129668682363906250_8Editor's Note: in order to promote the healthy and steady development of China capital market, the Commission recently launched intensive six initiatives. This special launch series, each of these initiatives conducted in-depth analysis and interpretation. 22nd, 23rd and 24th respectively launched the bond market calling for chess policies are still needed at high speed, and the prevention and control of insider trading of capital market from the source "rodent" escalation of actionUnder the State Council order and chaos-ridden more than more than 300 trading venues will straighten up, today published the change higher earnings to issue new shares of correlation analysis reports. High price-earnings ratio of new shares issued, why not? Has been discussed in the industry, regulators have been promoting. Recently, the regulators are clear means of gradually changing high earnings situation of issuing shares.So, the situation of the how to solve? New stock issue "three highs" is complete with the introduction of initiatives to be changed?
Everything is looking forward to. Since its launch in June 2009 in Shanghai and Shenzhen stock markets IPO deal, accelerated the pace of marketization of Chinese securities market, however, judging from the market for nearly two years of new shares issued, shares exposed serious qAs stated. IPO has become high price issue
the secret world power leveling, high earnings release, superb raised the issue of "three high" release. Particularly prominent are second board companies.
According to statistics, the current gem company 275, the average price of about $ 35, nearly 68 times times issued on average earnings, average more raised than to 200%. A few days ago, the Commission launched six major regulatory reform measures,Which made it clear that, by means of gradually changing situation of high earnings shares. SFC official said, "as a regulator, we are not giving reasonable standards for price/earnings ratio.
But the next step the Commission will continue efforts to increase the intensity of reforming and perfecting the issuing regulatory ". "Three high" being blamed for a long time, new issues "three high" phenomenon is the vast number of investorsCriticism.
However, recently, the IPO price generally lower, individual issue price-earnings ratio high became the focus of new shares. A few days ago, the largest of the traditional publishing industry IPO--Phoenix Media publishes online success rate and placement results under the net, issue price/earnings ratio as high as 63.4 times times, facing the stock higher issue price/earnings ratio, agency minimum price only $ 5.2/Unit, this 1 time difference with the highest bid $ 10.88/unit more than doubled. Prior to this, Phoenix Media findings of a preliminary inquiry, Phoenix media this release issue price range of $ ~8.80 is $ 8/share/unit (including the lower and upper). This range corresponds to the 2010 release earnings level of 46.11 times ~50.72 times before issuingEarnings after 57.63 times ~63.40 times. Investor Roadshow platform directly questioning its price/earnings ratio is high. In response, the Phoenix Media Chairman Chen Haiyan says, if calculated according to the sustained viability of standards to the issue corresponds to 2010 year earnings level: 25.23 times ~27.76 times before the release, after the release of 31.54 times ~34.70 times, if further consideration on the basis of company earnings growth in 2011, the company of the a shares issue compared to comparable company earnings and major a-share, it is more reasonable.
If Phoenix media in the whole publishing's leading position in the field, Phoenix media give investors the determination of the offering price is set aside a certain amount of space. However, after theAnd shenyin wanguo analysis report, 11, 12, 13 is fully diluted EPS of $ 0.28 and $ 0.33, $ 0.36, reasonable valuations $ 6.44 per cent. Combining similar valuations of listed companies, as well as the current market environment, the 11-PE-26 times times, reasonable valuations $ 6.44 �C $ 7.28��
China Securities analyst Lin Hu Yu said that taking into account the price of more than 60 times the Phoenix Media PE, it is recommended that the "Beware of the risk of break, do not purchase".
In addition, a recent listing of new shares is due to higher pricing very concerned about. On November 22, Dominion optical listed on the Shenzhen small and issuing valuation 67.65 times times, would be the first since NovemberFull of the highest rate of new shares.
Listing on the six months in small and new shares, second only to the April Understanding power 76 times times the issue price/earnings ratio, is more prominent. However, Dominion optical to beat 20% on the first day of gains on the day at $ 28.8 opened smoothly after shock, closing $ 28.76, exchange rate up to 88.63%. 2011 three quarterly reports shows that the companySpecializing in 40% increase in revenue, net profit growth of up to 181%, diluted earnings per share of $ 0.544, researchers believe that dynamic watch company valuations are not too high. According to another study on Shenzhen Stock Exchange financial innovations laboratory data since October 30, 2009, small and a total of 528 new listings and gem listedAnd investors to buy shares on the first day of 5th loss of 61.23%, particularly since the beginning of this year, in Shenzhen a shares break phenomenon not uncommon over 70% shares have fallen below issue price. "Three high" causes diverse new "three-high" release was plagued in recent years priority issues for the development of China's stock markets. It not only severely overdrawn on shares in the secondary market value of investments, which greatlyTo increase the investment risk.
Many issuers raise funds ultimately can only be tied up in huge Super Bank, resulting in a huge waste of resources. The reason, analysts said, leading to high price issue, there are many reasons to raise more funds, existing distribution system is not perfect, the market mechanism is not perfect, and investment culture and atmosphere is not reason, do not attach importance to risk revealing blindly friedFor a greater relationship.
And, for a long time, the a-share markets, "every new rose", therefore, we are "every new play", supply and demand leads to higher issue price of new shares, high earnings and a high proportion of Super-raising phenomena occur. In addition, the Investment Bank's IPO valuation report is often higher than the final offer price, even in the worst times, higher than the final pricing more than 1 time times the valuation reportAlso not alone. This further led to the inquiry does not trust relationship between agencies and investment banks, inquiry agencies offer also tended to be irrational State, affecting the healthy development of capital markets.
And its ultimate result, investment banks lost their authority and influence of research on valuation, when the market is hype atmosphere lost control. However, the Director of the British Institute of securitiesLi Daxiao also said that this is a product of China towards market-oriented pricing of securities market, cannot be avoided. Li Daxiao believes that compared to mature markets, the a-share market is a product of a non-market starting immediately fully market-oriented issue may have unforeseen consequences.
Progressive realization of market-oriented, progressive reform is the best choice. It is understood in a mature market
diablo 3 gold,Secondary market pricing is a two-way trade system, and even naked short selling, stock market policy did not favour either, any company dare to unscrupulously pricing, because a great deal of reverse transactions and arbitrage disks poured out of at any time. Market-oriented pricing, market-oriented release, Enterprise IPO pricing will be free to, as long as people buy. So market upsurge, because of too high a price to attract a large number of newRights issues from market downturn as shares was too low when few companies are willing to go public.
However, subsequent financing very liberal.
IPO has been ahead of the market in our country on the road, while on the way there yet to be room for improvement and perfection, General also are able to objectively reflect the prevailing relationship between supply and demand and of the corresponding stock market valuations. With the IPOReforms, the gem IPO pricing starting rational return. Data show that since the beginning of this year, the gem IPO price/earnings ratio "-by-quarter" gem release earnings is clearly downward trend. First three quarters of 2011 gem issue gradually dropped to 73.88, 44.18, times earnings. In June this year listed on Masson18.12 times times the issue price-earnings ratio is the lowest of science and technology.
����But insiders said the IPO earnings fall, mostly because of gloomy market and fund this year under the environment of surface tension, if market conditions improve, does not rule out new share price-earnings ratio to rise again
tera gold, securities and Futures Commission for the new shares higher earnings results also continue to watch the new deal. Gold onlineOut: Gold-line reproduced above, does not indicate that confirm the description for investor use only and does not constitute investment advice. Investor actions accordingly, and at your own risk.
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