Since late October last year, the breaking of new shares shortly after listing has tended to increase, which also directly challenges the follow-up investment business of securities companies on the science and innovation board.
According to statistics, as of the closing on January 28, more than half of the 42 new shares listed on the science and Innovation Board since late October last year had floating losses. Among them, due to participating in the follow-up investment of Baiji shenzhou-u, the follow-up investment of China International Capital Corporation Limited(601995) and Goldman Sachs Gaohua has suffered a total floating loss of 367 million yuan. Taking into account the floating loss that may arise from participating in the underwriting, China International Capital Corporation Limited(601995) and the underwriting recommendation fee earned by Goldman Sachs Gaohua from this single business have been broken down by the floating loss.
since late October last year, more than half of the Sci-tech Innovation Board has followed the investment floating loss
Since late October last year, the breaking of new shares shortly after listing has tended to increase. At present, in the A-share market, only Kechuang board has mandatory follow-up investment requirements for sponsors. Therefore, the sluggish performance of new shares in recent years also directly challenges the follow-up investment business of securities companies on Kechuang board.
according to statistics, as of the closing on January 28, among the 42 new shares listed on the science and Innovation Board since late October last year, 22 sponsors involved in follow-up investment behind the new shares had a floating loss, accounting for 52.38%.
From the distribution of these sponsors, many leading securities companies with advantages in IPO business are facing more follow-up risks than other securities companies. For example, among the above 22 new shares on the science and innovation board with floating losses, the sponsor behind 5 new shares is Citic Securities Company Limited(600030) , the sponsor behind 4 new shares is Haitong Securities Company Limited(600837) (including 1 new share as joint sponsor), the sponsor behind 3 new shares is Huatai united, and the sponsor behind 3 new shares is Minsheng securities (including 1 new share as joint sponsor).
in addition, up to now, among the science and Innovation Board companies whose follow-up investment securities companies have not been lifted, the follow-up investment of 31 science and Innovation Board companies is currently in a state of floating loss. Among them, there are Fujian Foxit Software Development Joint Stock Co.Ltd(688095) (sponsor: Haitong Securities Company Limited(600837) ), Sunshine Guojian Pharmaceutical(Shanghai) Co.Ltd(688336) (sponsor: Huatai United), Niutech Environment Technology Corporation(688309) (sponsor: Founder Securities Co.Ltd(601901) underwriting sponsor), Ucap Cloud Information Technology Co.Ltd(688228) (sponsor: Sinolink Securities Co.Ltd(600109) ), Shanghai Ceo Environmental Protection Technology Co.Ltd(688335) (sponsor: Shengang securities), Wuxi Delinhai Environmental Technology Co.Ltd(688069) (Sponsor: Haitong Securities Company Limited(600837) ).
the risk of underwriting the remaining shares by the sponsor has been exposed
In addition to the above-mentioned floating losses caused by follow-up investment, in recent stage, due to the increase in the number of underwritten surplus shares of the recommendation institutions of listed companies on the science and innovation board and the increase in the probability of superposition and breaking, the risk of underwritten surplus shares for the recommendation institutions can not be ignored.
According to statistics, as of the closing on January 28, assuming that the remaining shares underwritten by the recommendation institutions have not been sold so far, the recommendation institutions of two science and Innovation Board companies have incurred floating losses of more than 80 million yuan due to the underwriting of the remaining shares. The two companies are Baiji shenzhou-u (sponsor: China International Capital Corporation Limited(601995) , Goldman Sachs Gaohua) and Aojie technology-u (sponsor: Haitong Securities Company Limited(600837) ).
According to statistics, as of the closing on January 28, there were 29 science and innovation board projects in which the sponsor followed the investment and subscribed for more than 10 million shares. The recommendation agencies behind are also dominated by Citic Securities Company Limited(600030) , China International Capital Corporation Limited(601995) , Haitong Securities Company Limited(600837) and other head securities companies
screenshot from: release result announcement of Baiji shenzhou-u
According to the announcement of the issuance results previously released by Baiji shenzhou-u, the company’s two joint sponsors China International Capital Corporation Limited(601995) and Goldman Sachs Gaohua listed on the science and innovation board have invested 02.3 million shares respectively, with an allocation amount of 443 million yuan and a lock period of 2 years. Baiji shenzhou-u is also the largest IPO project of Kechuang board since 2021.
due to the continuous decline in the share price of Baiji shenzhou-u since its listing, up to now, the total floating loss of China International Capital Corporation Limited(601995) and Goldman Sachs Gaohua has been 367 million yuan. Taking into account the floating loss that may be generated by participating in the underwriting of remaining shares (assuming that the remaining shares have not been sold so far), China International Capital Corporation Limited(601995) Goldman Sachs Gaohua has generated a floating loss of 450 million yuan in this single business due to the following investment and underwriting of remaining shares. This is the case that the sponsor has incurred the largest floating loss in the follow-up investment and underwriting of surplus shares of a single science and technology innovation board project so far.
According to public information, the initial underwriting and recommendation cost of Baiji shenzhou-u’s IPO on the science and innovation board is 470 million yuan. In other words, the underwriting recommendation fee earned by the two recommendation agencies has been broken down by the floating loss of follow-up investment.
