Under the frequent breaking of new shares, the following investment income of securities companies that once made the industry jealous may become a burden to drag down the performance.
According to the statistics of Chinese reporters from securities companies, there are 99 new A-share listed stocks this year. As of April 15, 57 stocks have fallen below the issue price, with a breaking rate of 57%. Among them, 23 stocks on the science and Innovation Board broke, which made the securities companies with investment seriously “injured”. 10 securities companies with investment, including Haitong Securities Company Limited(600837) , Guotai Junan Securities Co.Ltd(601211) etc., suffered a total floating loss of 209 million yuan.
at the same time, in addition to the stocks bought by follow-up investment, the proportion of investors abandoning the purchase is rising under the break of new shares, and securities companies also need to “tearfully” underwrite the share of investors abandoning the purchase, bearing double pressure
On the evening of April 17, the results of the offering were disclosed by wechat, which was about to land on the science and technology innovation board. Online investors gave up the subscription of 3381527 shares, accounting for 13.38% of the total issuance, and the amount of abandoned shares reached 778 million yuan, all of which were underwritten by the underwriter Everbright Securities Company Limited(601788) . The high scale of the amount of abandonment caused an uproar in the market.
Chen Mengjie, chief strategic analyst of YueKai securities, told the Chinese reporter of securities companies that under the current situation that the breaking of new shares is common, investors’ abandonment of purchase and their own follow-up investment pressure will force securities companies to improve the professional ability and pricing ability of project screening, strengthen the quality control of IPO, and promote the subsequent issuance pricing to return to objectivity and rationality.
Kechuang board is very “injured”
Since the opening of the science and innovation board, the follow-up investment system can be described as an institutional innovation of the board. The system requires securities companies to follow up the recommended listed projects with their own funds through alternative subsidiaries.
Therefore, since the implementation of the follow-up investment system, the head securities companies with alternative subsidiaries have the first mover advantage and have obtained considerable floating income through the follow-up investment science and innovation board project.
The data shows that since the opening of the board, Citic Securities Company Limited(600030) has served more than 100 companies, and China International Capital Corporation Limited(601995) , China Securities Co.Ltd(601066) , Haitong Securities Company Limited(600837) , Guotai Junan Securities Co.Ltd(601211) and Huatai United Services have all exceeded 50.
However, with the normalization of the breaking of new shares this year, the follow-up investment business of securities companies no longer seems to be a “sweet cake”, and the follow-up investment of real gold and silver may suffer huge floating losses.
brokerage Chinese reporter according to statistics, as of the closing on April 15, 57 new shares were issued this year, mainly on the science and innovation board and the gem. Since this year, there have been 31 newly listed stocks on the science and innovation board, and the number of broken stocks has reached 23
Among the 31 new shares on the sci-tech innovation board, the following securities companies are still dominated by leading securities companies such as Haitong Securities Company Limited(600837) , China International Capital Corporation Limited(601995) , Guotai Junan Securities Co.Ltd(601211) , China Securities Co.Ltd(601066) . The data show that among the 31 newly listed companies on the science and innovation board, there are 23 companies with floating losses, of which 17 have floating losses of more than 10 million yuan, while only 8 have floating profits.
Haitong Securities Company Limited(600837) is a “big investor” in the follow-up investment of the scientific innovation board. It has followed the investment of 8 scientific innovation board companies, and the “injury” is the most serious. Two new shares of the science and technology innovation board, Aojie technology and Maiwei biology, Haitong Securities Company Limited(600837) both had a follow-up investment, with a floating loss of 80.35 million yuan and 50.11 million yuan respectively. The eight science and Technology Innovation Board companies with Haitong Securities Company Limited(600837) follow-up investment had a total floating loss of 156 million yuan.
In addition, Guotai Junan Securities Co.Ltd(601211) followed and invested in Tianyue advanced, Puyuan Jingdian and Zhongfu Shenying, with a total floating loss of 59.93 million yuan; CICC Fortune Securities Co., Ltd. invested in six science and Innovation Board companies, and five broke, with a total floating loss of 58.87 million yuan.
Although there are generally large-scale floating losses in follow-up investment, some securities companies have bet on treasure. For example, China Securities Co.Ltd(601066) followed and invested in four Sci-tech Innovation Board companies, with floating profit and floating loss companies accounting for half respectively. In particular, Jingke energy, an old player of photovoltaic track who followed and invested with RMB 200 million, made a floating profit of RMB 214 million at one stroke.
It is worth mentioning that, despite the recent violent breaking of new shares, securities companies and Investment Technology Innovation Board companies need to lock in for two years. Whether they will eventually lose money depends on the future market environment and whether the company’s performance is as expected. “The offline issuance of follow-up investment system itself is inclined to long-term investors, which can guide investors, issuers and lead underwriters to make reasonable pricing, and also guide the science and innovation board to form long-term value concept and optimize the investor structure.” Chen Mengjie said.
investors are under great pressure to abandon the purchase and underwriting
The phenomenon of investors abandoning the issuance of new shares has become a common phenomenon since this year. Under the balance underwriting system, the abandonment of investors also puts great pressure on the underwriters to “take over the offer”.
On April 12, Jingwei Hengrun, a new share of the science and technology innovation board with an issue price of 121 yuan, encountered an investor abandonment of 395 million yuan, with a abandonment ratio of 1 / 3 According to the established arrangement, the number of shares that online investors give up subscription shall be underwritten by the joint lead underwriters Citic Securities Company Limited(600030) , Huaxing securities.
On the afternoon of April 17, Jingwei Hengrun announced that it would be officially listed and traded on April 19. According to the announcement, Citic Securities Company Limited(600030) underwritten 2.935 million shares, becoming the fifth largest shareholder with 2.45% of the company’s shares. According to the issue price calculation, Citic Securities Company Limited(600030) holds a stock market value of 355 million yuan. In addition, Citic Securities Company Limited(600030) subsidiary also invested 100 million yuan in follow-up investment.
According to Jingwei Hengrun, the company will lose 60 million to 80 million yuan in the first quarter of this year after deducting non recurring profits and losses.
“Science and Technology Innovation Board companies and GEM companies with high issuance price and high P / E ratio and superimposed performance losses basically belong to the hardest hit areas for investors to abandon their purchases.” An executive in charge of M & a business of a small and medium-sized securities firm told the Chinese reporter of the securities firm that the breaking and normalization of new shares increased, and investors chose to abandon their purchases in order to avoid losses.
In fact, Citic Securities Company Limited(600030) participating in the recommendation and follow-up investment of Jingwei Hengrun of science and innovation board company is only the epitome of the double pressure of securities companies under the breaking tide of new shares.
According to statistics, since the IPO this year, the total balance underwriting amount of securities companies has reached 2.058 billion yuan, of which the top three companies are China Mobile, Aojie technology and Tengyuan cobalt industry, with underwriting amounts of 756 million yuan, 175 million yuan and 100 million yuan respectively.
At the same time, the top five companies in the underwriting proportion of newly listed companies are science and Innovation Board companies, including Haichuang pharmaceutical, Puyuan Jingdian, Weijie Chuangxin, Aojie technology and Shouyao holdings, and the underwriting proportion of securities companies is 3.24%, 3.14%, 2.61%, 2.55% and 2.52% respectively.
Chen Mengjie believes that after the market enters the adjustment, investors are worried about the sustainability of the follow-up profit growth of these high-priced stocks and the development prospect of the industry. It is common to see the breaking of superimposed new shares, and the belief of “making a steady profit without losing” has been broken. “It is expected that under the rising trend of abandonment rate, the investment bank income of securities companies will be under pressure in the short term, which is not conducive to the return of capital for securities companies, so as to form a virtuous circle of capital supplement.”
observation: Pricing underwriting of securities companies ushered in “high voltage test”
The breaking of new shares on the first day of listing is not new, but the impact on multiple businesses of securities companies can not be underestimated. It is obvious that many securities companies have not been fully prepared for this.
Recently, there are more and more cases of “new disputes” among investors, which has attracted much market attention. At present, the “one click new” and “early freezing of new funds” in the mobile trading software app of major securities companies in China are no longer popular functions. When the number of broken new shares increases, the above was once regarded as a convenient means for securities companies to provide customers with new ones, but now it incarnates as a “dispute point” — the “one click new” may become a “one click loss”; Freezing funds in advance makes investors think that they are not given enough free trading space.
Whether the above functional design still meets the needs of current investors should be reflected. This reflects whether securities companies have the concept of matching the registration system on the issues of “investor education” and “investor companionship”. Taking “one click innovation” as an example, this function has encouraged investors to “fool innovation” and “close their eyes” in disguise for a long time in the past. Investors actually have no clear understanding of relevant new shares and risks, which is contrary to the investor education concept under the registration system.
At present, the capital market has changed. The CSRC made it clear that it should actively guide and cultivate a team of investors suitable for the whole market registration system. Then, as an important participant in the capital market, securities companies should actively assume social responsibility, improve their understanding of the concept of the registration system, and be fully prepared for the possible ecological changes of the capital market in the future.
Due to information asymmetry and lack of support of research system, investors, especially “Xiaobai” investors, lack understanding of the market. Securities companies should increase the supply of investment and education products, assist retail investors to improve their risk identification ability and new share investment knowledge, guide investors to actively read the information disclosure documents of new shares, and improve their value judgment and investment decision-making ability. More importantly, securities companies should be fully informed of risks.
In investment banking, securities companies should improve their underwriting ability. The pilot of A-share registration system has been implemented for nearly three years. So far, there has been no IPO failure. Everyone knows the truth that “the registration system reform puts forward higher requirements for the pricing ability and sales ability of securities companies”, but investment banks have not really implemented it.
carefully investigate the reasons. At present, both individual investors and institutional investors are still enthusiastic about new shares in the registered new share market. Although many new shares are broken, the phenomenon of oversubscription is still the norm. After the new rules for the inquiry of new shares, it is more difficult for offline inquiry institutions to shortlist the quotation. In order to grab chips, the quotation rises
At present, offline inquiry institutions have successively withdrawn from the new market, the amount of online abandonment is high, and the underwriting proportion of underwriters has increased significantly. In this context, the test of securities companies’ pricing ability and underwriting ability ushered in a “high-pressure test”. This means that securities companies should not only “guarantee” but also “recommend”, strengthen their research ability and pricing and sales ability, give play to the role of investment report as an “anchor” in issue pricing, and carefully write investment report to reflect the real level of listed companies. From this perspective, the underwriting ability of securities companies still has a lot of room to improve.
The era of comprehensive registration system is coming. Under the new situation, securities companies can not “wear new shoes and follow the old road”. They should take the initiative to adapt to new changes and practice financial responsibility.
