Three gold Pharmaceutical sponsor: Inquiry result "has given the two-tier market reserve space"

Guilin three Gold Pharmaceutical Co., Ltd. (hereinafter referred to as the three gold medicine) issue is nearing the end.　　June 29, is the three gold Pharmaceutical network issued by the payment date, but also online distribution of the purchase date, the rest of the work will only be left over the net, online purchase capital verification, as well as published under the net placing results and online lottery results.　　As the first listed company after the reform of the IPO, the market focus is on the pricing of the three-gold pharmaceutical industry. According to the preliminary inquiry of June 24, the issuer of the three gold pharmaceutical industry and the main underwriter of investment securities after consultation, the final determination of the three gold pharmaceutical industry issued price of 19.80 yuan per share.　　According to the total capital stock before the issue, this price is 29.55 times times higher than the P/E ratio, which corresponds to 32.89 times times the P/E ratio according to total equity after issuance. Is 32.89 times times the IPO price ratio reasonable?　　After the issuance of payment in the net, this newspaper interviewed the issuer of the three gold pharmaceutical industry, sponsors of investment securities and agencies involved in the inquiry.　　The inquiry result reserves two level market space before, for the possible purchase enthusiasm, in fact, the issuer and sponsor agencies have been fully estimated. Therefore, in order to implement the guiding opinion, to protect the interests of small and medium investors, to explain the main contents of this new issue reform, to reveal the investment risk, and to guide the rational investment of small and medium investors The sponsor Merchants Securities published a special bulletin on stock investment risks in the major securities newspapers and periodicals. Remind investors to read the prospectus fully, understand the investment value of the three gold pharmaceutical industry and various risk factors, pay attention to the risk of market release below the IPO price, once again inform the small and medium investors all shares are full circulation shares after the IPO,　　Prior to this issue, the old shareholders have committed to their respective shares of the restricted period and the need to pay attention to the issue of the purchase of new shares, prompting small and medium-sized investors in accordance with their own actual situation to decide whether to participate in the issue of purchase.　　Nevertheless, after the price of the three gold medicines came out, some market participants thought that they were on the high side. Before the inquiry, the Yangtze River Securities research report that the "reasonable price for 18―20 yuan", and from the sponsor of investment securities to provide research reports, inquiry reference interval for 17―21 yuan.　　From this can be seen, the three gold pharmaceutical final determination of the 19.80 yuan Price is in the above two securities companies to give prices range of the bias level. In this respect, the investment bank from investment banking project team told reporters, "the issue will eventually be issued price set at 19.80 Yuan, is based on the price of investors, and then with Guilin three gold consensus results."　　"For the sponsor of the above statement, the three gold pharmaceutical industry-related officials in the interview also agreed."　　The merchant securities Personage said that the final price is according to the high and low prices of the inquiry object and the corresponding purchase amount of the cumulative statistical analysis, comprehensive consideration of the issuer's fundamental situation, comparable to the company valuation level, as well as the issuer on the price reasonable expectations and other factors determined. "In the end we are in the valuation of the Investment value analysis report, by China Merchants SecuritiesAnd the three gold pharmaceutical industry according to a certain amount of excess subscription to determine the price of 19.80 yuan. "China Merchants Securities said," the issue of pricing is entirely the issuer price, the investor quotes, the main underwriter to coordinate the issuer's price and the investors offer a process, is a market-oriented pricing process, the SFC does not carry out any administrative guidance on pricing. "" The issue price corresponding to the excess subscription ratio of about 165 times times, which fully indicates that the price is approved by investors. We think that the price is reasonable, has reserved a certain space for the level two market.　　"China Merchants Securities above stressed."　　Under the net Purchase investor Subscribe enthusiastically afore-mentioned person of the above, the three gold medicine issue has 168 inquiry Object Management 649 placing object to participate in preliminary inquiry quotation, the total oversubscribed subscription multiple is 476 times times. The last confirmed issue price corresponds to the oversubscribed multiple of 165 times times.　　Among them, 82 of the 278 objects of inquiry management to participate in the network under the subscription payment, 278 placing the majority of the objects are in full subscription, that is, the purchase of all 9.2 million shares under the net circulation.　　But according to the reporter from the China Merchants securities related projects to understand the information showed that there are a large number of institutions were 19.80 yuan this price refused to the door. Although the online subscription funds to the June 30 only to check the capital, but after the close of June 29, the above Merchants Securities director of the confidence to tell reporters, "from the same day online purchase of the initial data, investors subscribe enthusiastically, this issue to achieve success."　　"Online subscription results, although not yet announced, but from the moment the price is determined, in fact, the agencies involved in the inquiry in the end will be able to obtain the number of shares already in mind." Questioning whether the price is high or not, a fund company in charge of the valuation of the researchers interviewed by reporters stressed: "The quotation is based on the real price, the request of rational price, is through the research and development departments and the investment Department of the Joint careful study, reference to the main underwriter to provide investment value analysis report, Reference to the same industry level two market valuations, careful study of the issuer's fundamental situation before the final determination of the declared price and the number of declarations. "As the new shares stopped for a few months before the emergence of the first IPO, the three gold pharmaceutical industry after the listing of" speculation "is likely to appear. In this respect, the three gold pharmaceutical related leaders hope investors can pay more attention to the long-term investment value of the three gold pharmaceutical industry.