Shake shares also have great wisdom Jiemi size of the capital subscription strategy Money Tips

Category: Money tips Release Date: 2007-07-09

â—?purchase of new shares listed on an annualized rate of return depends on the success rate increases and the target

â—?This year subscription of new shares is expected to an annualized rate of return of over 10%, quite attractive

â—?As the success rate is very low, not small-cap stocks the highest subscription rate of return

â—?only guarantees success rate, the final subscription rate of return is the best

â—?20 Yi -50 100 million new shares in issue size, subscription proceeds best

â—?13 o'clock to 2 o'clock subscription of new shares, the success rate may be higher

â—?Moderator: Shanghai Securities News Zhang Yongjun

â—?Interview with guests: the Kingdom of Light --- Fudan postgraduates. In 2004 into the Hai Tong Securities Institute, as a policy analyst.

Hu Yu-ming practice registration --- Guotai Junan Securities analyst, the Shanghai Securities News shareholders excellent schools, lecturer, won the "Shanghai Youth Status experts" title.

Moderator: Welcome to Shanghai Securities News & the China Securities Online card first studio "financial mobilization" program, this time we talked about is the new share subscription strategy.

Subscription of new shares yield more than 10% of

Moderator: As a professional, how did you calculate new shares subscription rate of return?

Kingdom of Light: annual subscription of new shares and the shares yield major gains on the first day and a success rate of two indicators. In the recent study, we focused on pre-analysis of nine listed shares, respectively, the first day of gains on these shares and the success rate of indicators of the establishment of two regression model. Proceeds of the year, assuming there are 40-50 times a year the opportunity to purchase new shares. On the first day of new shares or to establish a few of the more important indicators: first, the plate size; second, the institution's recognition degree; third was located in the overall market environment. The overall environmental factors, we selected the Shanghai and Shenzhen 300 Index fell the day up. For Liutong Pan size, select the total funds raised as a parameter; while investors view the market outlook is relatively complicated, select the target price-earnings ratio as a parameter.

Moderator: At present, the yield on purchase of new shares to achieve how much?

Hu Yu-ming: 12 already on the market from the purchase of new shares annualized yield of view, basically higher than the one-year deposit rate, but also higher than the 7-day repurchase the exchange rate. This also explains why a lot of money from the periphery to enter a market reasons.

In addition, we estimate a moment, if the current pace of issuance and listing of view, the cumulative annual subscription rate of return may exceed 10%, so that some large fund investors, it is entirely risk-free interest rate, but will be much far exceeding the one-year bank deposit rate, for many can not afford to risk capital, the subscription of new shares is still an important investment vehicle in the second half.

Decided to purchase a success rate of yield

Moderator: small-cap stocks in general on the first day opening price is relatively high, is not purchase a higher yield of small-cap stocks?

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Hu Yu-ming: From the recent purchase of new shares operating point of view, is not a small-cap stocks the highest subscription rate of return. So far, on-line to participate in the highest two large capitalization stocks --- Datong Coal Industry and the Bank of China, return rates were 0.7% and 0.5% or so. This indicates that, despite the small-cap stocks listed on the first day of the opening price is high, but because of its success rate is very low, so small-cap stocks but not the high subscription rate of return. For many investors, especially for big money investors, still have to try to assure its success rate, only in ensuring a success rate of the circumstances, the final subscription rate of return is the highest.

Kingdom of Light: In our study found a success rate of the size and distribution also have a great relationship. Issue size is the most important, our models show that roughly two billion to five billion new shares subscription of the issue size, relatively speaking, will be a balance, and will be a relatively high success rate, but also able to obtain some first day gains. not to purchase a number of small stocks, because its success rate is very low, is not going to purchase a large plate stock, it is the first day of gains may also be relatively small, but also difficult to obtain a relatively high rate of return.

Purchase, sale and purchase of new shares have their own tricks

Moderator: The preceding listing of new shares, there are many of them are presents Gaokaidizou forms. For investors, the subscription of new shares in the signed, when disposed of would be more secure?

Hu Yu-ming: as far as possible in the new shares listed on the first day after the throw. If there is no subscription to this stock, but think it's good fundamentals, growth Ye Hao, adjustments on it for some time, back to a reasonable price range after the intervention. Small-cap stocks tend to be more than research institutions to give it a reasonable range, even more than 50% -100%, which is a new stock bubble, such as foam and then squeezed to the center line investments more secure. Investors can refer to the research of new shares priced reports because these reports are still very good reference value.

Readers: For small investors, to improve the success rate of new shares of the tips?

Hu Yu-Ming: Only in ensuring the success rate of the case, your money will improve the annualized rate of return, the small capital depends largely on luck, Bo into a small-cap stocks, earnings will be high. Currently purchase new shares in the 9:30 to 3 pm between the purchase. According to our experience, 1 pm to 2 points of purchase, and the success rate would be higher, this is a small trick. Inside a week, if there are several stocks purchase, you can give up in front of the two, followed by two of the success rate would be higher. If the day's two new shares are small-cap stocks, be sure to go to purchase small-cap stocks that fundamentals are better, once in the ballot, then returns will be higher.

Size of the capital subscription of different strategies

Moderator: Just now, the Kingdom of light comes from 2 billion to 5 billion is suitable for subscription of new shares issuance. So, whether the funds of different sizes have to purchase a subscription to adopt a different strategy?

Hu Yu-ming: from the current point of view, usually more than 300 million of funds in the IPO is possible, for small-cap stocks may be 5 million or even 10 million of capital to moderate to new shares, so this problem There is a skill. For small funds, the success rate is very low anyway, might as well major purchase small-cap stocks, if the luck of the 500 shares of small-cap stocks, then the annual subscription of capital gains rate would be much improved; while for large funds, the to focus on large capitalization stocks in the above, to ensure the success rate so as to ensure funding of the annual subscription rate of return, if met with some small-cap stocks, it is better to fund short-term lending to other people, access to short-term gains in the shares than you may be rate of return even higher. Under normal circumstances, large funds in the main first consider the success rate, while small funds have an element of luck, it may surprise some good small-cap stocks, but will get a relatively high annualized rate of return.

Kingdom of Light: From the present point of view, the impact of institutional investors of new shares is relatively large, including pricing, is basically determined by them. Institutional investors, is more important is to grasp the benefits of a robust, particularly Internet purchase this one, the risk is relatively small, liquidity is also better.

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