Category: Money tips Release Date: 2007-01-14
As we all know the stock market should have three main functions: namely, financing function, the investment function and resource allocation functions, but today we are here we do not want to analyze stock market functions, but would like to share with everyone how to capture the investment in efficient markets the opportunity, if the split share structure reform has been plaguing the smooth implementation of the removal of an obstacle to long-term development of China's securities market, then the equity financing and refinancing functional recovery is bound to further enhance the investment value of the overall market, Bank of China, Industrial and Commercial Bank of issued a declaration of China's stock market listing is no doubt has entered the era of really big blue-chip, from the Poly Real Estate to the North Star, new issues have gradually become a new favorite of the new funding, whether they are newly established open-end fund new army or some other new funding , are actively seeking new opportunities, while those with middle value of investments or shares a wealth of speculation subject matter is bound to attract more capital to participate, and thus could have more investment opportunities. In order to better assist investors in a correct understanding of the investment value of new shares, we will IPO pricing, IPO operation and how to identify investment value of new stock exchanges and other aspects and we hope that the operation of all of us help.
Today we will first talk about how to proceed, "IPO pricing", simple terms, the pricing of new shares is actually based on the fundamentals of listed companies (including financial targets, management capacity, industry status), taking into account the industry average price-earnings ratio standards, plus a certain carried out by the risk premium market position. Therefore, in pricing new issues mainly include three aspects: fundamental analysis, comparison and horizontal industry risk premium, and in this one, especially in the most important fundamentals of listed companies. So how can investors identify the fundamentals of listed companies and cons? We believe that the listed companies to issue shares announced in the prospectus is that we should be most careful study of. Prospectus of listed companies generally include the following aspects: risk factors, its past history, the shareholder structure, financial situation, to raise funds to invest in, management analysis, industry competition, conditions, and status of the company a competitive advantage. All of these will require careful analysis, especially risk factors, financial condition, competitive advantage and position the company raised funds to invest in other more study should be focused. In general, the prospectus, including the risk factors listed in the contents of the relatively high, but most of the company's operation and development will not result in a direct and significant impact, but some risks but it will directly affect the company's production and operation, and even lead to drastic fluctuations in the company's performance, investors should note the following risks:
1, with or without a major security matters;
2, with the company's stake in the process of production and operation of various types of risk;
3, the availability of significant investment gains and losses. For example, Jiangsu Qionghua 002,002 prior to its listing prospectus mentions the company's nearly 38 million yuan of treasury bonds has been commissioned to generate investment banking losses amounting to 3.2514 million yuan, and the company's net profit that year and therefore there was a substantial decline. As a listed company prospectus for a variety of risk factors set out more, here we are not 11, introduced, investors need only note that, if there is even the net profit of the company's production and operation of a direct effect on risk factors, should arouse attention in order to avoid improper investment decisions caused huge investment risk.
