also higher, compared to the gem of speculative motives, but also lead to the board and the gem upside down position. According to statistical data, 52 companies, 25 of the total number of funds to occupy the 19 companies are the gem, and the top 25 is the motherboard and the world of SME.