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visers based on market supply and demand conditions and reasonable pricing .

According to the development direction of China's securities market , generally depending on the situation take the following IPO pricing .
( 1 ) PER valuation method or the net asset ratio method .
This approach to take IPO price = EPS * P , or IPO price = net asset value per share * PER formula to determine the issue price , etc. , because generally more quantitative , it is usually the first choice as a new share issue .

( 2 ) discounted cash flow model ( capitalization pricing ) .
This model is a modern financial theory and capital market theory combination product , generally through the " IPO price = future cash flows are discounted " to determine the IPO price.

(3) EBIT Act ( financial leverage France ) .
EBIT calculation method based on financial leverage , the marginal cost of capital to determine a reasonable size and funding agencies and funding sources of financing in order to determine the issue price of enterprises . This approach to financial management perspective forecasting funding requirements and issue price , only the modes that affect the stock market supply and demand factors to consider less .

( 4 ) full online bidding method and online , offline synchronization auction method .
This method is completely determined by the market supply and demand situation the issue price , and regardless of institutional investors or retail investors are taking free quotations participate in the auction . The IPO price determined by the market pricing methods may bring greater market risk . Pricing generally take accumulated bidding inquiry ways to determine the issue price , there is an inquiry to determine the lower limit and an upper limit of dummy 's inquiry , while underwriters provide a reference price, or the market price but the final underwriting results to determine the relationship between supply and demand .

( 5 ) price discounts method .
Market discount method is mainly applied to capital by issuing new shares or by similar industries when first issued shares issued at a discount price situation , but in fact, brokers and investors faced with greater market risk , brokers may reimburse a lot of surplus stock issuance risks exist and that investors faced with the market that is below the issue price risks.
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