by 2010

By reporter Zhao Yangge Fan Guodong IPO, initial public offerings (InitialPublicOfferings), refer to investors through the stock exchange initial public offering of shares, with a view to raising funds for enterprise development, and after the enterprise development and growth, and rightly give investors a reasonable return. However, in the a-share market 20Years of history, as money market tools, only financing does not talk about return of "stingy person" are numerous. Investor, IPO has been defined as horsepower maximum pumping machines in the market. Far less, only since July 2009 a-share IPO to restart again, this pumping machine has been running at full power. From then to date, inA total of 710 stocks IPO in the a-share markets, financing amounting to 933.806 billion yuan, monthly funds of $ 32.2 billion. Removed non-trading day so people can see about 1.11 open stock software every day a new face, each trading day will be an invisible hand of the market-cable $ 1.464 billion. Yes, a set of sets of data are builtOur market, do not think, we now "was used to" the era of a tiger. In July 2009, the market ushered in the IPO was suspended from the 2008 bear market reset for the first single – Guilin sanjin, ushered in a new round of intensive wave of IPO money. According to the big spirit statistics, 2009.5 years less than in the period the old republic power leveling, total111 stock initial public offering, raising funds reached 202.197 billion yuan, average monthly number of IPO shares to 18.5, the average monthly amount raised to $ 33.7 billion. After entering into 2010, IPO stocks dramatically increase number and size, in the middle of 2010, a total of 345 stocks IPO, the amount raised in 2009 compared1.37 times times, reached 479.39 billion yuan, also in this year, the birth of the 2009 IPO since the restart of the "money King" ABC (601,288, closed at $ 2.54). This intensive rhythm of release in 2011, has been renewed, 2011 so far less than 11 months, a total of 254 new listings was first made publicOpened market, raising reached 252.22 billion yuan. It is worth mentioning that, at the occasion of the Chinese new year on November 21, 2011, there are 7 companies jointly announced the first prospectus (declare release), this has been compounded by market concern about the IPO will shift up. Intensive small GEM listing, 29Month of the IPO frenzy, the reasons, mainly due to the rapid development of small and open frame and gem. From number of IPO shares, in 2009 since the restart, only 71 new listings is an initial public offering in Shanghai Stock Exchange, an average of only 2.45 per month, while the Shenzhen Stock Exchange total released 639 new listings, including 363 small stock and 276 second board stocks. From the time, small and in 2009, 2010 and 2011 respectively, issue 59, 203 swtor power leveling, 101, gem release number was 42, 116, 118, grow very quickly; from the amount raised, according to the giant spirit according to the small size of these three years were 456.78Million, and $ 203.669 billion, and $, respectively, the gem, and $ 24.699 billion to $ 72.171 billion, HK $. "Three high" ills gives investors more critical of the intractable, "three-high" has become a common phenomenon of the a-share IPO. "Three-high"-high price, high price/earnings ratio, high raise, "three-high"Appear, and restart the corresponding issuing system adjustments after IPO has a great relationship. In the past, IPO offer price on the stock price the Government regulators given a price/earnings ratio requirements, pricing is not the market's behavior. This makes the offer price is usually lower than market price, have sparked a primary issuance and secondary trading market between the huge price difference. ThisPost attracts a lot of money into the primary market, in this context came up with new financial products, large-scale inflows level distribution market, which had an adverse effect on capital markets. In the 2009 IPO after the restart, new share distribution system has been adjusted, regulators no longer made to the issue price and the issue price-earnings ratio requirements, pricing after the release, IPO price was rising fast. Giant spirit figures had just restart time of the IPO in July 2009, new share price remained at $ 13.64 per cent, over time, which climbed all the way, the entire 2009 new share issue price had reached $ 23.48, that by the year 2010, the figure "jumped" to the $ 30.32, Especially in April 2010, IPO price amounted to $ 43.52 even higher. In 2011, with the market's weak performance, IPO price also dropped, but as of yesterday, 2011 average of 26.2 issue price of new shares worth of level, still well above the reset time. While high in IPO pricing, IPO city surplusRates are also rising. Giant spirit according to the IPO is restarted in July 2009, IPO 33.62 times times forward earnings, annual average 52.51 times times, by 2010, this figure rose to 59 times, for April 2010, and of course, if only the Shenzhen Stock Exchange listed company, the increase in the number will also be more"Steep". High raise, has become a special indicator ring money era. Giant spirit according to statistical data, since 2009 IPO since the restart, exceeding amount raised reached 366.265 billion yuan, accounting for 39.22% of the total amount raised, $ 83.603 billion in the listed companies in Shanghai Stock Exchange, junior and the gem is the separately carved up the 1707. $ 3.9 billion and $. Underwriter "advantage" in the IPO offering, underwriting sponsor costs is the cost of issue of the majority, and underwriting costs is a top priority. On the surface, which is saddled with the burden of listed company. In fact, the costs are from the company by issuing new shares to raise huge amounts of money shall be allocated, in other words, is the majority voteFunding to pay for those costs. Giant spirit according to statistical data, since its IPO restart, a total of 67 brokers bear the underwriters of the 710 companies, after completing all list, eating a total $ 33.629 billion underwriting fees and sponsorship money, in 2009, 2010, 2011, respectively, and $ 5.171 billion to $ and11.672 billion yuan. Sponsor sponsor underwriting agency costs are mostly due to the fixed amount or raise the amount of forms, so higher earnings release makes release super raised, while Super lead underwriting sponsor raised rates rose, to "grow" pockets of the underwriters, in this "interest" driven by the "three high" naturally appeared. InventoryIPO since the restart of "money" big "we want recognized issuer of investment value and want to share results of issuers ' growth investors to purchase, any suspicion of the issuer is solelyIn fact, IPO "money" a war of words throughout the development of the a-share market has always been, in its more than 20 years of history, numerous public companies proved their financing is indeed from the ring away money in the market, but no lets investors see return. So who is the biggest beneficiaries IPO after the restart, or the circle of big money in the eyes of many investors, the dailyJI news reporters counted from a different perspective, or to give investors some reference. Boards are the biggest "money" site now already formed the Shanghai and Shenzhen a-share market Board, these three small and gem listed companies. According to the big spirit of statistical data, from the 2009 IPO since the restart, as of November 25, 2011, a total of 710-EnterpriseIndustry in three sectors in the market, which listed on the main Board, 71 small and 363, gem 276. Although the entire main Board only 71 IPO companies, only a total number of listed companies in the same period the proportion of 10%, but 399.803 billion worth of fundraising scale made small gem "archbishops" as the IPO since restartMost populous place, more than 40% per cent of the total. Found on the market's huge fund-raising is inseparable from a large number of "font size" pumps, IPO since the restart of the top fundraising giant, without exception, come from the motherboard market, agricultural Bank of China, China construction (601,668, closed at $ 3.13), China Everbright Bank (601,818, closed at $ 2.86) in order to occupyFirst three number one position. Gem rings one of the most "growth" potential with the first landing since the gem 28 stocks, the a-share market also ushered in the era of the gem. According to the gem from since its establishment, the proceeds amounted to $ 194.364 billion. While on the financed amount is not yet prominent, but it seems to many investments, gem has a deep understanding of the current ""The essence. Well into 2011, financing environment and atmosphere of the whole market has undergone great changes. Along with the index steadily downward, financing in the stock market has slowed down. Now 2012 new year bells only one step away, raise funds but from a statistical point of view, contrasts significantly with last year. Main Board last year financed amount29.5%, small 44.6%, gem did best of all, for the whole of last year 80.6%. In the eyes of many analysts, which has a great relationship with market valuations lowered Center of gravity. But for the gem, while raising the number has not yet reached the level of last year, but the number of listings are already beyond last year's total, as of November 25, this year's gemListed companies had reached 118, compared with 116 for the whole of last year by 2. "The United States market reference, current NASDAQ after years of development, market size and the New York Stock Exchange at about the same, known as theQuo;