Blood 90 billion IPO six agencies called to the market breathing room.

July 2 PricewaterhouseCoopers released a report that Shanghai and Shenzhen in the first half of funds raised through the IPO amounted to 89.8 billion, is expected to IPO in 2008 cities of the total will reach 2500 billion yuan. .A large number of IPO expansion pressure on the market, A-share market has always been in tight state. .Many people have raised the securities, the Commission issued new shares should be suspended, so that A shares have breathing room. .<P Align=center> A total of 89.8 billion IPO shares in the first half </ P> <P> (http://) PwC study shows that the first half of 2008, completed 4 Shanghai Stock Exchange IPO, raised a total of 66.8 billion .yuan, compared with 12 in the same period last year, 141.1 billion yuan IPO financing has declined. .The newly issued shares of the Shenzhen Stock Exchange, mostly small and medium companies, IPO volume from last year's growth of 38 to 54 cases, the financing amount increased 87% from a year earlier, to 230 billion yuan. .Overall, Shanghai and Shenzhen in the first half of 2008 compared with the total IPO financing last year dropped by 41%. .</ P> <P> this, the PricewaterhouseCoopers partner in charge Frank Lyn Yee Chon said Beijing, the capital for the second half of the uncertain market environment, investors will be more cautious of large IPO activity. .However, for small and medium enterprises IPO, due to domestic liquidity, financing activities of the second half will remain active. .Therefore, the second half of the IPO activity will accelerate. .</ P> <P> Beijing Managing Partner of PricewaterhouseCoopers, said peace and closure, especially for small and medium enterprises IPO, in the second half of the financing will remain active. .Shenzhen SME board will have 100 companies throughout the year IPO, the financing will amount to 50 billion. .The Shanghai and Shenzhen A shares, the second half of listed companies will have to achieve 8 IPO, funding amounted to 140 billion or so, a listed company focused on energy resources, finance, retail and other industries. .</ P> <P align=center> second half of the expansion pressure of huge </ P> <P> It is understood that as the world's leading accounting firm, PricewaterhouseCoopers, to play abroad for a number of IPO audit market, so .The firm issued a research report to be widely recognized outside the industry. .A-share market IPO for expansion pressure, Guangdong Securities senior analyst Wang Zehui Cod is deeply felt. .He pointed out that the market does not set aside a major adjustment this year, said the first half of the Spring Festival, two reasons, IPO shares are usually less than in the second half. .</ P> <P> In addition, the IPO later this year there are more deep-seated reasons. .He pointed out that many large state-owned enterprises have long had issued A shares on the agenda, the market is not good, or make way for other companies were forced to postpone the listing plan, as long as the second half of the market there are signs of change for the better, I believe they will rapidly choose the state-owned enterprises listed on .. .Chinese architecture, the re-insurance on the part of such type. .</ P> <P> million UFJ Securities Leopard Song, senior research fellow is expected, will have Everbright Securities IPO will trigger a new round of brokerage IPO, tide, China Merchants Securities, Guotai Junan is ready to go, so to mention the hundreds of billions. .In addition, the return of red chips, the launch of the GEM have been the focus of this year as the work of the Commission, which is a huge market funds face the challenge. .</ P> <P> more serious is the lifting of the ban Restricted Shares. .Cinda is expected to report third quarter is estimated to not ban the restricted shares as high as 13 trillion, the peak lifting of the ban in 2009 and 2010, primarily newly issued shares of listed companies after the reform lifted shares in circulation. .Among them, the estimated intends to sell the (non-controlling shareholders and the controlling shareholders can cash in part) Restricted stock is 4.3 trillion yuan, accounting for the current market value of the domestic market, 56% of the total circulation around, the pressure remained huge. .</ P> <P align=center> fear for expansion of the valuation system break A shares </ P> <P> Ruoshi market in the downturn, the broader market shares to be issued every time the news came out that led to A shares .funds fled the market, such as China Construction 40 billion earlier this month approved the financing, led all the way to June Quote "green light", and Everbright Securities 13 billion IPO plan will be more than A shares are treated as a record low the day before the "killer" one of the .. .</ P> <P> million UFJ Securities Leopard Song, senior research fellow of that, the market continued to fall in the process continue to lower the central value, in particular, the policy of 2990 points after the end of the breakdown, A stock valuation system nearly crushed .Basically, no one would have dared to expect at the end where they are. .From the current situation, market expansion has constituted one of the most important stressors, especially in the macro-policy tightening and the stock market is expected to blur the background, the incremental expansion more likely to cause changes in investor expectations, thus greater selling pressure .and money has fled, in turn, accelerate the A-share market again fell, and then again reduces the value of A-share market hub. .Over time, A stock valuation system will cease to exist, because no man can tell the stock of the worth. .</ P> <P> Therefore, institutional investors, the valuation argument is undergoing fundamental change, have to book value instead of price-earnings ratio as the market valuation method. .</ P> <P align=center> suggestions IPO industry should divert Hong Kong stocks </ P> <P> A shares for the expansion pressure, many people have put forward the securities, the Commission issued new shares should be suspended, so that A shares are breathing .of the machine. .However, from the current attitude of the Commission, the delay seems to pay off "debts" and speed up the "state-owned aircraft" listed is the priority. .</ P> <P> this regard, Guangdong Cod Securities senior analyst Wang Zehui recommends that the current downturn in the market can not accommodate large number of state-owned enterprises IPO, regulators should consider the practice of diversion Hong Kong stock market to ease the pressure on A-share market expansion. .After all, the Hong Kong market is more mature and international, to allow more state-owned enterprises to go out the first test of the international investors and recognition, and so the time is ripe, and then return to A shares, so that domestic investors can also share the business benefits of growth. .He also pointed out that some SMEs may also be modifications to the way private equity financing, of course, this does not apply to all For listed companies, only certain institutional investors that the profitable or high growth industry in this way can be taken. .</ P> <P> million UFJ Securities senior research fellow Panther Song also pointed out that in the depressed market environment, reduce the price-earnings ratio should be issued IPO shares to get market recognition and sought after. .Even if the Council had recently Everbright Securities, CSR issue price-earnings ratio is still high, many companies book value and the other only a few cents, still 30 times or even 40 times earnings release is clearly not recognized by the market, loss of blood in the A-share market .severe cases, the listed company should do what. .</ P>.