On December 27, the announcement on the issuance results of Weibo hydraulic, the first share of the registration system of the Beijing stock exchange, revealed that the proportion of the company’s online issuance was 0.04%, setting a new low in the online winning rate of the Beijing stock exchange; The online issuance and subscription multiples reached 2327.61 times, and the effective subscription amount reached 181.475 billion yuan.
Analysts believe that the high enthusiasm of market participation in Weibo hydraulic is mainly due to investors’ optimistic about the development of Beijing stock exchange. In addition, the profit-making effect of new shares of the Beijing stock exchange is sufficient to attract investors to actively participate in online innovation. Public data show that the growth of 11 new shares that are not subject to rise and fall restrictions on the first day of listing on the Beijing stock exchange is more than 1 times, up to nearly 5 times.
public fund participation
Weibo hydraulic initially issued 8.4783 million shares. If the over allotment option is fully exercised, the issued shares will be expanded to 9.75 million shares. The issue price is 9.68 yuan / share.
The number of effective subscription households of Weibo hydraulic in this online issuance was 752200, and the number of households finally allocated was 64000, the number of shares allocated online was 8054300, and the amount allocated online was 77.9661 million yuan. The issuance of strategic placement shares totaled 1695700 shares, accounting for 20% of the initial issuance scale (excluding the number of over placed shares), and the funds raised by strategic placement totaled 16.4139 million yuan.
“The first share of registration system of Beijing stock exchange” Weibo hydraulic has been sought after by strength funds. In this public offering, a total of 8 investors participated in the company’s strategic placement, and the number of allocated shares ranged from 100000 shares to 300000 shares. There are many types of investors, including public and private funds, securities companies, industrial capital, etc. Among them, there are four public funds, namely Huaxia Fund, Harvest Fund, South Fund and e fund, with a total allocation of about 800000 shares.
The above four public funds have sold the theme fund products of the Beijing stock exchange, accounting for half of the first batch of theme funds of the Beijing stock exchange. The wholly-owned subsidiary of Xuzhou Construction Machinery Group Co., Ltd. has been allocated 300000 shares. XCMG currently ranks first in China’s construction machinery industry, and it has an upstream and downstream relationship with Weibo hydraulic.
stable performance growth
Weibo hydraulic was founded in March 2003, listed on the new third board in April 2017, and entered the innovation layer of the new third board in June 2021.
Weibo hydraulic is mainly engaged in the R & D, production and sales of hydraulic power units and core components, with a market share of more than 30% in China. Its products are widely used in electric transporters, electric forklifts, automobile lifts, engineering machinery, medical machinery and other fields.
According to the prospectus, from 2018 to 2020 and the first half of 2021, the operating revenue of Weibo hydraulic was about 168 million yuan, 180 million yuan, 218 million yuan and 151 million yuan respectively; The net profit attributable to the parent company was 17.9277 million yuan, 20.494 million yuan, 26.5404 million yuan and 19.5589 million yuan respectively.
In terms of R & D investment, from 2018 to 2020 and the first half of 2021, the R & D expenses of the company were 7.7716 million yuan, 8.0435 million yuan, 9.8828 million yuan and 5.3243 million yuan respectively, and the R & D expense rates were 4.64%, 4.48%, 4.53% and 3.52% respectively.
It is worth mentioning that the municipal Party committee of the Beijing stock exchange asked Weibo hydraulic to disclose two additional matters. First, specify and disclose in detail the acceptance criteria of government subsidy projects and whether there is a risk of recovery of government subsidies. If the government subsidy is recovered, the company’s countermeasures. The second is to supplement and disclose the specific follow-up treatment methods of deferred income in combination with the project progress, transfer to fixed assets and acceptance.
Anxin Securities said that according to the prospectus of Weibo hydraulic, there is no company specializing in the production of various hydraulic power units among Chinese listed companies, and Weibo hydraulic has a certain scarcity.
(China Securities Journal)
