QUARTERLY 55 yuan at high prices touted by industry transfer of the large group is a high-level interference

financial weekly newspaper reporter Zhu Changbin / text three Chinese businessmens Fund intends to purchase the number of

large group IPO of 50 million, 5 million, 50 million, reported the highest price of 55 yuan

up to 57.97 percent under the net placement ratio, 21.57% of online success rate decreased by 23.16%, the first day of break, the large group is undoubtedly one of the 2011 distribution market the most impressive of the new shares, while Chinese Fund (Confucius News ), highest price given in the process of inquiry would seem slightly strange. in the large group during the preliminary inquiry, the 128 placing the object given the proposed purchase price, most of the relatively cautious, given the offer more for the range of 20-40 yuan, while Chinese businessmen QUARTERLY quotations given up to $ 55. For Chinese businessmen sought too large group behavior, the industry in an uproar.

"I heard a dozen new large group, that decision is not QUARTERLY do it." leave people a Chinese Entrepreneurs Fund told the financial weekly newspaper reporter.

According to reports, the QUARTERLY offer was so "irrational" because in the process of only subscription of new shares may be subject to the intervention of senior

fund the purchase of new shares decision-making process problems, which is one of the reasons repeatedly reported that the high prices of many agencies in the part of the new shares issued. the

Chinese businessmen strange to purchase a large group,

decision-making process has been doubt The investment research team in 2010

Chinese Entrepreneurs Fund fame, but in 2011, but repeatedly planted in the subscription of new shares, which hit a new large group is to enable Chinese entrepreneurs losses. The large group net

Shares in issue 28 million shares accounting for 20% of the new shares, the initial inquiry period is April 7, 2011 to April 13.

quotations out the Chinese businessmens Fund offer "stand out".

large group net issue announcement shows that the Chinese businessmens leading enterprises, the flourishing growth of industrial upgrading, the three funds broke the price of 55 yuan, the highest price in the institutions offer three fund intends to purchase 50 million, 5 million, 50 million shares.

earnings per share in accordance with the audit by an accounting firm in accordance with Chinese Accounting Standards deducting non-recurring gains and losses before and after the lower of the 2010 net profit divided by the total number of shares before the A Share Issue, corresponding to 55 yuan price-earnings ratio is 42 times.

earnings per share in accordance with the by an accounting firm in accordance with Chinese accounting standards audit before and after deducting non-recurring gains and losses, the lower of the net profit divided by the A share issue in 2010 after the number of shares calculation, the price-earnings ratio of Chinese businessmen offer up to 48 times. was downturn in the automotive industry market, the QUARTERLY for new shares is given such a price-earnings ratio is not rational. After the large group, the trend is indeed the Chinese businessmen to pay the price.

financial weekly that the QUARTERLY offer large group may be due to the effect of company executives, made reluctantly decided.

"I heard a dozen new large group, that decision is not QUARTERLY do it." leave people a Chinese Entrepreneurs Fund told the financial weekly newspaper reporter. According to previously reported financial weekly, reporters was telephoned QUARTERLY, his vague, said that companies can also

"general fund companies for playing the new shares to have a rigorous investment process, but the IPO interests of the chain complex, does not exclude the pressure on fund managers reported that the high price does not endorse." fixed a small and medium-sized fund companies in Beijing Income director of the financial weekly newspaper reporter disclosed. the

26 fund companies offer huge Most

are cautious quote

for new shares of the investment process, the researcher first according to the judgment of the new shares is given to fight the new range and inquiry range, fund managers have the power to float in the range given to make the investment strategy. "who participated in the a large group purchase a fund manager told the financial weekly newspaper reporter. new stock investment, the fund manager in

achieved good results, he said that playing the new shares to the researcher to provide the advice, the researcher agreed to participate in the purchase of certain high-priced stocks, fund managers also Mozhe.

this the Fund, director of fixed income fund managers is difficult to skip the researcher and the audit department directly to privately select the new shares to invest. In the large group, the initial inquiry process, the total of 128 accounts of the 76 Inquiry object management given the declared value. 26 fund companies to participate in the offer.

but relative to the Chinese businessmen and other fund companies is clearly more conservative. China given the proposed purchase price is 35 yuan Peng, China spent $ 5 account purchase, but the offer is only 25-30 yuan, only half of the Chinese businessmen offer. above

fund managers to participate in large group, the initial inquiry, reported that the price was significantly lower than the Chinese businessmen given 55 yuan, he said, and without the knowledge of the Chinese businessmen aspects, but their company into a new encounter unusual circumstances by vote The Authoritys final decision on whether the purchase of new shares. announcement shows, the final large group net issue 22 Placing objects for placement, the corresponding purchase Chunghwa Express 4830 shares, the effective purchase funds amounted to 2.245 billion yuan, the placement ratio was 57.97%, subscription ratio of about 1.73 times. Which Chinese businessmen final allocation of 347.8 million shares.

sell-side analysts pricing differences,

institutions offer

with many IPOs, large group, issued at high prices, there was an organization behind the inquiry stage, there must ultimately, sell-side institutions advocacy.

from brokerage analysts look for the large group, given the title of the research report, filled with the wording of the car dealers leading aircraft carrier, while the issue of valuation is too high may be the investment risk is rarely prompt.

For example, Ping An Securities (Confucius News) analyst Wang Dean described the many advantages of large group, the company expects 2011 and 2012 earnings per share of 1.83 yuan, 2.26 yuan, and the reasonable price of 45.75 yuan.

Guotai Junan large group of new shares RFQ pricing report entitled "car dealership aircraft carrier set sail, a company listed on the first day of the price range of $ 45.40 to $ 50.40.

addition Everbright, SW (Confucius News) have given a higher valuation of a large group. A brokerage analyst in Beijing told reporters, "Some brokerage researchers to establish a good relationship with the listed companies, do not want to give a too low price."

Of course, the recommendation of the pricing range for the large group, there are still relatively cautious sell-side institutions.

Changjiang Securities research report that the investment risk is mainly due to: the industry slowdown, the car dealership industry profits are further squeezed, and a wide range of propulsion for the National Governance blocking policy. Reference to the car dealer industry average valuation to the valuation of the company in accordance with the 2011 results 15-20 times earnings, corresponding to the purchase price of $ 22.14-29.52.

sell-side analysts to judge the range of inquiry of the large group differences, and ultimately reflected in the agencys offer. From the announcement, the agency proposed purchase price from 20 yuan to 55 yuan, up and down the floating range.