Departure From The Valuation Of The New Premium, New Stock Chips To Change Hands

< p > here world < a href= "//www.sjfzxm.com/" target= "_blank" > dress < /a > a href= "//www.sjfzxm.com/" target= "//www.sjfzxm.com/".

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< p > the profit effect of new shares is most vividly deducted in the 9 new shares listed on this round.

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< p > up to July 8th, the closing price of Feitian integrity (300386.SZ) and snow wave environment (300385.SZ) was 2.086 times higher than the issue price.

Followed by 002726.SZ and 603006.SH, the gains were 1.747 and 1.549 times respectively.

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< p > even listed companies such as 300387.SZ, 603168.SH, and 002727.SZ all went up 1.108 times.

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The wealth effect of < p > hype < a href= "//www.sjfzxm.com/news/index_c.asp" > new shares < /a > has attracted a number of hot money crazy rush to raise.

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< p > July 8th, the current margin and Eton electronics have opened up the daily limit board, and the distribution agencies have sold off. Most of them are the funds of the business department, and the turnover rate is 78.29% and 61.13% respectively.

And the day before the opening of 603328.SH, the turnover rate in the last two trading days totaled 114.68%.

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< p > industry pointed out that the high turnover rate of new shares represents the exit of new funds in the primary market, and the new speculation in the two tier market will bring a new round of drum game.

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< p > < strong > organization departure > /strong > /p >

< p > "open sale" is the new strategy of new shares sold by the institution.

But what they did not expect was that the selling point was much higher than their expected growth.

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< p > "before the listing, our prediction for Longda meat is that the second trading boards will be opened and the target price will be 15 yuan.

It never occurred to me that it would rise to 26 yuan.

Zhou Ning, a investment manager of an insurance information management company (a pseudonym), told the twenty-first Century economic news reporter that in July 8th, after the dragon food opened its trading limit, he immediately sold all the chips he signed.

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< p > Zhou Ning manages several insurance accounts, and 8 new shares have been allocated under the net.

Among them, Eton Electronics was opened in July 7th when the trading board was opened, and the current margin was thrown in July 8th.

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< p > "the net success rate of Eton is 0.46%, so long as the listing rate rises to 22%, it can cover the cost of financing."

Zhou Ning said that in July 7th, the growth rate of Eton was 1.109 times higher than that of the stock market. Therefore, once the trading limit was opened, it was sold without hesitation.

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< p > twenty-first Century economic news reporter learned that Longda meat and modern margin are the 9 most promising varieties in the new round of listing.

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< p > "these two companies are leading enterprises in the region, where the industry is comparable, and there is no room for growth in performance."

A stock fund manager in Shenzhen further explained that some new shares are different from existing listed companies and can enjoy a certain valuation premium.

But the main business such as the dragon meat and today's margin is no difference from peers. The valuation is substantially higher than that of the same industry, which is the reason for its selling.

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< p > a fund manager in Shanghai revealed that in July 8th, he threw out the current bargaining chip.

"New shares can not be sealed up and go on the market. When the stock price rose 6%, they sold it."

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Less than P, however, he admits that the most important reason for his selling the present fate is that the company belongs to the liquor making industry, and its prosperity is not high enough.

Even if we continue to hold, the expected market gains will be very limited.

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< p > > the data released by the Shenzhen Stock Exchange in July 8th showed that one of the largest selling amounts of meat sold in Longda was a special institutional seat with a turnover of 15 million 40 thousand yuan.

At the closing price of 26.90 yuan / share, the number of shares sold amounted to 559 thousand and 100 shares.

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< p > "if only a single product, online or offline can not get 550 thousand shares of chips.

This shows that a large capital institution will be thrown out of the chips.

A Shanghai official said.

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< p > reporter noted that even if the new shares have not yet been opened up, some institutions have begun to throw chips.

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< p > July 7th, 3 organizations sold snow wave environment, the total amount of sales was 1 million 638 thousand and 300 yuan.

In addition, 2 institutions sold Feitian integrity, with a total turnover of 2 million 6 thousand and 600 yuan.

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< p > earlier selling seats took place in from July 2nd to 4th.

In these three trading days, 4 of the top 5 sales of dragon meat sold were institutional seats and sold for 6 million 420 thousand yuan.

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< p > it is worth noting that in July 1st, Eton electronics, which was just listed in July 4th, has sold two seats in the two seats for exclusive use in institutions and sold 3 million 700 thousand yuan in total.

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< p > "some specialized new products are stipulated in the contract, which are sold within 5 trading days after the IPO, and some are agreed to be sold out in 10 pactions."

A fund company in Southern China is responsible for the new sources. The strategy of selling new shares is going to open up, but some funds are sold at the time limit in advance, based on the agreement of selling time points.

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< p > < strong > valuation premium < /strong > < /p >

< p > with the opening up of 3 new shares, the 9 new shares will soon enter the stage of big chips.

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< p > paction data show that the electronic turnover rate of Eton reached 66.57% in July 7th, and its turnover rate was 48.11% in July 8th.

This means that the new chips that have been acquired on the market have changed hands.

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< p > this phenomenon of high turnover also exists in the two new stocks of Longda meat and today's fortune.

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< p > closing on July 8th, the stock price of Longda meat reached 1.74 times higher than the listed price, and its turnover reached 78.29% after opening the trading limit on the same day.

Compared with Longda meat, the stock price rose by 83.22% over the issue price, but its turnover in July 8th was as high as 61.13%.

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< p > "new shares open up the limit board, indicating that the stock price will reach a dynamic equilibrium point in the short term, and the new funds will be withdrawn from the primary market, and the new funds of the two tier market will be admitted."

A listed brokerage institution customer department pointed out to the twenty-first Century economic report that after the new shares opened up the trading limit, the turnover rate was very high, which represented the funds of the two tier market to take over the new shares chips.

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< p > in the view of the organization, the change of new chip chips represents a short selling fund and a stir up of new shares.

But it has to be mentioned that the valuation of new shares has been "high above" after a boom.

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< p > "according to TTM arithmetic average method, the valuation of dragon meat is 54.6 times, the development of Shuanghui is 17.7 times, the price earnings ratio of the former is 3 times that of the latter, but its profitability is not as good as that of Shuanghui development (000895.SZ)".

Zhou Ning pointed out that the price earnings ratio of Eton electronics has been 46 times based on TTM calculation, but the valuation of Listed Companies in the same industry is about 35 times.

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There are also similar problems in P.

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< p > "with the TTM algorithm, the valuation is 22.8 times, which is 11 times that of the the Yanghe River stock (002304.SZ) in Jiangsu regional liquor.

But margins and profitability are worse than the Yanghe River's.

A fund manager in Shenzhen said bluntly that at the price of 31 yuan, it is not necessarily the highest point to reduce the current situation, but it must be the high level this year.

Even the most promising flying integrity of the organization is not cheap.

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< p > an agency official told reporters that the valuation of flying integrity is 48.3 times that of the TTM method. The 002197.SZ and 300324.SZ of the same industry are 74 times and 243 times respectively. Valuations do not seem to be expensive.

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< p > but from the perspective of market value, the market value of Feitian integrity is 9 billion 700 million, while the market value of 002197.SZ and 300324.SZ is only 4 billion 100 million and 5 billion 400 million respectively. Valuations are not cheap.

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< p > < strong > the game of beating flowers is < /strong > < /p >.

< p > the high valuation of new shares is an unanimous view of the institution. But in twenty-first Century, the economic report reporters learned that the current market's new shares were highly hyped, and the funds received were not concerned about the pressure of high valuation.

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< p > "now catch up with the daily limit board. Luck can buy it before opening up, and there is a good profit.

If the luck is not good, opens the limit to buy only then, but after the chips all change hands, wash down first to wash the dish, then pulls up a wave, still can make money.

A new private equity fund in Shenzhen told reporters.

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< p > the game mentality of short term funds affects the selling behavior of shareholding institutions.

According to the reporter, although some institutions have formulated the strategy of opening up the limit, that is to say, they have left a small part of chips waiting for the further rise of the stock price.

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< p > a typical example is that in July 7th, Eton electronics opened up the limit. Only one half of the more than 8000 shares were sold, and half of them were left waiting for new reduction opportunities.

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< p > "Eton Electronics" has accumulated more than 100% turnover over the two days. Basically, the chips that have been newly allocated are all gone.

And the cost of the newly arrived new funds is basically around 30-31 yuan, they will push up the stock price and wait for the money effect to ship again.

One agency estimates that Eton electronics estimates an increase of 10% over the July 7th price limit.

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< p > some institutions even estimate the limit of new stock price from the perspective of capital speculation.

From a trading perspective, an institutional figure predicts that the closure of the 6 new shares that will remain closed may be longer.

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< p > "Lian Ming shares' plates are very small. They are only 5 hundred million of the market value when they are fried. They only need a small amount of capital to seal up the trading limit."

A private fund manager in Shenzhen noted that in July 8th, the 680 thousand day trading volume of lien Ming shares was 6 million 520 thousand shares.

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< p > but this kind of behavior is only a practice of a few organizations after the opening of the new stock market, and most institutions believe that opening up the limit is the best time to withdraw.

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< p > "opening up the limit board is a measure, but when the new stock boom is gone," a href= "//www.sjfzxm.com/news/index_s.asp" > volume < /a > is very small, and it is more troublesome to quit.

The view of a fund manager in Southern China is that these new shares have already entered the stage of speculation, and the market liquidity will be reduced and the perfect withdrawal will be very difficult.

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