理财周报记者 汪江涛

Financial weekly WangJiangTao reporters

　　新股发行定价，是个很玄妙的东西。

Ipo pricing，Is a nice things。

　　今年迄今最高发行价的南大光电(300346,股吧)，66元发行，上市3个交易日跌去13%。与此同时，石煤装备(002691,股吧)上市6个交易日，涨了61%，被迫停牌自查。

So far this year were the highest of photoelectric ntu(300346,Shares it)，66 yuan issue，Listed three trading day fall to 13%。At the same time，Stone coal equipment(002691,Shares it)Listed six trading day，Up 61%，Was forced to suspended self-examination。

　　最近的股市惨兮兮，但下半年一些新股仍然发出较高的市盈率。7月份以来，创业板的津膜科技(300334,股吧)46.61倍、迪森股份(300335,股吧)47.58倍，及至最近刚刚发行完毕的创业板的泰格医药(300347,股吧)44.05倍。

The recent stock market miserably xi xi，But some new shares issued the second half of the p/e ratio is higher still。Since July，The tianjin science and technology gem membrane(300334,Shares it)46.61 times、DiSen shares(300335,Shares it)47.58 times，But when recently issue within the gem of the tiger medicine(300347,Shares it)44.05 times。

　　泰格医药是下半年迄今第三高发行市盈率的新股。泰格医药机构认购倍数101.63倍，为今年少见的过百倍认购。与此同时，其网上中签率0.724%，也为下半年以来中签率低于1%的寥寥数只新股之一。

Tiger medicine is the second half of the third high ipo p/e ratio has new shares。Tiger medical institutions subscribe for multiple of 101.63 times，This year the rare for one hundred times subscription。At the same time，Its online ZhongQianLv 0.724%，Since the second half ZhongQianLv for less than 1% of a few only one of new shares。

　　我想到一个困惑已久的问题：是否类似泰格医药这样“看不懂”的新股，往往能够受到机构追捧？

I thought of a confused already a long time of problems：Whether similar tiger such as medicine“Look not to understand”offerings，By institutions will often be able to chase after hold in both hands？

　　比如本专栏写过的凯利泰(300326,股吧)，做的是椎体成形微创介入手术系统，其6月份发行也创下45.96倍之高的发行市盈率。凯利泰29.09元发行，上市后很快冲高到55元，最低39元也是大大高于发行价。

Such as this column written kelly Thai(300326,Shares it)，Do is vertebral forming minimally invasive intervention operation system，The June issue also hit 45.96 times of the high p/e ratio is the issue。Kelly's release 29.09 yuan，Soon after high to blunt listed $55，39 yuan is also much higher than the lowest price。

　　凯利泰中期预增10%-40%，有券商研究员告诉我，这是低于预期的。凯利泰过去3年净利润增长率31%、98%、4%，如此大起大落也着实让人担心。

Kelly's increased by 10%-40% of the middle，Researchers have brokers told me，This is lower than expected。Kelly's net profit growth over the past three years 31%、98%、4%，So dramatic were really disturbing。

　　我当初将凯利泰比作第二个冠昊生物(300238,股吧)，后者以“脑残”、“丰胸”第一股的噱头，受到游资热烈追捧。冠昊生物从事再生医学材料及相关器械产销，发行价18.2元，上市后最高翻了3倍多。

I left the kelly's second champions league, next to creatures(300238,Shares it)，The latter to“Brain damage”、“Breast enhancement”The first name of shares，Liquidity is in great demand。Champions league, next to engage in renewable biological materials and related equipment medicine production and marketing，Price of 18.2 yuan，After over the highest listed more than three times。

　　凯利泰、冠昊生物，都属于一般投资者不容易理解的“高科技概念股”，上市后受到炒作存在一定的理由。反观泰格医药，我认为也具备这样的“炒作信息”。

Kelly's、Next champions league biological，All belong to the average investor not easy to understand“High-tech the concept”，There are some hype was listed on the reason。In tiger medicine，I also thought to have such“Hype information”。

　　泰格医药从事医药研发研究服务业务，也即是新药的临床试验研究。经营范围包括1-4期临床试验技术服务、数据管理、统计分析、注册申报、临床试验现场服务以及1期临床分析测试服务、SMO服务等。目前A股并无类似业务的上市公司。一般投资者理解起来有难度，恰好符合资金炒作的“技术需要”。

Tiger medicine in pharmaceutical research and development research services business，That is the new drug clinical trials。The business scope includes 1-4 phase of clinical test technical services、Data management、Statistical analysis、Registered to declare、Clinical trials field service and 1 phase of clinical analysis test service、SMO services。At present A shares and without A similar service of the listed companies。The average investor understanding up a difficult one，With the money just hype“Technology need”。

　　87家询价对象管理的208家配售对象，参与了泰格医药的初步询价。有效报价142个配售对象，意味着报价入围率68%，并不算低。泰格医药主承销商中投证券，给出32.94元-45.14元这样一个很宽的估值范围，对应的市盈率在28-38倍。最终协商定价37.88元，发行1340万股。

87 house inquiry object management 208 home placement objects，Involved in the tiger of medical preliminary inquiry。Offer 142 allotment subjects，Means that offer shortlisted rate was 68%，Does not calculate low。Tiger medicine Lord cast lead underwriters securities，Give $32.94 to $45.14 such a wide range of valuations，The city is filled with corresponding in 28-38 times。Final consultation pricing 37.88 yuan，Issue 13.4 million shares。

　　一名参与报价的机构人士向我透露，中投证券告诉他们：38.3元是行业平均市盈率的1.25倍红线价位，暗示他们以38元-38.3元的价格区间申报，这样“才有戏”。承销商中投证券并且许诺，2012年和2013年两年的增长率。

A participation in the institutions to offer people I revealed，Bank securities told them：38.3 yuan is the industry average p/e is 1.25 times the price of the red line，They suggest that to RMB 38-38.3 yuan price interval to declare，this“Just on”。Securities and promised to lead underwriters convention，In 2012 and 2013, the growth rate of the two years。

　　如此这般一番游说与勾兑，泰格医药的报价信息就显得非常有趣了。中投证券忽悠的结果是：39元价位上的申报数量最多（21641万股），其次是40元价位（10251万股），再次是38.5元价位（9648万股）。

This kind of a lobbying and blending，Tiger medicine offer information is very interesting。The results of the bank securities persuasion is：39 yuan price the largest number of the declaration（216.41 million shares），Second is 40 yuan price（102.51 million shares），Once again, is 38.5 yuan price（96.48 million shares）。

　　再有趣的是，与中投证券“勾兑有效”的机构，报价普遍有效。比如华安基金6账户报价最低39.9元；华宝兴业基金5账户报价均为39.5元；华夏基金13账户报价均为38.5元；兴业全球(340006,基金吧)基金6账户，4个39元、1个40元、1个44元；银河基金6账户报价均为40元；交银施罗德基金7账户6个39元。

More interesting is，Jammed with securities“Blending effective”institutions，Offer generally effective。For example HuaAn fund 6 account lowest 39.9 yuan；The fund huabao bird quotations are five account for 39.5 yuan；Fund of an ancient name for quotations are 13 account for 38.5 yuan；Industrial global(340006,Fund it)Fund 6 account，Four $39、1 a 40 yuan、1 $44；Galaxy fund 6 account quotations are of 40 yuan；/ silver schroeder fund account six and seven dollars。