Wuxi Shangji Automation Co.Ltd(603185) today, one of the earliest manufacturers of photovoltaic special equipment in the industry, issued 2.47 billion yuan of convertible bonds – shang22 convertible bonds institutions predict that the first day of listing of the convertible bonds may increase by more than 30%, and it is recommended to actively apply for the purchase
The tiannai convertible bonds listed today rose 38% in the bidding stage before the opening, and the opening was temporarily stopped.
Since this year, the convertible bond market has fluctuated greatly, but the performance of new bonds on the first day of listing has maintained a stable high increase.
a new day to look forward to
On March 1, the online subscription of the last 22 convertible bonds was launched, with an issuance scale of 2.47 billion yuan and a bond rating of AA -. Huachuang securities released a report that the parity of the last 22 convertible bonds on February 25 was 109.03 yuan, which provides a strong safety cushion for subscription.
Source: announcement of listed companies
According to the forecast of Huachuang Securities report, assuming that the placement proportion of the original shareholders of the last 22 convertible bonds and the effective online subscription amount are 70% and 11 trillion yuan respectively, the online winning rate is expected to be about 000674% which means that an average of 15 households can win one signature
The recent popularity of convertible bonds has not decreased. Among the convertible bonds issued this year, the winning rate of 000674% belongs to the medium level.
Statistics show that Wuxi Shangji Automation Co.Ltd(603185) , the issuer of the above 22 convertible bonds, is the first enterprise in China to develop special CNC grinding machines, special chamfering machines and cutting sawing machines for Cecep Solar Energy Co.Ltd(000591) silicon wafers. It is one of the earliest manufacturers of photovoltaic special equipment in the industry. The company has become one of the leading enterprises of special processing equipment for high hard and brittle materials.
Huachuang securities reported that referring to the current long22 convertible bonds (conversion premium rate 42.11%) and tier convertible bonds (conversion premium rate 31.37%) in the same industry, it is expected that the conversion premium rate on the first day of the listing of the last 22 convertible bonds will be between 25% – 30%. Based on the parity calculation on February 25, the listing price of the last 22 convertible bonds is expected to be between 136.99 yuan and 143.21 yuan. In view of the medium winning rate and the low possibility of “breaking” after listing, it is recommended that investors actively participate in the subscription.
According to the analysis of Tianfeng Securities Co.Ltd(601162) Research Report, Wuxi Shangji Automation Co.Ltd(603185) belongs to other special machinery industry. As of February 25, the stock valuation of the company is low among the 10 peer enterprises with similar income, and the market value is 43.709 billion yuan, which is higher than the average level of the industry. The parity of the last 22 convertible bonds is higher than the face value. The market may give a 25% premium. The listing price is expected to be about 136 yuan. It is suggested to actively participate in the subscription.
new convertible bonds perform well
The first day of listing rose by more than 30%, which is not uncommon for new convertible bonds.
In the first two months of this year, the volatility of the convertible bond market increased, and the CSI convertible bond index fell by 3.05%, with a single day decline of more than 3%. In this context, new convertible bonds still generally gained a steady increase on the first day of listing.
According to statistics, the index of convertible bonds fell by 2.36% in January, and the average increase of 11 convertible bonds listed in that month was 29.77% on the first day. Among them, Tailin convertible bonds ranked first with an increase of 43.5% on the first day of listing, followed by Perle convertible bonds rising by 38.27% and Xizi convertible bonds rising by 35%. In mid February, the index of securities convertible bonds fell by 0.71%, and the three convertible bonds listed in that month rose by 22.77% on average on the first day. Although it was slightly lower than that in January, it still performed well.
Corresponding to the high increase on the first day of listing of new bonds, investors’ enthusiasm for playing new bonds remains high. A total of 12 convertible bonds were issued in the first two months of this year, which was basically the same as that in the same period last year investors are more enthusiastic about participating in convertible bonds. The number of effective applications for convertible bonds on Taiwan 21 exceeds 11.06 million, much higher than that in the same period last year among the 12 convertible bonds, Tailin convertible bonds has the lowest online winning rate, reaching 0.0004%, with an average of 1 in 250.
This week, in addition to the last 22 convertible bonds, the Silk Road convertible bonds will be issued tomorrow, and Panlong convertible bonds and Chengyin convertible bonds will be issued on Thursday. In addition, jinlang convertible bonds will be listed tomorrow. According to the prediction of institutions, jinlang convertible bonds will be positioned near 130 yuan on the first day of listing.
