High price to play China Fund a license, the new king to caution the rich countries of the South calm do not panic

weekly financial reporters / text

2010 the two cities issued a total of 347 new shares, of which 32 break (listed on the first day lowest price lower than issue price), the break rate of 9.22%; the whole of 2011 cities usher in a total of 276 new shares the IPO, on the six months, 163 the second half of the year 113, 84 break, break rate soared to 29.89 percent complete declaration of shares unbeaten myth burst.

dozen new is no longer synonymous with high income and low-risk, fund companies are increasingly cautious attitude.

in 2011, 57 mutual fund companies a total of 325 participated in the 276 stocks hit new, successfully allocated a total of 1355 times, significantly less than 4623 times in 2010. in January 2011, the IPO price-earnings ratio highest Lehman photoelectric, up 131.49 times, to December IPO price-earnings ratio of green highland barley wine has reduced to 53.33 times. 2011, the IPO average price-earnings ratio from 72.91 times to 36.91 times. Overall, the signs are that the fund to fight heat is gradually cooling down. Coupled with SFC Deal repeatedly referred to the issue of new shares reform, before playing the new active fund companies like China, ICBC Credit Suisse (Confucius News) gradually converge, caution is becoming the main keynote.

But with the continuing adjustment of the stock index, as IPO price-earnings ratio falling, some previously recognized IPO valuation and not involved in fighting the new fund company to become more optimistic but sparring new, are beginning to "epistemic".

China take the lead, playing new active companies increasingly cautious

stock index continued to fall in the second half of 2011, a higher rate of shares break Fund to play a more cautious than in the first half, the end of the year, Fortune SGAM or even high-profile announcement to suspend the dozen new. Fortune SGAM from the data, the fact that in August hit the river walls and Beijing Express after no longer involved in playing the new.

years ago, a large fund companies in the South China vice president has said privately: "Although the company did not explicitly prohibited, but we will not touch the new shares." most of the new active fund companies from the industry as a whole situation, the first half of 2011, has been playing the second half of the year have become cautious, industry big brother China Fund (Confucius News) took the lead in reducing dozen new efforts. The full year 2011, the China funds 17 funds involved in the 42 new IPO, which in the first half dozen new 31 in the second half to play the new 11, compared to cities of the first half of 163 in the second half 113 of the issue size point of view, China to play the second half of the new efforts to reduce significantly over the first half. The second half of the main focus of the initiative to participate in the China Hydropower and Xinhua Insurance starting, were sent out eight and nine funds.

dozen new attitude for 2012, the China Fund to disclose. Industry, told reporters: "There are a number of debt-based in China, especially in a debt-based, do not fight the new can not be, but SFC repeatedly stressed that the issue of reform of the mark, before the market sentiment has not completely improved, China playing Xinhui more cautious, more low-key. "more cautious of large fund companies, ICBC Credit Suisse

the second half of 2011 hit, in the first half dozen new 28, in the second half to play the new 12. ICBC Credit Suisse s playing the new main three funds in which two a debt-based ICBC Rui letter enhanced income, ICBC Rui Xinxin Tim Lee throughout the year, respectively, to play the new 25 home and 24 home, another one two debt-based ICBC Rui letter pairs Lee to play the new 21 home .

In addition, the Bauhinia Foundation (Confucius News) is playing in the small and medium-sized fund companies most active, and five of its funds to participate in the 25 new IPO, a single fund to fight the new larger effort, an average of a fund to fight new five new shares. However, most of the Bauhinia Foundation to play the new are in the first half of 2011, has been quite cautious in the second half dozen new, in the first half dozen new 19, in the second half to play new only 6. Beginning in October and has never involved in fighting the new company to play a new piece seems to have died down.

In this regard, Yang Kai, Assistant Director of Research Department of Bauhinia general manager, told reporters: "October is not prohibited to play the new attitude is that we are issuing new shares and offer not shy away from blind obedience strict control risk, based on in-depth study on the subject on the basis of a reasonable offer. "

the rich south to keep playing the new intensity of in 2011

, playing new Reduo second only to China Fund is a rich fund its debt based more (Confucius News), its 16 fund to fight the new 41 new shares. Rich countries in the first half dozen new 23 new 18 in the second half to play, compared to the two cities in the first half, 163, 113 of the issue size in the second half of view, the second half of dozen new efforts no less.

However, for the second half of the rich fund to fight the new situation, from a single month view, playing mainly in August, this month, hit a new 8, almost half of the second half of playing the number of occupied; rich fund last October, November, December, only played one new, one and two, so rich countries in the fourth quarter last year, playing a new attitude in fact have been more cautious.

dozen new attitude for 2012, Wells Fargo Fund, said: "in-depth research will adhere to the investment approach of the bottom-up stock selection and market environment, to make prudent investment decisions."

2011, and the rich fund to keep playing the new intensity of the large fund companies south Fund (Confucius News). Southern Fund to play the new 16 in the first half, second half of the dozen new 14, and maintained throughout the year to play a new rhythm and intensity. to play a new attitude

For 2012, the South Fund, said in an interview with the weekly financial reporters: "playing the new shares, we have been cautious not to participate in too high a price for the issue of new shares after the IPO reform, we reasonable inquiry, still in accordance with the method of internal research and can not participate in the subscription of new shares even if the price is less than the range of inquiry, we will not raise its offer. "

China An Changsheng playing vote on the new optimism TEDA Manulife, epistemic In 2011, the so some fund companies, in the second half to play a more active than in the first half. With the index continued to fall, with the IPO price-earnings ratio is decreased, these companies are beginning to recognize the valuation of the new shares start to dig some of them worth the investment varieties. The number of these fund companies and many, but most of them are playing new and not very active, mainly in small and medium-sized fund companies.

Hua An Fund (Confucius News) in the first half dozen new 7 dozen new 17 in the second half. Deployed troops in the first half of the largest new shares issued in May Joeone were deployed in three funds. The second half, spent six or more funds. In August in Beijing Express and December Soochow Securities, Xinhua Insurance dozen new In the second half in terms of participation in new number and dispatched a number of funds are more active than in the first half. the

Additionally, Changsheng Fund (Confucius News) in the first half dozen new small, each playing a stock in January and March, respectively Sinovel and Jiangnan water supply, while the second half but gradually optimistic, and total playing the new 11. Invesco Great Wall, Bank of Communications Schroder, First State Cinda three fund companies in the first half only to fight a new shares, the second half of active, new army to join fight.

a group of more sparring new fund companies have been lukewarm response to the first half does not touch the new shares, the second half to try to fight the new. These companies have a TEDA Manulife, cast Morgan, Yimin, the Great Wall, Soochow, China Sea, Franklin, Hua Tai Borui and so on.