After investors cry, is it the turn of securities companies to cry?
During the day, new shares plunged 36% on the first day, causing a collapse, and the winning shareholders cried out; In the evening, it was revealed that up to 1 / 3 of the new shares were abandoned by retail investors, and the securities companies were forced to underwrite 395 million yuan. Is it their turn to cry?
On April 12, Jingwei Hengrun disclosed the issuance results of 100 yuan high-priced new shares. The final online issuance number was 9.6675 million shares, and the winning investors abandoned the purchase of up to 3260949 million shares, accounting for 33.73% of the upward issuance number, reaching 1 / 3 of the abandonment. The issue price is 121 yuan, the amount of online investors’ abandonment is 395 million yuan, and the amount of offline investors’ abandonment is 0.
The number of shares that investors give up subscription shall be underwritten by the joint lead underwriters. The lead underwriter is Citic Securities Company Limited(600030) , the joint lead underwriter is Huaxing securities, and the two securities companies are collectively referred to as “joint lead underwriters”. If the listing loses 25%, the securities firm will lose 100 million in this underwriting; Of course, if it rises sharply, it will also make a lot of money.
Recently, the breaking of new shares has continued to create history. On April 12, Weijie Chuangxin plummeted 36.04%, and on Friday, April 8, Puyuan Jingdian plummeted 34.66%. The breaking record of new shares on the first day has been constantly refreshed. Winning lots is like winning a knife, and one lot is prone to lose 10000 or 20000.
new shares rarely abandoned:
34% of retail investors abandoned their purchases
Netizens said they saw this scene for the first time. Jingwei Hengrun announcement shows that more than 1 / 3 of the online winning investors (basically retail investors) have abandoned their purchases. A total of 9.6675 million shares have been issued online, and 3260949 million shares have been abandoned. They won the lot and don’t. However, investors dominated by offline institutions still didn’t abandon the purchase for 0 yuan.
Jingwei Hengrun issued a total of 30 million shares at an issue price of 121 yuan, including strategic placement, offline placement and online placement.
Jingwei Hengrun is a leading company in the field of automotive electronics. It landed on the science and innovation board this time. The company believes that the competitive advantages of Jingwei Hengrun are mainly reflected in the advantages of “Trinity” collaborative development, intelligent driving full stack solution, customer resources, long-term accumulated R & D ability and so on.
The “Trinity” collaborative development advantage means that the company’s electronic products, R & D services and solutions, and high-level intelligent driving overall solution business form a “Trinity” business layout, which supports and cooperates with each other in terms of core technology, application scenarios, industry customer base and so on.
According to the prospectus data, from 2018 to 2021, the revenue of Jingwei Hengrun increased steadily, reaching 1.539 billion yuan, 1.845 billion yuan, 2.479 billion yuan and 3.262 billion yuan respectively. In 2021, the company’s net profit attributable to the owner of the parent company reached 146 million yuan, a year-on-year increase of 98.37%, but the loss in 2019 was nearly 60 million yuan.
From January to March 2022, the company’s operating revenue is expected to be 660 million yuan to 720 million yuan, and the net profit attributable to the owner of the parent company is expected to be – 40 million yuan to – 20 million yuan. After deducting non recurring profits and losses, the net profit attributable to the owner of the parent company is expected to be – 80 million yuan to – 60 million yuan, a decrease compared with the same period last year.
Jingwei Hengrun’s offering price is 121.00 yuan. The special announcement on the investment risk of initial public offering and listing on the science and Innovation Board previously released by the company said that the diluted P / E ratio of the issuer corresponding to the offering price before and after deducting non recurring profits and losses in 2020 is 244.87 times, which is higher than the average static P / E ratio of comparable companies in the same industry. There is a risk that the decline of the issuer’s share price will bring losses to investors in the future. The issuer and the co lead underwriter remind investors to focus on investment risks, carefully study and judge the rationality of issuance pricing, and make investment rationally.
And although Jingwei Hengrun has an issue price of 121 yuan, compared with the original prospectus, it plans to issue no more than 30 million shares and raise 5 billion yuan. If it wants to raise 5 billion yuan, the issue price per share should not be less than 166.7 yuan.
underwriters crying? Underwriting 395 million
and 100 million strategic investment
The announcement said that the number of shares abandoned by online and offline investors was underwritten by the joint lead underwriters. The number of shares underwritten by the joint lead underwriters was 3260949, with an underwriting amount of 39457482900 yuan. The proportion of underwritten shares in the number of shares issued this time after deducting the final strategic placement was 132164%, and the proportion of underwritten shares in the total scale of this issuance was 108698%.
The lead underwriter is Citic Securities Company Limited(600030) , and the joint lead underwriter is Huaxing securities. The two securities companies are collectively referred to as “joint lead underwriters”.
In fact, in addition to underwriting the 395 million yuan, if it breaks, it will also bear the loss of the strategic placement, Citic Securities Company Limited(600030) this strategic placement also subscribed for 100 million yuan.
The sponsorship and underwriting cost of Jingwei Hengrun IPO was 104 million yuan.
It is worth noting that abandoning the purchase and being underwritten does not mean that there will be a loss. For example, Hemai shares, the most expensive new share in history with an issuance price of 557.8 yuan at the end of last year, was also underwritten by Citic Securities Company Limited(600030) and also suffered a huge abandonment of 363 million. The proportion of abandonment is not as high as that of this Jingwei Hengrun. It did not fall on the first day of the market, but rose.
Market analysis believes that the market environment for the breaking of new shares since this year may be the main reason for investors to abandon their purchases in a large area. In addition, Jingwei Hengrun is a high-priced new share, the absolute amount of one signing is also large, and there may be a lot of losses.
In terms of absolute amount alone, Jingwei Hengrun also ranks first in the history of a shares, which can be comparable to the large central enterprises and banking giants that have been abandoned. In the history, only three companies have abandoned their purchases in front of Jingwei Hengrun, including China Mobile, Postal Savings Bank Of China Co.Ltd(601658) , China Communications Construction Company Limited(601800) , and the amount of abandoned purchases is 756 million yuan, 653 million yuan and 552 million yuan respectively.
new shares break new records
the worst loss this year has been 60%
Recently, new shares have become more and more tragic, and the breaking range has constantly refreshed history. New shares fell 34.66% on April 8, and another 36.04% slump was created on April 12, with another 29.87% slump. Winning a lot is like being shot.
Weijie Chuangxin, which broke on April 12, lost 24 yuan per share and 12000 yuan per 500 shares.
Of the 95 new shares listed this year, 51 have broken, accounting for more than 50%. One of the worst is Aojie technology, which was listed on January 14 this year, which has fallen by 60% compared with the issue price, and many have fallen by more than 40%.
The issue price of Aojie technology was 164.54 yuan, which plunged 33.75% on the first day of listing, and then kept going down. The latest share price was 64.2 yuan, down 60%.
netizen: falling numb
With the breaking tide, netizens began to worry about winning new shares, and some said that the floating loss on the first day of new shares showed the normalization of the market.
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