Crash, temporary stop, meteoric rise, eventually closed down 9.7%!Merchants road debut ride on the "roller coaster"

If the investment road-sharing plan is seen as the first day of the electrocardiogram, nothing can be said willies。Crash opened, jerking, temporary stop, turned red and then green, and finally the closing down more than 9 percent, which is the road industry giant – Merchants Road first day of listing market performance can be described as shock and downs。China Merchants Group Vice President of China Merchants Securities highway chairman Deng Renjie In an interview with Times reporter interview but said the so-called Big Mac effect does not exist, shares are "smooth convergence market, smooth transition" level。    Merchants road on the first day the market performance of the shock and downs Merchants Road, formerly known as the Ministry of Communications under the "Huajian Transportation Economic Development Center", was approved by the Ministry, independent accounting, established in 1993, registered in the State Administration for Industry and Commerce, autonomous, self-financing, tax law state-owned enterprises, its business scope includes road transport infrastructure investment and operation, intelligent transportation, transportation technology and ecological investment, an important part of the industry chain covering road。  Public information, as of June 30, 2017, China Merchants highway investment management fees total highway mileage of 8338 km, equity mileage of 1787 km, direct and indirect investment, management Highway 26 operating companies, investment road network covering the whole country 18 provinces (autonomous regions and municipalities), China's longest and investment management, inter-regional widest, most complete industrial chain of integrated highway investment services operator。  Data show that the latest market value of JSE 495.3.7 billion yuan, the dynamic price-earnings ratio of 13 times, is in addition to the A-share market value of the highest investment road highway business。Followed by Shandong Expressway, the total market capitalization of 288.1.9 billion yuan, the dynamic price-earnings ratio of 8.8 times。  December 25, the total market value of road investment is 70.7 billion yuan, far more than Jiangsu Expressway, called the highway sector's largest market capitalization companies。The dynamic price-earnings ratio of 21 road investment.9 times, ranking third in the existing highway A-share companies, higher than the industry average。  By way of investment in North-speed highway convertible merger listed。Prior to the market will often Merchants Shekou which is convertible from the merger compared with the same, because the same is the company's investment, while China Merchants Shekou post-IPO performance was flat, has not recovered to the levels listed show "Big Mac curse "。  But on the first day of China Merchants Shekou road performance and investment plunged different。Opening reference price of 12 road investment.68 yuan, that is OK to "the closing price of the last trading day (December 4, 2017) of the former North-speed suspension / North China A share exchange ratio of the high-speed" principle。Merchants shares opened road that is down more than 13 percent, to 11 yuan / shares open lower。  Opening reference price (under 12 here to explain, although according to "the Shenzhen Stock Exchange rules," Merchants do not carry out road first day of listing price limit, the stock opening auction bid effective range of real-time ticker.68 yuan) of 900%。  Merchants highway early today, but also temporary stop for an hour。Because according to the rules, when the intraday price than the first day opening price rose or fell reaches or exceeds 10%, the Shenzhen Stock Exchange may implement its intraday temporary suspension measures, temporary stop time is 1 hour。After the collapse of the opening bell, the investment has been pulled up to Road 12.08 yuan / share, so it is temporary stopped。  After the temporary stop, Merchants Road, the highest intraday price had rushed to 13.15 yuan / share。But as the market continued to weaken in the afternoon, highway investment tumbled, closing down 9.78%, 11 close.44 yuan / share, turnover of 7.4.5 billion yuan, the total market capitalization of 70.7 billion yuan。  Who is buying?Who sell?  Exchange after-hours data shows, December 25, the sale of shares of the company based brokerage business department seats, Galaxy Securities to sell shares of the company's business department of nearly 5,000 million。Specifically, Galaxy Securities Zhanjiang South Beach Boulevard securities business department to sell 2766.230,000 yuan, accounting for the total turnover of 3.71%, Galaxy Securities Yuanshen Road, Pudong New Area, Shanghai securities business department to sell 2174.150,000 yuan, accounting for 2.92%, brokerage sales department to sell the remaining three are in the amount of about 20 million yuan。  Relative to a lot of selling, brokerage sales department to buy shares of the company less to buy five brokerage business department to buy the amount of not more than 10 million yuan。  Chairman, said "there is no giant curse" For the first day of listing market performance, the investment appears to be more calm and highways。  China Merchants China Merchants Group Vice President and chairman Deng Renjie believe that road, then north to the high speed of the share price since the resumption of the delisting, the stock rose a lot, so there will be a supplement fell after effects。Merchants highway road is not a simple business, but transportation technology integrated services provider, has its own unique advantages。The listing also has 50 years of history of China Merchants Chongqing Communications Research and Design Institute Limited overall included in, further expand the advantages of its strategic cooperative business structure, to achieve a set of road industry research, design, construction, investment, maintenance, operation in one of the whole industry chain, a full range of industrial layout。So price-earnings ratio is higher than a lot of road investment in the industry of other companies is reasonable。  For the first day of listing market performance, Deng Renjie said that "the so-called Big Mac effect did not exist, in general, is to achieve a smooth interface with the market volatility is relatively smooth, to achieve a smooth transition from the north to the high-speed road investment。"