28. In case the subscription result of Hemai shares signed is out.
On the 14th, Hemai shares announced that 10 million shares were issued this time, of which the final number issued online was 3.4765 million shares. The subscription results showed that online investors abandoned 650000 shares, with an amount of 363 million yuan, accounting for 6.5% of the total issued shares. If only the shares issued online are counted, then 18.7% of the new shares issued online are abandoned.
Compared with the historical data, the Chinese reporter of the securities firm found that the abandonment amount and proportion of Hemai shares have refreshed the history of the science and innovation board, and are far ahead of the second place.
Hemai shares were priced at 557.8 yuan, which attracted attention at the time of subscription. A total of 4.9 million investors participated in online subscription. Recently, the online subscribers of new shares on the science and Innovation Board fluctuated around 5.5 million.
Citic Securities Company Limited(600030) as the underwriter of Hemai shares, it needs to underwrite the 360 million yuan new shares. In addition, Citic Securities Company Limited(600030) also strategically followed and invested 200000 shares, with an amount of 110 million yuan. Historical data show that in the subscription stage, new shares with a large amount of abandoned purchase are still rising on the first day of listing, and the increase of many stocks is not small.
Abandonment amount refreshes the history of Kechuang board
The purchase abandonment amount of RMB 363 million is the first time in the history of science and innovation board. In terms of the proportion of abandoned shares in the issued shares, Hemai shares is 6.5%, which still refreshes the history of the science and innovation board. Followed by shengmei Shanghai, the proportion is only 1.39%.
Why the abandonment of Hemai shares is so serious, the market generally believes that the high price is an important reason. Hemai shares are priced at 557.8 yuan per share, the highest new share in history. Nearly 280000 yuan needs to be paid to hit the first-hand new shares.
The reporter noted that in the early subscription stage, many investors withdrew. The subscription data show that the number of effective subscription households in this online issuance is 4.9 million. This has been the low point of the number of new share subscription on the science and Innovation Board recently, and the number of online subscription of other stocks is around 5.5 million.
In addition, when the stock was subscribed, many securities companies have reminded retail investors of the risk. According to the broker, it is a friendly reminder that the price of new shares of Hemai shares is high. If you don't want to purchase, please apply carefully and try not to abandon the purchase after winning the contract. Some brokers said that the subscription of new shares could not be cancelled. If the lot was won, we should consider whether we were willing and able to pay in full. It is recommended to participate in the purchase after consideration to avoid failure to pay after winning the lot.
Citic Securities Company Limited(600030) 100 million follow-up investment and 360 million underwriting
As the lead underwriter, Citic Securities Company Limited(600030) invested a lot in Hemai shares. The first is the strategic follow-up investment, with a total of 200000 shares and an amount of 110 million yuan. Secondly, after the investor paid, the purchase was abandoned, with an amount of 363 million yuan. According to the regulations, this part needs to be underwritten by the underwriter. That is, Citic Securities Company Limited(600030) has invested about 470 million yuan in Hemai shares.
Is it up or down after listing, Citic Securities Company Limited(600030) and are investors who give up their subscription crying or laughing? Historical data show that in the subscription stage, new shares with a large amount of abandoned purchase are still rising on the first day of listing, and the increase of many stocks is not small.
Qiangrui technology, a registered new stock with a high proportion of abandoned purchases, performed strongly on the first day of listing, with an intraday surge of nearly 170%. As of the closing of the first day, qiangrui technology closed up 88.13% to close at 56.10 yuan. If calculated at the closing price, winning the first lot can make a profit of 13000. The underwriter Guosen Securities Co.Ltd(002736) , which underwrites nearly 510000 shares, will make more than 13 million yuan at the closing price.
The reporter combed the new shares with a large amount of abandoned purchase in the history of A-Shares in recent two years, and found that these shares basically rose on the first day of listing, and the increase of many new shares was quite large, more than 50%. For example, shengmei Shanghai was abandoned for 51.26 million yuan, and the closing price on the first day of listing increased by 52.65%. Postal Savings Bank Of China Co.Ltd(601658) was abandoned for 650 million yuan, with a closing increase of 2% on the first day of listing. Nanjing Vazyme Biotech Co.Ltd(688105) was abandoned for 27 million yuan, an increase of 55.18% on the first day after listing.
In addition to the situation of all a shares, the reporter also counted the performance of stocks with large amount of abandonment on the science and innovation board after listing, and most of them also rose. For example, Beijing Roborock Technology Co.Ltd(688169) was abandoned for 15 million yuan, an increase of 84.46% on the first day after listing. Semiconductor Manufacturing International Corporation(688981) was abandoned for 13.48 million yuan, with a closing increase of more than 200% on the first day after listing. Jee Technology Co.Ltd(688162) was abandoned for more than 10 million yuan, an increase of 94.57% on the first day after listing.
Why is the price so high
The prospectus shows that Hemai technology is a high-tech enterprise with photovoltaic inverter and other power conversion equipment and complete electrical equipment as its main business. In the field of photovoltaic inverter, the company's products include micro inverter and monitoring equipment, as well as modular inverter and other power conversion equipment designed according to the concept of micro inverter.
According to the feedback of insiders, various reasons have led to the rare high issuance price.
first of all, from the perspective of issuance scale, Hemai shares issued 10 million shares, with a total share capital of 40 million shares after issuance. The overall share capital of the company is small, with a total market value of 22.312 billion yuan after issuance, corresponding to 5.578 billion raised funds.
secondly, from the perspective of valuation, the net profit of Hemai shares from 2018 to 2020 was 16 million yuan, 81 million yuan and 104 million yuan respectively, with a growth rate of 186% in recent three years. The issuance price corresponds to the issuance P / E ratio of 214.32 (before deduction) / 225.94 times (after deduction), and the corresponding 21-year expected P / E ratio is 113.84 times. According to industry estimates, the corresponding company's dynamic P / E ratio in 2022 is about 54 times.
Most of the market believe that Hemai can reasonably benchmark its overseas rival enphase. Its US stock market is worth about US $30 billion, and the price of micro inverter is also relatively high. Compared with comparable companies in China, the total market value of Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) which is closest to Wo Mai in business is 36.7 billion yuan, and the PE of Ginlong Technologies Co.Ltd(300763) in 2022 is predicted to be about 50-60 times. Enphase2 predicts that PE will be about 80 times in 2022.
in addition, from the inquiry situation, institution is more recognized by Hemei. A total of 7760 placing objects managed by 385 investors participated in the inquiry. The three prices with the highest quotation concentration of investors are 524.28 yuan / share, 710.50 yuan / share and 590.00 yuan / share respectively. After careful decision-making, the issuer and the lead underwriter finally determined the issue price as 557.8 yuan / share.
although the issue price is high, the executives and core employees of Hemai have participated in the strategic placement through the asset management plan, which is equivalent to following the investment according to the final pricing. The chairman invested 174 million yuan and the overall scale of the asset management plan was 300 million yuan.
(brokerage China)
