New shares that once won the lottery, such as winning the lottery, are now abandoned by more and more investors.
On April 17, NSM (688052), a new share of the science and innovation board, announced the issuance results, saying that the company issued 25.266 million shares this time, 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.
According to the previous announcement, the offering price of nano core micro is 230 yuan / share, and the financing scale corresponding to this price is 5.811 billion yuan.
According to the company’s announcement, those abandoned and purchased surplus shares will be underwritten by Everbright Securities Company Limited(601788) which is the highest underwriting amount of the IPO lead underwriter since last year. At the same time, the abandonment proportion of nano core micro also reached a new high since the reform of the registration system.
The reporter of the daily economic news found that, in fact, in addition to abandoning the purchase after winning the lottery, more and more investors choose to directly give up the subscription of new shares. Since the fourth quarter of last year, the frequency of breaking new shares on the science and innovation board and the gem has been increasing, and the number of online investors applying for “mass entrepreneurship and innovation” new shares has also decreased significantly. For example, the number of online investors applying for new shares on the science and innovation board and the gem has decreased by about 3 million and 6 million respectively since September last year.
remaining shares will be underwritten by Everbright Securities Company Limited(601788) and
Recently, the risk factors of securities companies underwriting new shares on the science and innovation board and the gem have been constantly exposed.
According to the subscription of nano core micro, offline investors subscribed in full, while online investors gave up their subscription of 3381527 shares, with an amount of about 778 million yuan. In proportion, the proportion of online investors abandoning their purchases is nearly 40%. All shares abandoned by offline and online investors are underwritten by the sponsor (lead underwriter), that is Everbright Securities Company Limited(601788) underwriting.
The underwriting of 778 million yuan is not a small figure for Everbright Securities Company Limited(601788) for . According to public information, the net profit of Everbright Securities Company Limited(601788) 2021 was 3.48 billion yuan.
According to the statistics of choice, since last year, the four A-share IPO projects with the largest underwriting amount by the lead underwriter are NSM (underwriting amount of 778 million yuan), China Mobile (underwriting amount of 756 million yuan), Jingwei Hengrun (underwriting amount of 395 million yuan) and Hemai shares (underwriting amount of 363 million yuan).
In addition to the super large cap stock China Mobile, the other several new shares with large underwriting amount have a common feature, that is, the issuance price is generally high.
Among them, Hemai shares are known as the most expensive new shares in history at the issue price of 557.8 yuan / share, and the issue prices of nano core micro and Jingwei Hengrun are also more than 100 yuan. With an issuance price of 230 yuan / share, nano core micro has become the highest issuance price of new shares this year.
According to the company’s official website, nano chip micro is a high-performance and high reliability analog and mixed signal chip design company in China. According to the prospectus, from 2018 to 2021, the operating revenue of NSM was about 402233 million yuan, 921032 million yuan, 242 million yuan and 862 million yuan respectively; The attributable net profit was about 2.3085 million yuan, -9.1085 million yuan, 50.816 million yuan and 221 million yuan respectively; The attributable net profit after deduction of non profits was about 2.0184 million yuan, 6.7081 million yuan, 404928 million yuan and 216 million yuan respectively.
IPO breaking frequency is increasing
In fact, the large proportion of abandonment of nano core micro has not been a case in recent times. According to the statistics of choice, four of the top six new shares in the historical proportion of A-share IPO abandonment were issued in April this year. Among them, the abandonment proportion of three new shares (NSM, Zhongyi technology and Jingwei Hengrun) exceeded 10%, which is also a rare phenomenon in the history of more than 30 years of a shares. In addition, with a purchase rejection ratio of 13.38%, nano core micro has reached a new high since the pilot of registration system was launched on the science and innovation board in 2019.
The resulting increasing underwriting pressure is also a situation that Chinese investment banks have never encountered before. Some investment bankers admitted that such large underwriting has brought greater risks. The relevant person in charge of the investment banking department of a large Chinese securities firm recently told the reporter of the daily economic news that the company will require the disposal of such underwritten new shares within one month after listing.
In addition to the above rejection after winning the lottery, the reporter noted that recently, more and more investors choose to directly give up the subscription of new shares.
Since the fourth quarter of last year, the frequency of breaking new shares on the science and innovation board and gem has been increasing, and the number of online investors applying for “mass entrepreneurship and innovation” new shares has also decreased significantly.
On April 12, Weijie chuangxin-u of Kechuang board was listed, with an opening fall of 30.93% and a closing fall of 36.04%, breaking the record on the first day of listing this year. On April 15, the technology innovation board anda smart went public. The opening share price opened 14.12% lower and closed down 23.25%. In addition, new shares listed recently such as Junxin, Haichuang pharmaceutical-u, Guanlong energy saving and Puyuan jingdian-u also broke.
According to the statistics of choice, in September last year, the largest number of online investors applying for new shares on the science and innovation board and the gem reached 6.25 million and 15.53 million respectively, while the lowest number recently fell to about 3.2 million and 9.1 million respectively.
In other words, the number of online investors applying for new shares on the science and innovation board and gem has been the largest since September last year, down by about 3 million and 6 million respectively.
