The first new share of the registration system of the Beijing stock exchange, Weibo hydraulic, is coming!
Today, after the opening of the Beijing stock exchange, the first new share subscription was welcomed: Weibo hydraulic, with an issue price of 9.68 yuan / share and a P / E ratio of 15.27 times. It is worth noting that many well-known institutions, such as Huaxia Fund, Harvest Fund, e fund, Jianghai securities, Soochow Securities Co.Ltd(601555) and other institutions, have participated in the strategic placement of the stock.
Due to the brilliant performance of the first batch of new shares on the first day of the opening of the Beijing stock exchange, many new shares soared by two or three times, and the first day of concentric drive listing increased by as much as 494%. Moreover, even after the full moon, the average increase of these new shares was 110%, which easily doubled. This makes the new generation “eyeing” the new shares of the Beijing stock exchange.
however, investors should note that the subscription rules of new shares in the Beijing stock exchange are very different from those in the Shanghai and Shenzhen markets. Compared with the market value subscription of Shanghai and Shenzhen, the new shares of the Beijing stock exchange need to pay the subscription funds in full. That is, how much money in the account can purchase how many new shares. In addition, unlike the successful lottery of new shares in Shanghai and Shenzhen markets, the new shares of the Beijing stock exchange are placed in proportion. In other words, the more shares investors apply for, the greater the probability of winning the lot. Every 100 shares shall be used as a subscription unit.
priced at 9.68 yuan per share, cash subscription
This issuance of Weibo hydraulic adopts the combination of directional placement by strategic investors and online pricing issuance to qualified investors with trading authority of Beijing stock exchange. The issue price is 9.68 yuan per share and the price earnings ratio is 15.27 times (the earnings per share is calculated by dividing the net profit attributable to the shareholders of the parent company after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital before the issue).
The number of shares initially issued this time was 8.4783 million, and the total share capital after issuance was 47.4783 million, accounting for 17.86% of the total share capital after issuance (before the exercise of the over allotment option). The issuer grants Soochow Securities Co.Ltd(601555) an over allotment option of 15.00% of the initial issuance scale. If the over allotment option is fully exercised, the total number of shares issued will be expanded to 9.75 million shares, and the total share capital after issuance will be expanded to 48.75 million shares. The number of shares issued this time accounts for 20.00% of the total number of shares issued after the over allotment option is fully exercised.
The number of strategic placement issued in this issuance is 1695700 shares. The Chinese reporter of securities companies noted that many well-known institutions, such as Huaxia Fund, Harvest Fund, e fund and other fund companies, as well as Jianghai securities, Soochow Securities Co.Ltd(601555) and other securities companies, have participated in the strategic placement.
The online subscription time of this offering is December 22, 2021, and the subscription time is 9:15-11:30 and 13:00-15:00. The investor entrusts the subscription through the securities company. If the same investor applies for the same stock with multiple securities accounts, or applies for multiple times with the same securities account, the first subscription shall prevail.
If the issuance is successful, the total amount of funds raised by the issuer is expected to be 82.0696 million yuan before the exercise of the over allotment option. If the over allotment option is fully exercised, the total amount of funds raised by the issuer is expected to be 94.38 million yuan.
Each subscription unit of Weibo hydraulic is 100 shares, and the subscription quantity shall be 100 shares or its integral multiple, but the upper limit of subscription shall not exceed 5% of the online issuance quantity (including over allotment option), i.e. 402700 shares. If an online investor’s subscription is invalid due to insufficient subscription funds, it shall not participate in the online subscription of the public offering of shares of the Beijing stock exchange within 6 months from the next day after the settlement participant last reported its invalid subscription information.
It is worth investors’ attention that the subscription rules of new shares in the Beijing stock exchange are different from those in the Shanghai and Shenzhen markets.
first, the subscription of new shares in Shanghai and Shenzhen markets adopts the market value subscription, that is, investors need to have the corresponding stock bottom market value to participate in the subscription. the Beijing stock exchange is a cash subscription and does not need the stock market value. How many new shares of the Beijing stock exchange investors want to purchase depends on how many corresponding cash assets there are in the account. In this subscription, the part of the funds frozen by online investors greater than the actual allocated amount will be returned on December 27, 2021.
Secondly, the distribution rules of new shares in the Beijing stock exchange are different from those in the Shanghai and Shenzhen markets. new shares in Shanghai and Shenzhen markets are lottery, and shaking a number is first-hand. The new shares of the Beijing stock exchange are placed in proportion. The more shares investors apply for, the greater the probability of being allocated.
The placement rule of new shares of the Beijing stock exchange is that when the total effective subscription amount of online investors is greater than the total online issuance amount, the number of placement shares obtained by each investor shall be calculated according to the proportion of the total online issuance amount and the total effective subscription amount. For the part less than 100 shares, 100 shares shall be allotted to each investor in turn according to the principle of priority of subscription quantity and time priority of the same quantity until there are no remaining shares.
what kind of company is Weibo hydraulic?
Founded in 2003, the company has developed from hydraulic component manufacturing to a large comprehensive enterprise integrating R & D and manufacturing of small hydraulic system integrating drive motor, low-noise gear pump, control valve, hydraulic valve block and oil tank.
In 2021, q1-q3 achieved a revenue of 233 million yuan, a year-on-year increase of 54.5%, and the net profit attributable to the parent company was 31.11 million yuan, a year-on-year increase of 35.4%. About 95% of the company’s revenue comes from the hydraulic power unit, classified by field, nearly 80% from the downstream warehousing and logistics field, and more than 70% from the electric forklift field by product. The gross profit margin of the company is basically maintained at around 25%, and the net profit margin will reach 13.32% in q1-q3 in 2021.
The company’s products are supplied to downstream industrial chain manufacturers for a long time, supporting host units such as China’s well-known warehousing and logistics equipment enterprises Noblelift Intelligent Equipment Co.Ltd(603611) , Hangcha Group Co.Ltd(603298) and the leader of aerial work platform Zhejiang Dingli Machinery Co.Ltd(603338) , and has gradually established cooperative relations with the leading enterprise of construction machinery Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) . Some products are exported to India, Turkey, Brazil, the Netherlands and other countries and regions.
According to the company’s prospectus, there is no listed company specializing in the production of various hydraulic power units among China’s listed companies, and the company’s subject matter is scarce.
Zhu Haibin team of Anxin Securities believes that the company’s body size, profitability, cost control and other indicators are basically equivalent to Shaoyang Victor Hydraulics Co.Ltd(301079) and Wantong hydraulic. Compared with the company’s comparable companies in Shanghai, Shenzhen and Beijing stock exchanges, the average PE TTM of the comparable companies is 39.06x, the company’s issuing reserve price is 8 yuan / share, the corresponding PE in 2020 is 11.76x, and the corresponding earnings per share TTM is 9.00x.
the full moon of new shares of Beijing stock exchange, with an average increase of 110%
Since the opening of the market, the North stock exchange has been in the first month, the transaction activity of the North stock exchange has increased, and the price trend is stable as a whole. Data show that from November 15 to December 14, the total turnover of the Beijing stock exchange was 47.897 billion yuan. From the second week, the transaction narrowed gradually as the opening effect subsided, and the change trend was in line with the general law of newly established plates.
According to the statistics of the Beijing stock exchange, the market liquidity of the Beijing stock exchange is improving compared with that of the selected layer, the average daily trading volume is 3.07 times higher than that of the previous selected layer, the average daily turnover rate of stocks is 1.46%, which is 0.74 percentage points higher than that of the original selected layer, which is in line with the liquidity characteristics of small and medium-sized market capitalization stocks.
In addition to the collective listing of 10 new shares on the first day of the opening of the market, Yoshioka precision landed on the Beijing stock exchange on November 24, becoming the 82nd listed company on the Beijing stock exchange. From the performance of individual stocks, 11 new shares rose collectively in the first month, with an average increase of 110.84%. Most of the 71 “old stocks” shifted from the selected layer were corrected from the high level before the opening of the market, but they were still 29.97% higher than before the announcement of the reform news of the Beijing stock exchange. It is worth mentioning that on December 13, Northland’s share price hit a 30% limit, becoming the first stock to rise since the opening of the Beijing stock exchange.
In terms of market performance, the daily average amplitude of the Beijing stock exchange decreased from 25.51% on the first day of opening to 5.28%, and the stock price gradually stabilized. Professionals believe that the fluctuation of individual stocks is within the expected reasonable range, the price trend is relatively stable, and the market pricing function is further improved.
According to the statistics of Beijing enterprise listing comprehensive service platform, as of December 14, the total market value of 82 listed enterprises on the Beijing stock exchange was 269.32 billion yuan, and there were 7 stocks with a market value of more than 5 billion yuan. The highest beiteri reached 76.924 billion yuan, and more than 91% of the stock markets on the Beijing stock exchange were less than 5 billion yuan. This shows that the Beijing stock exchange adheres to the market positioning of service innovative small and medium-sized enterprises.
For the upcoming new round of the Beijing stock exchange, securities companies have a positive view. According to the forecast of Anxin securities, it is assumed that 100-150 companies will issue in a year. With reference to the first 10 companies of Beijing stock exchange, the average financing amount, winning rate and first day yield are estimated to increase from the previous 14% to 24.21%. At present, Beijing stock exchange has high value. It also reminded that the innovation of the Beijing stock exchange is not risk-free and still needs to consider the fundamentals. It is suggested that the innovation should pay attention to the company’s valuation and pricing (considering the circulation market and the valuation of comparable companies) on the one hand, pay attention to the company’s fundamentals on the other hand, and screen the company in terms of the company’s size, profit quality and growth.
(brokerage China)
