More broken hair, more abandoned purchases.
On April 12, the results of Jingwei Hengrun issuance of new shares on the science and innovation board were released. The amount of abandonment reached 395 million yuan, and the proportion of abandonment reached a rare 108698%. The abandonment rate was the highest since the implementation of the credit subscription system of new shares in 2016. In terms of the number of shares abandoned, 9.67 million shares were issued online, while the number of shares abandoned was as high as 3.26 million, accounting for more than one third. That means that more than one-third of the successful investors chose to abandon the purchase.
brokerage Chinese reporter statistics found that as of April 12, 95 new shares have been listed in Beijing, Shanghai and Shenzhen this year. According to the closing price on the first day of listing, 24 new shares have broken, accounting for about 25.3%, and they are all new shares on the science and innovation board or gem
With the continuous emergence of the breaking of new shares, the abandonment rate remains high. Since 2022 alone, the abandonment ratio of 20 new shares has been more than 1%.
Jingwei Hengrun now exceeds 10% rare rejection ratio
On April 12, the results of Jingwei Hengrun issuance of new shares on the science and innovation board were released. According to the announcement, Jingwei Hengrun online investors gave up the subscription amount of 3.2609 million shares, the subscription amount of online investors was 395 million yuan, and the subscription amount of online investors was close to 400 million yuan. The proportion of abandonment also reached a rare 108698%.
According to the data, Jingwei Hengrun’s 108698% subscription abandonment ratio is the highest since 2019, higher than the previous 6.5139% subscription abandonment ratio of Hemai shares.
It is worth mentioning that the company issued 9.67 million shares online this time, and the number of shares abandoned by online investors this time was as high as 3.26 million. Based on this calculation, the proportion of abandoned shares by online investors was as high as one-third. However, offline investors did not abandon the purchase of the stock.
The breaking of Jingwei Hengrun is related to its high issuance price and issuance P / E ratio.
Statistics show that Jingwei Hengrun is a comprehensive electronic system technology service provider. Its main business focuses on electronic systems, focusing on providing electronic products, R & D services and solutions and high-level intelligent driving solutions for customers in the fields of automobile, high-end equipment and unmanned transportation.
The initial price of Jingwei Hengrun is 121 yuan / share, ranking fourth among the new shares listed on the internal medicine innovation board in, second only to Huaqin technology, Aojie technology and Dongwei semi guide.
The announcement shows that the diluted P / E ratio corresponding to the issuance price of Jingwei Hengrun of 121 yuan / share in 2020, which is lower after deducting non profits, is 244.87 times.
Compared with its industry “C39 computer, communication and other electronic equipment manufacturing industry”, as of March 31, 2022 (T-3), the average monthly static P / E ratio of the industry released by China Securities Index Co., Ltd. was only 40.82 times.
In terms of financial data, Jingwei Hengrun achieved an operating revenue of 3.262 billion yuan in 2021, a year-on-year increase of 31.61%; The net profit attributable to the owners of the parent company was 146 million yuan, a year-on-year increase of 98.37%.
From January to March 2022, Jingwei Hengrun expects the company’s operating revenue 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, down from the same period last year.
since this year, more than 1% of 20 new shares have been abandoned
The Chinese reporter of the securities firm noted that since the inquiry reform of new shares last year, with the continuous emergence of the breaking of new shares, the abandonment rate has also remained high.
According to the rules, the number of shares that investors give up subscription is generally underwritten by the lead underwriter. According to the statistics of Chinese reporters of securities companies, among the more than 1200 new shares purchased online since 2019, the underwriting proportion of only 29 new shares is more than 1%. Besides Postal Savings Bank Of China Co.Ltd(601658) listed in 2019, the online issuance date of other new shares is after late October 2021.
Since 2022 alone, the abandonment ratio of 20 new shares has been more than 1%.
Some investment bankers said that among the companies recently abandoned by everyone, there are many enterprises with excellent quality. In particular, some new shares have a good track, stable orders and high profit certainty in the next three years. It is understandable to give a higher valuation.
Another senior new share researcher said that since the reform of the inquiry mechanism for new shares last year, the new rate of return has decreased compared with that before the reform, and the break also began to appear. At present, it is mainly worried about the high valuation of new shares in the pharmaceutical sector, and whether the issuance of new shares in the pharmaceutical sector has not been supported by the high valuation of new shares.
The above-mentioned person also mentioned that at present, not only online individual investors, but offline institutions also tend to be cautious about the subscription of new shares. If the break rate continues to rise in the future, the market may also adjust itself in turn, reducing the issuance P / E ratio to a reasonable position.
since this year, 1 / 4 new shares have been broken
According to the statistics of Chinese journalists from securities companies, as of April 12, a total of 95 new shares have been listed in Beijing, Shanghai and Shenzhen this year. According to the closing price on the first day of listing, a total of 24 new shares have broken, accounting for about 25.3%, and they are all new shares on the science and innovation board or gem.
from the breaking rate of each sector, according to the closing price on the first day of listing, as of April 12, 16 of the 32 new shares on the science and Innovation Board broke on the first day of this year, with a breaking rate of 50%; Eight of the 40 new shares on the gem broke, with a breaking rate of 20%; There were 16 new shares listed on the main board of Shanghai and Shenzhen and 7 new shares listed on the Beijing stock exchange, and none of them broke
From the loss amount of these broken shares, according to the closing price on the first day of listing, a total of three new shares have lost more than 10000 yuan since this year. Among them, Aojie technology, with an issue price of 164.54 yuan, fell 33.75% on the first day of listing, and the loss of each sign (500 shares) was about 27800 yuan.
In addition, new shares with high issue price that have been broken since April are also emerging one after another. On April 12, Weijie Chuangxin broke on the first day of listing, with a decrease of about 36% on the first day and a single signing loss of 12000 yuan. Puyuan Jingdian, which was listed on April 8, also fell 34.66% on the first day, with a single signing loss of 10600 yuan.
