The breaking of new shares is becoming more and more intense!
On April 8, the new stock Puyuan jingdian-u (688337. SH) listed on the science and Innovation Board broke on the first day of listing, closing down 34.66% to close at 39.78 yuan.
Puyuan Jingdian’s decline on the first day set a new record since the opening of the science and innovation board, and also set the highest decline of new shares listed in the two cities this year
In addition, on April 11, Guanlong energy saving (301151. SZ), a new share issued and listed on the gem, broke at the opening, closing at 28.31 yuan, down 8.14%.
On April 12, the three newly listed new shares of reed smart (301135. SZ), Weijie Chuangxin (688153. SH) and Haichuang Pharmaceutical (688302. SH) broke in the collective opening. As of the closing, Weijie Chuangxin and Haichuang pharmaceutical fell by more than 20%.
\u3000\u3000
Weijie Chuangxin’s issuing price is 66.6 yuan. Based on the closing price, the floating loss of the first signing of the new “shot” shareholders is 12000 yuan
“0.02%, with a winning rate of about two ten thousandths, a throwing knife was selected from ten thousand miles.” “It takes luck to lose money!” in Weijie Chuangxin stock bar, some netizens who won the lot of Weijie Chuangxin lamented one after another.
Because the market has remained depressed in recent months, some netizens said they haven’t played new for half a year, and some said they are determined not to play new at this stage.
Investment bankers from a large securities firm said that new shares under the registration system are no longer scarce resources. New shares far higher than the industry average p / E ratio may face valuation regression. It is normal to discount or break the premium effect.
At the same time, behind the sharp break of new shares, not only the retail investors who participated in the fight against new shares suffered losses, but also the early investors of some enterprises, including well-known institutions such as Gaoling, China Merchants Bank and Ali, were also faced with the embarrassing situation of being covered.
An equity investor from First Capital Securities Co.Ltd(002797) said, in his opinion, the valuation of high-quality projects is better than before, and the financing progress and rhythm in the equity investment market are slowing down as a whole
Many VC people interviewed by 21st Century Business Herald also reported that the market is getting colder and institutional investment is more cautious.
new shares broke, falling 40% in two trading days
Following the sharp decline on the first day of listing, on April 11, Puyuan Jingdian fell again by 7.59% to close at 36.76 yuan.
Within two trading days, Puyuan Jingdian fell as much as 40%.
On April 12, Puyuan Jingdian continued to fall in the morning. As of the closing, the share price rebounded to close at 38.24 yuan, and the total market value of the company was 4.639 billion yuan.
according to the closing price of the day, the loss in the first signing of new shares was 11320 yuan
Public information shows that Pu Yuan precision electric is China’s leading leader in electronic measuring instruments. The company is the main business of R & D, production and sales of general electronic measuring instruments. It is the only Chinese mainland enterprise that has independently developed the core chip set of digital oscilloscope and successfully realized product industrialization.
Shenwan Hongyuan Group Co.Ltd(000166) securities analyst Lin Jin believes that Puyuan Jingdian launched the “phoenix” oscilloscope chipset in 2017 and the new digital oscilloscope ds70000 Series in 2020. With the self-developed “phoenix” oscilloscope dedicated chipset, the company has become the first enterprise in China to have the industrialization ability of high-end digital oscilloscope with 4GHz bandwidth and 20gsa / s sampling rate by carrying self-developed chips, breaking the foreign technological monopoly, It realizes the further development of domestic manufacturers from middle-end digital oscilloscope to high-end digital oscilloscope.
At the same time, the latest digital oscilloscope ds70000 series launched by the company in 2021 has achieved the highest 5GHz bandwidth and 20gsa / s real-time sampling rate in China. Its comprehensive performance is in the leading position in the field of domestic digital oscilloscope. This product has been sold in the first half of 2021.
It is noteworthy that Puyuan Jingdian has suffered losses for two consecutive years and may continue to suffer losses.
According to the prospectus of Puyuan Jingdian, from 2018 to the first half of 2021, the company achieved operating revenue of 292 million yuan, 304 million yuan, 354 million yuan and 212 million yuan respectively, and the net profit attributable to the parent company was 39.956 million yuan, 459904 million yuan, – 271664 million yuan and – 203648 million yuan.
In the prospectus, Puyuan Jingdian said that the listing standard selected by the company was “expected market value of no less than 3 billion yuan and operating revenue of no less than 300 million yuan in the latest year”.
According to some analysts, in 2019, the operating revenue of Puyuan Jingdian exceeded 300 million yuan for the first time, reaching 304 million yuan, but it was not caused by the growth of the company’s main business, but by stripping off the chemical analysis instrument business and selling it at the price of 13.5 million yuan. If excluding the income from asset transfer, the revenue of Puyuan Jingdian remained at about 280 million yuan in 2019.
According to the latest announcement, 2021, Puyuan Jingdian achieved an operating revenue of 484 million yuan, a year-on-year increase of 36.63%; The net profit attributable to the parent company was -3.8977 million yuan, with losses for two consecutive years, and the amount of losses decreased year-on-year
In this context, before listing, Puyuan Jingdian once suggested that “the company cannot guarantee to make profits in the next few years, and the company may also face the risk of delisting after listing”.
First of all, the investment bank will focus on the issuance of new shares on the gem, which is determined by the high IPO price of Kepu in the near future.
China Securities Co.Ltd(601066) believes that the new regulations on the inquiry of new shares under the registration system have strengthened the marketization of the pricing of new shares, strengthened the quotation game and made it more difficult, and the break on the first day is expected. The breaking of new shares will further force institutions to strengthen the investment and research of new shares, make an objective, rational and independent quotation in combination with the company’s fundamentals, and pay attention to the subject matter of high-quality new shares with solid competitive barriers and high growth certainty.
Hillhouse also covered! Floating loss of 13 million
The sharp decline after the listing of new shares not only caused losses to retail investors participating in the new venture, but also fell below the cost line of VC / PE entering the company in each round of financing.
According to public data, in 2020, Puyuan Jingdian carried out two rounds of financing, attracting a total of 7 institutions such as Gaoling Yaoheng and CMB win-win.
Specifically, in June 2020, Puyuan Jingdian carried out the first round of financing, increasing the registered capital by 8.6962 million yuan. The capital increase parties include Huiqi venture, Tanying investment, Qiangang investment, Yuanhe Zhongyuan, CMB Hyundai, CMB win-win and other six institutions. The financing is about 350 million yuan, the capital increase ratio is 9.08%, and the converted unit price is 40.25 yuan / share.
In December 2020, Puyuan Jingdian carried out the second round of financing, increasing the registered capital by 2.286 million yuan. Gaoling Yaoheng obtained 2.286 million shares of Puyuan Jingdian for 100 million yuan, and the converted unit price is 43.74 yuan / share.
As of the closing on April 12, Puyuan Jingdian closed at 38.24 yuan / share at present, Gaoling holds 2.286 million shares of Puyuan Jingdian, with a stock market value of about 84 million yuan and a floating loss of about 13 million yuan p align = “center” data source: prospectus of Puyuan Jingdian
In fact, with the promotion of the comprehensive registration system, the breaking of new shares on the first day is not new.
In January this year, Aojie technology-u, a new share listed on the science and innovation board, also broke at the opening, with an issue price of 164.54 yuan and a closing price of 109 yuan, down 33.75% on the first day.
21st Century Business Herald reporter learned that Alibaba (China) Network Technology Co., Ltd. is the largest shareholder of Aojie technology-u, with a shareholding ratio of 15.43%.
On July 31, 2017, Alibaba network, Shenzhen Venture Capital, Wanrong laterite, fantasy Ltd. and Dai Baojia signed the capital increase agreement with the company and other shareholders of the company. Among them, Alibaba network subscribed US $668182 million and Shenzhen Venture capital subscribed US $181818 million. On June 1, 2018, Alibaba network, Wanrong laterite, fantasy Ltd., Qingdao Huaxin, CLP Huadeng, chip United (Hong Kong), Jiasheng fund, Yiwu harmony signed the capital increase agreement with the company and other shareholders of the company. Among them, Alibaba network subscribed US $147802 million and Yiwu harmony subscribed US $147802 million.
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.
venture capital cold wave
Under the surging tide, the era of arbitrage in the primary and secondary markets has gradually gone away.
The above equity investors from First Capital Securities Co.Ltd(002797) said that at present, the progress and pace of financing in the market have slowed down as a whole, and the internal valuation and risk control of the project are also significantly more strictly controlled.
Another person from an investment institution said, at this stage, the valuation of the secondary market and the valuation of the primary market are seriously upside down. The overvalued investment in the primary market has injured some investment institutions. Therefore, in the case of uncertain market in the future, institutions will be more cautious
One side is the slowdown in financing, the other side is cautious. Therefore, many VC people interviewed by 21st Century Business Herald reported that the market is getting cold.
Some private equity investment institutions in Shenzhen said that China’s capital market is undergoing a new period of change, especially the introduction of the registration system makes IPO easier. Therefore, the era of listed arbitrage on the primary and secondary markets has passed. Investment institutions invest their tentacles in the earlier stage and adhere to value investment and long-term investment in order to have better returns.
“Therefore, our company is now focusing on early Angel projects in medicine, with a single project of about 3-20 million”, equity investors from First Capital Securities Co.Ltd(002797) believe that early investment tests professionalism and understanding of the industry.
