Old Board "Dream Price" Was Replaced By "Pork Price"

The middle new shares, such as "medium knives", will not only make money but also will probably lose. Yesterday, however, Gem Welcome to trusse (300229, stock bar), Wynn strip industry (300230, stock bar) and silver letter Technology (300231, stock bar) 3 new issue, the fresh is: their average issue price is less than 16 yuan / share, in the growth enterprise market. New shares In the history of the issue, a rare event was issued on the same day. What does gem's "super low price" issue mean? Will the probability of breakage be reduced after listing? Can investors "pick up the cheap"? Reporters interviewed yesterday, Investment Answer several questions.

High price earnings ratio and high issue price are the two major criticisms of IPO's IPO. However, the price of the three new IPO issued yesterday was lower, with the lowest price of the Yongli band issuing 12.9 yuan / share, and the issue price earnings ratio was 34.48 times. Its price is 15 yuan / share, and its price earnings ratio is 31.91 times. The issuing price of silver letter technology is 19.62 yuan / share, and the issue price earnings ratio is 30.99 times. Their average selling price is less than 16 yuan.

"It's equivalent to buying pork in a vegetable market," Ms. Xu, who is concerned about this, is surprised to say that this is not a "dream price" but a "pork price". Reporters found that in the history of the gem issue, these new shares are not the lowest starting prices, for example, the gold Asia Technology (300028, stock bar) listed in October 30, 2009, the initial price is only 11.3 yuan per share. Last year, there were some low-priced gem stock listings, such as the western stock raising (300106, stock bar) listed in August 20, 2010, the issue price is 11.9 yuan.

New signal? The price earnings ratio is 30 to 40 times prudent.

In addition, this year's initial listing of gem new shares, the issue price showed a low trend, many new issue valuation at the beginning of the "3" level. For example, Hongli photoelectric (300219 shares) listed in May 18th, the initial price is only 16 yuan, the first price earnings ratio of 32.04 times. The Silver Jubilee Technology (300221, stock bar) and Amway shares (300218, stock bar) listed in May are priced at 18 yuan / share. In June 8th, today, the three GEM companies listed in Shanghai are Steel Union (300226, stock bar) (300226), light rhyme (300227, stock bar) (300227), furritt (300228, stock bar) (300228), and the P / E ratio is thirty or forty times, which is much lower than that of the highest value. Industry analysts believe that as GEM stocks continue to fall, IPO may become more cautious. Gem has high risk and high growth, but when market sentiment is more optimistic, market investors will pay more attention to their growth prospects and give higher price expectations for new shares. While the performance of GEM companies is not very satisfactory, and some executives and shareholders frequently cash in, and under the macroeconomic background, investors pay more attention to their risks and neglect growth, so they are unwilling to give higher valuations. In order to attract more investors, enterprises also tend to issue lower prices.

More breakage? 57% break stocks, there are no less than 10 yuan low price stocks.

Under the environment of frequent breakout of IPO this year, the issue price of IPO collectively "low" has attracted attention. Is it not easy to break down after the listing of low price shares?

According to relevant statistics, by June 2nd, 116 of the 144 new shares listed this year were in a predicament. Reporters also found that as of yesterday, the gem has been listed on the 224 stocks, even after the resumption of power, yesterday's closing price corresponding to the issue price, also has 128 stocks "break", breaking rate of more than half, reaching 57%.

Since the launch of the gem, the top three issues of the absolute price are 300146 yuan, 300142 Watson, 300050 century, and 110 yuan, 95 yuan and 88 yuan respectively. The closing price of the first two yesterday has been "broken".

As a whole, the overall valuation of gem continued to decline. As of yesterday, reporters at the Shenzhen Stock Exchange revealed that the average price earnings ratio of listed GEM companies was only 43.33 times.

However, in spite of the fact that the frequency of breakage is smaller in stocks with a price below 20 yuan, it is not absolute "safety". Last July, the listing of the League of nations aquatic products (300094, stock bar), the initial price of only 14.38 yuan, the first price earnings ratio of 57.52 times, but yesterday's closing only 10.68 yuan, less than a year, compared with the issue price fell to 1/4. Hongte precision (300176, stock bar), which was launched in February, issued a price of more than 16 yuan, and has also been broken.

Cheap? Not only depends on the stock price, but also depends on the prospect of valuation.

GEM stocks used to be tens of billions of dollars, or even hundreds of yuan. Is the current low price new stock worth "cheap"? "A little bit, maybe the bottom of the gem," said Ms Xu, who once invested in Huayi Brothers (300027, stock bar) and other stocks. But at the same time, she was worried that low price issuance would not make people feel confident in the current market. Shandong Shen Guang researcher Zhang Shengguo said that the price is high and low relative to the price earnings ratio. Do not only care about the absolute value of the stock price. For example, the Yongli belt industry with a price issue of 12.9 yuan is taken as an example. In 2010, the earnings per share were 5 gross 4, and the static valuation was more than 20 times. But he believes that if you want to participate in these low price issue new stocks, investors should pay attention to two points: first, pay attention to the industry, whether the prospect is better, or can not see clearly, or to the weak? Two is concerned about the company's market value and scale of income, and then corresponds to the industry comparable company. "If we take the total share capital to share the stock price and get the market value, the market value of the second industries in general should be almost second." Of course, the industry reminds us that the overall situation is indispensable.

The first day of the IPO reappears and the new billionaires are born.

New shares are breaking out. In June 3rd, Wenfeng shares (601010, stock bar) (601010.SH) landed on the A share market, breaking down on the first day of the listing and eventually closing at 18.34 yuan / share, or 8.30%. In addition, 002585 new stocks (002585.SZ), 601311 camel shares (601311.SH), 002584 stocks (002584.SZ) and 002584 shares (002586.SZ) were listed on the stock market in June 2nd. 3 of the 5 stocks listed in 2 days were broken on the first day. Only the new shares of the West Long Chemical Industry and Wai Hai listed on the first day rose more than 10%.

According to statistics, the average price earnings ratio of new shares listed on A shares in recent days is about 33 times, significantly lower than before, but the phenomenon of breaking the first day of new shares has not changed. Meanwhile, behind the IPO, billionaire's story is still on the stage.

Wenfeng shares failed to escape the doom of the market crash, which also led to a sharp contraction in the wealth of Xu Changjiang, chairman of the company. It owns 40% of the Wenfeng group, while the Wenfeng group holds 321 million 678 thousand shares of the listed company. Therefore, Xu Changjiang gained 2 billion 360 million yuan of book wealth by holding 128 million 670 thousand shares. Similarly, the camel shares listed on the main board fell continuously on the two day of the listing, and the 3 daily newspapers closed at 17.13 yuan / share in June, lower than the issue price, but there were still 7 billionaires.

The number of shares issued by Xi Long chemical industry is 50 million shares, and the listing price is 12.5 yuan / share, and the actual raised fund is 571 million 426 thousand and 400 yuan. Chairman Huang Weibo, chairman and President Huang Weipeng, director Huang Shao Qun Holds 36 million 600 thousand shares of listed companies respectively, according to the issue price of 12.5 yuan / share, Huang Weibo, Huang Weipeng and Huang Shaoqun's book wealth is 460 million yuan respectively. On the second day of the listing of the company, the price of the West long chemical industry dropped by -2.43% on the two level market, closing at 14.43 yuan / share, but it was still higher than the issuing price of 2 yuan, so it did not affect the generation of the Huang family billionaire. Since the stock market has dropped sharply since the launch of the new stock market, the 3 daily newspaper closed on 46.28/ shares in June. Compared with the issuing price of 55 yuan, the stock price dropped by nearly 9 yuan / share. Therefore, the total fortune of Wu Peifu, chairman and general manager of 127 million shares, was reduced by 1 billion 110 million yuan. Wai Hai shares (002586.SZ) listed 2 days, the company's share price also fell 3, closed at 20.79 yuan / share, the same day, a 3.75% decline, but still kept the issue price. According to the company prospectus, the actual controller of the company is composed of Feng Quanhong, Zhang Zi he, Luo Quanmin, Qiu Chunfang and Wang Quan Quan. The majority of the company's shareholding is in the hands of the controlling shareholder, Wai Hai holding company. In addition, the shares held by other executives and shareholders of the company are relatively scattered. According to the issue price of 19 yuan / share, the listing of Wai Hai shares does not produce billionaires like other companies.