The abandonment of new shares reproduces new cases. On April 17, wechat disclosed the issuance results. The number of shares issued this time was 25.266 million, and online investors gave up the subscription of 3.3815 million shares. 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.
The reporter of Shanghai Securities News learned that the proportion of abandonment of new shares has increased recently, mainly due to the continuous decline of the secondary market. Since this year, the Shanghai stock index has fallen by 11.77% and the gem index has fallen by 25.95%. The performance of individual stocks is generally poor, resulting in the reduction of income expectation after the listing of new shares, and “breaking” occurs frequently. Some small and medium-sized investors choose to abandon their purchases out of risk aversion.
Experts told reporters that behind the abandonment of purchase is the wrong thinking induction that “high absolute price” is equivalent to “high issuance pricing and valuation”. From the perspective of individual stocks, the overall valuation of NSM is reasonable, but the absolute price is high. Due to the lack of professional judgment on valuation by small and medium-sized investors, the proportion of abandonment is high. The price of this issuance of the company is 230 yuan / share, corresponding to the estimated P / E ratio of 107.48 times in 2021, which is lower than 3Peak Incorporated(688536) (116 times) and Sg Micro Corp(300661) (113 times) of comparable companies. According to the 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. Experts believe that small and medium-sized investors should get rid of the wrong thinking that “high absolute price” is equivalent to “high issuance pricing and valuation”. For example, in the early stage, Kemai shares were 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.
The underlying logic of the high proportion of abandonment is due to the increase of market-oriented game. Experts pointed out that the risk coefficient of new behavior gradually returns to normal. 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 full underwriting by the lead underwriter also increases the game of market participants. It is reported that 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. When the market continues to decline, the increase of underwriting risk will also promote subsequent issuers and lead underwriters to be more cautious about pricing.
In addition, experts further reminded that abandoning the purchase is a breach of contract and should be vigilant. Why does the recent high proportion of purchase abandonment only occur online, while offline purchase is basically in full? According to the reporter, if offline investors abandon the purchase once, they will be 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.
To this end, 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 the subscription of new shares, and rationally participate in the subscription of new shares. For new shares that are not optimistic, you can choose not to participate in the subscription. You can’t “close your eyes” and then “abandon the purchase in violation of regulations”, which will not only affect your qualification for new shares, but also have a negative impact on the order of new share issuance.
