Recently, new shares have broken out frequently, and the “winning lot” does not seem to be expected by investors as usual. A brokerage said, “for a time, the good news of winning the lot, which is expected day and night, has changed.”
Securities companies have also reminded investors that innovation is also an investment. As long as it is an investment, there will be risks. The strategy of innovation is gradually changing from “every new will be hit” to “preferred stocks”.
3 “abandoned” new shares, and the underwriting proportion of securities companies exceeds 10%
The enthusiasm for “new” speculation in the A-share market has decreased. Since this year, 26 new shares have broken down on the first day, with a breaking ratio of 28.57%. As investors’ risk aversion heats up, online investors’ enthusiasm for playing new shares has also decreased simultaneously, and the proportion of “abandoning” new shares is also increasing, doubling the underwriting pressure of corresponding securities companies.
Data show that since the beginning of this year, the balance underwriting amount of securities companies to “abandon the purchase” of new shares by online investors has accumulated as high as 3.332 billion yuan (all according to the issuance date). The cumulative underwriting amount in the same period last year was only 161 million yuan, a year-on-year increase of 196957%. In the whole year of 2021, the total underwriting amount of securities companies was 2.322 billion yuan, and only three companies with an underwriting amount of more than 100 million yuan.
Since this year, the underwriting amount of “abandonment” has exceeded 100 million yuan
Since this year, the underwriting proportion of securities companies with three new shares has exceeded 10%. 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.
Chen Mengjie, chief strategist of YueKai Securities Research Institute, said in an interview with Securities Daily on April 15: “Since the end of last year, the market has entered a continuous adjustment, and the breaking of new shares is common. The concept of” steady profit without loss “has been broken, and the abandonment rate has also increased. From the abandonment situation, it is mainly concentrated in the track stocks with large increase in the early stage. Last year, the market gave these industries a higher premium. After the market entered the adjustment, investors are worried about the sustainability of the subsequent profit growth of these high-priced stocks and the development prospect of the industry Under the trend of rising purchase rate, the investment bank income of securities companies will be under pressure in the short term, but to a certain extent, it will force the pricing of institutions to become more reasonable, and the P / E ratio of subsequent issuance will be more objective and rational. “
Why does the recent high proportion of purchase abandonment only occur online, while offline purchase is basically in full? Because if offline investors abandon the purchase once, it will be regarded as a violation. 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.
Experts suggest 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.
do your homework in advance
How should investors respond to the new? Securities companies have also put forward new “lightning protection” guidelines to enable investors to do a good job in the new work in advance. After the reporter’s summary, the following five points deserve attention:
1. Type of new shares. Statistics show that 26 new shares broken on the first day are concentrated on the science and Innovation Board (17) and the gem (9), and there are no new shares broken on the first day in other sectors (excluding the Beijing stock exchange). Among them, the breaking rate of new shares on the science and Innovation Board on the first day was 52%.
2. Valuation of new shares. Since this year, the P / E ratio of new shares issued under the registration system has almost been more than 23 times, and most of them are higher than that of the industry Guotai Junan Securities Co.Ltd(601211) said that among the new shares issued on the first day, the P / E ratio of most of the broken shares was higher than the industry average p / E ratio. Especially in the depressed market environment, due to the low market risk appetite, new shares with high P / E ratio may often face greater selling pressure.
3. Whether the new shares are profitable. Since this year, among the 17 new shares broken on the first day of the science and innovation board, about 8 new shares listed at a loss, accounting for about 47%.
4. IPO price. Among the 26 new shares issued on the first day, 15 shares were issued at a price of more than 50 yuan, of which only 2 shares were issued at a price of less than 30 yuan.
5. Market sentiment factors. Since this year, the Shanghai stock index has fallen by 12.21% and the gem index has fallen by 25.13%. Affected by the overall sentiment of the market, the income expectation has decreased and the breaking of new shares after listing, and some investors choose to abandon their purchases out of risk aversion.
Breaking of 26 stocks on the first day
As the number of new shares listed on the IPO and the number of new shares listed on the IPO team is gradually lower than the normal, it means that investors are more cautious about the number of new shares listed on the IPO and the number of new shares listed on the IPO team after breaking the rules, which means that the number of new shares listed on the IPO and the number of new shares listed on the IPO team is gradually lower than the normal, The new strategy is gradually changing from “playing every new game” to “optimizing individual stocks”. Among them, the winning rate and yield of new share projects with low issuance price, low issuance PE and low issuance market value are relatively better.
Although 26 new shares broke on the first day of this year, as of today’s close, the number of broken shares has reached 52 Everbright Securities Company Limited(601788) said that if investors apply for new shares only to make a profit and do not hold them for a long time, they can choose to drop their bags for safety. Many new shares continued to fall in the subsequent market, and the first day of profit selling is no less a safer way of investment.
Securities companies also remind investors that innovation is also an investment. As long as it is an investment, there will be risks. In the future, it also needs to be carefully selected. For new shares issued at high prices, which are significantly higher than the P / E ratio of the industry, attention should be paid to the risk of new losses.
