Category: Money tips Release Date: 2006-06-19
In the IPO has become a top priority of the stock market, many investment institutions and individual investors have fascinating stats, performance is one of them as the new shares as a life-saving straw, on the secondary market has dared touch it. The reorganization has been the concept of glory to become A-share market in Phoenix. However, this restructuring and the acquisition of the United States and other businesses can be compared do?
Shares premium why not? I am afraid Get Away "manipulated" the word today, hair tomorrow, how much fat, price-earnings ratio and book value to all control their own destiny.
The authorities concerned are harps determined by the market index Change old tune, in fact, in addition to no longer bear to bear, when, and when determined by the market indexes do?
It was in this time of crisis, there are still institutions in calling for a decade bull market, they certainly have the right to call, but the call did not get to call it is another matter. The author taking a closer look, I can not see reason to support the bull market that policy --- the market is still dominated the market, from a series of new shares issued to IPO to pave the way for large-scale state-owned enterprises to withdraw from the market mechanism, still only have a symbolic role, to the For quite a mixed bag of listed companies raised high pole down the punishment, there is no one seen to generate the real basis for the bull market.
Management for the funds released more water, for the induction of direct financing for the private placement of the first temptation to abandon, are described as "good at the beginning who is useless in the end" of this ancient living model. I had to remind the author, after the share reform the biggest risk is that the speculative tendency of the manager. Judging from the current view, the winds of opportunism are still rampant, the slightest possibility of not seen at low tide. Perhaps the manager has his own difficulties in the share reform successfully completed, in a variety of meritorious service "dun" under the pressure of repeating the same old tune but will the stock market as a tool serving as a large-scale enterprises for local economic development services, tools, Security guards save institutions a tool, it is not regarded as the market. Not difficult to understand, the consequences of "the stock market," deficient, "city", then the shares will not share.
Recently, media have speculated the Bank of Construction Bank president assumed office unloaded any matter, if this rumor is confirmed, the administration of listed companies will make an iron texture footnote. That will be or have been listed as a large enterprise, the core of the manager can, under an executive order, so easy to mobilize each other, the degree of its market can be imagined.
Truly refreshing for the A shares are not funded gas drums, Rogers optimistic about China's stock market and other ridiculous reasons, in recent years, flooding the international market funds, A shares have not been so elated, but Rogers has not become the savior of small investors. Real good is that, A-share market price-earnings ratio of listed companies such indicators as to avoid artificially overstating this issue price from line 12 so we can see, A shares and H shares and reasonable valuations are no longer separated Tianrang.
This is also the most international investment institutions to emphasize one of the factors, namely, A-share market return to fair prices, another factor is the preferential treatment of large enterprises in China contains a premium will not be easily abolished. Therefore, the two good present, the fight for the throne was a large state-owned enterprises are. Do not think that foreign investment for China's large state-owned enterprises and the fairness of the market have too much good will, in fact, these investors, in particular the pursuit of absolute profits, such as hedge funds, but could not help but do not eat into the mouth piece of fat only.
Like playing the same shares, who branded who benefit. Who Rende Zhu not to fight?
But the problem is, A-share market at a reasonable price in this pie Is the sky falling here? Take a look at the past, the market and non-tradable shares tradable shares and other man-made segmentation, A Unit will be placed on top of high prices, what factors make China's A share market price has become fair play?
The reason is very simple, are those who charge forward in the A-share market, apprenticeship is not the first bankruptcy of small and medium Czech investors who are those who have to vote with their feet and vowed to no longer small investors into the stock market, the first wave of China's stock market bottom the development of China's stock market were to become the ladder, with tragic history of those who scare the market, forcing the stock market a pack of wolves had to be temporarily promoted, re-create the stock market ecosystem. Was forcibly dragged into the bottom of the A-share market outrageous price, forcing those listed companies and managers do some soul, but also contributed to a slightly pinpointing the stock market dredging operations.
No one can deny that such a costly dredging process, but how effective is to be seen. The bustling capital markets tend to make people forget the pain, thinking that as long as there is money, we can cow the mayor, but can not change the law within the market.
Can speed up the current issue of new shares, while the concept seems to keep in mind the management mechanism of transformation are far from his deeds, people will inevitably come to a pessimistic conclusion that China's stock market once again dredging must be by a new group reached the stock market bottom Caixing small and medium investors. Only the market once again decisively vote with their feet, the stock market tend to be slightly crazy opportunist stopped.
China's premium may be able to support the bull market a few years, but the loss of long-term opportunists who will be immediate at the expense of small profits, not how long, the market will be able to once again provide confirmation.
