The “winner” is afraid to cash in, and the winning lot is like “being shot”. Now playing a new game is like removing the blind box. Those who unlock the “treasure chest” earn a lot. Those who remove the “mine” can only turn off the lights and eat noodles. What follows is the rise in the abandonment rate. How do those new listed companies that are not optimistic perform? What should we do at this stage?
new shares have broken more and more fiercely, with a loss of 10000 in the first signing of the “worst new shares” this week
According to statistics, as of April 22, there were 114 A-share newly listed stocks this year, and 32 were broken on the first day, with a breaking rate of 28%, and they were mainly concentrated on the science and innovation board and gem with registration system. In April, the breaking of new shares became more and more intense. At present, there are 28 listed stocks in April, with 13 breaking on the first day, and the breaking rate of on the first day is as high as 46%
A total of 6 new shares broke on the first day of this week. Among them, the largest drop in the first day was saiweidian. The initial price of Kesai fell slightly to 31.51 yuan on Friday, the lowest breaking the opening price of Kesai. If the winning shareholders sell at this price, the maximum loss of 500 shares in the first lot will be 11620 yuan.
As of the closing, its share price fell 26.06% to 55.12 yuan, while the first batch of 500 shares lost 9715 yuan, becoming the worst new share of the week.
With the continuous decline of the secondary market, the breaking of new shares seems to have become the norm, and the abandonment rate of new shares is also rising. Recently, the proportion of abandoning the purchase of some new shares has increased, and some small and medium-sized investors choose to abandon the purchase out of risk aversion.
However, among these enterprises that are not optimistic, there are many companies with excellent quality, and their performance after listing is also full of toughness.
CNOOC abandoned the purchase to a record, and the securities firm gave the Valuation: there is still 86% – 159% growth space
As the largest IPO this year, CNOOC is a clear stream. CNOOC, the “Big Mac” listed on Thursday, rose to the upper limit of nearly 44% after the opening of the first day of listing, closing up 27.69% on the same day. It continued its strong momentum on Friday, raising the closure of the board at the opening, up 10%.
However, the abandonment of CNOOC’s purchase once raised concerns about the breaking of its share price. During the subscription process, online investors gave up the subscription amount of 242 million yuan, which set a new A-share record in terms of the proportion and amount of abandonment.
Cinda securities gave CNOOC’s valuation from the perspective of absolute valuation on Thursday. Assuming that the average oil distribution price from 2022 to 2025 is $80 / barrel, the average net profit of the company in 2022 is 80 billion yuan, and the company’s performance has a growth rate of 7% caused by output growth from 2023 to 2025; From 2026 to 2060, assuming that the average oil distribution price is $60 / barrel, the average net profit of the company is 60 billion yuan. Under the assumption of 5-8% discount rate, the total value of the company is between 806.2 billion yuan and 1121.8 billion yuan. According to the closing prices of a and h on April 21, 2022, the total market value of the company is 432.8 billion yuan, and still has 86% – 159% growth space
4% of the successful bidders abandoned the purchase, and the most expensive new shares of NSW made Everbright Securities Company Limited(601788) a lot of money
Looking at this Friday, the most expensive new share of the year, nano core micro, officially landed on the science and innovation board. Under the tide of new shares, the first show of nano core micro exceeded expectations. The share price rose by nearly 20% in the morning, and then narrowed. It closed up 12.86% on the same day, and the share price was reported to 259.58 yuan / share.
It is worth noting that before listing, NSM encountered a large-scale purchase abandonment by online investors, with an amount of 778 million yuan, and the number of shares abandoned was 3.3815 million, accounting for 38.76% of the number of shares issued online, that is, nearly 40% of online successful retail investors chose to abandon the purchase
The first day’s sharp rise of NSM not only made the buyers “face”, but also made Everbright Securities Company Limited(601788) money. The sponsor and lead underwriter of the IPO of NSM micro is Everbright Securities Company Limited(601788) .
According to the underwriting agreement, all the abandoned shares were underwritten by the lead underwriter Everbright Securities Company Limited(601788) and Everbright Securities Company Limited(601788) also became the seventh largest shareholder of SMIC. Calculated according to the highest price of nano core micro disk, Everbright Securities Company Limited(601788) floating profit exceeds 152 million yuan.
high priced shares can’t be the reason for abandonment. Hemai shares earned more than 80000 yuan on the first day of listing
Facts have proved that does not make the decision to abandon the purchase based on the absolute stock price Whether new shares break after listing has nothing to do with the absolute stock price. The rise and fall of its stock price mainly depends on the fundamentals of the company and the issue pricing level. Investors may gain and lose just because they are “afraid of heights” in the share price of new shares.
It is also a high-priced stock. At the end of last year, the “most expensive new share of a shares” Hemai shares. According to the issuance results at that time, the amount of abandonment of online investors of new shares of Hemai shares on the science and Innovation Board reached 363 million yuan.
On December 20, 2021, Hemai shares were listed on the science and innovation board, with an increase of 29.98% on the first day. The issue price of Hemai shares was as high as 557.80 yuan / share. Based on the closing price of 725.01 yuan / share, the profit of investors signing Hemai shares could reach 83605 yuan
“buy with eyes closed” is a thing of the past, and new logic is needed to participate in innovation
According to media reports, on April 21, Fang Xinghai, vice chairman of the CSRC, said at the sub forum of “China’s capital market opening” at the 2022 annual meeting of Boao Forum for Asia that some IPO projects have fallen below the issuance price recently, not because there are too many IPOs, but because the pricing should be more appropriate, the market should be recognized and the pricing ability should be further improved.
Nowadays, the registration system is about to be issued, and the pricing of new shares has attracted much attention. According to the market mechanism, if the price is high and the issuance is broken, the securities companies will lose money, which is quite a punishment for the sponsor securities companies, forcing the securities companies and listed companies to further standardize the market and correct the phenomenon of high price issuance divorced from the value.
Of course, there are pricing factors and market factors in the current high breaking rate of new shares. The depression of the secondary market and the domino panic effect of the breaking of new shares are another major problem that needs to be overcome at present. However, when the situation improves and the mood is restrained for a long time, there will always be a rebound. When investors no longer take the mentality of “lottery” but hold the attitude of “investment” to fight new markets, they will eventually usher in healthy development.
In short, the era of “closing your eyes and making innovations” has become a thing of the past. Investors should rationally tap new opportunities and compare new shares with listed companies in the same industry. If the pricing or valuation of new shares is too high, you must carefully participate in the subscription. At the same time, new shares with financial losses should also be carefully participated in the subscription.
