Changsheng Fund beyond the researcher inquiry price high to play Sinovel

Money Weekly reporter Liu Meng / text 3

Changsheng fund managers are given 96.5 yuan offer more than the researcher 73.3-87.9 range of inquiry

listing to attract a lot of attention Sinovel and institutions investment banks expected to differ materially. 2011, Sinovel suffered a unilateral fall, the stock dropped to 16 yuan from 90 yuan when the issue. The agency had issued offer far higher than the 90 yuan, now on the list of shareholders of the Sinovel has been depleted. the

Funds average offer four times higher than current prices

December 27, 2010 by Shun securities underwriting Sinovel first roadshow was held in Beijing. The top of the halo of the leading wind power Sinovel touted by agencies. Three road shows, more than 60 institutions offer is given, the sponsor institutions of the announcement of Essence Securities in the initial inquiry to high range to 80 yuan to 90 yuan. according to various institutions,

allocated proportion, as well as offer situation, the the Sinovel issue price pulled the greatest "hero" is a securities company, trust, and financial companies. Wind data, 60 quotations institutions, a total of 24 securities companies, the average quotation 90.44 yuan, while the 14 fund companies an average price of 80.33 yuan. fund company in the

Changsheng offer its four of its funds offer no less than the Sinovel The issue price of 90 yuan. ICBC Credit Suisse (Confucius News) offer the lowest, to 60 yuan.

Although the fund company, the average offer lower than the brokerage $ 10, but still far higher than the current market price of the Sinovel. On that day Sinovel ie, broken hair, subsequent unilateral been dropped, listed on the first anniversary of January 13, 2012, the Sinovel stock remaining 32 yuan, stock prices had fallen by two-thirds. a quarterly report as of 2011, raised funds sharp wind power to China holding 146 million shares, the "Left" capital losses of 25 million yuan. Despite the small amount of loss, given by the fund companies offer collective deviate significantly from the confusing, fund companies Sinovel dozen new logic what is it?

Changsheng Fund prices of 96.5 yuan higher than the company researcher range of inquiry In the 14 fund companies participating in the offer, the highest Changsheng Fund (Confucius News) offer. Its three of its funds, Changsheng actively configure bonds, long Sheng Zhongxin Bond Index reinforced the bonds, the National Social Security Fund 405 combinations are given the high price of 96.5 yuan, 603 combination of the National Social Security Fund gives $ 90 offer, no less than the final issue price of 90 yuan. the end of 2010, ready to be listed Sinovel be included in the scope of the study of Changsheng Fund new shares, headed by researcher Yang Peilong, Changsheng Fund wind power.

It is understood that the Sinovel not eleven-door fund company. At that time, the institutions, including securities companies, fund China enthusiasm for the study of the sharp wind power is higher.

Changsheng Fund Fellow Yangpei Long 73.3 yuan -87.9 range of inquiry. Changsheng Fund to respond to this interval is the prediction based on the the Sinovel 2011 performance of 3.8 yuan. Valuation of the reference with the industry Goldwind, Dongfang Electric, research reports ,19-23 times the dynamic PE of 73.3-87.9 range of inquiry. the approval

company, research director Hou Jixiong new shares report submitted to the hands of fund managers. According to the Southern Region who has participated in playing the new bond fund managers, fund managers received new reports of the researcher will refer to the recommended range of inquiry, but ultimately decided by the fund managers offer the purposes of the investment manager responsibility system ". the

but part of the process monitoring more stringent corporate, if the fund managers offer beyond the range of inquiry of the Research Department, will convene the Joint Committee of investment research, fund managers need to face the respondent.

"if the researcher reasonable price is 10 dollars, then the fund managers at 10 5 no problem, 12 is necessary to discuss the aforementioned bond fund manager said," we generally respect the opinions of Research Department, not be much deviation from the "

South China, another fund company, director of investment research, revealed to reporters for the researcher to the range of inquiry, the fund manager has not deviated from too many quotations.

the end of the road show in the end of December 2011, Changsheng Fund four fund managers were given 96.5 yuan and 96.5 yuan and 96.5 yuan, 90 yuan offer more than the researcher 73.3-87.9 range of inquiry. February 10, 2012, the reporter called Leung Ting, Changsheng Fund of the active configuration manager Cai Bin, Long Sheng Zhongxin debt fund managers, but the two were not to respond to its offer logic. This reporter has learned that the final offer, Joint Committee of the Investment Research does not further discussion. respond

Changsheng Fund to participate in the National Social Security Huarui Wind Power dozen new 405 combination, for example, its 2011 purchase of new shares, the inquiry is higher than the IPO pricing and the actual sign of new shares accounted for less than 5%, Huarui wind power is only the case.

another one involved in Sinovel power to fight the new Fund Investment Research who revealed that the reason why fund managers reported higher prices, a new willingness to play with the individual to the intensity of Institutions on the wind power industry generally higher expected Changsheng Fund Research is also optimistic about the policy space of the wind power industry.

Fund offer impulses: the reported high prices are not higher price

fund managers high price to play a greater likelihood of Fund Managers speculation psychological. "It is not easy to find a good company, fund managers are unwilling to ruining the relationship, but the individual transfer of benefits is unlikely the fund manager will not take a joke of his career." The aforementioned bond fund manager said, " or speculative psychology. "

"institutions in the atmosphere of the game, speculative or very strong. before speculation that new is always a profit, so fund managers are keen to participate, so are all scrambling to slightly reported high-little, afraid that they can not get to draw lots qualifications." South District, a bond fund manager said.

reported that high prices are not necessarily at a higher price, many agencies in order to ensure to enter the drawing of lots boxes, reported to the absolute high prices, the collective pulled the price of new shares. Caused by individual rational collective non-rational, such a strategy would inadvertently pulled the IPO price.

"short board is in fact able to avoid. you what the price reported to take what the price would be finished." a fund manager with respect.