This week's IPO has a record-breaking price-earnings ratio

Grab the "Last Train" before the implementation of the second stage reform the second phase of the IPO reform was launched November 1, the main purpose is to promote rational pricing, scientific pricing, curb the issuers of high price financing behavior, effectively reduce the risk of excessive IPO pricing.　　This week, however, 8 of the new listings for the online purchase of the board and the gem were greeted by a record high price-earnings ratio, with Watson's biology and the record of the IPO, which broke the gem and the SME board. This week, the IPO remains "high Ghost" November 1, the SME stock market Shanxi Securities and Fuxing Xiao Cheng, kai-yuan equipment, shun Electric, Watson Bio 4 gem new stock online purchase, which Watson's bio-price 75 yuan,　　The issuance of a P/e ratio of 133.8 times times, refreshing the same is the gem of the company's Gold Dragon electromechanical in the last December 8 hit 126.67 times times the highest record, also set a share issued since the record. In addition, Watson Biology has become the gem market in the history of new shares in the highest valuations of the company.　　Issue price 95 yuan/share, issue quantity 25 million shares. Guangzhou Public offering fund trader hand to Red reporter telephone interview said: Watson Biology this stock has been high ghost. "He believes that gem stocks in 2009 per share earnings and the main business is similar to Watson's biology, but the current price of Chi-Fei bio-only 40.80 yuan/share."　　Oriental Securities and pharmaceutical industry analyst Li Shuhua also believes that according to Watson's bio-earnings forecasts, the corresponding reasonable price range should be about 70 yuan. November 3, Huawei shares, Liyuan aluminum and search for three of new stock online purchase, which search to determine the issue price of 75 yuan/share, the issuance of P/E multiples of 113.64 times times, also set the SME board this year's IPO the highest price-earnings ratio.　　Data show that Huawei shares and Liyuan aluminum two new shares issued more than 62 times times earnings. Grab the "last bus" and make a new record. The reform of IPO system was launched on May 22, which confirmed the principle of market-oriented IPO, no window guidance and artificial control of the issue price, and improved the online checking rate of small and medium-sized retail investors. After more than a year of reform and operation, the current IPO market pricing reform has achieved initial results, the first-tier market, two-level market pricing benchmark began to converge.　　But the issue of "three high" is still the main contradiction and focus of the market, some of the secondary market to participate in the speculation of new shares losses serious. Statistics show that in the 2007 and 2008 before the reform of the IPO system, the average P/E ratio was 28.2 and 26.6 times times. Since the start of the reform of the IPO, the average P/E is nearly 50 times times.　　And the Shanghai main Board IPO price-earnings ratio is about 40 times times, the gem on average issued more than 60 times times. Watson's biology, for example, has not only set a record for the highest price-earnings ratio. Through the IPO, Watson will raise more than 2.375 billion yuan, more than its plan for 415 million yuan, more than 1.96 billion yuan, over 4.73 times times. Industry analysis, the purchase of 8 new shares this week to obtain such a high price/earnings ratio, the key is to catch up with the second phase of the new issue system reform before the implementation of the "last bus."　　It is understood that in the second phase of the new issue system reform is formally implemented before November 1 to obtain the issuance of the IPO enterprises, can catch up with the implementation of the "last bus."　　New rules 碃 market expectations It is understood that there are currently 3 SME Board IPO application approval, and will become the first attempt to new regulations listed companies. According to SSE notice, the three new shares are the boss of electrical appliances, day wide fire and fuling mustard, three stock quotes for the referral time for November 3-5th, the date of purchase and payment date is November 10.　　According to industry sources, this batch of new shares will be issued in accordance with the second phase of the reform of the relevant provisions of the new issue, including the improvement of the purchase and placement of the binding mechanism, the network placement will also take the way to expand the scope of inquiry, the introduction of higher pricing capacity, high-quality long-term institutional investors, including the introduction of Li Dahuan that the second phase of the IPO system reform programme has two highlights: one is to improve the purchase and placement of quotation constraints mechanism, the network under the placement also take to shake the number, strengthen the inquiry to restrain the mechanism, increase the responsibility of the pricing, prompting the agencies to participate in the quotation more cautious, the inquiry agency's research strength also put forward higher requirements.　　The second is to expand the scope of inquiry object, the introduction of a higher pricing capacity, high-quality long-term institutional investors, which for the strength of investment banks is undoubtedly an opportunity. A large investor surnamed Li in Zhuhai said the implementation of the new regulation is expected to solve the "three high" issue of the IPO, giving more opportunities to small and medium-sized investors in the two market. He said some funds had been prepared to participate in the new play. Sin Ye