With the collapse of a shares, the breaking of new shares continued.
On April 11, Guanlong energy saving (301151) was listed on the gem of Shenzhen Stock Exchange, with an issue price of 30.82 yuan. It broke at the opening and closed at 28.31 yuan, a decrease of 8.14%.
In 2022, the trend fluctuation of Shanghai and Shenzhen increased. Since this year, 92 new shares of A-Shares have been listed, of which 22 broke on the first day, accounting for 24%.
The superposition of high issue prices has not yet made a profit, making the breaking of some new shares more and more high-frequency. In addition to the losses of new retail investors, well-known investment institutions such as Hillhouse and Ali also suffered losses.
Puyuan jingdian-u fell nearly 40% in two days after listing
Guanlong energy saving is mainly engaged in the R & D, design, production and sales of water-saving valves. Its main products include butterfly valves, gate valves, control valves, check valves and other valve products and other supporting products, which are mainly used in downstream fields such as urban water supply and drainage, water conservancy and Industry. The IPO price of Guanlong energy conservation is 30.82 yuan, and the issue price earnings ratio is 46.52 times. According to the closing price, the first signing lost about 1255 yuan.
Meanwhile, Puyuan jingdian-u (688337), a new share on the science and innovation board listed on Friday (April 8), broke on the first day of listing and closed down 34.66% to close at 39.78 yuan. The decline was the highest in new shares listed in the two cities this year, and also set a new record since the opening of the Kechuang board.
On April 11, Puyuan Jingdian fell 7.59% again to 36.76 yuan, with the latest market value of 4.459 billion yuan.
Puyuan Jingdian is a leading enterprise of electronic measuring instruments in China. The company’s main business is the R & D, production and sales of general electronic measuring instruments. At present, it is the only Chinese enterprise equipped with self-developed digital oscilloscope core chipset and successfully realized product industrialization.
The cumulative decline in the two days of listing was 39.62%, and the market value of shareholders behind Puyuan Jingdian has shrunk sharply.
In terms of shareholders, Puyuan Jingdian increased its capital twice in 2020, attracting Tanying investment, Qiangang investment, CMB Hyundai, CMB win-win and gaolingyao Hengyi.
Specifically, in 2020, the two rounds of financing of Puyuan Jingdian introduced a total of seven investors and a large number of famous institutions. Among them, the financing in June 2020 attracted six institutions: Huiqi entrepreneurship, Tanying investment, Qiangang investment, Yuanhe Chongyuan, CMB Hyundai and CMB win-win, with a financing of about 350 million yuan and a converted unit price of 40.25 yuan / share.
In the financing in December 2020, Gaoling Yaoheng spent 100 million yuan to obtain 2.286 million shares of Puyuan Jingdian, with a converted unit price of 43.74 yuan / share.
At the closing on April 11, the share price of Puyuan Jingdian was reported at 36.76 yuan. According to the number of 2286000 shares, the book value of Gaoling Yaoheng has shrunk by 15.96 million yuan. The market value of the six institutions involved in financing in June 2020 has also shrunk to varying degrees.
The prospectus shows that the shares held by the above shareholders participating in the financing have a lock-in period. Among them, six institutions including Huiqi venture, which participated in the financing in June 2020, promised not to transfer shares within three years from June 24, 2020, the date of change registration of Puyuan Jingdian industry and commerce.
Gaoling Yaoheng, who participated in the financing in December 2020, promised not to transfer shares within 36 months from December 31, 2020, the date of change registration of Puyuan Jingdian industry and commerce.
Together with the breakdown, there are securities companies participating in the strategic placement of Puyuan Jingdian.
According to the issuance announcement, the strategic placement of Puyuan Jingdian is participated by the subsidiary of the sponsor Guotai Junan Securities Co.Ltd(601211) Zhengyu Investment Co., Ltd. (hereinafter referred to as “Zhengyu investment”) and the special asset management plan (hereinafter referred to as “Junxiang asset management plan”) composed of senior managers and core employees of Puyuan Jingdian. Among them, 990000 shares were allocated to Zhengyu investment, with a total amount of about 60million yuan; Junxiang asset management plan was allocated 2.67 million shares, with a total amount of 163 million yuan.
From the issuance situation, some investors have sounded the “retreat drum”. According to the announcement on the issuance of Puyuan Jingdian, online investors gave up the subscription of 954700 shares and the amount of abandonment was 581201 million yuan, all of which were underwritten by Guotai Junan Securities Co.Ltd(601211) underwriting broker. With the increase in the decline of Puyuan refined power, the part involved in strategic placement and underwriting by securities companies has suffered losses.
investment institutions are also covered
The breaking of new shares has become the norm in 2022. In 2022, the trend fluctuation of Shanghai and Shenzhen increased. Since this year, 92 new shares of A-Shares have been listed, of which 22 broke on the first day, accounting for 24%.
Before Puyuan Jingdian, Aojie technology-u, a chip enterprise that landed on the science and Innovation Board on January 14, was the new stock with the largest decline on the first day of listing this year. The issue price was as high as 164.54 yuan, which broke at the opening and closed at 109 yuan, with a decline of 33.75% on the first day.
As of the closing on April 11, Aojie technology’s latest closing price was 63.61 yuan, with a cumulative decline of 61.34%, making it the company with the largest cumulative decline in new shares listed this year. Compared with the issue price, Aojie technology has lost 42.2 billion market value since its listing.
Aojie Technology Co., Ltd., founded in 2015, is an enterprise providing platform chips for wireless communication and super large-scale chips. It is mainly engaged in technology development, service, transfer and consulting services in the fields of electronics, communication, network engineering and computer technology.
At present, Aojie technology has not yet achieved profitability. The 2021 performance express shows that last year, Aojie technology’s revenue increased by 97.75% to 2.138 billion yuan, but it is still in a state of loss, with a net profit loss of 573 million yuan last year.
The superposition of high issue price and unprofitable makes the breaking of new shares more and more frequent. In addition to the loss of new retail investors, the institutions participating in investment before IPO also suffer losses. In the face of the upside down valuation of the primary and secondary markets, some investment institutions are facing the situation that listing may change from floating profit to floating loss.
It is worth noting that Alibaba (China) Network Technology Co., Ltd. is the largest shareholder of Aojie technology-u, with a shareholding ratio of 15.43%. According to the latest closing price, the market value of Alibaba’s shareholding is 4.1 billion yuan, which has shrunk by 6.5 billion yuan compared with the issue price.
“All parties are waiting for the market to pick up.” Some market participants pointed out that under the registration system, new shares no longer belong to scarce resources, and the discount or direct breaking of premium effect is a normal phenomenon. Unless the track where the new shares are located is extremely prosperous and must be in the industry preferred by funds, it is difficult to have much room for rise in the secondary market.
