Bundles of new shares issued

Contents



   • issuance of new shares package outlined



   • package of three key issues



   • package issued by the two major impact



   • package issued hasten to make a profit



   Issuance of new shares package outlined



   The so-called "package issue" is based on the amount of funding to be a few individual financing for small bundled with new shares issued at the same time, and in the distribution of publicity prior to that issue and fund-raising total number of homes.



   "Bundles of new shares issued," the discussion of popular concern in the market. Speed up the issuance of new shares to two per week, but through the trial will wait for the listed companies are still many, the issue of long cycle has led to the Star-car issue price-earnings ratio of only 6.78 times the theatre scene. How sustainability in the market, subject to accelerate the pace of new shares issued has been imminent, "bundles of new shares issued" model is a possible way.



   Packing three key issues



   Packing three key issues - the scale, pace and manner



   For investors, the most concerned about is the process of packing the funding issue size, distribution and the distribution of rhythm.



   First, the scale of funding, in the first quarter of this year issued 14 A shares, six A-shares in circulation in the size of the share capital of 50 million shares of the following, the average size of financing for about 300 million yuan. According to no less than a quarter of the funding on the scale of the rate of increase in April after the IPO will be the scale of financing at least not less than 2 billion yuan. According to conservative estimates of the rate increase, the scale of new shares issued will be around 25-30 billion, which means that only 8-10 Small Cap will be listed.



   Second, the rhythm from the issue, in accordance with the "packaged spacing issue," the idea that if three Small Cap packaged distribution, you will need about three times that week about the funding needs of 9-10 billion if five small Issued shares-packaged, the monthly need only about 2 issue, that is, every week there are about 1.5 billion financing needs, equivalent to a market share of the funding scale.



   Third, from the distribution, if extended to secondary market investors Placing the way, 3 / week in the packing method will improve the success rate to around 20 percent, while 5 / Fortnight, the package will form In the success rate increased to about 25 percent (according to March data estimates). March since the opening of new shares average margin of 0.046 percent, but if taking into account the new shares listed on the decentralization process chips, is expected to open the first day of the average profit margin will be reduced, and taking into account the mobility of factors, the IPO is expected to pack MORE margins are likely to be lower than market shares listed on the same scale, the average closed margins.



   Package issued by the two major impact



   Package issued by the two major influence - money-oriented and expansion expected



   Since the resumption of placing the secondary market, the hoarding in a large number of purchase, the market does not like the funds, as envisaged in the secondary market flows, and more is back to the bank. If the package of new shares issued by the secondary market to continue placing a comprehensive manner, which will not play the same role in guiding capital. And the use of double compared to pre-distribution of market shares, the issue of new shares in the packaging stock funds in the market to some extent the pressure will be greater. In other words, the same size of the package of new shares will be the same size of the market share of the market have a greater impact.



   Second, the expected expansion from the point of view, small capitalization shares issued does not mean that the package super market to stop the issuance of shares. At present, some Analysts said the financing will very urgent. If taken to the Small Cap market shares, so that the practice, it is estimated that package issued by Small Cap fund-raising scale will not be lower than wait for the issuance of stock market size, or even the size of the overall funding will be greatly increased.



   Packing issued birth of the profit model



   "Packaging issue" likely to hasten the birth of a new profitability model



   It should be noted that "packaging issue" will certainly face the current market expansion pressure, which at present is to promote capital market, will undoubtedly have a certain short-term impact. In the meantime, Small Cap concentrated "package issue" if we can hasten the birth of the new investment profit, the impact on the market may also have a dramatic effect.



   First of all, after the recent market-share listed Xianyihouyang out of the pattern has been to create unique "Wan mode", which became part of the past six months the major investors profit model. Small Cap listing on whether the speech continued, "Wan mode," a cause for concern. If the Small Cap listing on the market expansion pressure drag, the market will have to "pack Small Cap" on the value of bias or discrimination, in its collective down the process, some good quality Small Cap will be forced to Xianyihouyang out of the trend, and once formed its demonstration effect, it can be packaged in this part of the Small Cap formed a unique plate. From a historical experience, the small capitalization shares of speculative funds has been the focus of favored objects, from this point of view, the use of "packaging issue" caused by low stock prices fell in the collection of small capitalization stocks cheap bargaining chip, then most likely The birth of a larger wave of speculative market.



   Secondly, investment analysis, "the new Small Cap Market" and "The market prices" will be shown two types of funds and again against the process. In fact, since 1 14, the value investors Zhongcang object - - low-priced market shares far outperform the market. For the current A-share market continues to occupy a large proportion of speculative funds, in the current round of market estimates of profit is very limited. Therefore, with focus on small capitalization stocks, "packaged for sale," the turning point, speculative funds are likely in the "market share" into adjustment, with the new Small Cap the power play turned a battle. But the premise that the market panic caused by Small Cap Value underestimated, and the big investors because of liquidity considerations do not want to intervene at this time, such a new Small Cap is likely to usher in the big turnaround for speculative opportunities, and may trigger off to a Kind of "packaging issue - panic decrease - the value of recovery - overestimated the value of" new investment mode.