Raised a market lower prices dozen new money effect increased sharply

for each

by the reporter Li Xinjiang from Beijing Since the frequency is

A-share market since last broken damp, the new shares to ushered in a long absence on the first day of gains. The first inquiry was forced to suspend the cold market institutions Langma science and technology, in the second inquiry after the success of landing yesterday (February 16) GEM ranks first among the audience, and a 82.53% increase.

new shares to make money effect increased sharply, and raised funds "lower prices" are not unrelated.

dozen new money effect increased sharply

separated by less than one month, years after the IPO market has changed. From the beginning "break the damp from the market to pick up the current, on the one hand, the other hand, raised funds in the IPO pricing process" full speech "effect has already begun to appear.

Dongfeng shares, Rongke Technology,, Leadman, Langma information traded yesterday, in addition to the Dongfeng shares landed the Shanghai Stock Exchange, the rest are the GEM stocks. Langma information close at 40.96 yuan

At the close compared to the issue price of 22.44 yuan rose 82.53%, Rongke technology to close at 17.52 yuan, 57.70 percent higher than the issue price of 11.11 yuan, the Leadman close at 16.51 yuan, relative to than the issue price of 27.00%, Dongfeng shares closed at 15.97 yuan, up 20.98 percent compared with its IPO price.

Langma information, Leadman and Rongke, such as stocks, pre-release brokerage average forecast price of 31.52 yuan, 14.35 yuan and 15.18 yuan, in full pursuit of the funds to be surpassed.

raised to suppress the issue price

Prior to this, the public fund has almost form a concerted effort to suppress the issue price of the IPO shares.

Langma information, for example, January 11, the eventual participation of the institutions of inquiry, only 18, less than 20 the bottom line, was forced to suspend the issuance. Subsequently, the second inquiry of the Langma information on the valuation range, the lower limit than the first inquiry were lowered by 32% and 35%, and take the initiative and nearly 100 institutional investors, and ultimately a total of 42 inquiry object 69 placing the object to make it smooth, listed issuers. "Daily Economic News" reporter

statistics show that as of mid-January, 27, only listing of new shares issued in the first day of break, 12. And was still in the lock-up period of 48 new shares, more than 70% in a break state, more than 200 of them participate in additional funds have different proportions of Fukui. Beginning last year, the raised funds to play the new overall offer to be reduced. Reporter noted, including reference Dongfeng shares Technology Rongke and the Leadman in the inquiry stage, agencies quote given brokerage compared to the price range has been reduced, part of the raised funds even given the lowest audience price. "

fund short-term or no intention of speculation from the after-hours data released by the Shanghai and Shenzhen Stock Exchange yesterday, the four new shares of the top five in the sale of seats and there is no organization.

a fund company executives said that the raised funds industry seems to form a short-term interests of the Alliance, with the establishment of the fund industry association funds in the new share issue and listing of corporate governance issues, is expected to form more words space. Prior to this,

but has Fortune SGAM and First State Cinda two fund companies, said the suspension of new shares inquiry, new shares issued Philips letter Hualu baina,, Mason Technology, Dongfeng shares and Langma information RFQ raised funds given quotes as low as 50% of the lead underwriters valuation range, the League of Nations Andrew Sheng Zengli to fly letter of valuation even for the lower limit of 3%.

Insiders judgment, to fund short-term or less involved in the new shares speculation, and is involved it is difficult to play the emotional short-term warming. The one hand, the new shares frequently break the depth of distress fund industry, fund companies have the power to put pressure on the sell-side institutions; policy changes, on the other hand, may support the buy-side institutions to get a greater say. However, the short-term interests of the Union "sustainability also with the" new "money effect of sharply face increasing challenges.