摘要:由于IPO股票的定价方式没有完全市场化,证监会提供市盈率发行,造成新股发行市盈率远低于二级市场平均市盈率,自2000年以后的IPO发行都没有发行失败的风险,每家IPO公司其股票均有一定程度超额认购,新股初始超额报酬的形成也出现了不同于其他国家地区的特征。
n institutional investors and retail investors has been established between the interests of an effective check and balance mechanism , can make use of the power of the market itself , effectively solve the stocks institutional investors and retail investors in proportion to the allocation problem between . In addition and to establish public subscription in A, B group division mechanism , A group for the subscription amount is not more than five million Hong Kong dollars , B group subscription amount more than five million Hong Kong dollars , to some extent, such a mechanism to protect the interests of small investors , but also reached full institutional investors on the issue of pricing of the leading multi-purpose.
Hong Kong companies listed on the stock underwriting price first formulated by the issuing company , the main shareholder. Sponsor and reimbursement provider mutually agreed , will serve as the sponsor is usually the main issue of new shares underwriters priced Hong Kong Stock Exchange 's decision to participate in any ministry , nor to give any advice. The parties agreed price , it will fully consider many factors , one of the more important are: Company's net worth , the company operating conditions , the Company's management capacity, the company earnings prospects , status and other listed securities market capitalization of companies in the same industry , the company in the same position in the industry ( such as the leader ) , the proportion of issuance of new shares . Usually in the same industry price-earnings ratio of listed companies , is the issue of new shares an important reference . The issuing company in its industry in the case of product design , or other aspects of the leader , then the issue price may be adjusted upward . In addition, another sold at a discount , for example , after considering various conditions , a company may be set at 10 times earnings , but in order to attract investors and to investors that the stock price has room to grow , it may be adjusted downward to eight times earnings or nine times , so that the whole issue can be oversubscribed . In addition, if the company has a stable earnings growth and good prospects for development , but also allows the IPO pricing improved.
Singapore Stock Exchange approved pricing several species, such as discounted cash flow method or earnings approach , as to which way using pricing , the Singapore Stock Exchange not to interfere , but to be active and successful underwriting market .
Prior to the implementation of the Securities Act , China's IPO basically 12-15 times earnings on a forward pricing , the IPO market before actually entering the issue price has been confirmed , not in supply and demand determine the price , even if there are some market-oriented approaches range of inquiry , but overall not artificially set please earnings release ranges.
1999 Shougang shares , Sanjiu Pharmaceutical starter, vacuum electronic issuance and use of electric power in early 2000 Laurel legal way of placing of new shares , gradually breaking the traditional usage restrictions , to take legal briefings to institutional investors and distribution methods of inquiry , gradually the use of the market mechanism discovery . Issuers need to hire a professional financial advisor , the price of its stock value and an appropriate evaluation , which by the broker , the issuer and the issuer's financial ad
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