Since this year, new shares have been broken frequently, which has brought great challenges to the brokerage business of securities companies.
According to the Chinese reporter from a number of securities companies, its brokerage business is also trying to adapt to the new situation, constantly improve its work and strive to provide better services for investors.
in terms of investment and education, existing securities companies have focused on guiding investors to treat broken hair rationally and do not give up eating because of choking. At the same time, they remind investors to abandon the past blind new model, advocate investors to do their homework and strengthen their ability to identify and analyze the market. In addition, the investment advisers of securities companies also began to strengthen the research on new shares. Some investment advisers even directly advised investors not to apply for shares, which is not very common in the history of A-Shares and requires investment advisers to have greater courage
In the face of the new normal of the breaking of new shares, some functions of brokerage app may usher in changes. Some securities companies told their Chinese reporters that they did not rule out the “one click new” function, which will be optimized in the future, and the scheme is currently being studied. For the recent controversial early freezing service of lottery funds of new shares, the subsequent relevant securities companies may make changes.
investment and teaching: plan before you start a new career
The frequent breaking of new shares has attracted more and more attention. According to the data of China stock market news choice, the number of new shares broken on the first day of listing at the end of last year accounted for less than 15% of the new shares in the current month, exceeded 20% in January and reached 35% in March. As of the 15th, nearly 60% of the new shares had been broken on the first day of listing in April. Some investors said that now the success of new shares is equal to a high probability of “being shot”.
in this context, many securities companies have reminded investors to do their homework in advance and treat the break rationally, such as making comparative analysis in terms of P / E ratio, listing board, fundamentals, etc
Taking Citic Securities Company Limited(600030) as an example, the company reminds investors to pay attention to the type of new shares first in investment and teaching. Since October 2021, all the new shares broken on the first day of listing have come from the gem and the science and innovation board, while the new shares on the main board under the approval system have not broken. Secondly, we should pay attention to the P / E ratio. According to Citic Securities Company Limited(600030) research data, the price earnings ratio of new shares issued on the first day of listing has certain characteristics – either higher than 23 times or unprofitable. Excluding the unprofitable new shares, 82.61% of the individual shares have a P / E ratio higher than that of the industry. Finally, we should pay attention to the profitability. Among unprofitable new shares, 40% of individual shares broke on the first day, while only 4% of profitable new shares broke.
Citic Securities Company Limited(600030) reminds that investors should respond more rationally in the face of changes in market conditions. It is the right way to do your homework, make rational choices and calmly apply for the purchase before the new year. In fact, it is unwise to participate in blindly following the trend and abandon the purchase in blankly worried. According to the regulations, abandoning the purchase may also be marked with a new “blacklist”, so it needs to be decided.
Huachuang securities also pointed out to investors that according to the analysis of new share subscription data since last year, in terms of probability, the profit of “innovation” is still greater than the loss. However, investors should also note that the breaking of new shares on the first day of listing has occurred from time to time since this year. In addition to the environmental impact, it is also closely related to the quality of new shares themselves.
Huachuang securities once again reminded investors that the stock market has risks and investment needs to be cautious. There is no business of “making a steady profit without losing”; But on the other hand, investors can not “give up eating because of choking” and will no longer participate in the innovation due to the breaking of some new shares. This approach is too absolute. As for the subscription of new shares, it is still necessary to analyze specific problems. Investors need to enhance their ability to identify and analyze the market. Whether to insist or give up the specific subscription of new shares can be consulted with the securities firm where the account is located before making a decision.
Guosheng securities said in the investment and teaching that the effect of making money through innovation still exists, but it needs to be made carefully. Specifically, there are few breaks of new shares on the main board, and the breaking rate of individual shares with high issuance price, high valuation and still loss at the time of listing is higher. In addition, when investors choose to purchase specific new shares, it is best to combine the industry preferences of the current market.
investment adviser: it is suggested to abandon the subscription of some new shares
The frequent breaking of new shares also makes the investment advisers of securities companies “break their hearts”.
The Chinese reporter of securities companies noted that some securities investment advisers directly suggested to abandon the subscription of some new shares in their suggestions to investors, and gave very clear reasons.
a person from a securities firm said that at present, it is rare to suggest abandoning the purchase of new shares in the industry, so it takes some courage for the investment adviser to make such a suggestion
Recently, there are 6 new shares available for subscription on the same trading day. For these 6 new shares, the investment advisers of the above securities companies gave suggestions, of which 2 recommended subscription and the remaining 4 suggested abandonment.
As for the specific reasons for abandoning the purchase, the investment consultant said that although the performance of a new share has achieved rapid growth, it has poor cash flow, high accounts receivable, ultra-high issuance price and high issuance price earnings ratio. The company plans to raise 750 million yuan, which was finally raised to 5.811 billion yuan by the institution. Therefore, it is suggested that investors give up the purchase.
For the other new shares, the investment adviser said that the company is a leading enterprise in a certain market segment. During the reporting period, the performance maintained rapid growth and the issuance price is not high. However, the P / E ratio of the issuance is too high and there is a certain risk of breaking on the first day of listing. Therefore, it is also recommended that investors give up the subscription.
“Now there are a lot of broken new shares. It can be said that it is not easy for securities companies to give advice on abandoning the purchase at such a time and reveal the investment risks in time.” One investor said.
Industry insiders believe that the era of “lying down and making money” in the past is over, and investors are facing an increasing risk of loss, which also provides market opportunities for investment advisory institutions in the era of wealth management to serve customers. Investment advisory institutions that are customer-centered and responsible for customers are expected to win more trust from investors.
brokerage app: Transformation of one click new function
The continuous breaking of new shares has also exposed that some functions of brokerage app are outdated.
“In the past, new shares were guaranteed to earn without loss, and it is most important to adhere to the purchase and ensure the winning of the lot. More purchase can win more lots. For the convenience of investors, brokerage apps have launched the new function of one click, and some have the functions of making an appointment and making an appointment for purchase.” A securities trader in Beijing told a Chinese reporter of the securities firm.
The source said that now the situation has changed. It is impossible to apply for new shares blindly. Investors need to carefully study the fundamentals and other situations. They should make specific subscription at a fixed point instead of one click subscription.
“We are now studying how to optimize the new function of one click. The new shares on the main board have not broken yet, mainly the new shares on the science and innovation board and the gem, which need some differentiated treatment.” A person related to the brokerage business of securities companies told the Chinese reporter of securities companies.
In addition to the one click new function needs to be optimized, some securities companies said that the service for investors to freeze the winning funds of new shares in advance also needs to be optimized.
recently, a short message notice from a securities firm attracted investors’ attention. The message said, “if your new shares have won the lot and the account funds are sufficient, the securities company will freeze the funds in accordance with the state regulations and shall not abandon the shares.” The broker will freeze the customer’s funds on the second day of subscription (T + 1, the date of announcing the subscription and allotment number of new shares). If there are still funds (whether sufficient or not) in the customer’s account by this time point, they will be frozen and can not apply for unfreezing
The key reason why the incident quickly aroused heated discussion on the Internet is that it touched the vital interests of investors – can securities companies freeze funds for investors in advance to ensure the success of subscription deduction? Can investors decide whether to buy at the last minute?
Now new shares are generally broken, and not abandoning the purchase may mean a loss. The funds that should have been transferred at the end of T + 2 day were frozen in advance at the closing of T + 1 day, which led to the successful investors wanting to abandon the purchase, so it is inevitable to have disputes with securities companies. How to provide more humanized services for customers and follow the wishes of customers to decide the unfreezing of funds has also become a pain point in the transformation of securities companies’ app.
Some securities companies have been ahead of their peers in this business. For example, a securities firm provides a new service on the app – freezing of funds for winning new shares. After investors open this function, if they apply for new shares on t day, the securities firm will freeze the payment funds of successful investors on the evening of T + 1 until t + 2. If the investor has other uses for the frozen funds on the winning payment date (T + 2 day), he can cancel the freezing and release the funds before 15:30 on the same day. This function is effective for a long time after opening, and can also be closed at any time
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