2011年4月30日星期六

SFC as a fool?

china mold maker; see a good article on the next, everyone knows that corruption is now full of new shares, but is nobody inside, the characteristic features


Ultra-high expansion of new shares, seriously hurt the public interest and the market value of the system. Last year, the average price-earnings ratio of 20 times in the market, the small plates, the GEM, IPO price earnings ratio, a large number is 100 times - 120 times the average of 80 times. The first four months of this year, the average price-earnings ratio is still as high as 61.5 times the maximum 120 times. A market "tap" is put out a large bubble, put the secondary market had a relatively pure "water" has become a bubble. So to break led to new shares damp, and damp-breaking lead times of new shares; break from the 10% level, into 30%; by the high valuation of the shares break into a lot of times underestimate the value of the shares also followed break; by the small board, the GEM's plunge, triggering panic in the entire market down. This is the "five Lianyin" the real crux of the problem (the fifth cloudy because of day break of a new share 23.16%). The reason is that the three IPO system reform were nowhere near. Is obviously a socialist market economy, but believe in the IPO pricing in the pure "market"; clearly NDRC price, grain price, coal price, price control and limit macro Deng Jun, and the Commission Quedui laissez-faire market pricing of new shares, set outrageous prices; obviously have seen that even a fool, listed companies involved in IPOs, underwriters, sponsors, venture capital, intermediaries between the bigger cake to share the huge profits, transfer of benefits, even without pay for the inquiry agencies, who receive the benefits of high prices of listed companies issued such corruption, but still allow inquiry institutions do not pay, offer chaos; obviously break new shares hit the market confidence, but it was still insisted that the break of new shares is a good thing, can make the high price of new shares and the share structure of institutions and individuals to quilt a long memory, after the issue price can come down. However, management should never think of a large number of agencies, funds are still willing to subscribe for new shares at high prices. On the one hand, money is not their own, losses do not feel bad, on the other hand, break after the listing of quilt does not matter, you can share price down, "down to do", for example, 30% break, they saw the original 100 million shares pull block After the system tray to eat flesh, to 150 million shares, to maintain no less, after still win. The management of inspection violations, has always been just check soaring price of shares of a continuous, never fail to investigate a continuous fall in the share price. Thus, holding a large number of funding agencies is always a winner, shares the real victims of break is the medium and small investors and the overall market stability.View of the inquiry body incorrigible, interests of the chain too hard situation, I once again appeal to management with reference to placement of the model, a thorough reform of the IPO to the average price-earnings ratio of similar shares of the Jiuzhe 20 days, the upper limit of inquiry, as new shares, and resolutely safeguard The value of the primary and secondary market equilibrium and stable and healthy development of the market

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