On the evening of April 17, nasion micro released the latest announcement on the issuance results of the new shares raised by more than 5 billion yuan: online investors abandoned 3381500 shares, accounting for 38.76% of the total online issuance of 8.7235 million shares, and the amount of abandoned shares was up to 778 million yuan, accounting for nearly 40% of the total issuance data. The abandoned shares of up to 778 million yuan were underwritten by the lead underwriter Everbright Securities Company Limited(601788) with a total underwriting proportion of 13.38%.
"The higher issue price is an important reason for online investors to abandon their shares. Securities companies underwrite the abandonment of shares. This institutional arrangement also increases the game between the markets." Some industry analysts said.
The breaking of new shares has become more and more intense, and the enthusiasm of new entrants has faded significantly. In this context, the abandonment of new shares comes one after another, and the underwriting pressure of the sponsor is obvious.
The figure shows the list of new shares with a share abandonment / underwriting amount of more than 100 million yuan
The financial Associated Press reporter noted that China Mobile, which was listed at the beginning of this year, has the highest abandonment scale of new shares in the history of A-Shares since the implementation of the credit subscription system in 2016. This time, the abandonment scale of nano core micro leaped over the former, refreshing the historical record of a shares. Data show that China Mobile was abandoned by offline investors for 127049 million yuan and online investors for 743 million yuan, with a total amount of nearly 756 million yuan. This time, wechat was not abandoned by offline investors, and the amount of online abandonment alone exceeded the total amount of abandonment of China Mobile.
The picture shows the announcement of the results of the initial public offering of shares by NSM and its listing on the science and innovation board. The amount of abandonment reached 778 million yuan
Due to the large-scale abandonment of nano core micro this time, Everbright Securities Company Limited(601788) pressure is really not small. It is understood that Everbright Securities Company Limited(601788) the recommendation fee and underwriting fee is about 203 million yuan. In addition, Everbright Securities Company Limited(601788) participated in the follow-up investment through its subsidiary Everbright fuzun Investment Co., Ltd. (hereinafter referred to as "Everbright fuzun"), and was allocated 505300 shares with an amount of 116 million yuan.
The picture shows Everbright Securities Company Limited(601788) participating in follow-up investment, with the allocated amount reaching about 116 million yuan
Everbright Securities Company Limited(601788) in the order of NSM, the total contribution of "underwriting + follow-up investment" is about 884 million yuan, and the shareholding will reach 3.88 million shares. Through this underwriting, Everbright Securities Company Limited(601788) will also surpass the current fifth largest shareholder (holding 3.87 million shares) and become the fifth largest shareholder of nano core micro. If there is a break after the listing of NSM micro, Everbright Securities Company Limited(601788) will have obvious investment pressure, and the amount earned from this IPO is less than expected.
Everbright Securities Company Limited(601788) invested nearly 900 million yuan to "pay the bill"
According to the announcement on the results of initial public offering of shares and listing on the science and Innovation Board issued by NSW, the IPO date of the company is April 12, with the number of shares issued being 25.266 million, and the final strategic placement number is 2460889 million shares, accounting for 9.74% of the total number of shares issued this time; The final number of shares issued offline 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.
According to the announcement, nearly 40% of the investors who won the lottery online chose to abandon the purchase, while offline investors abandoned the purchase of shares and the amount was 0.
NSW said that all the shares that offline and online investors gave up subscription were underwritten by the sponsor (lead underwriter) Everbright Securities Company Limited(601788) as the sponsor (lead underwriter), the number of underwritten shares was 3381527, and the number of underwritten shares accounted for 14.83% of the total number of this issuance after deducting the final strategic placement, and the number of underwritten shares accounted for 13.38% of the total scale of this issuance.
The picture shows the abandonment of Chengda pharmaceutical, which is also underwritten by Everbright Securities Company Limited(601788) company
The financial Associated Press reporter found after combing that in addition to the underwriting pressure on Everbright Securities Company Limited(601788) caused by the abandonment of NSM, Chengda pharmaceutical, the new share just issued this year, was also sponsored by Everbright Securities Company Limited(601788) and the scale of abandonment is second only to NSM for Everbright Securities Company Limited(601788) . According to the issuance announcement of Chengda pharmaceutical, all the shares that the company's online and offline investors give up subscription are underwritten by Everbright Securities Company Limited(601788) with 391937 underwritten shares and the underwritten amount of 2848990053 yuan. The proportion of Everbright Securities Company Limited(601788) underwritten shares in the total issued number is 1.62%.
The interviewed market investors told the financial associated press that the high amount of abandonment is generally related to the company's issuance price and P / E ratio. According to the financial Associated Press reporter, from the perspective of individual stocks, the overall valuation of nano core micro is reasonable. The announcement shows that the issuing price of nano core micro is 230 yuan, the number of new shares issued is 25266000 shares, the total share capital after issuance is 101064000 shares, and the market value corresponding to the issuing price is 23.2 billion yuan.
Interviewees pointed out that the setting of wechat's share capital is small, resulting in high earnings per share and high price per share at the time of issuance. Statistics show that the company's profits have increased explosively in the past three years. During the reporting period, the net profits attributable to the parent after deducting non profits from 2019 to 2021 were 07 million yuan, 40 million yuan and 216 million yuan respectively. However, the number of shares publicly issued this time was only 25 million shares, and the earnings per share in 2021 was 2.18 yuan / share, which was at a high level. The valuation level of the analog chip industry in which the company is located is generally high. The estimated P / E ratios of 3Peak Incorporated(688536) , Sg Micro Corp(300661) 2021, which are highly similar to the company's business, are 116 times and 113 times respectively. The offering price of NSM corresponds to the estimated P / E ratio of 107.48 times in 2021, which is lower than that of comparable companies.
It is worth mentioning that due to the small capital stock setting, combined with the explosive growth of performance, the long time interval between the design of raised and invested projects and the actual fund-raising, the financing scale corresponding to the issuance price is 5.811 billion yuan, which is 750 million yuan higher than the amount required for raised and invested projects, and the over raised is about 5.06 billion yuan, which is the second new share on the science and innovation board in the history of a shares.
The picture shows Everbright Securities Company Limited(601788) underwriting 778 million yuan
new shares are broken more and more fiercely
Up to now, for Everbright Securities Company Limited(601788) speaking, Chengda pharmaceutical, which has the second largest abandoned purchase scale in history, has not brought breaking trouble. According to the data, the initial price of Chengda pharmaceutical is 72.69 yuan, and the latest closing price is 91.9 yuan, an increase of 26%. Therefore, whether there will be a break after the listing of nano core micro has become a major focus.
The picture shows the list of new shares issued this year
The financial Associated Press reporter has repeatedly reported that the breaking of new shares has become a trend. Data show that since this year, a total of 99 new shares have been listed, of which 57 have broken. Among the 13 new shares listed since April (including the Beijing stock exchange), 7 new shares have broken on the first day, accounting for about 50% of the new shares issued, of which Weijie Chuangxin and Puyuan Jingdian have lost more than 10000 yuan on the first day
Rather than yelling "no abandonment of new shares", it is better to issue and price more realistically
14% of the company's shares were abandoned, with an amount of 778 million! Doesn't it smell good? The truth may be that
