Pi Hai Chau
lately, COSCO The IPO of has attracted market attention. On the one hand, the return company of H shares in the blue chip coat achieved a P/E ratio of 98.67 times, setting a new record for A shares; On the other hand, this company with a high P/E ratio was subjected to market speculation after its listing, and its P/E ratio reached 230 times.
Under the circumstance that the management intends to suppress the stock index and eliminate the bubble of the stock market, the issue of COSCO's ultra-high P/E ratio is doubtless questioned. But in July 2000 Mindong Electric Power 88.69 times of P/E, issued in December last year China Life As for the issuance of 97.81 times of P/E ratio, the appearance of such issuance of ultra-high P/E ratio is the product of market-oriented new stock issuance, which is the bitter fruit of market-oriented stock issuance policy in China's stock market.
From the beginning, the author held a negative opinion on market-oriented issuance. Although from the general direction of the development of China's stock market, marketization is the development direction of China's stock market, and marketization is also the only way to issue new shares in China's stock market, at least in the short and medium term, or even in a quite long period, China's stock market is not suitable for taking the path of marketization. The so-called market-oriented issuance is just to maximize the circulation of money by the issuing company of new shares, which undoubtedly damages the interests of public investors. The emergence of Mindong Electric Power, China Life Insurance and COSCO with high P/E ratio fully proves this point. In particular, due to the changes of the bear market, the share price of Mindong Power has been under the issue price for a long time, and the interests of public investors have been seriously damaged.
The reason why China's stock market is not suitable for market-oriented issuance at present is that China's stock market is not a mature market and has not been divorced from the pattern of speculative market in general. China's stock market is good at "speculation" rather than investment. The speculation on junk stocks in the stock market before May 30 this year is the best witness of China's stock market speculation. It is in this atmosphere of speculation that the Chinese stock market has created the myth of "new shares will not fail". As a result, investors dare to buy new shares no matter how high the issue price is, so the issue price of new shares is getting higher and higher under the rush of investors. In terms of P/E ratio, this is the appearance of such a super high P/E ratio of COSCO. This is unthinkable in the mature stock market abroad.
Secondly, market-oriented issuance should be based on the complete marketization of China's stock market. However, China's stock market is obviously still in a semi closed state, which is not only characterized by a strong policy market itself, but also interfered by various aspects; And as far as the IPO itself is concerned, our stock market implements the approval system rather than the registration system. shares Listing is restricted by various rules and regulations, and listed companies are still an important resource. It is not surprising that the price of new shares is raised in a market that is not market-oriented in itself.
In addition, as an inquiry agency, they have no ability to price new shares. Their participation in the inquiry is nothing more than to earn more shares of new shares issued through offline allotment, so that new shares can be cashed out in the secondary market after listing.
Based on the immaturity of the conditions for market-oriented issuance in China's stock market, market-oriented issuance is playing an absurd series in the stock market: on the one hand, the stock market calls for the listing of blue chips; on the other hand, under this market-oriented issuance mode, blue chips have lost their investment value before they are listed; On the one hand, the management should regulate the stock market with 50 times and 60 times of the P/E ratio, and on the other hand, let the new shares with nearly 100 times of the P/E ratio be issued and listed to push a bigger bubble to the market. Especially in the context of the return of H-shares and red chips, the pricing of A-shares was even "forced" by overseas investors, which became a means for overseas investors to cash out. Even domestic investors are moving overseas due to the abnormal new share issuance mechanism.
It is time to reflect on the issue of COSCO's ultra-high P/E ratio. The P/E ratio of new share issuance cannot be allowed to rise again and again. The market-oriented issuance of China's stock market must be under the control of the management, and the P/E ratio of new share issuance should be controlled below 20 times.
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
