New shares broke one after another, and investors who “couldn’t beat” chose to abandon the purchase and retreat.
On April 12, Jingwei Hengrun (688326) disclosed the issuance results of new shares on the science and innovation board. Online investors abandoned 3.2609 million shares, accounting for 10.87% of the total issuance scale, with an amount of 395 million yuan.
The data show that 10.87% of new shares have been abandoned, which has set a new record for the abandonment of all new shares under the registration system since the implementation of the registration system in 2019. Industry experts believe that the increase in the number of abandoned purchases of online innovation reflects the change of investment strategy. Innovation is no longer blind, but targeted and selective investment in new shares.
new shares repurchased account for a record
Jingwei Hengrun, a new share of Kechuang board, is a leading manufacturer of automotive electronics in China. As a comprehensive electronic system technology service provider, Jingwei Hengrun focuses on electronic systems and focuses on providing electronic products, R & D services and solutions and overall solutions for high-level intelligent driving for customers in the fields of automobile, high-end equipment and unmanned transportation. According to the prospectus, the company’s customers include Xiaopeng automobile, FAW Group, Weilai automobile, Byd Company Limited(002594) etc.
The IPO price of Jingwei Hengrun is 121 yuan, and the issuance price earnings ratio is 244.87 times, which is higher than the industry’s average dynamic price earnings ratio of 29.23 times in the latest month. So far, there are 7 new shares with an issue price of more than 100 yuan this year, and Jingwei Hengrun ranks sixth. Although the offering price is as high as 100 yuan, Jingwei Hengrun’s IPO has not raised more than 100 yuan compared with the other six 100 yuan new shares. According to the prospectus, Jingwei Hengrun originally planned to issue no more than 30 million shares and raise 5 billion yuan; However, the final fund-raising amount was 3.63 billion yuan, making it the only company with insufficient fund-raising among the seven hundred yuan shares.
It is worth noting that the shareholders of Jingwei Hengrun before its listing include a number of private equity institutions, insurance companies and other institutional investors, such as Zhuhai Gejin Guangfa Xinde intelligent manufacturing industry investment fund (limited partnership), Citic Securities Company Limited(600030) Investment Co., Ltd., Nanjing FAW Innovation Fund Investment Management Center (limited partnership), Zhuhai BAIC Huajin industry equity investment fund (limited partnership) and sunshine property insurance.
However, since this year, new shares have broken one after another, making investors more cautious. On April 12, Weijie chuangxin-u (688153) was listed on the science and innovation board, with a decline of 36.04% on the first day, becoming the highest decline of new shares on the first day of this year and the highest decline of new shares on the first day since the opening of the science and innovation board. Since this year, 95 new shares of A-Shares have been listed, of which 24 broke on the first day, accounting for 25%.
On April 12, Jingwei Hengrun disclosed the issuance results. Online investors abandoned 3260900 shares, accounting for 10.87% of the total issuance scale. The amount of abandoned purchase was 395 million yuan, all of which were underwritten by Citic Securities Company Limited(600030) underwriters. Compared with the background of the registration system, 10.87% of new shares have been repurchased, which has set a new record for the repurchased proportion of all new shares under the registration system since the implementation of the registration system in 2019.
Previously, the highest proportion of new shares on the science and Innovation Board was Hemai shares (688032), which was 6.51%. Hemai shares listed in December last year are known as “the most expensive new shares in history”. The issue price of Hemai shares reached 557.8 yuan, setting a new record of the highest issue price of A-share new shares. The first signing requires a payment of 278900 yuan. Among the new shares listed this year, the highest proportion of abandonment is Haichuang pharmaceutical-u, only 3.24%, followed by Puyuan jingdian-u, accounting for 3.15%.
Compared with all A-share markets, among the proportion of abandoned purchase of A-share new shares since 2010, Jingwei Hengrun ranked second with 10.87% of abandoned purchase. Data show that China Communications Construction Company Limited(601800) , accounting for 11.05%, accounted for the largest proportion of abandonment of A-share new shares in history, which occurred in 2012.
Jingwei Hengrun’s abandonment amount of 395 million yuan is also the highest among the new shares offered this year. Followed by Tengyuan cobalt industry, with a purchase abandonment amount of 101 million yuan.
It is worth noting that from the perspective of the scale of online abandonment, among the listed new shares this year, the top five new shares that have been abandoned are unprofitable new shares, and they have been broken on the first day of listing. Industry experts believe that the increase in the number of abandoned purchases of online innovation reflects the change of investment strategy. Innovation is no longer blind, but targeted and selective investment in new shares.
decrease in new investors
According to the release announcement, wehengrun has a total of 7 strategic placement objects, including 4 employees participating in the stock ownership plan, and the other 3 are the investment subsidiaries of Nanfang industry, Weihao semiconductor and Citic Securities Company Limited(600030) .
The final strategic placement quantity determined according to the issuance price is 5.3264 million shares, accounting for about 17.75% of the issuance quantity. In terms of the number of shares allocated, in addition to the two shareholding plans participated by Jingwei Hengrun executives and core technicians, the proportion of Citic Securities Company Limited(600030) is the highest, with 826400 shares allocated, with an amount of up to 100 million yuan. In addition, from the offline investor placement results, Dacheng Fund, GF fund, ICBC Credit Suisse fund, e fund and other large public offering institutions are involved.
The success rate of Jingwei Hengrun’s online issuance was 003875391%, and the number of effective subscription households for online issuance was 3.92 million, while the average number of effective subscription households for online issuance of new shares on the science and innovation board listed this year was 4.15 million.
With the recent intensive breaking of new shares, some investors who participated in the fight for new shares chose to give up their position. Taking the new shares listed on the science and innovation board this year as an example, the number of effective subscription accounts for online issuance has gradually decreased from more than 5 million at the beginning of the year to more than 3 million.
On April 12, the semiconductor enterprise nano chip micro (688052), which disclosed the issuance announcement, was priced at 230 yuan, becoming the most expensive new share this year, with a corresponding P / E ratio of 107.48 times. The issuance shows that there are 3.74 million effective subscription households issued online, making it the smallest number of new shares on the science and innovation board this year.
What are the consequences of abandoning the purchase of new shares after winning the lottery. It is understood that in terms of offline subscription, if the offline investors with valid quotation fail to participate in the subscription or do not participate in the subscription in full, and the offline investors who obtain the preliminary placement fail to pay the subscription funds and the corresponding new share placement brokerage commission in time and in full, they will be deemed to have breached the contract and shall be liable for breach of contract. The sponsor (lead underwriter) will report the breach to the China Securities Association for the record.
In terms of online subscription, if online investors fail to pay in full after winning the lottery three times in a row within 12 months, they shall not participate in the subscription of new shares, depositary receipts, convertible corporate bonds and exchangeable corporate bonds within 6 months (calculated as 180 natural days, including the next day) from the next day of the settlement participant’s latest declaration of abandoning subscription. The number of times of giving up subscription shall be calculated according to the number of times of investors actually giving up subscription of new shares, depositary receipts, convertible corporate bonds and exchangeable corporate bonds.
