Sponsor institutions, investment securities to push Hai Purui 211 institutional accounts sought

financial weekly newspaper reporter Zhu Changbin / text

investment securities in two sponsor representatives to take the Friends of the Chinese, Wang Tao Yinhaipurui project SFC issued a warning letter

"was involved in the purchase of fund managers no longer see the stock price, do not look at price-earnings ratio, a look at the Chinese market to have much the story of the listed companies can speak good." a large fund company in Shenzhen, a fund manager told the financial weekly newspaper reporter.

he is Hai Purui IPO in April 2010, agencies cult following.

"chat and purchase Hai Purui fund managers, they also advised us to participate in the dozen new and that the company has such a good technical performance will certainly continue to erupt," he recalls the scene at that time. the

But, fortunately, the final of the Shenzhen fund companies did not participate in the crazy pursuit of "Hai Purui from obscurity, a listing on more than the market value of the Yunnanbaiyao, this is not reality."

and their 211 institutional accounts without fear Hai Purui 73 times earnings, the issue price of 148 yuan, 800 million shares issued under the fierce competition for the company network.

fund researcher field research,

successfully evaded Hai Purui

pig small intestine as raw materials of heparin Hai Purui on May 6, 2010, landed on small plates, topped its 148 issue price and the day of the opening price of 166 yuan when the A-share market high-priced stocks.

the fund manager told the financial weekly newspaper reporter, "Hai Purui IPO event was so hot, we certainly are also concerned, but ultimately decided to participate in the purchase."

he told reporters that the company shares for investment decision-making process: the first researcher to analyze the pricing of new shares, then the fund managers decide whether to purchase, some demanding the company may have to audit by the audit department. the

fund manager said, chat and many other fund managers, and all its recommended Hai Purui that Hai Purui advanced technology, good market prospects, the results will continue to erupt.

the fund company in Shenzhen that Hai Purui institutions to offer too high, of which there is a big bubble. Hai Purui from obscurity, a listing of more than the market value of the Yunnanbaiyao, this is not reality. "

not optimistic, but they still sent researchers to conduct field research on Hai Purui.

"took some pictures back, is a very common plant." The fund managers believe that the point of view which to some extent, validated, Hai Purui not worth as high as the issue price.

Hai Purui net allotment results announcement, the fund company does not allocated list. Another noteworthy phenomenon is that, relative to other regions, Shenzhen regional fund companies purchase Hai Purui few. Which is likely to Hai Purui Shenzhen, Shenzhen fund companies are more familiar with the real situation or go to a field trip related.

of course, a field trip to the fund company is only a small number, most fund companies is gradually lost, and then the fanatical pursuit of Hai Purui touted under the strong seller.

sponsor agency vote securities 6 push Hai Purui

sponsor representatives were issued a warning letter

Hai Purui sponsor people to vote the securities mentioned in its prospectus stated that six Hai Purui achieved U.S. FDA and EU CEP certification, and is currently the only domestic heparin API industry through the United States FDA certification of enterprises, that in the U.S. market, Hai Purui domestic competitors. interpretation of in accordance with the investment securities in the prospectus, it is this technical barriers to making the Hai Purui sustained profitability in the future, and this ability is also the buyer agency is extremely optimistic, the researchers said, "100 all filled with the Roadshow hall of the people, the back was full of people. "

but then, July 3, 2011, Hai Purui heparin sodium by the U.S. FDA only certification proved to be false, investment securities in two sponsor representative to take the Friends of the Chinese, Wang Tao, due to the sponsor Hai Purui IPO and listing projects, the U.S. Food and Drug Administration (FDA) certification of the due diligence on the issuers due diligence, in violation of the issuance of securities listed on the sponsor business management approach "the relevant provisions, the Commission issued a letter of warning.

seller of investment securities advocacy has also been in hot pursuit of the buy-side institutions, the media reported that the Hai Purui listed before, the China Fund (Confucius News) manager the Yawei once praised the few rare good company. Another dozens of brokerage agencies to publish the research report recommended Hai Purui only new shares, SW (Confucius News) Hai Purui is the worlds heparin API leading "Xiangcai Securities, said Hai Purui" quality advantage to create the worlds heparin Sodium drug brand "Orient Securities referred to as the global giant of the heparin sodium API market, the new inquiry recommendations of the brokerage researchers also once climbed to more than hundred, which Xiangcai leaves McCain proposed inquiry 130 -150 yuan.

coupled with the mechanism design of the inquiry system reported that high-priced grab chips, the most active brokerage even in the inquiry Times out the high price of more than $ 200, even 250 yuan. It is in the seller so crazy touted, many buy-side institutions sought Hai Purui not high prices make new pay.

211 institutional accounts

Fools psychological blitz Hai Purui

Inquiry during April 19 to April 21, 2010, Hai Purui lead underwriter, investment securities received through the electronic platform for the 133 Inquiry institution to declare the 373 placing objects in the initial inquiry declare The final 211 institutions to share about 800 million shares Hai Purui, to determine the issue price is 148 yuan / share.

Companys website under the Placing announcement shows that the effective purchase access to placement ratio of 1.10%, and the subscription ratio of 91.05 times, final 211 institutional accounts allocated shares of the Company.

mainly from the 28 fund companies in Beijing, Guangzhou, Shanghai, involved in the purchase and successful with the Hai Purui shares, of which several companies before the allocated amount for China, GF, JP Morgan, easy Fonda, sea Fortis, the amount to be allocated 61.77 million yuan, 42.75 million yuan, 31.86 million yuan, 27.47 million yuan and 26.01 million yuan.

can be seen, spent a lot of money, but due to the over subscription ratio, the agencies final amount to be allocated and not that much.

to industry sources, may be allocated a low proportion of fund managers in the subscription of new shares, the courage to report the high-priced one of the reasons. Often do not amount to be allocated, even if the break is also very small for the net impact of the Fund. Under the influence of speculation, the price of the final declaration of more reported higher.

only competing reported higher prices, Fools consequences institutions have stuck Today, after the resumption of power, Hai Purui shares only 55 yuan / share, compared with the issue of the rate of reduction to 63%.