Semir Busen Shares The Opposite Price With Costumes.

March 11th

As of 11, the closing price of the company was 62.11 yuan / share, the world fell 7.30%, the whole day turnover rate reached 21.68%, creating a new low turnover rate of the new listed companies in Zhejiang recently.

Let many investors "tremor" is that, in the next month trading day, Semir clothing prices went all the way down, closing 14 days closing price of 57.79 yuan, 9.21 yuan lower than the issue price.

Eventually, the 1 million 960 thousand shares of Wan Lian securities were ranked the eighth largest shareholder of Semir.

After paying 131 million yuan of real gold and silver, it is 18 million 51 thousand and 600 yuan.

The market is still the same market, but the result is quite different.

A month later, the main brothers and brothers in the shirt and Western clothing market became the hot spot on the first day of the listing. On the same day, the stock closed at 27.79 yuan and 62.86% yuan, and the turnover rate reached an astonishing 91.57%, creating a new high turnover rate for new shares this year.

It originated in the same province and sent home in the same industry. Why did the stock market share the opposite performance after the listing, in addition to the difference in the price of the market on the same day after the listing, more from the pricing of the underwriting brokers and the equity of both sides.

Big share capital Semir clothing was neglected, institutional preference for Busen shares

On the day of March 11th, the A earthquake broke out.

The Semir costumes listed on that day have made many investors tremble, and the issue price of 67 yuan has made the first high priced shares of this year's small and medium board.

Semir apparel shares issued 600 million shares before the issue, IPO issued 70 million shares, of which 14 million shares under the net.

Semir apparel has a larger share capital and a large number of shares.

The total share capital of Busen shares after 112 million is less than 20% of Semir's clothing, so Busen shares with relatively small share capital have the potential of speculation.

Compared with listed companies in the same industry,

From the perspective of the two sides' purchase, the initial inquiry of Busen shares confirms the issue price of 16.88 yuan, and the initial purchase price of a bid not less than 16.88 yuan is 107 million 240 thousand shares, which is 35.8 times the number of shares issued under the net.

Compared with the average purchase times of more than 10 times of the new network, the institutional enthusiasm for Busen shares is very high.

There is only a 2.79% success rate in the sale of Yaohao under the net.

In contrast, the initial inquiry of Semir clothing confirms the issue price of 67 yuan, which is 44.97 times that of PE in 2010.

The initial inquiry price is not less than 67 yuan, the total number of purchases is 107 million 240 thousand shares, which is 7.66 times the number of shares issued under the net, and the winning rate of up to 13% under the net Yaohao can also be proved by such a high net profit.

Judging from the success rate of online distribution, the success rate of Semir apparel online is up to 2.50%, creating a high success rate of online issuance of Zhejiang stocks in the near future, second only to the success rate of online publishing of Bo Wei alloy 2.57% listed on the Shanghai Stock Exchange in January 27th this year.

And the online success rate of Busen shares is only 0.66, which shows that the capital market agrees with its issuing price.

With the province clothing brothers issued pricing both "chopped"

The number of institutional quotations and the number of proposed purchases can be more sensitive to the IPO price.

Sponsor Galaxy Securities believes that the issuer Semir clothing reasonable value interval of 68.4 yuan -79.8 yuan.

The 126 placing objects with 73 inquiries and unified quotations have valid quotations, and only 37 of the quotations are over 67 yuan (including 67 yuan), that is, 7 of the institutions do not recognize the price of Semir clothing given by the galaxy.

It is worth mentioning that the Guangzhou Wan Lian securities is the Semir high priced "meritorious service".

Its proprietary account is priced at 68.5 yuan for up to 14 million shares, which is the highest price in the single placing object.

Wan Lian securities was finally allocated 1 million 960 thousand shares, ranking the eighth largest shareholder of Semir.

Pay 131 million yuan real gold and silver, but the result is that the current account loses 18 million 51 thousand and 600 yuan.

The same price cut also appeared on Busen shares, and the first value of the first venture securities underwritten by the broker was 18.30-21.35 yuan / share.

However, the final issue price was 16.88 yuan, which was 1.42 yuan lower than the lower price limit given by the first venture securities.

After the haggle, Busen's share price earnings ratio dropped to 28.36 times from 40 times the upper limit.

Data show that a total of 58 inquiry objects, the unified offer of 90 placing objects provided preliminary inquiry price information.

Among them, there are only 26 placing objects with a price above 18.30 yuan, accounting for 28.88% of all institutions.

The highest quoted price is the self trust account of Shanxi trust and limited liability company. The declared price is 22.20 yuan, the lowest is four life insurance products under the Xinhua asset management Limited by Share Ltd, and the declared price is 12.05 yuan.

After placing all the placing objects, the 90 placing objects of the 58 inquiries were quoted uniformly. The declared price of Busen shares was 16.54 yuan and the median was 16.25 yuan.

Unlike Semir clothing, Busen shares are allocated by equal amount. The 4 million 600 thousand shares issued under the net are allocated equally to each central agency account, that is, each central body can be allocated 920 thousand shares.

Busen shares issued low price earnings attracted hot money.

As early as July 2010, Busen shares were approved by the SFA's audit committee, but due to various reasons, the closure process lasted for half a year.

However, it was a blessing in disguise. The stock price of Busen listed in April 12, 2011 is based on the earnings per share in 2010.

Data show that by 2010, the company's earnings per share were 0.60 yuan, up 27.65% over the same period in 2009. If it was listed in 2010, the issue price of Busen shares should be 13.32 yuan at 28.36 times the issue price earnings ratio.

Although it was eventually priced by 1.42 yuan by the inquiry agency, the issuing price of the issue price of 16.88 yuan per share still raised 394 million yuan for Busen shares, which was 165 million yuan more than the 229 million yuan commitment investment project.

In search of the publicly traded information on the day of the company's listing in April 12th, the funds purchased were all clear and hot money, and Zhejiang's hot money became the main force.

Fangzheng securities Wenzhou Xiaonan Road Sales Department, Zheshang securities Dongyang New South Road Sales Department, CITIC golden Tong Hangzhou South Street business department and other three business locations ranked the top of the list of buyers, the purchase amount was 6 million 291 thousand and 800 yuan, 6 million 98 thousand and 100 yuan and 4 million 911 thousand and 400 yuan, the top five seats bought 26 million 264 thousand and 900 yuan.

Among the top five seats, the top four seats were Guoxin Securities's sales department, which sold 2 million 741 thousand and 700 yuan, 1 million 707 thousand and 800 yuan, 1 million 571 thousand and 500 yuan and 1 million 78 thousand and 800 yuan respectively.

In the first day after the fire, Busen shares continued to encounter 13 days of hot money speculation.

After opening at 25.80 yuan, the funds were still in large numbers. After a surge, the share price began to decline significantly in the afternoon.

Finally, it closed down 4.33% at 26.30 yuan, and the turnover rate reached an astonishing 73.74% again, and the total turnover reached 378 million yuan.

It is only about 30 million yuan less than the 407 million yuan on the first day.

And the two day handover rate reached 165.31%, which continues to be the highest turnover in the IPO market this year.