Three institutions tell the story of Guilin three gold inquiry

-Our correspondent Zhu Baochen as the first listed company after the reform of the IPO, Guilin Sanjin Pharmaceutical Co., Ltd., the first public offering of stock online, has been completed. June 30, the securities daily Reporter interviewed the British securities investment manager Zhou Jingne, CITIC Trust Limited liability company Asset Management Senior trust manager Liu Guijin and Prudential Trust investment manager Zi Yantao said, Guilin three gold 19.80 yuan of the issue price, the company's placing objects have a valid quote.　　Guilin three gold first day break is unlikely. Quote consider the company's performance, funds to the "Securities daily": please simply talk about your quotation based on what?　　What are the main considerations when quoting?　　Liu Guijin: I think in the process of quoting, we should consider various factors. First, consider the issuer's own performance, the project to raise funds, because the project determines whether the company is growing. Second, we need to compare with the same type of pharmaceutical companies to study the current valuation level of pharmaceutical listed companies in level two market.　　In addition, it is also necessary to consider the style of the managed placing objects themselves, whether their price is steady or radical. Zi Yantao: I think it's worth taking into account the intrinsic value of the company, as well as looking at the investment value Analysis report of the participating underwriter, because as the main underwriter, it definitely knows the company.　　At the same time, also need to make a value judgment, the company and the same plate of pharmaceutical companies to do a comprehensive comparison, in the synthesis of a variety of circumstances after a quote.　　Zhou Jingne: In the quotation process, we mainly refer to the prospectus, the company's specific investment projects and the main underwriter's value analysis report, at the same time, we should combine the level of P/E, market price and other factors in the two-tier market. Securities Daily: The initial inquiry notice stipulates that the placing of the object to the maximum of three prices, then, we manage the placing of the object of the use of several documents quoted?　　What is the consideration of this? Zi Yantao: Quote is our subjective judgment. Because we can't communicate, we can't get any quotations from other agencies beforehand. For reasons of risk and benefit, one price cannot be quoted, and the quoted price cannot be too high or too low. According to their own judgments, to conclude that the more reasonable price, and then determine the upper and lower limits, pull off the price difference.　　The quotation gap will take care of the market in all aspects of the objective factors, the chances of success will be increased. Liu Guijin: Because we have a few placing objects, usually two or three files. First of all, the third file is to reflect the price elasticity.　　Second, if you report a file, may not be shortlisted, but if the three stalls, the chances of finalists will be a little more. Zhou Jingne: There is a bit of a stall, which is a strategy for quoting. The upper limit of the report on the investment value of the main underwriter is to ensure that it can be subscribed.　　The other two stalls are based on their own evaluation price and the prospectus. Pricing more reasonable securities daily: as the first company to issue shares under the new system, you think 19.8 yuanIs the pricing reasonable? What do you think about the first day of the three gold market in Guilin?　　Do you think it will fall below the issue price? Liu Guijin: High or low priced, can not be judged by past experience. If the price does not follow the market-oriented mechanism, set any price, people will feel high or low. Guilin Three Gold Final subscription multiple is 165 times times, indicating the price of the agency in 19.8 Yuan subscription intention very enthusiastically. New stock Quotes for any one of our organizations, the constraints are still very strong.　　Since some organizations are willing to buy, they cannot say that the price is high. Predicting so-called gains is more difficult.　　The increase depends on the level of the two market, but also on the structure of market investors and the interest and expectation of stocks. In addition, because it is the first stock under the new distribution system, the distribution system has changed, the whole distribution market and the game of the two-tier market have changed.　　Therefore, the performance after the specific listing needs to be observed. As to whether it will fall below the IPO price, personally think unlikely.　　Because the network under the circumstances of the inquiry is based on 165 times times the subscription multiples to price, the market is also more recognized by institutions, at the same time, this is the new system issued under the first stock, break is unlikely.　　Zi Yantao: Put in the current market, 19.8 yuan price should not be cheap, but since the price is mainly based on market prices, it is reasonable. The current two-tier market is indeed relatively hot, the first day of the increase must be some, personally think it may be between 30%-50%. Because the new shares will certainly have a premium. 　　In addition, the pharmaceutical sector at present is also a hot industry, not to mention the first single IPO, there is a premium should be. Zhou Jingne: I think the basic is reasonable, because the issue price is the main underwriter in accordance with the distribution of the offer to the issuer negotiated with the issuers, the 165 times times the oversubscribed multiple is also more acceptable.