Now the purchase of new shares is abandoned.
On April 17, NSW (688052), a new share of the science and innovation board, announced the issuance results: the number of shares issued this time was 25.266 million, and the number of shares abandoned by online investors was 3.3815 million. The number of shares abandoned accounted for 13.38% of the total issuance, and the amount of shares abandoned was 778 million yuan.
According to the previous listing and issuance announcement, the offering price of nano core micro is 230 yuan / share, and the financing scale corresponding to this price is 5.811 billion yuan.
Analyzing the emergence of this large proportion of abandoned purchase cases, the researchers concluded that there are two main factors: first, the continuous decline of the secondary market is the main reason. Since this year, the Shanghai stock index has fallen by 11.77% and the gem index has fallen by 25.95%. Individual stocks have generally performed poorly, 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.
Secondly, the wrong thinking that “high absolute price” is equivalent to “high issuance pricing and valuation” leads to. From the perspective of individual stocks, the overall valuation of nano core micro is reasonable, but the absolute price of the stock price is high. Due to the lack of professional judgment on the valuation of small and medium-sized retail investors, the proportion of abandonment is high.
The offering price of NSW is 230 yuan / share, corresponding to the estimated P / E ratio of 107.48 times in 2021, which is close to the valuation of comparable companies 3Peak Incorporated(688536) (116 times) and Sg Micro Corp(300661) (113 times). According to market feedback, the company, as a leading enterprise in China’s isolation chip segment industry, has developed rapidly in recent years. Offline institutional investors are generally optimistic about the company’s valuation and have not abandoned the purchase.
It is worth noting that, in addition to nano core micro, Jingwei Hengrun, a new share of the science and innovation board, has also been abandoned by online investors for 395 million yuan, accounting for 108698%.
Some experts believe that the high proportion of cases of abandonment of purchase appears one after another, which is caused by the increase of market-oriented game; Recently, the proportion of abandonment of some new shares has increased, which also reflects that the market-oriented restraint mechanism is constantly playing a role. First of all, since the implementation of the new rules on inquiry and pricing in September last year, buyers and sellers have deepened the game, and some new shares have begun to “break”, and the number and amount of shares abandoned by online investors have also increased, indicating that the phenomena of “making new and stable profits” and “unbeaten new shares” have been gradually broken. Secondly, the number of shares abandoned by NSW this time is 3.3815 million, with an amount of 778 million yuan, which will be fully underwritten by the lead underwriter. In the case of continuous decline in the market, the increased underwriting risk will also promote the subsequent issuers and lead underwriters to be more cautious in pricing.
But why does the recent high proportion of abandonment only occur online, while offline subscription is basically in full? The industry believes that this is mainly because offline investors who abandon the purchase once are regarded as violations. In fact, online abandonment 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.
It is suggested in the industry 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 playing new shares, and participate in the subscription of new shares rationally. For new shares that are not optimistic, you can choose not to participate. You can’t first “close your eyes and make a new” and then “abandon the purchase in violation of regulations”, which will not only affect your new qualification, but also have a negative impact on the order of new share issuance.
