Since this year, the A-share market has been significantly adjusted, and the fixed growth market has also been impacted.
According to the statistics of the Securities Times reporter on the data, based on the closing price on February 17, about 26% of the newly listed fixed increase shares of listed companies this year broke, and the fixed increase shares of individual listed companies broke on the day of listing; Another 12% of the fixed increase shares are close to breaking (within 5% higher than the issuance price). Some investment bankers said that it is difficult to issue a fixed increase and we need to wait for the opportunity.
From the perspective of secondary income, the Income Differentiation of fixed increase projects is obvious. From the lifting of the ban on fixed increase from February 18 to the end of the first quarter, at present, the floating profits of subscribers of some fixed increase projects have doubled, but 29% of fixed increase projects have floating losses.
Insiders pointed out that the index adjustment at the beginning of 2022 requires investment institutions to improve their screening ability for fixed increase targets on the one hand, and investment institutions may obtain appropriate projects through relatively lower prices on the other hand.
issuance of fixed increase shares upon listing
Recently, a number of cases show that the fixed increase shares of some listed companies are broken or on the verge of breaking after listing.
On February 14, Ucloud Technology Co.Ltd(688158) fixed additional shares were officially listed, with an issue price of 23.11 yuan, but broke on the day of listing. As of February 17, the latest closing price of the shares was 22.28 yuan.
China Greatwall Technology Group Co.Ltd(000066) the situation is similar. The fixed increase shares with an issue price of 13.96 yuan were broken immediately after listing on February 9, and the latest closing price of the shares was 12.95 yuan. The closing price on Crystal Clear Electronic Material Co.Ltd(300655) 17 was 35.34 yuan, down 14.8% from the fixed increase price of 41.48 yuan. The fixed increase shares of the company were listed on February 7.
In addition, the fixed increase shares of eight listed companies listed in January this year, including Shenzhen Minde Electronics Technology Ltd(300656) , Jiangsu Shentong Valve Co.Ltd(002438) , Shenyang Xingqi Pharmaceutical Co.Ltd(300573) , Suzhou Sushi Testing Group Co.Ltd(300416) , have been broken. Among them, Shenzhen Bauing Construction Holding Group Co.Ltd(002047) , Avic Jonhon Optronic Technology Co.Ltd(002179) , Western Superconducting Technologies Co.Ltd(688122) , Zhejiang Dingli Machinery Co.Ltd(603338) and other closing prices on February 17 fell by more than 10% compared with the fixed issue price.
In addition, the share prices of many listed companies approached the issue price shortly after the fixed increase was issued. For example, Yusys Technologies Co.Ltd(300674) with fixed increase shares listed on February 9, the fixed increase price was 22.10 yuan, while the latest closing price of the company’s share price was 22.89 yuan on February 17. Similarly, for Hefei Metalforming Intelligent Manufacturing Co.Ltd(603011) and Ceepower Co.Ltd(300062) with fixed increase shares listed in early February, the latest closing price is only 3.17% and 2.02% higher than the fixed increase price respectively.
An investment banker from a securities firm in Shenzhen said that some listed companies issued fixed growth plans when their share prices were relatively high last year. Now the stock market has been greatly adjusted, resulting in more passive issuers. “The fixed increase approval is valid for one year. We have customers waiting for a better issuance opportunity.” The source said.
According to the statistics of the Securities Times reporter on the data, since this year, the fixed increase projects of six listed companies have failed to raise enough funds, accounting for 30%. For example, Ucloud Technology Co.Ltd(688158) only 35.62% of the fixed increase fund-raising plan was completed. The original plan raised 1.965 billion yuan, but the actual fund-raising was only 700 million yuan; For Maccura Biotechnology Co.Ltd(300463) with fixed increase shares listed on February 18, the completion rate of fixed increase fund-raising was only 57%. The original planned fund-raising was 2.769 billion yuan and the actual fund-raising was 1.574 billion yuan.
Impacted by the sharp adjustment of the market, some fixed growth projects that are still being promoted also make listed companies feel “difficult”. The share price of Luoyang Jalon Micro-Nano New Materials Co.Ltd(688357) , which only passed the examination of the municipal Party Committee on the science and innovation board in January this year, has fallen below the fixed issuance price, and the closing price of 141.07 yuan has fallen 10.19% compared with the additional issuance price of 157.08 yuan. In the third quarter of last year, Hainan Development Holdings Nanhai Co.Ltd(002163) , Shenzhen Neptunus Bioengineering Co.Ltd(000078) fixed increase projects have been approved by the CSRC, and their share prices have also fallen below the issuance price of fixed increase. In addition, there are Asia Cuanon Technology (Shanghai) Co.Ltd(603378) , Cnlight Co.Ltd(002076) , China Merchants Port Group Co.Ltd(001872) and others whose share price falls below the fixed issuance price.
floating income is obviously differentiated
From the perspective of secondary investment, the Income Differentiation of fixed value-added projects is large, and some people are happy and others are worried.
According to statistics, from February 18 to the end of the first quarter of this year, the fixed growth of more than 80 listed companies will enter the lifting period, with a total lifting market value of about 115.5 billion yuan. Among them, there are three companies with a market value of more than 10 billion, namely Boe Technology Group Co.Ltd(000725) , Huaibei Mining Holdings Co.Ltd(600985) , Baic Bluepark New Energy Technology Co.Ltd(600733) .
According to the latest closing price, the Zhengping Road & Bridge Construction Co.Ltd(603843) and Anhui Huilong Agricultural Means Of Production .Co.Ltd(002556) of the lifting of the ban next week are expected to have considerable fixed increase income. At present, the rate of return of the lifting of the ban is more than 100%. In addition, the fixed increase subscribers of Hongbaoli Group Corporation Ltd(002165) , Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) , Qingdao Guolin Environmental Technology Co.Ltd(300786) have floating profits of more than 40%.
In contrast, some fixed growth investors may suffer. Kangmei Pharmaceutical Co.Ltd(600518) the ban on 314 million shares will be lifted next week (February 22), with a market value of about 942 million yuan. The participants behind it are currently losing nearly 80%; Mango Excellent Media Co.Ltd(300413) the ban will be lifted on February 24, with a scale of 90.34 million shares. The company implemented a fixed increase of 49.81 yuan / share last year, raising nearly 4.5 billion yuan. At present, the fixed increase subscribers, China mobile capital holdings, China Europe Fund and Xingzheng Global Fund, have a floating loss of about 26%.
Next week Boe Technology Group Co.Ltd(000725) will usher in the lifting of the ban, with a scale of about 14.4 billion yuan. The company has raised funds from 20 institutions such as UBS, Morgan Stanley, Gaoyi assets, Xintai life, everyone life, China Merchants Securities Co.Ltd(600999) , Haitong Securities Company Limited(600837) at a price of 5.57 yuan / share, raising 20.333 billion yuan. If calculated according to the latest closing price, the above subscribers have a floating loss of more than 11%.
In an interview with the securities times, Wang Jiewen, general manager of Junyi company, a private placement institution that invests in fixed growth in Shenzhen, said that the recent sharp adjustment of the market has indeed caused floating losses in some unsolved fixed growth projects. “Although fixed value-added products have certain discount advantages, some of their secondary attributes have also caused obvious differentiation. For some fixed value-added targets with high market attention, the stock price generally experienced a sharp rise in the early stage, which makes the fixed value-added issuance price often at a high level. Once the market environment changes, it is easy to have an obvious correction.” Wang Jiewen said.
He pointed out that the index adjustment at the beginning of 2022, on the one hand, requires investment institutions to further identify and screen the fixed increase targets, and pay more attention to the safety margin while looking for investment opportunities. On the other hand, it is also more conducive for investment institutions to obtain appropriate fixed increase projects through relatively lower prices.
The investment manager of a private placement in Shanghai said that the profit-making effect of fixed growth has lasted for two years. “This year, the market adjustment is large and the sector rotation is accelerated, which tests the ability of investment institutions to judge projects. We still pay attention to industries with high prosperity or enterprises with core technology.”
