Baiji Shenzhou (688235) announced on the 26th that the authorized lead underwriter China International Capital Corporation Limited(601995) will deliver the remaining funds of 497 million yuan other than the funds used to repurchase shares to China Securities Investor Protection Fund Co., Ltd. before December 27 (including the day) and include them in the Securities Investor Protection Fund.
This 497 million yuan is the price difference formed by Baiji Shenzhou IPO exercising the over allotment right and buying the same number of shares in the secondary market because of the decline of share price.
497 million yuan
The "green shoe" mechanism is introduced into Baiji Shenzhou A-share issuance. Its role is to stabilize the secondary market price by buying shares from the market if the share price is lower than the issuance price due to market fluctuations within the aftermarket stability period of 30 days after the listing of new shares.
According to the issue price of 192.6 yuan / share, Baiji Shenzhou oversubscribed 17.258 million shares to online investors on December 2, 2021 (t day), accounting for about 15% of the number of shares initially issued this time. All the over allotment shares were obtained by delaying the delivery to some strategic investors in this offering.
Baiji Shenzhou was listed on the gem on December 15. On the first day of listing, it opened at 176.96 yuan / share, directly below the issue price, and continued to decline in the next few days.
According to the green shoe system, Baiji Shenzhou authorized China International Capital Corporation Limited(601995) to buy shares in the secondary market with the funds from over allotment, with an average purchase price of 163.80 yuan / share, a maximum price of 171.99 yuan / share and a minimum price of 155.02 yuan / share. The maximum amount that can be bought in 6 days, that is, 17.258 million shares.
China International Capital Corporation Limited(601995) spent more than 2.8 billion yuan on repurchase. Since the average repurchase price is 163.8 yuan, 28.8 yuan lower than the issue price, the price difference is 497 million yuan. This part of the funds was finally handed over to the Securities Investor Protection Fund.
The 17.26 million shares purchased through bidding from the secondary market were registered in the stock accounts of China Insurance Investment Fund (limited partnership), central enterprise rural industry investment fund Co., Ltd., Taiping Life Insurance Co., Ltd., Guangzhou high tech Zone Science and Technology Holding Group Co., Ltd. and Shanghai Zhangjiang science and technology venture capital Co., Ltd. on December 24. The shares allocated to strategic investors (including shares delayed in delivery) shall be locked for 12 months from the listing and trading date of the shares issued this time (December 15).
below the issue price
Baiji Shenzhou's latest share price was 146 yuan. After exercising the over allotment right to buy shares in the secondary market, the share price still failed to stabilize.
The issue price of the science and Innovation Board was 192.6 yuan / share, which was higher than the Hong Kong stock price of 163.9 Hong Kong dollars / share at that time. It opened at 176.96 yuan / share on the first day of listing, directly below the issue price, and continued to decline in the next few days. As of the closing on December 24, its share price was reported at 146 yuan / share, down more than 24% from the issue price.
Analysts pointed out that the fund "protecting the market" has little effect, and may also be related to the general environment. Recently, the overall pharmaceutical market has been depressed, and both A-share and H-share pharmaceutical stocks are falling.
Previously, Agricultural Bank Of China Limited(601288) (601288) was famous for using the "green shoe" scheme. When Agricultural Bank Of China Limited(601288) was listed on A-Shares in 2010, it adopted the over allotment system. According to the issuance price of A-Shares of RMB 2.68, it over issued 3.335 billion shares on the basis of the initial issuance of 22.235 billion a shares, accounting for 15% of the initial issuance scale. Therefore, the total amount of raised funds increased by ABC was about RMB 8.939 billion, After listing, the share price of Agricultural Bank Of China Limited(601288) fluctuated in a zigzag shape. Finally, the over allotment option of ABC A-Shares was fully implemented, and finally closed above the issue price on the end of the stable aftermarket period.
According to the announcement of the issuance results, the total number of shares issued by Baiji Shenzhou is 115 million ordinary shares, and the total amount of funds raised is 22.160 billion yuan; The over allotment option was fully exercised and the raised funds reached 25.484 billion yuan. Of the funds raised, 13.246 billion yuan will be used for drug clinical trial R & D projects, 468 million yuan for R & D center construction projects, 150 million yuan for R & D and industrialization projects of production bases, 136 million yuan for marketing network construction, and the remaining 6 billion yuan will be used to supplement working capital.
(E company)
