The first day break in Tangshan port was followed by the chill of Ningbo port

Chengliangliang Although many brokerages forecast Tangshan port (601000.SH) The first day of market share price will go high, but the overall downturn of a a-share market let this a a-share in the capital market, the first day of the encounter break.　　And for the port industry or as the third-largest IPO of this year's Ningbo port in the not yet listed, but also because of the break in Tangshan port and the prospect of worry.　　Tangshan Port fell 3.9% on its first day on the market. Agency dull according to the "First financial daily" reporter not complete statistics, listed before the 9 brokerages on the Tangshan port forecast average price of 9.02 yuan, higher than 8.2 yuan 10%.　　CITIC Investment has given a forecast limit of 10.5 yuan, which is 28% higher than the IPO price, and the capital stock gives a forecast limit of 7.3 yuan, which is 11% lower than the IPO price. It is noteworthy that, although the target average price is not low, but institutional investors in the Tangshan Port network subscription in the performance is not positive, in the net to be allocated 21 institutions of inquiry objects, only one fund to join, for this year to rare.　　And keen to hit new corporate finance companies, Social security funds, corporate pensions and QFII accounts have not appeared. Yesterday, after the Shanghai Stock Exchange, the price of Tangshan Hong Kong has not touched its issue price of 8.20 yuan per share, the whole day down 3.9%, reported 7.88 yuan per share.　　Turnover rate of 27.65%, the highest price of 8.18 yuan per share. Some analysts said that the Tangshan port break is not because of its high price, but the current market is too cautious. "This week too many new shares to purchase, ABC's the world's most expensive IPO on the market capital face of the tension caused by the current overall market trend cautious, break is not surprising." "and Tangshan Port after the determination of the issue price to its listing, a-share index has been falling continuously, but also one of the reasons for its break." "Tangshan Port, the public issue of 200 million shares, after the issuance of total share capital reached 1 billion shares, the issue price of 8.2 yuan/share, corresponding to the issuance of P/E multiples of 32.67 times times, raise total capital of 1.64 billion yuan."　　This is the March 16 this year, the first issue of Chongqing Water after the largest market share.　　The shadow of Ningbo port is the same as the port industry of Ningbo Port, although it has not yet landed in the capital market, but yesterday the opening break of Tangshan Port has undoubtedly let the Ningbo port to feel the market coolness ahead of time. Ningbo port in June 4 this year smoothly through the SFC IPO audit, will soon be landed on the Shanghai Stock Exchange. According to the original prospectus disclosed, Ningbo Port plans to issue no more than 2.5 billion shares, proposed to raise capital of 13.25 billion yuan.　　According to this calculation, the price of Ningbo port only reached more than 5.3 yuan, in order to successfully complete the original distribution plan. However, this price will make Ningbo port after the issuance of the P/E ratio of 39 times times higher, while the current domestic port listed companies in the general price-earnings ratio of 20 times times, Ningbo port, the issue price beyond the average pricing one times. The data show that the container throughput of Ningbo port is less than half of the upper port Group (600018.SH), and the cargo throughput is onlyTwo-thirds of the Hong Kong group, but if the price per share of $5.3 is calculated, its market value will surpass that of the Hong Kong group. It is clear that nearly 40 times times the issuance of P/E is too high for large stocks, many people think that Ningbo port if the issue price really touches the above prices, and with the recent a-share market overall valuation position downward, the possibility of a great break. Shing, an analyst at Datong Securities, said that at present, from the overall valuation level of the port stocks, the average price-earnings ratio of about 22 times times should be a reasonable level, but considering the Ningbo port as a large market ipo,20 multiples of the distribution is more reasonable. If Ningbo port does not change the issue strategy at the end, then there is a big risk of break after listing.