The new stock six new ecological expedites the IPO

Including this week's IPO the first three gold medicine alone, the current would have passed off a total of 33 companies planning to issue 14.4 billion shares (see A15-A18 version). Although in absolute terms, this compared with the A shares nearly 2.5 trillion of the total size of shares is only a drop in the ocean, but the capital market has been enough to trigger the butterfly effect. A weekly financial reporters after the investigation, after the resumption of the IPO, market-paced, market valuation, stock accounts, various types of financial products, and even deposit levels, subtle changes will occur. Standing on the starting point for a new era of IPO and capital market will embark on a new ecosystem. The rhythm of the market: Freeze period, may not be decreased Judging from the recent disk, IPO obvious impact on the market. May 22 issue of new shares to start the reform of the system program to the community for comments, the market has declined for three consecutive days; and June 11, after the formal implementation guidance, the market is also a stage of the day high. At the same time in the real estate food (000031), in sea-sheng (600896), CITIC Securities (600,030), such as the concept of hot IPO shares was up one after another. The short term, IPO market will play a diversion of funds is indeed affected, but the new hit single account for one-thousandth of the guidance limit the actual "blood" will be less than the level of the past. According to management estimates of a weekly, currently has 33 company intends to finance the amount will be about 76 billion yuan, and up to four this week, this year has made a new 51 non-monetary fund, more than 115 billion yuan fund-raising, taking into account the IPO financing amount of the early start will not be too often that the market is worried about the pressure of the expansion is not temporary. At present, the mainstream view is that the market, IPO market will not change the resumption of the trend in the IPO market to start this week against the backdrop of the rise also shows that IPO investors are to play down the psychological impact. But the need to point out that, IPO restart, the market showed a micro-rhythm game become the main line, that is, during the freezing of funds to fight the new market prices may not appear. Weekly this week, according to finance a stock of 380 investigations, made it clear that the current shares of the stock does not hit only 11.6 percent, and indicated that they will sell the stock on-hand to fight new or speculation for new investors as much as a quarter . Once into the purchase of new shares, the funds can be predicted that the market, especially small and medium-sized investors will rush倾囊而出purchase online, and even dished out the secondary market for the stock. However, investors can not think that this means that the market decline. The needs of the market reverse thinking, perhaps the risk of investors is the main opportunity. At present, Shenzhen purchase of new shares will be three days to freeze the funds, and the SSE is 3 or 4 days, with a large amount of money the agencies, subject to the provisions of playing the new ceiling, it can freeze in the 34 days period of market launch so that those who play the new踏空. Once thawed the new funding to fight the market and the breeding of that capital back into the optimism, the main but could easily "ship." This phenomenon not uncommon in history, the most typical is October 26, 2007 after the market fell to 5500 points from 6124 near the day of the China National Petroleum (601857) offer for subscription by the freezing of funds online 2.58 trillion yuan, but the big magic bottomed Yang received and continue to rise after three days, but the October 31 new funds to fight after thawing, the market started all the way down. Similar situation also occurred in June 23, 2006 Bank of China (601988), April 19, 2007 CITIC Bank (601998), February 26, 2008 China Railway Construction Corporation (601186) on the purchase. Can be seen, IPO after the restart, investors may be a counter-dilemma situation. Market valuation: Rising radical left do not have to IPO is expected to resume on the market valuation changes. 2800 near the current A-share market's average price-earnings ratio (TTM, the same below) and市净率respectively 25 times and 3 times, although from a historical point of view is still not high, but most of the low valuation of the weight of blue chips, local market has been not a small bubble. After a weekly financial reporters, as of this week, four-A shares more than 50 times earnings the stock up to 553, accounting for one third of all A shares, as well as 361 negative stock market in recent earnings ratio of shares六成very confusing. In 2006 from the old and new zoned fractured diluted earnings ratio of new shares issued, the nearly 3 years in the value of 28.58 times, the basic and the current level of market valuation. This shows that, at present the primary market and secondary market valuation of a very basic, IPO start with the conditions and, more importantly, at present a lot of overvalued stocks, after the listing of new shares, instead of the concept of a similar business or have been listed the value of shares will lead to the opportunity to correct - can be low-fried, high disposable. Nevertheless, the market will help to squeeze the local bubble. Recently by the China Merchants Securities IPO and China may be the impact of construction, A stock brokerage and construction shares, see a surge in property shares. Need to remind the investors, the market has always been speculation of new habits, easy access to the listing of new shares after the high-premium, relevant sections are often linked, but such a transaction, it is difficult to grasp the opportunity, it is recommended investors the opportunity for such interaction should not up high, they are advised to avoid the bubble见好就收(see A19 version). In addition, because the market had just come out of bear market, after the listing of new shares or relative positioning reasonable牛股ran in the probability of long-term as well. The last round of bull market, China Air China (601111) is a typical example, the short break after more than 10 times up. Of course, investors also need to read this prospectus, clearly良莠(see A12 version). If the market overall continues to improve, the valuation of new shares will be gradually rising in tandem with, if the texture of a good first day of the opening of the new pricing is relatively reasonable, investors in the ballot may not be immediately sold the most intelligent way (see A14 version). The number of investors to open an account: Playing a new account, surging undercurrent The new shares issued guidance on the reform of the provisions of investors can not exceed the upper limit online purchase online thousandth the number of issued shares, this week, three-SSE in the "Shanghai issued capital stock purchase Internet implementation method," and this is made clear, but distant expressed by "shall not exceed the lead in issuing notice of application to determine the upper limit." In theory, this will be beneficial to small and medium-sized funds to improve the success rate in new, big money tied hand and foot. The proposed IPO to 33 the number of issued shares in the value of 4,000 shares to count, if the net purchase of 1,000 shares or 25 percent, while shares of a single account online purchase a maximum of 3 million shares thousandth to 2006 Make new and old zoned IPO issue price from 10 yuan, the fight for a new upper limit of 300,000 yuan. Therefore, if we do not consider the company's IPO in Shenzhen underwriters to purchase more than one-thousandth the limit in such circumstances, the funding capacity greater than 30 million of investors funds are often faced with "idle" issue. Financial management on the basis of a weekly survey of 380 investors, of which the total market value and more than 500,000 yuan of funds to achieve the 3.7%, while in China there are at least 60 million shareholders as a pro-rata basis, may be more than two million shareholders will be faced with new funds to fight the problem of idle. However, investors still can use some reasonable method to further improve the success rate (see A13 version), in which the ID card to open an account with family members is the easiest way to achieve. Especially for large financial investors, an account number, twice as many opportunities on. Can be seen, A-share market is expected to usher in a new play aimed at "unconventional" tide accounts. From the board last week the company announced this week to open an account a number of stock accounts, the June 8 to 12 days, there were 328,500 investor accounts, the figure hit a 7-week to the highest value. However, a weekly news from the financial part of the securities business department of the interview, the number of pick-up in the current account may also be warmer than market performance is not necessarily directed at the new play from. Shanghai and Beijing Guoxin Securities business in charge of the Department of East business Zhang Min told reporters, "and did not find the recent opening of a substantial increase in volume, investors may feel that the new rate of return play may not be high." Guohai Nanquan Road, Shanghai Securities Sales Department Account Manager邹春梅also said: "Recently, we found that investors do not have to fight a new account in order to increase of the phenomenon and to open an account." Xu Xudong Guohai Securities analyst told reporters: "This method is a certain risk, after all, is to put money into the accounts of others, unless they are very close or very good relationship between friends and relatives. Or in the final analysis, 1000 one of the ceiling is too low, the fund can spend money. "However, the Changjiang Securities in Shenzhen business department of a client manager told reporters that the recent expansion of their customers, has been playing as a new selling point. Play new products: Myth is difficult, chasing big homes in small 2006,2007-year bull market, many new features have played in the financial products of more than 20% yield, with the resumption of the IPO and died a long time the banks, brokerages and other institutions are also expected to fight again the new product arena. Marketing Department The Bank of East Asia to the reporters that they "have really in the design of products in this area" and a number of domestic firms have also told reporters that, once the IPO gate opening, this product will certainly do so. Who declined to be named the five state-owned commercial banks have told reporters that they hit the bank already has a new financial product, the recent "new shares issued will be based on the actual situation of the Organization signed up to fight new customers." Securities, the securities邹春梅Guohai told reporters that the recent Guohai Securities Capital Management will launch the Department may be playing a collection of new financial products. However, more new products to fight is still in preparation, not many in the sale. The reporters came to Wenxi Shanghai branch of Industrial and Commercial Bank of China, the bank client manager雯倩Lee said that the bank did not hit new financial products. Bank of Shanghai and the Zhejiang branch of the Office of Huang told reporters that the bank has not yet launched to fight plans for new products. In addition, the IPO of the new regulation provides for a net under the stock can only choose one way or the Internet to purchase, weakening the body to fight the new capital, new products to fight at least a short-term rate of return will be "much . " Size from the product point of view, the thousandth of a new upper limit online play will also be restrictions on the utilization of funds, large-scale fighting in new product may not be too high rate of return, which is essentially different from the past. Certain market participants told reporters that the size of the fight more than one hundred million yuan of new products do not have to consider the basic, small-scale products will be higher relative yields. Fund to fight the new: Facing the final exams, under the preferred network The IPO application money for large new regulations is a challenge indeed, especially for the fund. At the same time under the previous purchase online network will be the size of the Fund to maximize the advantages, new features have played Bond Fund also benefited, but the reform of the IPO is clearly the crucial point that they hit. Well, the scale will be how to fund the new opportunities? One of the agencies do not want to be named said: "The formal public offering funds, declined to fight the new rate of return is in the affirmative, there is no way they are free to the new account; but private funds, opened up to more than a few companies就是了. "edge ball play vis-à-vis the private good, the public offering fund strategy can only work on a purchase. Fund management in the sea a week, said: "In theory, the net under the relatively high success rate. To participate in online or offline, we will scale depending on the specific issue and on-line network may be issued under the ratio. In addition, under the ban as a result of network sale, we will also be on the issue of price, quality, etc. of listed companies taken together, after a detailed analysis of specific companies decided to participate in online or offline purchase. " Everbright Pramerica Fund, said: "The general will be taken by way of purchase online. In the purchase of new shares, the Everbright Pramerica Investment Research team will be the first to judge the quality of the stock, should be involved in the purchase of new shares, then in accordance with the relevant Fund the status of the cash flow purchase arrangements. " 晋信HSBC's investment director Yan Ji says: "Basically, on considering the purchase of way network. With a view to limiting the lock, so there will be a purchase of stock more in-depth research and the expected value judgments, rather than will only see a possible post secondary market. As the online application there is one-thousandth of the limit, so no matter how the new capital, the probability of success online have been low to the net impact of the Fund is negligible, so basic application will not be at a different strategy. " Can be seen, the new era of funds for the IPO shares will be more focus on research, the decision to purchase the strategy and began to play down a post secondary market profits, large-scale funds to fight the new rate of return is likely to be small. Bank deposits: 蚂蚁搬家, stable for the time being In October 2007 to April 2008 a new wave of fighting, some iron in China (601390), China Railway Construction Corporation (601186), China Coal Energy (601898), China Petroleum (601857), China Pacific Insurance (601601) , The move (601,866), the Mo-shares (601958), Zijin Mining (601899) 8 online purchase capital stock of more than 2000 billion yuan, more than one-tenth of the total resident deposits. Financial management on the basis of a weekly survey of 380 investors, at present made it clear that playing will be spent on bank deposits of the investors of new shares近四成, and another said it would近四成as the case may be, and made it clear that not only into more than two. This shows the enthusiasm of new investors are expected to fight back. However, similar to bank deposits in 2007 to fight a large influx of new market conditions is not yet clear. A five state-owned commercial banks have told reporters that the recent tripartite depository for business customers remained stable, but because the recent stock market as many customers pick up, the relative willingness to invest in the stock increased in early, there is a lot of customers will be funds to the securities account, but this is because the IPO was re-opened market, and also the need for further analysis. Bank said that bank deposits currently the main source of business or enterprise, and enterprises are taking a lot of short-term the following year, it also can not determine the existence of bank deposits now the trend of demand. Lee雯倩Industrial and Commercial Bank of China also said that the recent trend in demand deposits was not obvious, but third-party clients for a more and more people want to make new there. Overall, IPO is no longer the resumption of the market will not be any waves, in the face of the new eco-IPO, you are ready for it?