Xujiahui NET subscription minimum rate of 11.29%

Financial weekly Wang Jiangtao High-profile and low-key, which do you like? For Haitong Securities, it must like the latter.　　This is the "lesson" it gets from Xujiahui (002561.SZ). Because of Mr. Yu Qiuyu's low price shares, Xujiahui from the IPO, roadshow, until the issue, listing have been widely concerned about the community. The result of the spotlight is that the multiple subscriptions are only 2.1 times times higher than the Xujiahui network. According to the Financial weekly Investment Bank laboratory incomplete statistics, 2.1 times times the number of IPOs this year under the minimum subscription.　　Related to this, Xujiahui's super raise rate is only 11.29%, but also this year the lowest rate of IPO.　　To be honest, there are a lot more than 10 times times the number of oversubscribed subscriptions under the distribution network this year. The SME board, there are 13: Yi Sheng Pharmaceutical (8.25 times times, Minsheng Securities underwriting), contact food (6.7 times times, National securities underwriting), hundred run shares (2.02 times times, Hualong Securities underwriting), Jie technology (4.24 times times, securities underwriting), Shanghai Green new (8.7 times times, securities underwriting), Century Cruise ( 6.25 times times, Everbright Securities underwriting), Brother Technology (5.1 times times, Japan Securities underwriting), Zhanghua (3.92 times times, Credit securities underwriting), South bearing (5.19 times times, Huatai Securities underwriting), new farmers (6.98 times times, Everbright Securities underwriting), Sirte (9.64 times times, Hongyuan Securities underwriting), Baoding heavy Industry (　　4.03 times times, China Securities underwriting). Under the so-called net oversubscribed multiple, the system is the number of effective subscription quantity in the net to the number of the proposed distribution. The higher the excess subscription ratio of a new stock, the more the institutional investors agree with the value of the new shares, the stronger the demand.　　Obviously, there is a positive correlation between the oversubscribed ratio and the IPO price. Xujiahui SME stock 345 million shares before the issue, February 23 16 yuan issued 56 million shares, March 3 listing. There are 68 agencies involved in the offer-a number that is not high, only 1/3 of which are valid subscriptions.　　The net was finally allocated 10 objects. Xujiahui main underwriting The Sea Pass securities, the value of the investment report issued by the range is 15.27-19.55 yuan/share, the final price falls in this range. Xujiahui 2009 earnings per share of 0.51 yuan, the corresponding static P/e ratio of 31 times times. The data quoted by Haitong Securities says that commercial retailing can be 40.98 times times the average price/earnings ratio of the 2009 Initial enquiry deadline for listed companies on February 18.　　In view of this, Xujiahui is still "reasonable", but why is the agency not high enthusiasm for new? Look at the detailed declaration price of the inquiry object. The highest is the Gezhouba group finance Company's 25 yuan, the lowest is Xujiahui headquarters in Shanghai, the country of the company's "Tak Shing Bond fund" reported 11 yuan. 68 agencies quoted, the median is "Huaxia Hope Bond Fund" and "Social Security 503 Combination" of the average, that is, 15 yuan, lower than Haitong securities valuation range.　　This also shows that the institutional price overall, does not agree with Xujiahui pricing. So, "identity"What are the institutions that Xujiahui is pricing? In addition to the Gezhouba Group finance company offer the highest price, in accordance with Haitong securities valuation limit quoted only two products of Ping an capital. The public offering fund, the effective quotation is only Shanghai's "Hui Add Rich Bond Fund" (17 yuan), "the country to invest in UBS stability and increase the profit bond fund" (16 yuan) these two.　　21 Effective inquiry, there are Haitong Securities recommended to Anhui hundred Sichuan (Micro-BO) business development company reported 18 Yuan, Shenzhen Citic joint venture reported 16.6 Yuan. Online distribution, Xujiahui effective number of users 329,000 households, the number of effective purchase of 4.86 billion shares, online check rate of 1.15%, oversubscribed 87 times times. Xujiahui online Check rate, also more than the February period of the issue of the Bao Ding heavy industry, south bearing, Huibop, Chunching Seiko, FAI-Lung shares, Shanghai Green and other SME board shares.