swtor credits 12 - MYK

Editor's Note: in order to promote the healthy and steady development of China capital market, the Commission recently launched intensive six initiatives. This special launch series, each of these initiatives conducted in-depth analysis and interpretation. 22nd, 23rd and 24th respectively launched the bond market calling for chess policies are still needed at high speed, and the prevention and control of insider trading of capital market from the source "rodent" actions escalatedAnd the chaos-ridden under the State Council over more than 300 trading venues will straighten up, today published the change higher earnings to issue new shares of correlation analysis reports. High price-earnings ratio of new shares issued, why not? Has been discussed in the industry, regulators have been promoting. Recently, the regulators are clear means of gradually changing high earnings sharesSurface. So, how can this situation to crack? New stock issue "three highs" is complete with the introduction of initiatives to be changed? Everything is looking forward to. ����Main capital stocks (eleven-twenty fifths) unit fled to cut meat must regret having sudden boom is not likely in a move investors Gospel: hold stocks saved! Launched in June 2009Since the new deal in the Shanghai and Shenzhen stock markets IPO, accelerated the pace of marketization of Chinese securities market, but, judging from the market for nearly two years of new shares issued, new share issues has exposed serious problems. IPO has become high price issue, high earnings release, superb raised the issue of "three high" release. Particularly prominent are second board companies. According to statistics, the current gem 27 listed companies5, the average price of about $ 35, nearly 68 times times issued on average earnings, average more raised than to 200%. A few days ago, the Commission launched six major regulatory reform measures, which made it clear that, by means of gradually changing situation of high earnings shares. SFC official said, "as a regulator, we are not giving reasonable standards for price/earnings ratio. But nextStep the Commission will continue efforts to increase the intensity of reforming and perfecting the issuing regulatory ". "Three high" being blamed for a long time, new issues "three high" was criticized by the vast number of investors.����However, recently, the IPO price generally lower, individual issue price-earnings ratio high became the focus of new shares. A few days ago, the largest of the traditional publishing industry IPO Phoenix Media publishes online success rate and placement results under the net, issue price/earnings ratio as high as 63.4 times times, facing the stock higher issue price/earnings ratio swtor credits, agency minimum price only $ 5.2/unit, this 1 time difference with the highest bid $ 10.88/unit more than doubled. Prior to this, Phoenix Media findings of a preliminary inquiry, Phoenix media offer price interval of this release is 8$ 0/share $ ~8.80/unit (including the lower and upper).����This range corresponds to earnings before the 2010 issue of level of 46.11 times ~50.72 times, after the release of earnings 57.63 times ~63.40 times. Investor Roadshow platform directly questioning its price/earnings ratio is high. In response, the Phoenix Media Chairman Chen Haiyan said, according toContinued viability criteria to calculate the issue corresponds to 2010 year earnings level: 25.23 times ~27.76 times before the release, after the release of 31.54 times ~34.70 times, if further consideration on the basis of company earnings growth in 2011, the company of the a shares issue compared to comparable company earnings and major a-share, it is moreThe acting.����If Phoenix media in the whole publishing's leading position in the field, Phoenix media give investors the determination of the offering price is set aside a certain amount of space. However, prior to this, shenyin wanguo analysis report is expected, 11, 12, 13 is fully diluted EPS of $ 0.28, $ 0.33, $ 0.36, reasonable valuations interval 6.44$ Dash;7.28.����Combining similar valuations of listed companies, as well as the current market environment, PE 11 times, corresponds to reasonable valuation $ 6.44 and 7.28 million.����China Securities analyst Lin Hu Yu said that taking into account the price of more than 60 times the Phoenix Media PE, it is recommended that the "Beware of the risk of break, do not purchase". Furthermore, another recentListing of new shares is due to higher pricing have been concerned about. On November 22, Dominion optical listed on the Shenzhen small and issuing valuation 67.65 times times, would become the first new shares with the highest earnings since November.����Listing on the six months in small and new shares, second only to the April Understanding power 76 times times the issue price/earnings ratio, is more prominent. However, Dominion optical to beat 20% on the first day of gains on the day at $ 28.8 opened smoothly after shock, closing $ 28.76, exchange rate up to 88.63%. 2011 three quarterly reports shows that the company's main revenue increased by 40%, net profit growth of up to 181%, diluted earnings per share of $ 0.544, researchers believe that the dynamic assessment of the companyValue level is not too high. According to another study on Shenzhen Stock Exchange financial innovations laboratory data since October 30, 2009, small and a total of 528 new listings and gem listed, investors to buy shares on the first day of 5th loss of 61.23%, particularly since the beginning of this year, shares break phenomenon not uncommon in Shenzhen, more than 70%New shares had dropped below issue price. "Three high" causes diverse new "three-high" release was plagued in recent years priority issues for the development of China's stock markets. It not only severely overdrawn on shares in the secondary market value of investments, greatly increasing the risk of investment.����Many issuers raise funds ultimately can only be tied up in huge Super Bank, resulting in a huge waste of resources. The root of the originalA result, analysts say, resulting in high prices raising money issuing and more there are many reasons, both issuing system is not perfect, the market mechanism is not perfect, and investment culture and atmosphere is not reason, do not attach importance to risk revealing to blind hype has a larger relationship. And, for a long time, the a-share markets, "every new rose", therefore, we are "every new play", supply and demandAchieve a higher issue price of new shares, high earnings and a high proportion of Super-raising phenomena occur. In addition, the Investment Bank's IPO valuation report is often higher than the final offer price, even in the worst times, over the final pricing more than 1 time times the valuation report and was not alone. This further led to the inquiry does not trust relationship between agencies and investment banks, inquiry agencies offer also tended to be irrationalState, the impact of the healthy development of capital markets.����And its ultimate result, investment banks lost their authority and influence of research on valuation, when the market is hype atmosphere lost control.����However, the British Securities Institute Director Li Daxiao also said that this is a product of China towards market-oriented pricing of securities market, cannot be avoided. Li Daxiao believes that compared to matureMarket, the a-share market is a product of a non-market starting immediately fully market-oriented issue may have unforeseen consequences.����Progressive realization of market-oriented, progressive reform is the best choice. It is understood that in the mature markets, secondary market pricing is a two-way trade system, and even naked short selling, stock market policy did not favour either, any company dare noFear of pricing, because a great deal of reverse transactions and arbitrage disks poured out of at any time. Market-oriented pricing, market-oriented release, Enterprise IPO pricing will be free to, as long as people buy. High tide because of too high a price in the market attracts a large number of new share issues, market downturn as shares was too low when few companies are willing to go public.����However, subsequent financing very liberal. In the newShares issue has been on the road ahead of the market, while on the way there yet to be room for improvement and perfection, General also are able to objectively reflect the prevailing relationship between supply and demand and of the corresponding stock market valuations.����As the new share issue of institutional reforms, gem IPO pricing starting rational return. Data show that so far this year, gem IPO marketProfit rate "-by-quarter" gem release earnings is clearly downward trend. The three quarter 2011 gem release earnings declining 73.88, 44.18, times.����Among them, issued in June of this year listed Masson technology 18.12 times times the issue price-earnings ratio is the lowest. But insiders said the IPO earnings declineMostly because of gloomy market and fund this year under the environment of surface tension, if market conditions improve, does not rule out new share price-earnings ratio to rise again star wars the old republic power leveling, securities and Futures Commission for the new shares higher earnings results also continue to watch the new deal. Address the high price-earnings ratio required starting with high price-earnings ratio for new shares issued, regulators continue to take measures. SFC responsible person stressedReform issue regulatory regime, requires sustained effort. In recent years, the Securities and Futures Commission regulating the behavior of inquiries and pricing programs, on the one hand, on the other hand strengthen market discipline mechanisms. Issuing auditing, in addition to constantly raise the level of auditing, strengthening agency responsibilities, establish intermediary asked the nuclear programs, enhanced on-site examination; release link discovery issues, intensify efforts to investigate and; Supervision on release process, increasing risk, efforts to increase transparency, improve predictability and so on. Industry sources said, to further changes of high earnings shares should be multifaceted approach. In the process of inquiry, to strengthen inquiry quotation of market supervision, to establish a reward the good and fine [punish] the bad control mechanism, eliminating inquiry objects offer poor quality;Further improve the pricing mechanism, enhance the discourse of medium and small investors in the process of valuation pricing right.����Many industry experts and scholars are also given his own proposal. Li Daxiao, available from the following address. First of all, the total amount can be controlled, variable dispersion listing to centrally listed, that is, from little eating makes changes to a set dinner, so that you can achieve on the control of new sharesMarket price. At the same time the number of more than a, investors naturally there is not much interested in going to the hype.����Followed by the first release, delayed for several months or longer after listing, with increased playing time for new risks, control its hype, while there is plenty of time to clearly understand the value of the company's investment. Wuhan University of science and technology, Director of the Institute of finance and securities Dong Dengxin suggested that new sharesDistribution Netherlands auction pricing, that is, direct quotes by the investors in listed companies, and according to raise amount of shares issued and to determine exactly to what they will release, quoting higher than the final pricing of access to shares, corresponding to the high bidders get shares of market principles.����Avoid stock boom collapsed in the first trades. Deputy Director of the Institute of Southwest securities, principalEconomist Wang Jianhui view on the need for restraining the IPO "three high" in the system.����Proposals of intermediaries such as inquiry agencies, securities underwriting agencies hard constraints swtor credits, so that they can't quote, high price. Investment bankers believe that solving the IPO higher earnings problems, investment bank has an unshirkable responsibility. Recommendations on the IPO risk, investment firms should beShouldering more responsibility to guide institutional investors offer to give a more rational. Currently depressed market environment for banks provides a very good reflection on the opportunity to strengthen industry self-regulation, perfect IPO issue is imperative to link risk.