On December 28, the IPO broke again on the first day. On the same day, four new shares of youningwei, oni electronics, Kelun electronics and Nanmo biology landed in a shares. As of the close, youningwei and Kelun electronics rose 22.05% and 51.03% respectively, while oni electronics and Nanmo biology both fell below the issue price. According to the data, the reporter of economic information daily found that as of December 28, 14 new shares of A-Shares had broken on the first day of this year. Affected by the successive breaking of new shares, large amount of new shares have been abandoned frequently since December.
43 secondary new shares in Shanghai and Shenzhen stock markets are broken
According to the reporter’s statistics, among the 14 new shares broken on the first day of listing this year, there are 6 in the pharmaceutical and biological industry, accounting for more than 40%; 2 in mechanical equipment field; One for automobile, building decoration, computer, basic chemical industry, textile and garment and electronic industry respectively. At the level of individual stocks, Liaoning Chengda Biotechnology Co.Ltd(688739) and Dizhe medicine fell more than 20% on the first day, 27.27% and 21.83% respectively, and seven stocks such as Jiangsu Hualan New Pharmaceutical Material Co.Ltd(301093) fell more than 10% on the first day.
It is worth noting that the date of IPO on the first day is concentrated from late October to early November. Of the above 14 stocks, 9 were listed from October 22 to November 2. Industry insiders believe that the intensive breaking of new shares during this period is related to the new regulations on new share inquiry under the registration system that landed on September 18. The new share pricing game has increased, and the center of the overall new share quotation has shown an upward trend. China Industrial Securities Co.Ltd(601377) taking the premium multiple of PE (price earnings ratio) of new shares relative to PE of the industry as the measurement standard of price, observing the IPO data of mass entrepreneurship and innovation sector in October, it is found that the overall PE is more or less lower than that of the industry before October 22, while after October 22, the PE of many stocks is relatively high, most of them are higher than that of the industry, Rising prices may be the most direct factor in the first day of new shares.
However, the proportion of new shares broken on the first day of the past two months has dropped significantly. According to the data, 32 new shares were listed in October, and 7 were broken on the first day, accounting for 21.88%; In November, 33 new shares were listed, and 3 were broken on the first day, accounting for 9.09%; In December, 41 new shares were listed, and 4 were broken on the first day, accounting for 9.76%.
On the whole, as of December 28, 43 of the 479 listed companies that landed in Shanghai and Shenzhen in 2021 were still in the breaking state.
Institutions generally believe that the reform of inquiry system promotes innovation and maturity. Shanghai Securities believes that the breaking of new shares leads to the decline of new yield, which forces institutional investors to take the initiative to improve their pricing ability. At present, some institutions have adjusted their quotation strategies, and pay more and more attention to the research on the fundamentals of IPO. IPO pricing is really changing towards marketization. From a long-term perspective, in the future, institutions participating in offline innovation will rely on their own fundamental research ability and reasonably price and quote according to the fundamentals of new shares from the perspective of value.
In months, the purchase amount of three shares was more than 100 million yuan
Affected by the successive breaking of new shares, large amount of abandonment has occurred frequently in recent times.
On December 27, China Mobile disclosed the results of its initial public offering, which showed that the total amount of abandonment reached 756 million yuan, which set a new record of 653 million yuan when it was listed on A-Shares in December 2019. Among them, the number of shares subscribed by online investors was 423 million, with a subscription amount of 24.363 billion yuan, and the number of unpaid subscriptions by online investors was 12.9103 million, with an unpaid subscription amount of 743 million yuan; The number of shares subscribed by offline investors was 114 million shares, with a subscription amount of 6.581 billion yuan. The number of unpaid subscriptions by offline investors was 220600 shares, with an unpaid subscription amount of 12.7049 million yuan. According to the announcement, offline investors who gave up their subscription include a fund product of Bohai Huijin Securities Asset Management Co., Ltd., Tibet Haihan Transportation Development Co., Ltd., Foshan Shunde District Dymatic Chemicals Inc(002054) Group Co., Ltd. and three natural persons; Under net investors who have not paid in full include a fund product of Bohai Huijin Securities Asset Management Co., Ltd. and a private placement product of Shenzhen Yihu Investment Management Co., Ltd.
Since December, Hemai shares and Baiji Shenzhou have also abandoned the purchase of hundreds of millions of yuan. On December 14, Hemai shares, the “most expensive new share”, was disclosed to be listed on the science and innovation board. The announcement showed that 10 million shares were issued this time, of which the final number issued online was 3.4765 million shares. Online investors abandoned 651400 shares, with an amount of 363 million yuan, accounting for 6.5% of the total issued shares. On December 7, the announcement of Baiji Shenzhou’s issuance results showed that the number of online investors giving up subscription was 1032500 shares, the amount of abandonment was about 199 million yuan, and the number of offline investors giving up subscription was zero shares.
However, from the performance on the first day of listing, the share prices of many individual stocks with a high proportion of abandonment rose sharply. Hemai shares with an issue price of up to 557.8 yuan per share closed up 29.98% on the first day of listing on December 20, and the closing price on the same day was 725.01 yuan. As of December 28, the closing price of the stock still reached 716.00 yuan, 28.36% higher than the issue price. According to the calculation of 500 shares in the first signing, up to now, the single signing income of this share still reaches 79100 yuan.
Earlier, qiangrui technology, which attracted market attention due to its high proportion of abandonment, gave underwriters a little relief on its first day of listing. The company disclosed its initial public offering on November 3 and listed on the gem. The results showed that the number of new shares abandoned by online investors was 509000, with a abandonment ratio of 2.76%. The company’s share price rose 88.13% on the first day of listing on November 10. As of the closing on December 28, qiangrui technology reported 54.70 yuan, 83.43% higher than the issue price of 29.82 yuan.
In addition, the shares of shengmei Shanghai, tianyima, Nanjing Vazyme Biotech Co.Ltd(688105) and other new shares with a abandonment ratio of more than 1% increased by more than 50% on the first day of listing.
Insiders remind that abandoning the purchase is not without cost. According to the regulations, if an online subscription investor has won the lottery three times but failed to pay in full within 12 consecutive months, he shall not participate in the subscription of new shares, depositary receipts, convertible corporate bonds and exchangeable corporate bonds within six months. The number of times of abandonment of subscription shall be calculated according to the number of times of new shares, depositary receipts, convertible corporate bonds and exchangeable corporate bonds actually abandoned by the investor.
(economic information daily)
