CNOOC disclosed the issuance results. Online investors gave up the subscription amount of 242 million yuan and offline investors gave up the subscription amount of 596000 yuan
Many factors lead to frequent abandonment of new shares, and experts suggest rational participation in subscription
There is another example of abandonment of new shares. On the evening of April 17, wechat disclosed the results of its initial public offering and listing on the science and innovation board. The announcement shows that the number of shares issued this time is 25.266 million, and online investors give up the subscription of 3.3815 million shares. The number of shares abandoned accounts for 13.38% of the total scale of this issuance, and the amount of shares abandoned is 778 million yuan. Offline investors did not abandon their purchase.
Before the purchase abandonment, both the initial winning rate and the final winning rate were “highly sought after”. The data show that the initial effective subscription multiple of nano core micro online is 320961 times, more than 100 times, and the initial winning rate of online issuance is 003115642%. After the callback mechanism was launched, the final winning rate of wechat online issuance was 004218750%.
According to public data, the offering price of NSM 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 market feedback, as a leading enterprise in China’s isolation chip segment industry, nano chip micro has developed rapidly in recent years. Offline institutional investors are generally optimistic about the company’s valuation, so there is no abandonment. “From the perspective of individual stocks, the overall valuation of NSM is reasonable, but the absolute price of the share 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.” A senior market observer told reporters.
In fact, more than NSM, a number of Sci-tech Innovation Board companies and GEM companies have been “abandoned” by online investors recently, and the phenomenon that online investors give up the subscription amount of more than 100 million yuan occurs frequently. In this regard, the reporter of China Securities News learned that insiders believe that the continuous shock of the secondary market is the main reason.
Since the end of this year, as of the closing on April 15, 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 lower income expectations after the listing of new shares, and “break ups” occur frequently. Some small and medium-sized investors choose to abandon their purchases out of risk aversion.
At the same time, the A-share market-oriented game is increasing. Since the implementation of the new rules on inquiry of new shares 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, which shows that the phenomena of “making new and stable profits” and “unbeaten new shares” have been gradually broken. “The recent rise in the proportion of abandonment of some new shares also reflects that the market-oriented restraint mechanism is constantly playing a role, and the new behavior is returning to the normal risk coefficient.” A professor who studies IPO explained.
In the view of the professor, after some new shares are abandoned by investors, the lead underwriter will underwrite in full, which will further increase the game of market participants. “In the case of continuous market shocks, the increased underwriting risk will also promote the subsequent issuers and lead underwriters to be more cautious in pricing.”
In addition, the wrong thinking that “high absolute price” is equivalent to “high issuance pricing and valuation” will also lead investors to abandon their purchase, as is the case with NSM. However, “high absolute price” and “high valuation of issuance pricing” cannot be equated. For example, Hemai shares listed on the science and Innovation Board last year 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 has not broken so far.
It is worth mentioning that the recent high proportion of purchase abandonment only occurs online, while offline purchase is basically in full. According to experts, 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. (source: China Securities Journal)
