The percentage of break in market share of small and medium value 1/3 fund deep break Door

When the market is teetering, the "break" risk of high P/E is exposed! This year's listing of small and medium-sized market share "break" ratio was once close to 1/3. Why is the fund and other institutions sought after the small and medium-sized plate of new shares, backhand become the merely? What are the necessary factors behind the bursting of the new-money myth?　　In the face of asymmetric information pricing game, what is the fund's reflection? -Express reporter Wu Xiaojin small plate shares encounter "broken MMMM" has not listed has been a lot of fund managers optimistic about the green water, its share price from the highest 175.58 yuan down the way, last week, the latest minimum to 109 yuan, a short period of 13 trading days, the decline of nearly 40%!　　The most expensive "IPO" SME, "the upstart", in its 4th trading day after the listing has fallen below the IPO price, undoubtedly to the high participation of investors blow. After three months, a-share market again appeared on the first day of IPO is below the IPO price of the shares. In Tuesday, the silk market, Jia Xin, the same day that the price below 22 yuan. After the last half week market "stormy" type of decline, the small and medium-sized plate of new shares have broken, the new stock "money myth" again dashed, the mass fund appeared floating losses. According to reporter statistics, as of May 12, this year to the listing of small and medium-sized stocks (including SME board and the Gem) 37 only in the "break" state, "break" ratio approximation of 1/3.　　Among them, including 15 gem stock and 22 SME stock. "Hit the new" enthusiasm plummeted has been the fund and other institutions in pursuit of small and medium-sized shares, backhand became the merely of the housing institutions. Faced with a three-month lock on regular and generally high price, the fund's recent investment strategy "quietly" change.　　Many fund managers have revealed that they have tended to selectively buy new shares in the two-tier market, and that enthusiasm is suppressed. According to the statistics of the reporter found that the May 11 under the network to purchase 4 of the SME, the average per unit net purchase only 26 fund participation, which Jacques shares only 15 funds, 99 long only 19 funds. May 6 under the network to purchase 5 gem companies under the average per unit of the net purchase only less than 30 funds to participate in, and Heng Letter mobile and Jin Sheng shares only 13 funds, and the earlier hot pursuit of the scene is very different. It is noteworthy that, from the participation of the two groups of SME and the gem to subscribe to the type of funds, mostly bond-type, stock funds rarely participate in, and the previous "shares more than debt" fund dozen new force structure is very different.　　After the bursting of the new-money myth, the agency's inquiry into new shares began to be cautious. "From the recent inquiry, the agency's quotation center is going down." Shenzhen, a debt base manager said. Indeed, the issuance of the 3-board IPO price/earnings ratio in Friday was significantly lower. The announcement showed that Eschde, Chang-fa shares and Hai Kang Granville, respectively, are 49.45 times-fold, 41.9 times-fold and 49.28 times-fold, with an average p/e ratio of 46.88 times times. Compared to the previous stock market, the average issue of P/E ratio showed a significant decline. Previously 4 batches of 15The average price/earnings ratio of the SME board is 58.85 times times, the highest four-dimensional figure is 80 times times the new issue. "Questioned" inquiry system a debt manager in Shanghai said the purchase process was actually herding, and many institutions were trying to raise prices. In the current inquiry mechanism, the fund and other inquiry agencies into the "Prisoner dilemma", the fund only to push up the issue price, can be used to purchase new shares. According to its disclosure, from the IPO process, to participate in the inquiry of institutional investors should be a decisive role in the pricing of new shares, but this is not the case, most of the inquiry agencies do not attach importance to IPO quotes, some even very hasty.　　Some fund companies participate in the IPO inquiry just "walk formality". In most cases, the price is decided by the researchers themselves, lack of discussion within the fund company, and no in-depth study of the company's value. The researchers ' pricing approach is also simple, referring to the seller's report provided by the underwriter. But the real problem is that some of the underwriters issued the value of new shares research report did not meet the requirements of prudent and independent. Moreover, in the view of most fund managers, the current IPO system is too weak for sellers. One of the Shanghai debt fund managers suggested that the main underwriter and the issuing company might be bound in the future. For example, in the inquiry price, the price exceeds the market P/E of the situation issued a specification, in principle, control a certain issue premium range. In addition, the main underwriter to distribute a certain stock, three months before the lifting of the ban.