the old republic power leveling shenyin wanguo analysis report BTJ

Editor'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 action andUnder the order of the State Council chaos-ridden more than more than 300 trading venues will straighten up, today published the correlation analysis of reports on the changes to issue new shares higher earnings situation. 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, how can this situation to crack? New stock issue "three highs" is complete with the introduction of initiatives to be changed?����Everything is looking forward to. Reporter Xia Qing IPO launch in June 2009 in Shanghai and Shenzhen stock market since the new deal, accelerated the pace of marketization of Chinese securities market, but from the market for nearly two years of new shares issuance, New share issues has exposed serious problems. IPO has become high price issue, 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 pushedSix important 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 Commission will continue efforts to increase the intensity of reforming and perfecting the issuing regulatory ". "Three high" being blamed for a long time, new sharesIssue of "three high" was criticized by the vast number of investors.����However, recently, the IPO price generally lower, individual issue price-earnings ratio high became the focus of new shares. Recently, the largest IPO of the traditional publishing industry �C Phoenix Media publishes online success rate and placement results under the net, offering trades as high as 63.4 times times, in the face of the unit's high offeringPrice/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 earnings level before 2010 release46.11 times ~50.72 times, after the release of earnings 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 before the release ~27.76 times, 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, the determination of the offering price is to the Phoenix media investmentFunding set aside a certain amount of space. However, prior to this, shenyin wanguo analysis report, 11, 12, 13 is fully diluted EPS of $ 0.28 and $ 0.33, $ 0.36, reasonable valuations interval 6.44-7.28 million. Combining similar valuations of listed companies, as well as the current market environment, 11-26 times times PE, correspondingReasonable valuations $ 6.44 �C $ 7.28.����China Securities analyst Lin Hu Yu said that taking into account the Phoenix Media pricing over 60 times per PE, it is recommended that "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 valuation67.65 times times, would become the first new shares with the highest earnings since November.����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 first day more than 20% per cent, smooth turbulence after the open day at $ 28.8 higher per cent to $ 28.76, exchange rateUp to 88.63%.����2011 three quarterly reports shows that the company's main revenue increased by 40%, 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, from October 30, 2009On June 30, the small total of 528 new listings and gem listed, 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, China's stock market development of the first issue�� It not only severely overdrawn on shares in the secondary market value of investments, greatly increasing the risk of investment.����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 not kin, And investment culture and atmosphere is not reason, do not attach importance to risk revealing, blind hype has a larger 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 finalPrice, even in the worst times, over the final pricing more than 1 time times the valuation report and was 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, marketHype atmosphere appears out of control.����However, the British Securities Institute Director Li 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. So-by-Steps to achieve market-oriented, progressive reform is the best choice. It is understood that in the mature markets, secondary market pricing is a two-way trade system, and even naked short selling swtor credits, 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 IPOIndependent pricing, as long as people buy. High tide because of too high a price in the market attracts a large number of new share issues, 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 improved with room for improvement, overall it is quiteView view of the prevailing relationship between supply and demand and on the corresponding stock market valuations.����As the new share issue of institutional reforms, 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. The three quarter 2011 gem release earnings declining73.88, 44.18, times.����Among them, issued in June of this year listed Masson technology 18.12 times times the issue price-earnings ratio is the lowest. 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 will againRose, securities and Futures Commission for the new shares higher earnings results also continue to watch the new deal. Address the high price-earnings ratio required starting with high price-earnings ratio for new shares issued, regulators continue to take measures. SFC responsible person stressed that reform issue regulatory systems, requires sustained effort. In recent years, the Securities and Futures Commission regulating the behavior of inquiries and pricing programs, on the one hand, on the other handStrengthening market discipline mechanism.����Issuing auditing, in addition to constantly raise the level of auditing, strengthening agency responsibilities, establish intermediary asked the nuclear programs, enhanced on-site examination; release link discovery issues, intensify efforts to investigate and; supervision on release process, increasing risk, efforts to increase transparency, improve predictability and so on. Industry sources said, to further changeStarting with higher earnings situation of issuing shares from many.����In the process of inquiry, to strengthen inquiry quotation of market supervision, to establish a reward the good and fine [punish] the bad control mechanism, eliminating inquiry objects offer poor quality; we should further improve the pricing mechanism, improving small and medium-sized investors to say in the valuations process. Many industry experts and scholars are also given their ownRecommendations. Li Daxiao, available from the following address. First of all, you can control the total, dispersing listed for centralized listing, that is, from eating less meals to set meal, so that you can implement control the listing price of new shares. At the same time the number of more than a, investors naturally there is not much interested in going to the hype. Followed by the first release, delayed after a few months or moreTime to market, with increased playing time for new risks, control its hype, while there is plenty of time to clearly understand the value of the company's investment. Wuhan University of science and technology, Director of the Institute of finance and securities Dong Dengxin recommendations, IPO Netherlands auction pricing, that is, direct quotes by the investors in listed companies, and then raise amount of shares issued and to determineIssued at what price, bid higher than the final pricing of access to shares, corresponding to the high bidders get shares of market principles.����Avoid stock boom collapsed in the first trades. Deputy Director, Institute of Southwest securities chief economist Wang Jianhui said that on the need for restraining the IPO "three high" in the system. Recommendations to intermediary bodies such as the inquiry agencies, securities underwritingBody hard constraints, so that they can't quote the old republic power leveling, high price. Investment bankers believe that solving the IPO higher earnings problems, investment bank has an unshirkable responsibility. Recommendations on the IPO risk, banks should shoulder more responsibility to guide institutional investors offer to give a more rational. Current depressed market environment for banks provides a very good reflection on leaseTo strengthen industry self-regulation, perfect IPO issue is imperative to link risk. Gem IPO price since the second half of the year list the stock symbol stock issue price listing date the issue price-earnings ratio for short 300,277 Union 2,311 months 23rd sanfeng intelligent three months on 15th2nd SPS 0275 Mei Ansen 2,611 month 30.511 months 2nd canature the environmental protection three months on 2nd and preferred shares 2010-26th purple Huayu 30.81-month 26th0 electronic 3,510 month 12th built photoelectric 2010 38.31300266 xingyuan filter 269 fushengke 259 33.78300267 er Kang pharmaceutical six months 27th longhua heat transfer339-16th video 16.59-month 16th through light cable 14.389-16th Palestinian water 189-month chemical 16th NGA 229 material 279 a monthly months new Barclays 6th 6th00259 21.98 month 31st precision forging technology of science and technology new day 26th mountain shares 638 258 months months 19th star 19th 218 months of science and technology of citrus changshan-huyou pharmaceutical source 288 months 19th suspects pharmaceuticals138 43.33300253 Wei-Ning software six months 18th Golden Shiner 16.28 32.73300251 light media six months early 3rd 3rd Mi Kang Ling information 258 months 17.5844.87300248 new Cape 307 cent Mulberry LG 167-29th Po Wright 257-month 19th tianji diagnosis 23.57 207 months 19th Dean of science and technology 39.83300243 SwissFeng Gaocai 167 22.54300242 Ming technology six months 12th 12th ruifeng photoelectric 10.87 months flew up to 207 months 6th Toho 97 months 6th Hao organisms 18.27 38.16