Every reporter Xu Hao from Shanghai recently, Fund Manager to the daily economic news reporter reflects on the involvement of IPO inquiry encountered for some time "strange": submit a quotation to the new shares during the preliminary inquiry, to which from time to time underwrite securities company to call "communication," or is a more straightforward requests to raise the price. If fund managers demonstrate the uncooperative attitude, will face pressure from all sides. The fund managers fed up, "it's many recent, individual phenomenon is not one of the two brokerages. "Recommended reading · fengji instant investment value ranking
· users real disk PK star Fund first Fund annual report debut new fund number increased twice times scale drop 14% ETF Fund unified release double meeting purchase provisions is not field research Wang yawei still into Shandong sea of private among 132 home company" Qian ten "perspective annual report social security fund configuration explicit new trends [hexun know] will cast 1000 Yuan suitable did Fund Manager by reflect of violations interference institutions quote situation is belonging to case? The daily economic news reporter investigated in the industry, the result is: 4 belongs to a different fund company, in the long term bond fund manager of the new share purchase, there are 3 that recently experienced underwriters to increase when the inquiry quoted.
At the same time, they are called, the blame was in November last year after the second round of reform of new shares began to breed. investment telephone frequency "harassment" fund managers surveyed told reporters, though not each quote will be disturbed, but "twos and threes from time to time". Scenario is usually called "discussion". Euphemism comparison was, "your offer is too low, might as well not reporting, not in (new shares) gave us some trouble.
"And more direct will give a proposed issue price, demand that fund managers by the quote. A Fund Manager revealed that make people laugh or experience during an inquiry. Processes in the big company is a new listings offer received underwriters when called to ask, when it learned that fund companies said after preliminary quote is not satisfied with, and provides a hope that the issue price of our own.
But the price and reasonable price on the valuation of the fund company is very different from. In accordance with its company policy, fund managers up to researchers to report only to the valuation price range limit. Because they cannot agree, underwriters will help fund companies to give up the inquiry.
Surprise is that when the fund company to cancel after the quotation process, underwriters and come again please quote it, because the market downturn, reported that the high price of body a few hundred, finally can't release conditions are met in the "20 inquiry provides a valid quote" requirements. Thus, between underwriters and inquiry bodies should have equal relationship unwittingly more imbalances.
Fund managers said some dealers even can "do not respect the capital markets experience" to "requirements". While some fund managers as pressure eventually adjusted the quote, while others are simply abandoned the inquiry, but no matter what kind of results will bring down the inquiry reported that the low price in proportion, the entire quote interval is pushed up.
As a result, significance of market pricing of the new shares were human kill. For acts of illegal intervention agency inquiry brokerages, fund managers vary according to the situations encountered. Fund managers told the economic daily news reporter, from the subjective feeling estimate on, this behavior around brokerages occupy approximately 20%.
There are fund managers revealed that sponsor new shares many of the brokers, have more of this behavior.
began Yu new shares issued second stage reform Hou in new shares issued program in the, institutions investors of preliminary inquiry results is eventually decided issue price of a key elements, and SFC clear provisions: "inquiry object should followed independent, and objective, and integrity of principles reasonable quote", and "issued people and main underwriting commercial in promotion process in the shall not misleading investors, shall not interference inquiry object normal quote and purchase". Worth noting is that fund managers have said that this phenomenon began in IPO system after the second stage of reform, which had this phenomenon does not exist.
Why after issuing system adjustment, brokerages began "attention" Fund?
New shares issued system second stage reform Yu on November 1, 2010 started, which is important of a item reform measures is: in small and medium company new shares issued in the, no longer on network Xia all effective purchase for with proportion placing, but by underwriting commercial and issued personnel Qian set each pen network Xia placing of placing volume, under each pen placing volume determine can was distribution institutions of number, then on issued price above of finalists quote for placing, if finalists institutions more should for random shake,, under shake, results for placing. This means that a single inquiry number and corresponding financial institutions need to subscribe for shares will substantially increase.
Regulatory development of original intention of this provision is, increase the price of responsibility, offer more prudent and realistic. But the adjustment of the system makes an inquiry body of ecological change. A new share issue system for in-depth research fund industry analysis of the daily economic news reporter said: "under the previous regime, funds are only a small role in the inquiry agencies, formation of the new share issue price is usually all quote calculated on a weighted average, or median. But the system adjusted, placing a substantial increase in the amount of placing under a single mesh, a single request object on the effect of price increases, inquiry bodies and funds, as have most placing objects on the formation of price influence was obvious. So easily lead underwriters reported high prices by manipulating the individual institutions to influence the price. "Rocker mechanism, under the NET makes even shortlisted institutions above the issue price may not be new shares, so that" those arbitrarily high does not bear the corresponding risks, is likely to help fund.
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