Some new shares were abandoned by a high proportion of online investors.
On the evening of April 17, the wechat, which will be landing on the science and innovation board, disclosed the issuance results. The number of shares issued this time was 25.266 million, and the number of shares abandoned by online investors was 3.381527 million. The number of shares abandoned accounted for 13.38% of the total issuance, and the amount of shares abandoned was 778 million yuan. Offline investors did not abandon their purchase.
Some market analysts said that on the one hand, the secondary market continued to decline, and some individual investors chose to abandon their purchases out of risk aversion; On the other hand, the issue price of the company is 230 yuan / share, but its valuation is lower than the average valuation of comparable companies, which may scare some online individual investors away by the high issue price.
In the context of frequent breaking of new shares, the proportion of online investors abandoning the purchase of some new shares has increased recently. In the view of the above market participants, the high proportion of online investors abandoning their purchases is due to the increase of market-oriented game. On the one hand, since the implementation of the new rules on inquiry and pricing, the game between buyers and sellers has intensified, and the risk coefficient of new behavior returning to normal; On the other hand, the lead underwriter underwrites in full and increases the game of market participants.
Some experts suggested that online investors need to adjust their new ideas in time, strengthen the study of the rules related to the subscription of new shares, have a full understanding and cognition of listed enterprises before the subscription of new shares, and rationally participate in the subscription of new shares, otherwise exceeding the number of defaults will affect the subscription of new shares.
more than 700 million online new funds abandoned
The offering price of nano core micro is 230 yuan / share, and the number of shares issued is 25266000. All of them are new shares without the transfer of old shares.
According to the announcement, the final strategic placement number of this issuance is 246088900 shares, accounting for 9.74% of the total number of this issuance. After the callback mechanism was launched, the final number of offline shares issued was 14081611 shares, accounting for 61.75% of the number issued after deducting the final strategic placement; The final number of shares issued online was 8.7235 million, accounting for 38.25% of the number issued after deducting the final strategic placement. After the callback mechanism was launched, the final winning rate of online issuance was 004218750%.
The payment of online and offline subscription funds for this offering of NSW has been completed on April 14, 2022.
However, the number of shares eventually subscribed by online investors was 5341973 million, with a subscription amount of 1.229 billion yuan. They abandoned the subscription of 3381527 million shares, with a subscription amount of 778 million yuan. All the shares that investors give up subscription shall be underwritten by the sponsor (lead underwriter).
For the reasons for the high proportion of online investors to abandon their purchases, the above-mentioned market participants believe that there are two factors. On the one hand, from this year to April 17, the Shanghai stock index has fallen by 11.77%, the Shenzhen Component Index has fallen by 21.60% and the gem index has fallen by 25.95%. The performance of individual stocks is generally poor, resulting in lower income expectations and "breaking" after the listing of new shares. Some retail investors choose to abandon their purchases out of risk aversion.
He also said that on the other hand, from the perspective of individual stocks, the offering price of NSM is 230 yuan / share, which corresponds to 107.48 times of the expected P / E ratio in 2021, lower than 3Peak Incorporated(688536) (116 times) and Sg Micro Corp(300661) (113 times) of comparable companies. From this point of view, the overall valuation of nano core micro is not high, and some small and medium-sized retail investors may be scared away because of the high absolute price of the stock price.
"According to market feedback, as a leading enterprise in China's isolation chip segment, nano chip micro has developed rapidly in recent years. Offline institutional investors are generally optimistic about the company's valuation and have not abandoned the purchase." The above market participants said.
Some experts believe that retail investors should get rid of the wrong thinking of equating "high absolute price" with "high issuance pricing and valuation". For example, Hemai shares, which landed on the science and innovation board in the early stage, was priced at 557.8 yuan / share. However, due to its overall P / E ratio close to that of comparable companies and relatively reasonable valuation, it closed up 29.9% on the first day of listing, and there has been no break so far.
investors abandoned the purchase due to the high proportion
Since the implementation of the new rules on inquiry and pricing in September last year, the game between buyers and sellers has intensified, some new shares have begun to "break", the number and amount of shares abandoned by online investors have also increased, and the phenomena of "making new and stable profits" and "unbeaten NEW shares" have been gradually broken.
Before NSM, Jingwei Hengrun online investors waiting to log in to the science and Innovation Board also abandoned their purchases by more than 10%. On April 12, Jingwei Hengrun announced that the number of online investors who gave up subscription was 3260949 million shares, and the amount of abandoned purchase was 395 million yuan, accounting for 10.87% of the total issued shares.
Among the other companies to be listed, the proportion of online investors abandoning purchase of Fengyi technology and tuojing technology is high, which are 7.91% and 4.86% respectively. JieChuang intelligent, yingjixin and osheng electric all abandoned their purchases by more than 1%, 1.5%, 1.09% and 1% respectively. The proportion of abandonment of other companies with issuance results is less than 1%.
Among the 99 companies listed this year, 90 were abandoned by online investors, of which 20 abandoned more than 1%, accounting for 22%.
The proportion of investors abandoning the online listing of Jingchuang pharmaceutical on March and April was higher than that of Haiyuan pharmaceutical on March and April, respectively; Online investors of five companies, vijet Chuangxin (listed on April 12), Aojie Technology (listed on January 14), Shouyao holding (listed on March 23), Dongwei semi Guide (listed on February 10) and anda intelligence (listed on April 15), abandoned their purchases by more than 2%. In another 13 companies, the proportion of online investors abandoning purchases exceeded 1%.
The above market participants said that the recent rise in the proportion of abandonment of some new shares also reflects that the market-oriented restraint mechanism is constantly playing a role and the risk coefficient of new behavior returning to normal. In addition, the lead underwriter underwrites in full and increases the game of market participants. When the market continues to decline, the increased underwriting risk will also promote the subsequent issuers and lead underwriters to be more cautious in pricing.
In addition, it is worth noting that online investors have a high proportion of recent abandonment, and offline investors basically apply for the purchase in full.
"This is because if offline investors abandon the purchase once, it will be regarded as a violation." The above market participants said that in fact, abandoning online purchase is also a breach of contract. At present, the credit subscription mode of subscription by market value and payment after winning the lottery is adopted in the sections such as the science and innovation board and the gem. Compared with the subscription mode that investors need to pay in full before subscription, it can effectively avoid freezing a large amount of funds and improve the efficiency of the use of investors' funds, but it does not mean that investors can give up payment at will after subscription. According to relevant regulations, if online investors win the lottery three times in total within 12 months but fail to pay in full, they will no longer be able to participate in the subscription of new shares within 6 months.
The above experts suggested that investors can choose not to participate in the new shares they are not optimistic about. They can't "close their eyes" and then "abandon the purchase in violation of regulations", which will not only affect their new qualification, but also have a negative impact on the order of new share issuance.
