On April 12, Dbappsecurity Co.Ltd(688023) announced that the company completed the issuance of 4112000 private placement restricted shares in October 2021 and will lift the ban on April 21. In this fixed increase, the well-known private placement Ge Weidong was allocated 925300 shares. However, since October last year, Dbappsecurity Co.Ltd(688023) share price has fluctuated and fell all the way. As of the closing on the 13th, investors participating in fixed growth had a floating loss of more than 55%.
Ge Weidong’s floating loss exceeds 55%
Dbappsecurity Co.Ltd(688023) recently announced that the company will lift the ban on 4.12 million fixed increase and restricted shares on April 21, accounting for 5.24% of the total share capital.
It is reported that the restricted shares lifted this time are the shares issued by raising funds for Dbappsecurity Co.Ltd(688023) six months ago, with a lock-in period of six months. At that time, the issue price of fixed increase was 324.23 yuan / share, which was the same as the average price of 20 trading days before the pricing benchmark date, and there was no discount. However, as of the closing on the 13th, the latest share price of Dbappsecurity Co.Ltd(688023) was 141.5 yuan / share, and the shareholders participating in the fixed increase have been “deep set” at present.
It is worth noting that there are five shareholders in this group, including Ge Weidong, a well-known private placement boss. Specifically, Ge Weidong was allocated 925300 shares with a subscription amount of 300 million yuan. On the day after the release of the fixed growth results, the Dbappsecurity Co.Ltd(688023) share price once rose by more than 15%, reaching a peak of 363 yuan / share, just one step away from the record high of 375.1 yuan / share set on July 27, 2021. However, the good times didn’t last long. The Dbappsecurity Co.Ltd(688023) share price went down all the way since then. As of the closing on the 13th, the share price fell below 142 yuan / share, and Ge Weidong’s floating loss exceeded 55%.
According to public information, Dbappsecurity Co.Ltd(688023) main business is the R & D, production and sales of network information security products, and provides professional network information security services for customers. Before participating in the fixed growth last year, Ge Weidong had already laid out the target through the secondary market. At the end of the third quarter of 2020, Ge Weidong appeared on the list of Dbappsecurity Co.Ltd(688023) top ten circulating shareholders for the first time, holding 860900 shares. In the fourth quarter of that year, he significantly increased his position by more than 97000 shares to 1831200 shares. In the first half of 2021, he increased his holdings slightly, but reduced his holdings by 254500 shares to 1581000 shares in the third quarter of 2021.
Judging from the past investment experience, Ge Weidong has made a lot of profits for many times due to his latent patience and determination not to be afraid of fluctuations, and most of the bull stocks it captures have eye-catching performance support. Therefore, Dbappsecurity Co.Ltd(688023) ‘s performance is the focus of attention.
At the end of February, Dbappsecurity Co.Ltd(688023) released the performance express, which showed that the company achieved a total operating revenue of 1.821 billion yuan in 2021, with a year-on-year increase of 37.68%; The net profit attributable to the parent company after deduction was -786536 million yuan, a year-on-year decrease of 165.13%. However, from the performance of the fourth quarter of last year, the company’s revenue and profit showed a counter trend rebound trend. In the fourth quarter of 2021, the company realized an operating revenue of 956 million yuan, a year-on-year increase of 44%; The net profit attributable to the parent company was 282 million yuan, a year-on-year increase of 68%; The net profit attributable to the parent company after deduction was 272 million yuan, an increase of 61% year-on-year.
fixed growth market has cooled significantly
It is worth noting that not only did Ge Weidong, the private placement boss, be “deep set”. In the market with shock adjustment this year, many fixed growth projects broke, and the fixed growth market cooled significantly.
public information shows that since this year, fixed increase projects of many listed companies have broken, that is, the latest closing price of the secondary market is lower than the fixed increase price
For example, on March 26, Ling Yun Industrial Corporation Limited(600480) released the announcement on the results of non-public development bank stock issuance and changes in share capital, which showed that the fixed issuance price of the company was 8.99 yuan / share, while the closing price of Ling Yun Industrial Corporation Limited(600480) on April 13 was 8.05 yuan / share Zhejiang Dingli Machinery Co.Ltd(603338) in January this year, the fixed issuance price was 71.9 yuan / share, but its closing price was 40.23 yuan / share on April 13, which was about 44% lower than the issuance price.
According to the data, from January to March this year, a total of 55 listed companies successfully issued fixed value-added shares, involving a fund-raising amount of more than 79.9 billion yuan; In the same period last year, 108 listed companies successfully issued fixed value-added shares, involving a fund-raising amount of more than 176.7 billion yuan.
Tang Guangying, the fund manager of Chunda fund, analyzed that there are three reasons for the cold in the fixed growth market: first, the new refinancing regulations in 2020 have brought vitality to the fixed growth market, and the profit-making effect lasting for two years has attracted more investment institutions to participate. Therefore, from the end of last year to the beginning of this year, the overall discount rate of fixed growth has narrowed. At the same time, the adjustment of the secondary market since this year has increased the uncertainty of fixed growth investment, Many fixed increase projects issued in the early stage have fallen below the additional issue price; Second, fixed value-added projects are mainly small and medium-sized market value and growth style, which has no advantage in the market in the first quarter of this year; Third, with the stock price adjustment, the rhythm of fixed increase issuance of listed companies has also slowed down. Recently, the fixed increase market has cooled rapidly, and the current average discount rate has returned to about 85%.
should we be more cautious or optimistic at present
Should we be more cautious or optimistic in the face of the cooling fixed growth market?
Tang Guangying believes that whether from the overall valuation level or from the equity risk premium, A-Shares are currently at the bottom. With the marginal improvement of uncertain factors affecting the market and the implementation of the steady growth policy, the “bottom of profit” is expected to confirm that A-Shares have medium and long-term investment value, and the overall valuation level of fixed increase projects has dropped to a certain extent compared with the early stage. Fixed increase discount can also provide a certain degree of protection. Companies with high long-term prosperity, relatively certain medium-term performance and low short-term valuation deserve attention.
Hu Bo, manager of Rongzhi investment fund under private placement paipai.com, said that when the market sentiment is low, it is often a better time to participate in fixed growth. The reason is that there will be a greater discount in participating in fixed growth in the market adjustment, and after the full risk release of the market, the downward space is relatively limited, and the safety cushion of fixed growth can play a protective role. At present, the market risk has been fully released, and there is limited room for continued downside. Therefore, the cost performance of participating in fixed growth has been significantly improved.
“It is our long-term strategy to firmly value China’s economic development and invest in China’s excellent enterprises and entrepreneurs, and the flexible use of enhancement strategies including fixed growth can help customers obtain better Revenue and holding experience.” Yongjin investment has actively participated in fixed growth investment since the release of the new refinancing regulations. It said that from the current market, it pays more attention to three directions: undervalued growth, a better life and high-end manufacturing.
specific to the investment direction, Tang Guangying said that under the background of steady growth, new and old infrastructure is expected to benefit, and there are opportunities in the real estate industry chain and the digital economy benefiting from the “counting East and counting West” project. At the same time, after the valuation is fully digested, the photovoltaic, wind power, new energy vehicles, biomedicine and other sectors with good industrial trends deserve attention
In addition, Yongjin investment believes that when participating in the fixed increase, we should not only focus on the discount level, but also on the quality of the target itself. In the future, we need to avoid enterprises with excessive increase in the early stage or problems in the quality of the company itself. While some companies with excellent quality can certainly get out of the trough with the weakening of market panic. At this time, the layout superimposes discount advantages, and the probability of profit will be greatly increased.
