the residual power of the breaking of new shares continues to enlarge.
Aojie technology-u (688220. SH), which broke on the day of listing on January 14, has not slowed down after 15 trading days, and the decline even tends to expand. According to the calculation of 500 shares in the first batch, the innovators have lost 38000 yuan by February 11, 2022.
Since the second half of 2021, the science and innovation board has become a concentration camp for the breaking of new shares. The Sci-tech Innovation Board launched in 2019 welcomed 70 listed companies that year. In 2022, the three-year sale period of original shares is approaching, and the ban on 10 billion shares held by original shareholders is lifted. Will the breaking of new shares on the science and Innovation Board intensify?
The breaking tide of continued, and Aojie technology lost 38000 in one month. Since 2022, as of February 11, A-Shares have welcomed 36 listed companies. As of the closing on February 11, among the more than 30 companies, 14 new shares and sub new shares had fallen below the issue price, accounting for nearly 40%. Among the 14 companies, 8 listed companies also broke one by one on the listing day. This also means that if the innovators of the eight listed companies hold the shares so far, the investors have not recovered the capital, and even the losses are increasing.
According to the statistics of interface journalists:
Aojie technology-u (688220. SH) was listed on January 14, 2022, with an issue price of 164.5 yuan / share. It broke on the day of listing, with the highest share price falling by 58.66 yuan / share, down 36%. As of February 11, 2022, the share price had not slowed down. The closing price of the day fell 76.5 yuan / share from the issue price, and the decline expanded to 47%. According to the calculation of 500 shares signed in the first batch, has lost 38000 yuan from holding Aojie technology-u to February 11.
Tianyue advanced-u (688234. SH) was listed on January 12, 2022, with an issue price of 82.8 yuan / share, which was broken on the day of listing. As of February 11, its closing price had fallen by 23 yuan / share from the issue price, and the decline continued to expand, reaching 28%. The first batch of held shares until February 11 lost more than 10000 yuan .
Maiwei bio-u (688062. Sh ) was listed on January 18, 2022 at an issue price of 34.8 yuan / share. On the day of listing, the share price fell by 10.8 yuan / share, with a maximum decline of more than 30%. As of February 11, the closing price fell by about 14.5 yuan / share from the issue price, expanding the decline to 42%. The first signature of has been held until February 11 and has lost 7300 yuan .
Weike Technology (301196. SZ ) was listed on January 11, 2022. The issue price on the first day of listing was 64 yuan / share, which broke on the same day, with a maximum drop of 5 yuan / share. As of February 11, its closing price had fallen by 14 yuan / share from the initial price, and the decline expanded to 22%. The first batch of was held until February 11 with a loss of 7000 yuan .
Xinghui ring material (300834. SZ ) was listed on January 13, 2022 at an issue price of 55.6 yuan / share. On the day of listing, it broke, with a maximum drop of 5.6 yuan / share, or 10%. As of February 11, its closing price had fallen by 14 yuan / share from the issue price, and the decline expanded to 25%. The first batch of was held until February 11 with a loss of about 7000 yuan .
Zhenlei Technology (688270. SH) was listed on January 27, 2022, and the initial price was close to 62 yuan / share. On that day, the highest price fell by 8 yuan / share, a decrease of 13%. As of February 11, the closing price had fallen by 11 yuan / share from the initial price, and the decline expanded to 17%. The first batch of China had a loss of 5400 yuan by February 11.
Yahong pharmaceutical-u (688176. SH) was listed on January 7, 2022, with an issue price of 22.98 yuan / share. It broke off on the listing day, and the share price fell by 5.5 yuan / share, or 24%. As of February 11, the closing price fell by 8 yuan / share from the issue price, and the decline expanded to 35%. The first lot held a loss of 4000 yuan until February 11.
Guoxin Technology (688262. SH) was listed on January 6, 2022, and the initial price was close to 42 yuan / share. On the day of listing, the highest price fell by nearly 1 yuan / share, a decrease of only more than 2%. As of February 11, its closing price has fallen by more than 2.6 yuan / share from the initial price, and the decline has expanded to 6%. The first lot held a loss of 13000 yuan until February 11.
Statistical drawing: Yin Jingfei, data source: choice financial terminal market votes with feet. The breaking degree of the above-mentioned seven new shares and sub new shares is increasing. from the perspective of a single company, the P / E ratio of most of the broken companies is too high : the P / E ratio of the issuance of Guoxin technology is close to 420 times, and the P / E ratio of the same industry was just over 60 times at the beginning; Zhenlei technology’s initial P / E ratio exceeded 90 times, and the P / E ratio of the same industry was only close to 50 times when it was launched.
At the same time, the profitability of these listed companies is worrying, and most of them are even unprofitable . Aojie technology-u, Maiwei biology-u, Tianyue advanced-u and Yahong medicine-u are not profitable. In 2020, the net profit attributable to the parent company was 2.3 billion yuan, 640 million yuan, 640 million yuan and 250 million yuan respectively.
Since the second half of 2021, the frequency of new share issuance has increased. According to the statistics of interface news reporters, since the second half of 2021 alone, there have been 27 enterprises that broke on the first day of listing. Science and technology innovation board has become a high incidence place of breaking; In the industry, the biomedical and electronic industries have become the concentration camps for breaking.
According to the statistics of interface reporters, among the 27 companies that broke on the first day of listing, 18 companies broke on the science and innovation board, accounting for 67%. The breaking rate of medical biology is the highest, reaching 9. Cofoe Medical Technology Co.Ltd(301087) (301087. SZ), Jiangsu Hualan New Pharmaceutical Material Co.Ltd(301093) (301093. SZ), Maiwei biology-u 688062 SH, Yahong medicine-u (688176. SH), Dizhe medicine-u (688192. SH), Baiji shenzhou-u (688235. SH), Chunli medical (688236. SH), Nanmo Biology (688265. SH) and Liaoning Chengda Biotechnology Co.Ltd(688739) (688739. SH) broke one after another on the day of listing.
the Board Secretary of a company about to go public in Jiangsu told the interface news that in his view , the most serious break of new shares was in the years just before the launch of the gem from 2009 to 2013. At that time, the company’s P / E ratio often reached dozens or even hundreds of times, or many listed companies broke one after another because of changing performance or overvaluation. Since then, affected by the success rate of the IPO meeting, many people in the industry have recognized that the P / E ratio of stocks listed in the meeting can not exceed 23 times in order to successfully pass the meeting. The P / E ratio of the secondary market is significantly higher than that of the issuance, which makes it possible to make a steady profit without losing.
In 2019, the science and Innovation Board was established, and the registration system was successively implemented on the science and innovation board and the gem. The limit of 23 times P / E ratio under the registration system was also cancelled. IPO pricing is divided into direct pricing and inquiry. All directly priced stocks are issued to retail investors, and the object of inquiry issuance is retail investors + institutions.
The difference between direct pricing and inquiry is that the issued share capital of no more than 20 million shares can be priced directly by the issuer and the lead underwriter, but the price cannot exceed the average p / E ratio of the same industry. Inquiry pricing refers to the company’s IPO issued share capital of more than 20 million shares, which can be adopted. The above-mentioned board secretary said that the IPO issued share capital of general enterprises is more than 20 million shares, and the IPO initial stock pricing is mostly inquiry pricing
source: Shenzhen Stock Exchange
For institutions, the lock-in period for their subscription of IPO shares is only six months. In order to increase IPO and make new profits, they appear to hold together and collectively lower the inquiry price, which directly damages the interests of the issuer.
In this context, in late September 2021, the regulators launched a new deal for IPO inquiry, which is intended to curb the above problems and promote the marketization of IPO stock pricing. However, from a practical perspective, this has directly pushed up the IPO pricing center in the short term. Under the registration system, the listing of companies is accelerated. Will the breaking of new shares become an inevitable trend?
people in the industry have different opinions about this. the aforementioned Board Secretary believes that whether the new shares break or not depends on the industry and its P / E ratio.
The securities affairs representative of a Shenzhen enterprise listed on the science and Innovation Board told interface news that the breaking tide in 2022 may intensify. in 2022, the Sci-tech Innovation Board will usher in the tide of lifting the ban, and the reduction of shares held by original shareholders will increase significantly, which will bring downward pressure on the overall market of sci-tech innovation board and even the whole A-share market, and then transmit and affect the change of share price of new shares.
According to the statistics of interface news reporters, there are 70 enterprises listed on the science and innovation board in 2019, and the three-year sales period will expire. The ban on original shares will be lifted in the second half of 2022. in 2022, 13.5 billion shares of these 70 listed companies ushered in the lifting of the ban , of which the tide of lifting the ban was concentrated in July, September, October, November and December of 2022. On July 22, 2019, China Railway Signal & Communication Corporation Limited(688009) (688009. SH), which landed on the science and innovation board, the 6.6 billion shares held by its original shareholders will be lifted, and the lifting scale of the original shares on the science and innovation board is the largest
statistical mapping: Yin Jingfei, data source: choice financial terminal
