The Kingpin in Sinovel wind up 3 days vomiting blood 100 million

"The huge losses of the Tai-Bao capital pipe in Sinovel, although a bit unexpected, in the current situation if still adhere to the original new strategy, it is bound to fall" financial weekly agency researcher Zhu Changbin/Text insurance is a new share of the crazy fans, and the Chinese Tai Bao is the most active one of the dozen. "　　When the market is depressed, new shares often break, the brunt of the nature of the fans are active. Sinovel Wind Power (601558.SH) IPO, "Tai Bao" dozen new, 7 accounts in the first three trading days floating loss of 113 million yuan. Is this a bad luck for Pacific asset managers or is it not enough to prevent new shares from purchasing?　　Why did the Pacific capital manage to be caught off guard in the end when other agencies retreated?　　"The new risk is small and the benefits are guaranteed, we will of course use as much money as possible to participate in the IPO," a few weeks ago, the financial weekly reporter heard a number of insurance asset management companies expressed such views. New shares break more and more, the insurance funds will be indomitable crazy to make a fresh? In the future, the new investment is to strive for full bloom, or the allocation of assets, for the new funds to make structural adjustment?　　This reporter interviewed a number of risk investment departments.　　China's tai-bao hit Xinhua sharp wind power, 3rd floating deficit 110 million yuan in Shanghai, the first price of the main board of China Rui Wind power listed on the first day of the market, "Waterloo", January 13, 2010 listing, closed at 81.37 yuan/share, more than its 90 yuan/share price fell 9.59%, which caused investors concern and shame.　　The following days the stock price has been downward, as of January 17, 2011, Sinovel wind power closed at 74.39 yuan/share, listing 3 trading days per share below the issue prices of 15.61 yuan, a decrease of 17.34%.　　Sinovel's performance in the market for several days really surprised a lot of investors, and the successful allocation of institutional investors are also my throat, and this batch of institutions in the new quilt, Pacific Asset Management company is "severely injured." Pacific Asset Management company 7 accounts were successfully allocated 1.0345 million shares, a total of 7.2414 million shares.　　According to January 17 Sinovel Close, the Pacific Capital Management 7 accounts This new flotation losses as high as 113 million yuan.　　"Although the price is very high, the agency has a certain impact on new enthusiasm, but the road performance site for Sinovel forecast is still pretty high, that even if sinovel rose space is still a certain amount of stability gains", a participant in the China Rui Feng Circuit performance of a broker in Shenzhen, a brokerage analyst told the Financial Weekly reporter. The higher the anticipation, the heavier the fall.　　Pacific Capital Management in Sinovel on the huge losses, from its overvalued hit the new expected income, put "heavy" for the purchase.　　Huarui wind power grid under the results of the announcement, the net was allocated for 49 placing objects, the corresponding effective purchase shares of 203 million shares, the effective total amount of funds for the purchase of 18.27 billion yuan, the net under the initial placement ratio of 10.34%, the subscription multiples of 9.67 times times. One of the Pacific Asset Management companies under the 7 accounts of the effective purchase unitThe number of up to 70 million shares, accounting for the entire number of effective purchase of more than One-third. Sinovel set a 90-yuan IPO price for Shanghai's main board, starting with a lot of questions, with many organizations saying they are overpriced.　　Such high pricing has caused concern among some organizations, and the willingness to purchase has also been greatly reduced. has been listed companies with Sinovel wind power is comparable to the Goldwind (002202.SZ). Goldwind currently has a dynamic earnings ratio of 24.7 times times, while Sinovel is 48.83 times times more than the 2009-year net profit.　　At the same time, Goldwind three years ago listed 324 institutions to participate in the network placement, far more than Sinovel wind power 49. The securities analysts said there are already institutions that are sensitive to the risks of Sinovel's high IPO price, but not all institutional ideas can be quickly changed, "IPO Restart although there are new shares break, but we often see that many stocks even if the high P/E issue, the late share prices still have room for growth, In particular, the Gem and the SME Board of new shares to raise the issue of new shares issued a price-earnings ratio of the acceptable bottom line.　　"The Pacific capital is also aware that Sinovel is priced too high, but it remains hopeful about the rise of sinovel as a result of previous experiences or new gains."　　"Tai Bao," the big three in the new most active sinovel is just a recent IPO broken mmmm in the ordinary one, and is not the only company in the Pacific Tube quilt, but it is one of the most loss of the hit. "The huge loss of the Tai-Bao capital in Sinovel is a bit unexpected, but it is bound to be a somersault if the original strategy is still adhered to in the present situation."　　The securities analyst told the Financial Weekly reporter.　　Insurance has always been a fan of new shares, and among the three listed insurance companies, the Chinese Tai Bao has become relatively more enthusiastic.　　IPO system, small and medium-sized companies in the IPO process, even if the purchase, the final allocation of the share will not be too much, plus small and medium-sized plate valuation is relatively high, safe marginal, Chou and Ping-an capital pipe appeared in the number of new teams are not many.　　In contrast, the Pacific capital investment in new shares more energy, and actively participate in various types of stocks to play a fresh, final investment income is also uneven.　　After the IPO restart, the Pacific Capital management of both Gan Feng Lithium (002460.SZ) and so on after listing to the inflation close, there are many break quilt cover of the dozen new "sad shares." These break shares have China's west-west (601179.SH), Chint Electric (601877.SH) and other large stocks, but also the provincial wide shares (002400.SZ), Love, Tatsu (002403.SZ), Ding Tai new material (002352.SZ), Beijing, Lee (002392.SZ),　　Hao Ninda (002356.SZ), Dream Clean Home Textiles (002397.SZ) and other small disk. The analyst told reporters, "the Pacific Capital Management of the network under the allocation to obtain so much share, other institutions because sinovel price too high prices and other reasons to avoid, but the PacificThe capital management still insists on the new strategy before, not adjust to come in time.　　"In addition, it is worth pointing out that in the course of the inquiry, Sinovel's" Waterloo "the declared price of the Pacific Capital Pipe is higher than the price given by most of the risks, and the declared price of its 7 accounts is 80 yuan or 85.29 yuan, while the price of PICC assets, national life assets, Taikang assets and 18 insurance accounts are lower than 80 yuan. Under the existing distribution system, the prices offered by various agencies vary widely. Sinovel, for example, in the process of inquiry, listed on the recommendation of the securities of the letter of the purchase price of 90 yuan/share to 110 yuan/share, there are also brokers to provide the inquiry interval is 54 yuan/share to 61 yuan/share, there are institutions to give up to 130 yuan/share price, the valuation difference is so large, in the new risk increases,　　Inaccurate valuations of institutions are highly likely to suffer losses, as well as the risk of a reasonable assessment of new shares. Risk capital dozen new extensive to fine "successive emergence of new shares break, will certainly have an impact on the risk of capital, after the risk of participation in new strategies will change."　　"State Insurance Investment Department general manager Jiang Ignorant Army told Financial Weekly reporter." The use of funds to make new investments to obtain Low-risk returns is the usual practice of risk-taking, which is often satisfactory in the run-up to the IPO.　　But in the embarrassing situation of repeatedly encountering new stock break, it becomes an important problem to guard against the risk capital.　　Previous insurance Asset Management executives told the media that the return on the purchase of new shares will be cautious to participate in the IPO inquiry, and consider gradually reduce the frequency. In the case of ginger, it seems reasonable to break the new shares, he said, "The break to make people realize that the IPO is not risk-free, this is actually a positive impact on the issue of the IPO system, at least to some extent, to curb speculation." The risk and the benefit is the match, want to obtain the income must undertake the risk.　　"Previously because the IPO after the performance is usually very good, the price of stock issuance is significantly higher than the new can get good returns, so many institutions in the IPO is not sensitive to stock prices, nor aware of the risk." Beijing Insurance Asset Management company Equity Investment Department told the Financial Weekly reporter, "Some institutions for certain new shares of the price is so high, if they let them in the two-tier market with the same price to buy such stocks, they certainly do not agree."　　"The habit of low risk and high income to play new, but also make many institutions in the new shares when the strategy of the extensive, each will play, pricing is not accurate."　　The army said, in the new risk to increase the profit compression, will force insurance in the future new shares in the refinement of the operation, for new shares to give a reasonable price, and avoid the risk of excessive new shares.　　Reducing the new frequency is not the best way to maximize the new revenue, and insurance executives believe that it is a future trend to treat different types of shares differently.　　The new need for structural adjustment of risk capital when new shares are no longer magical, when no longer make a steady profit, the risk will not give up the cake? "A new fund for riskThere is bound to be a corresponding adjustment to the total, which is a natural response in the face of loss, at least in the short term.　　Jiang Ignorant Army told Money Weekly reporter. The army believes that the risk of capital has always been because of the occasional move, in the current market conditions and new shares performance, the risk will be reassessed to make a fresh comparison of risks and benefits, adjust the amount of funds used for IPO. But at the same time, he said, "in the long run, as long as the profit space increases, the new funds will return to the previous level." "The above anonymity of insurance asset Management company Equity Investment department said, also do not worry about the risk of new funds will collapse," in fact, the emergence of a break does not mean to reduce the number of shares to purchase, but should be differentiated treatment of listed companies, to give corresponding valuation levels, Can not always appear with the Gem valuation to purchase common manufacturing enterprises of new shares. "The IPO price is often higher than the two-tier market for similar stocks, and the opportunity for overseas investors to see the new shares is usually lower than the price of similar shares in the two-tier market, which in a-share market is basically invisible phenomenon."　　The future may be a a-share market closer to overseas markets, new shares and two-tier market valuation differences gradually narrowed.　　The change of the new strategy for the future of risk investment Jiang ignorant army will be in the new allocation of funds adjustment, this adjustment is more focused on structural adjustment, insurance funds used in various industries or each valuation level, risk level of the amount of money should have a reasonable distribution. "Companies with potential or low risk will have to spend more money, while allocating a small amount of money or even giving up a new one." To make a metaphor, sinovel is a very good company, but the price of 90 yuan for me is too high, if the pricing of 75 yuan may increase the number of subscriptions, if it is 60 yuan may add a part of the number of subscriptions. "Ginger told the financial Weekly reporter," The new shares should be considered as a common equity investment, so in the inquiry process investors will behave more rationally, the agency's IPO report will be more cautious and accurate. This is also the direction of future improvements in risk investment.