Another new share has been widely concerned by the market because it broke two historical records.
On April 8, Puyuan Jingdian officially landed on the Kechuang board, with an intraday decline of 34.9% and a closing decline of 34.66% to 39.78 yuan. The decline on the first day of listing not only reached the highest performance of A-share new shares this year, but also set a new record since the operation of Kechuang board. The "holder" of the original record was Aojie technology, which fell 33.75% on the first day of listing.
The picture shows the list of the top ten broken new shares since this year
The issuing price of Puyuan Jingdian is 60.88 yuan. After listing, the breaking degree of the stock on the first day of listing is directly squeezed to the tenth place in the breaking new shares this year. According to wind data, the top nine are Aojie Technology (- 59%), Maiwei Biology (- 46%), Yahong medicine (- 42%), Shouyao holding (- 42%), silinger (- 39%), Tianyue advanced (- 38%), Weike Technology (- 38%), Xinghui environmental materials (- 36%) and Han Zu CNC (- 35%).
Due to the break-up on the first day of listing, the recommendation and underwriting institution Guotai Junan Securities Co.Ltd(601211) lost about 40.81 million yuan in follow-up investment + underwriting. According to the intraday lowest price of 39.65 yuan, the new shares of China first signing Puyuan Jingdian lost 10615 yuan, which made the newcomers of Puyuan Jingdian miserable.
Around the deep break of Puyuan Jingdian, the discussion in the market mainly focused on whether the company's fundamentals deviated too much from pricing. The financial Associated Press reporter noted that Puyuan Jingdian has no P / E ratio because it has not yet made a profit. From the perspective of market sales ratio, the issuance market sales ratio corresponding to the company's operating revenue in 2020 is 20.85, while the average market sales ratio of comparable companies in the same industry is only 12.66.
The picture shows the performance of Puyuan Jingdian on the first day of listing
In this regard, Wang Jiyue, a senior investment banker, was interviewed by the financial associated press. He said, "there is a time difference from pricing to listing. During this time, the overall performance of the market is not good, and the breaking probability will increase. For companies that have not yet made profits, the breaking probability will be higher, which can show that the pricing level of institutions for such companies is not enough."
In Wang Jiyue's view, on the whole, although the marketization of new share pricing has improved a lot after the new regulations, there are also many institutions with abnormally high quotations because of the relaxation of the elimination proportion of high prices. The quotation of some institutions will deviate from the median by more than 30%, or even more than 50%.
The financial Associated Press reporter has repeatedly reported that the full registration system is about to be implemented in 2022, and the breaking of new shares has become an inevitable trend. Driven by the new inquiry rules, the market has entered a new stage that needs to comprehensively strengthen the contracting and sales pricing ability of securities companies and investment banks. It is precisely because institutions play a central role in the market and the pricing ability of key stocks, which can produce a positive game effect. Therefore, scientific and reasonable pricing ability is the core "course" that institutions must study in the exhibition industry, which not only shows the real value of new shares, but also makes the issue price fully accepted by the market.
enterprises have not yet made profits, and IPO raised 900 million, up to 122 times
Puyuan Jingdian is known as the market leader in electronic testing and measurement. Statistics show that Puyuan Jingdian takes the R & D, production and sales of general electronic measuring instruments as its main business. Its main products include digital oscilloscope, RF instruments, waveform generator, power supply and electronic load, multimeter and data collector. At present, it is the only Chinese enterprise equipped with self-developed digital oscilloscope core chipset and successfully realized product industrialization.
Puyuan Jingdian launched its first meeting on November 4, 2021, and the IPO raised funds to achieve over raising. Statistics show that the total amount of funds raised in the issuance of Puyuan Jingdian is 1.846 billion yuan. After deducting the issuance expenses, the net amount of funds raised is 1.666 billion yuan, the net amount of over raised is 916 million yuan, and the over raised is 122%.
According to the prospectus disclosed by the company on April 1 this year, Puyuan Jingdian plans to raise 750 million yuan for the industrialization project of high-end digital oscilloscope based on self-developed chipset, the R & D and manufacturing project of high-end microwave RF instrument, the expansion project of Beijing R & D center, the construction project of Shanghai R & D center and replenishing working capital.
The financial Associated Press reporter noted that Puyuan Jingdian is still not profitable, but the issue price is as high as 60.88 yuan, which may become the main contradiction of the break. According to the prospectus, from 2018 to the first half of 2021, Puyuan Jingdian realized a net profit attributable to the parent company of 390956 million yuan, 459904 million yuan, - 271664 million yuan and - 203648 million yuan respectively, and a net profit attributable to the parent company of -3.1453 million yuan, 38.66 million yuan, - 353818 million yuan and - 239957 million yuan respectively after deducting non. In the prospectus, Puyuan Jingdian said that there is a risk that the company may continue to lose money in the future.
At the same time, the market competitiveness closely related to profitability is not clear. In the prospectus, Puyuan Jingdian said that the company's chips, high-precision resistors and other products need to use imported products, which are highly dependent. According to the data, from 2018 to the first half of 2021, the proportion of imported raw materials in the total purchase of Puyuan refined power was 49.23%, 48.00%, 52.56% and 51.01% respectively. The imported products mainly include international brands such as Xilinx, Intel, adeno semiconductor and Texas Instruments. Some of these products are also subject to export control by the United States.
In view of the poor fundamentals, especially the profitability, Puyuan Jingdian actively disclosed in the prospectus that the company still has the risk of delisting after listing. According to the financial Associated Press reporter, the operation of "prompting delisting risk from the prospectus" is rare in the current A-share companies.
The company pointed out that after the listing of the company, it triggered the financial situation in article 12.4.2 of the Listing Rules of shares on the science and Innovation Board of Shanghai Stock Exchange, that is, "the audited net profit (including retroactive restatement) before and after deducting non recurring profits and losses in the latest fiscal year is negative, the operating revenue (including retroactive restatement) is less than 100 million yuan, or the audited net assets (including retroactive restatement) are negative", which may lead to the delisting conditions of the company. At the same time, according to the measures for continuous supervision of listed companies on the science and Innovation Board (Trial), if the company touches the criteria for termination of listing, the listing of shares will be terminated directly, and the procedures of suspension, resumption and re listing will no longer apply.
According to the prospectus, as of the end of December 2021, the total assets of Puyuan Jingdian were 9167947 million yuan, the total liabilities were 1630754 million yuan, the owner's equity attributable to the parent company was 7537192 million yuan, the operating income in 2021 was 4839418 million yuan, a year-on-year increase of 36.63%, and the net profit loss attributable to the parent company in 2021 was 3.8977 million yuan, tighter than the loss in the same period of the previous year.
controversy over large cash dividends of the company before listing
While breaking the issuance of new shares to secure the newcomers, the large-scale dividend and large-scale equity incentive before the listing of Puyuan Jingdian also triggered a hot discussion in the market. It is understood that from 2018 to the first half of 2021, the operating revenue of Puyuan Jingdian reached 292 million yuan, 304 million yuan, 354 million yuan and 212 million yuan respectively, of which the net profit attributable to the parent company in 2020 was a loss of 271664 million yuan.
The main reason for the sudden loss of net profit is that the company began to implement large-scale equity incentive before listing in 2020. According to the prospectus, in January, June and December 2020, Puyuan Jingdian implemented three equity incentives, with a total amount of 127 million yuan. Due to the large amount of share based payment caused by equity incentive, the company's performance turned into profit and loss in 2020. It is worth mentioning that Puyuan Jingdian also expects that the company will generate a total share based payment of about 162 million yuan from 2021 to 2024, which will have a certain adverse impact on the investment income of shareholders.
The financial Associated Press reporter noted that Puyuan Jingdian was still in 2018 and 2019 before the company was listed, with a total dividend of 92 million yuan, exceeding the total net profit of 85.08 million yuan. From the perspective of equity incentives and dividends, the biggest beneficiaries may be the actual controller and major shareholders of the company.
According to the prospectus, the actual controller of Puyuan Jingdian is Wang Yue, who serves as the chairman and general manager of the company, and his total control of the voting rights of the company is 87.93%. Puyuan Jingdian made it clear in the prospectus that Wang Yue can control the company's production and operation decisions and the company's future development direction.
In addition, the main shareholders of Puyuan Jingdian issuer are Wang Tiejun and Li Weisen, and Wang Tiejun, Li Weisen and Wang Yue have a concerted action relationship. The financial Associated Press reporter noted that the above three people have a bachelor's degree from Beijing University of technology.
In response to the situation of "sharing money and equity" of listed companies before listing, a senior market person said in an interview with the financial associated press, "The current environment encourages cash dividends and supports equity incentives. Before the company goes public, it is completely compliant and reasonable to carry out large dividends and equity incentives. However, it should be noted that what is the original intention of the actual controller or major shareholder to carry out cash dividends and equity incentives. Taking cash dividends as an example, it does not rule out that there are actual controllers or major shareholders and people with consistent actions who take advantage of their shareholding ratio to pay dividends on undistributed profits When the shareholders' meeting passes the dividend proposal, it will take the lead, and finally realize the return of most of the cash to its own hands. "
The picture shows the actual control personnel and war allocation of Puyuan Jingdian Wang Yue
The source further pointed out that "after the listing of a company that has become a source of water, if its profitability is not optimistic, the company's profit growth space is limited, which is a kind of harm to the secondary market investors who catch up later." In addition, the above-mentioned person also said that since the company's cash dividend and equity incentive comply with the procedures, it will not be asked about this issue at the meeting.
The main questions advanced by the eighty-second session of the 2021 board of inquiry of the board of science and technology were the description of the research and development directions, the advanced technology and the replaceable properties of the purchased chips. Explain the impact of using self-developed chips on the issuer's material procurement and storage, production plan and product pricing; Combined with the advantages of foreign high-end oscilloscope products in technology and market, this paper explains the technical feasibility, commercial logic and market prospect of the issuer's continuous investment in self-developed chips and high-end oscilloscope products.
more than half of the new shares are broken, and nearly half are on the science and innovation board
It is not difficult to find that the performance and investor response of Puyuan Jingdian on the first day of listing have once again verified that the trend of breaking new shares is becoming more and more intense, and the myth of making new and stable profits for ordinary investors has become history.
According to the statistics of the financial associated press combined with wind data, as of April 8, 91 companies have successfully landed A-Shares this year, of which 21 broke on the first day of listing. In addition, up to now, the latest closing price of 47 companies is lower than the initial price, and the breaking rate of new shares has reached 52%. Among them, the science and innovation board has become a high incidence zone for the breaking of new shares, with 22 new shares breaking, accounting for about 47%, compared with 19 on the gem, 4 on the Beijing stock exchange and 2 on the main board of Shanghai and Shenzhen.
Breaking new shares have obvious issuance characteristics of high price and high valuation. Senior investors interviewed said that investors should learn to distinguish the fundamentals of new shares and not "brainless innovation". At the same time, Wang Jiyue also suggested that "investors in the secondary market should not catch up with high buying after listing. Most new shares have been greatly adjusted after high levels, and secondary new shares with a reduction of more than 50% can be found everywhere."
In addition to the losses suffered by innovatinnovators, the Associated Press reporter noticed that, due to the trial of the follow-up system on the innovation board, there are also 10 sponsors that have made a floating loss on 22 of the 22 new shares of the innovation board. Besides the losses suffered by innovatinnovators, the Associated Press reporter noticed that since the innovation board is trying out the follow-up system, there are also 10 sponsors that have also made a floating loss on the follow-up of 22 new shares on the innovation board. There are respectively Haitong Securities Company Limited(600837) \ \ (four of the four of the four), the China Pacific Insurance (Group) Co.Ltd(601601) China Pacific Insurance (Group) Co.Ltd(601601) China Pacific Insurance (Group) Co.Ltd(601601) China Pacific Insurance (Group) Co.Ltd(601601) China Pacific Insurance (Group) Co.Ltd(601601) China Pacific Insurance (Group) Co.Ltd(601601) China Pacific Insurance (Group) Co.Ltd(601601) China Pacific Insurance (Group) Co.Ltd(601601) China Pacific Insurance (Group) Co.Ltd(601601) 6011), China Securities Co.Ltd(601066) (1), China Greatwall Securities Co.Ltd(002939) (1), Shenwan Hongyuan Group Co.Ltd(000166) (1).
Puyuan Jingdian issued 3032738900 shares this time, all of which are new shares without transfer of old shares. The sponsor (lead underwriter) is Guotai Junan Securities Co.Ltd(601211) and Dahe securities (co lead underwriter). The sponsor representatives are Zhang Bin and Xue Bo, and the sponsor underwriting fee is 155 million yuan Guotai Junan Securities Co.Ltd(601211) has invested 985545 shares through its subsidiaries, and the allocated amount is 5999997960 million yuan. Based on the latest closing price, Guotai Junan Securities Co.Ltd(601211) has suffered a floating loss of 20.678 million yuan.
The financial Associated Press reporter also noted that Guotai Junan Securities Co.Ltd(601211) the floating loss on Puyuan refined power is far more than follow-up investment. According to the announcement on the issuance of Puyuan Jingdian, the number of online investors giving up subscription is 954700 shares. Calculated by 500 shares per signature, the number of people giving up subscription exceeds 1900, and the amount of abandonment is 581201 million yuan, all of which are underwritten by the underwriting securities firm Guotai Junan Securities Co.Ltd(601211) underwriting. With the break on the first day of listing, the Guotai Junan Securities Co.Ltd(601211) underwriting part has suffered a floating loss of about 2014 million yuan.
To sum up, the floating loss of Puyuan Jingdian order Guotai Junan Securities Co.Ltd(601211) + the floating loss of follow-up investment has exceeded 40 million yuan. Of course, since the follow-up investment shares still have a 24 month sales restriction period, the final profit and loss still needs some time to observe.
