The reserve price when the stock exchange money for the start plate lifting tide

Although Jinya technology shares have been low since the IPO, although the first batch of restricted shares in 4 months after the lifting of the ban, but the Changsha Xin Austrian venture Capital Co., Ltd. is still rushed to its own Jinya technology stake to be pledged to finance. 　　and venture capital of such a thirst for funds, but also sparked speculation in the market: This November, the first batch of 28 gem companies to sell the stock "out", to create a representative of the various investment institutions will be staged large-scale sale? Hunan Trust website Information Display, after a brief referral, its June 17 launched the "Hunan Letter Tol Kinya Science and Technology Equity Acquisition project collection of funds Trust plan" was formally established on 24th, the project a total of 60 million yuan to raise funds.　　According to Hunan Trust related people, the above fund-raising will be used to buy Xin AO venture to hold the Jinya technology restricted circulation shares benefit right, and then obtain trust income. "The Essence of the Trust program is Xin AO VC will hold the Jinya Technology Holdings pledged to us, thereby obtaining the above 60 million yuan financing, and as a condition, Xin AO Venture will be on schedule to the Trust and trust beneficiaries to pay a certain ' financing interest '."　　"Hunan Trust said the people told reporters that the trust plan is expected to yield 6.5% a year.　　Xin AO VC currently holds 8.4 million shares of Jinya technology (dividends after the shareholding), of which 6 million shares will be completely lifted in November this year, if the Jinya technology of the latest 17.55 yuan in the price calculation, the 6 million shares corresponding market value has reached 105 million yuan.　　Analysts point out that and Jinya technology listed at the beginning of the stock price of up to 30 or 40 yuan compared to the company's recent share price has fallen to below 20 yuan, but even so, Xin AO venture in the restricted shares only 4 months can be lifted when the lifting of its pledge financing, it is evident to the extent of the desire for funds. And in the Xin AO venture before, Silver shares of restricted shareholders of the Blue Mountain in the past January this year, the stake pledged to Citic Trust to finance. Compared with, although Xin AO Venture has pledged the equity stake to the Hunan Trust, but it has not been disclosed by the listed company announcement.　　It is inevitable to speculate that there are other investment institutions in the gem market are under the "invisible" pledge in the low-key financing?　　Analysts said that in order to create a representative of the gem of the Venture Board shareholders in the restricted period will be held to pledge their holdings for financing, and is willing to pay the relevant costs, it shows the tight capital chain, and this also makes it in the shares after the lifting of the possibility of large-scale hedging greatly increased. In the opinion of the analyst, unlike the average investor, the VC shareholders who have fully earned the "listing premium" after the listing of the invested enterprise will mostly timing out and use the cash funds to invest in other potential projects.　　In this case, the face of the gem Company's high valuation, VC shareholders lower the share price will become the biggest power of its reduction. Indeed, with Xin AO Venture as an example, compared with the current Jinya technology 147 million yuan in the shareholding market value, its prior to the listing of Jinya technology investment cost of only 18.5 million yuan, so that its two-year record as high as 7 times times the investment floating surplus. Meanwhile, the company's dynamic P/E ratio is still up to 121 times times this year, despite the plunge in Jinya technology's share price. Reporter statistics found that according to last October, the first listed 28 gem companies disclosed the top ten shareholders, there are 21 companies in the list of shareholders have venture capital enterprises or other investment companies figure, and most of its holdings were lifted in November this year. In this context, it is worth the market's concern whether the investment institutions will carry out large-scale reduction at that time.