The three indexes were all red, with intraday gains of more than 2%. In contrast, the IPO market performed poorly. Both N Haichuang (Haichuang pharmaceutical) and N Weijie (Weijie Chuang core) listed today broke.
Jingwei Hengrun disclosed the issuance results of new shares to be listed after hours, and the subscription amount abandoned by online investors was about 395 million yuan. According to the calculation, the proportion of online repurchasing reaches 33.76% , that is, about 3.37 shares of every 10 shares are repurchased .
The announcement shows that the number of shares abandoned by investors is underwritten by the joint lead underwriters, and the proportion of underwritten shares in the total scale of this issuance is 10.87%, which is also the proportion of the number of abandoned shares in the total scale of this issuance.
It is worth noting that according to statistics, Jingwei Hengrun has set a new high of in the past ten years , and the previous such high abandonment rate came from China Communications Construction Company Limited(601800) (the proportion of abandonment reached 11.05%) issued and listed in 2012. In addition, is higher than 6.51% of the subscription waiver ratio of Hemai shares, the most expensive new share in the history of A-Shares .
As soon as the announcement of the issuance results was made, investors discussed it one after another. Some people said, “now the proportion of new losses is higher than that in the previous two years, who dares to take risks”, “several new shares do not break”; Some people also said: “who dares to vote with such a high P / E ratio now”, “look at the P / E ratio of the industry and then apply for purchase”, “returning to value is the way of development”.
It is worth mentioning that the IPO results of Jingwei Hengrun also show that offline investors have not abandoned and there are Citic Securities Company Limited(600030) Investment Co., Ltd. and seven strategic investors . In addition, Jingwei Hengrun relies on FAW innovation fund, BAIC Huajin fund and Shangqi automobile industry fund. Previously, in November 2020, the company signed capital increase agreements with 16 investment institutions such as FAW innovation fund and BAIC Huajin fund.
Since last year, the breaking of new shares on the first day of listing has occurred repeatedly, and recently, the breaking rate has soared again. According to the performance of new shares since March, among the 46 new shares listed, 27 shares were broken on the first day, accounting for nearly 60% . To a certain extent, this has affected investors’ enthusiasm for innovation.
At the same time, Shanxi Securities Co.Ltd(002500) believes that the continuous cooling of near end new shares is also related to factors such as the high opening valuation of new shares and the decline of the overall valuation center and so on.
According to public information, Jingwei Hengrun issued at 121 yuan , P / E ratio reached 244.87 times , while its industry P / E ratio was only 38.84 times .
Moreover, according to the Research Report of Huajin securities, compared with the listed companies in Huizhou Desay Sv Automotive Co.Ltd(002920) , Thunder Software Technology Co.Ltd(300496) and the same industry, Jingwei Hengrun is significantly higher than the average p / E ratio of the same industry .
In this regard, Jingwei Hengrun gave venture capital tips , saying that the diluted P / E ratio corresponding to the company’s issuance 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 .
Basically, as a comprehensive electronic system technology service provider, Jingwei Hengrun mainly provides customers in the fields of automobile, high-end equipment and unmanned transportation with electronic products, R & D services and solutions and overall solutions for high-level intelligent driving . The company’s customers cover FAW Group, Sinotruk Jinan Truck Co.Ltd(000951) , Weilai, Navistar and other vehicle manufacturers at home and abroad; International first-class automotive suppliers such as inefa, antonglin and BorgWarner. At the same time, it has also won customers in high-end equipment fields such as COMAC, Crrc Corporation Limited(601766) and Rizhao Port Co.Ltd(600017) and other unmanned transportation fields.
According to the main business of Jingwei Hengrun, the revenue of electronic products business accounts for more than 70% . From 2019 to 2021, the annual compound growth rates of the company’s operating revenue and net profit attributable to the parent company were 28.5% and 91.6% respectively. Affected by factors such as the decline of sales volume in the downstream commercial vehicle industry over the same period and the shortage of vehicle specification chips, the company expects net loss of 20 million yuan to 40 million yuan .
Jingwei Hengrun raised 5 billion yuan this time, of which Jingwei Hengrun plans to invest 2.259 billion yuan in Jingwei Hengrun Nantong automobile electronics production base project. The static investment payback period of the project is about 7 years, and the overall financial internal rate of return of the project is 26.02%.
