Day, "a-shares maximum media unit" Phoenix Media release issued results of pricing, network and online success rate, a number of indicators have refresh record IPO this year, in time, various questions ensued. in this connection, this reporter interviewed a number of people in the industry to explore Phoenix Media behind the IPO "crime and punishment". Indices break the record this year to notice yesterday disclosed, Phoenix media before Celine Replica Handbags the final offer price set at the top price point of the range 8.8 yuan per unit, corresponding to the price before the release of earnings 50.72 times times, after the release of price-earnings ratio was 63.4 times times, the issue price-earnings ratio also become incorporated Board of third. In addition, the amounts involved in placing the object number, the freezing of funds, Phoenix also yield to nobody in Celine Replica Handbags the media. According to the announcement, Phoenix media network this issue the freezing of funds amounting to $ 258.54 billion, creating IPO since the freezing of funds on the Internet this year, while final success rate after the callback is 0
.95%; network Xia total 173 home placing object participation Trojan tender inquiry, which include social security fund eight a combination, and Huaxia CSI 300, and Celine Replica Handbags Huaxia hope, and meeting added rich three only Fund,, participation home number for year first open offering (IPO) highest, network Xia placing freeze funds up 31.98 billion yuan, is this year yilai IPO network Xia freeze funds scale first name, back dial Hou subscription multiples 10.03 times times. Apart from above various hard indicators outside, Phoenix media this Muscovy IPO maximum of gimmicks also is "a-shares maximum media unit". If success landing a-shares, Phoenix Media IPO financing scale reached 4.48 billion yuan, not only became media industry a-shares IPO first large single, while also invasive Jiangsu Province non-financial class enterprise a-shares IPO scale first. listed Hou, Phoenix media will became a-shares media industry first large market value listed company, while ranked Jiangsu provinces value Qian ten a-shares listed company. It is true that recent market for cultural transmission
Media sector's appetite for everyone to see, but Phoenix Media release or let markets Flash a little waist. Phoenix's media unit, the "Phoenix media guessing on its first day of the opening price of the whole people" post click-through rate has nearly 100,000, but negative had significantly more positive and even shareholders and boards it multiples the first Gao Huarui compared to wind, think sharp miserable than China. Reasons of why East wind in a stock take culture plates, there has been "investors cast aside, agencies sought after" two very different 囧? why the Phoenix media market suffered popularity? Investment consultants IPO consulting analyst quarter qinchuan believes that Phoenix media was sought after in the market on the one hand shows the current cultural sector at the national Chloe Handbags Replica policy became a market driven by the hot plate, fans of many on the other, Phoenix media also notes it as one of the largest publishing groups, complete free material product system of property rights and, as the only regional media group
Its advantages more obvious, investors bullish on municipal development. Great Wall securities chief investment consultants Zhang Jiuhui pointed out that, Phoenix media at Chloe Handbags Replica this time mountains can be described as is accounted for do has geographical and people and. Phoenix media of shareholders structure relative simple, apart from representative country funded of Jiangsu Phoenix published media group, is Lenovo holding its of Hong Yi investment, powerful of background also to has its actively promoting; also, despite its issued completed Hou is domestic first large of media unit, but Chloe Handbags Replica equity phase more Yu other market unit still smaller, relative suitable operation, in accounted for do concept advantage of background Xia, also became institutions favored of causes one And, secondly, from the perspective of value investing, Phoenix media created a culture of Mall type of commercial real estate operations mode, easy to copy, now gains more stable. his textbook publishing business as a result of national policies to protect, is one of the stable sources of income. Valuations are not too many premium space industry analysis above seems to
Phoenix Media popularity also justified, but in the context of today's market is relatively weak, was born in the traditional trades of the Phoenix media is given "Board the third-highest" earnings seem to be still less recognized. then, the industry and how he viewed the matter? Datong fuyongchong securities investment adviser believes that Phoenix Media 63.4 times times forward earnings, current culture near 34 times in the media sector's overall valuation, just from this point of view, despite its fundamentally sound, but significantly higher valuations. Zhang Jiuhui think, this Muscovy market dispute of focus on is PE high, but actually, SFC requirements disclosure of is deduction has non-regular profit and loss Hou, and by issued Hou total equity calculation of PE, and Phoenix media of non-regular profit and loss higher, deduction Hou led earnings partial high. but if does not deduction this item, its static PE and now culture media plate 34 times times around of PE difference is unlikely to, but does not to investors left too more of premium space
. Ji Qinchuan believes that while Phoenix Media fundamentally sound, but earnings at the time Christian Dior Bags Replica of more than 28 times times, generally reflect the stock market began to appear speculative bubble, even if the Phoenix Media 2011 in accounting listed as recurring profit and loss part of the total net profit, its relatively reasonable level of earnings should be 28 times before the release times. Choi SUN, Xudong, an analyst pointed out that the silver release forward, Phoenix high valuations of the media Christian Dior Bags Replica in addition to being its own relative quality, recognized for its plate outside, agencies sought after for its contribution to a lot. in the context of its shareholders backgrounds a strong, high market presence, did not rule out it is sent between powerful fund transfer, dividends subsequent conventions. Is thereby expected future mixed powerful institutional money sought after on the one hand, on the Christian Dior Bags Replica one hand is weak overall weak market, Phoenix media of this listing is for investors to make a challenge, Shen and bushen, claiming and don't become a difficult proposition
. In this connection, the industry is also a matter. SUN, Xudong believes that this enthusiasm of institutional money may result in relative concentration of chips, coupled with Phoenix Media Framework simple and moderate equity, as long as the market is not too bad, debut performance should not be poor. but once the market is not impressive, Phoenix media under high valuations could become the primary victims. Ji Qinchuan believes that rendered vulnerable as a whole does not mean that all businesses in the capital market or stock movements are rendered vulnerable status, current national focal point support of cultural industries, and Phoenix media is the leading enterprises of the domestic publishing industry, the external environment of positive factors still exist, combined with its own fundamental good, even if the current capital in the Weak Market environment, its potential is still larger in the future. Fuyongchong believes that although strong Phoenix media business competitiveness, but the current high valuation showed a significant stage, while the company as a traditional publishing business restructuring
The company, its net sales rate has fallen, contribution to the future performance of the new points can fully support the company's earnings growth is not yet determined. its high valuations may not be sustainable after the listing, did not rule out a fall situation. recommends checking investor selling. And most analysis persons pros and cons weighed different, China forest securities analyst is blindly sang empty. he think, except financial Shang of does not to force outside, Phoenix media the raised funds main for chain operating dot and large bookstore of construction, but to currently network Bookstore sales fast expansion of situation view, blind expanded entity operating dot is is a risk risk of things, course, large Bookstore comparison similar Yu commercial property mode, But traditional Xinhua Bookstore to completely transition difficult. combined with the latest issue of book funds of up to $ 2.7 billion, in fact there is no shortage of operating and investment capital, the listing there is a suspicion of financing cash. lack of comprehensive consideration to the company's growth,
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