Who is the collusion of the scenic mountains and rivers, Citic Shen million merchants are difficult to escape

Who is the conspiracy of the scenic mountains and rivers?　　The answer is Wanguo, GF Securities, investment securities, securities and other well-known brokers. On the eve of the listing of mountains and rivers in December last year, the media exposed the earnings of income, high-end products blending, fictitious industry status and other acts of suspension of the listing, these brokerages use a large number of research reports to investors to sell the scenery of mountains and rivers of stocks, the report is generous praise.　　Huadiao Securities called the scenic mountains and rivers as "Xiang faction of the model of rice wine", Wanguo is "The pioneer of rice wine innovation" for its qualitative.　　The reporter found that in the scenery of the first time the IPO will be postponed to the IPO period, as many as 10 brokerage institutes have presented their research reports on new shares, which, from different perspectives, have portrayed investors as an investment-worthy consumer enterprise, with no words to say and subsequent media disclosures. To the fraud incident exposure, these brokerage institute and collective "Silence", no longer to express any views, until the April this year, the scenic mountains and rivers two times, not a brokerage institute dared to issue a research report to discuss the investment value of scenic mountains and rivers.　　Throughout the process, the brokerage institute has played the role of a "conspiracy"-by not doing the job or with interest-oriented research, the Institute has sewn up a shiny coat for counterfeiters and increased the chances that investors ' interests would be impaired.　　New shares report: a mere formality in the rapid pace of new offerings, the brokerage inside busy not only investment banking sector, the Institute also to provide investment value for new shares report, which makes the IPO report into a brokerage research report is an important component. Since the IPO resumed in 2009, there have been hundreds of companies that have entered the capital markets, there are as many as thousands of research reports written by brokerages, but a strange situation for investors is that when these companies are "new shares", the research reports on new shares given by the brokerage institute are mostly about "investment value highlighting".　　In this logic, the conclusion is also basically "worthy of purchase", completely do not see an article on the value of the company's investment to query or negative, and then hint at the investment risk of the research report.　　"New shares only talk about value" has become pervasive in various securities institute between the atmosphere, in this atmosphere, the first listing of scenic mountains and rivers after the success of a number of securities institute to talk about the value of its investment is not strange. "It may not be so accurate to say that [the Brokerage institute] is a ' conspiracy '. "From an investor's point of view, a solid report does have the effect of ' collusion '," said an analyst at CIC who declined to be named. But in the actual operation, the Securities institute also basically will not be subjective to the company to provide assistance or convenience, leading to new shares report a mere reason for a lot, and the whole industry of the environment. The institute does not exist alone, and at times it takes into account the investment banking sector, as well as its relationship with listed companies.　　If it is ' conspiracy ', then the ' conspiracy ' is somewhat involuntary. Retreat: Not due diligence research except for some objectiveReasons, the more crucial reason for the "retreat" and not "pragmatism" of the IPO report is the lack of due diligence, some new stock reports and even the researchers did not do field research. Still take the scenic mountains and rivers as an example, although there are a number of brokerage institutes that produce new shares research reports, they will find that, in addition to the differences in presentation and wording, the structure and content of these reports are strikingly similar--the first branch's history and ownership structure; technical advantages and market share of the second branch　　The third part of the Yellow rice wine segmentation market has a bright future; These studies, while listing a number of data, complex charts and valuation models are also impeccable, but the fatal flaw is a lack of due diligence, with data and data that derive largely from the company's own prospectus and data, making the new research report look more like advertising than reporting. It is also because of the lack of the most basic due diligence on-site research, leading to the problem of the false scenery of the first time by the outside world known is through the media rather than researchers.