Under the background that the recent frequent breaking of new shares has attracted the attention of all parties, the pricing of new shares has begun to become rational.
On May 4, Zhongke Jiangnan and Prius disclosed the announcement of initial public offering of new shares on the gem and listing on the gem. The issuance P / E ratio was significantly lower than the industry average p / E ratio. At the same time, under the condition of rational quotation by institutions, the shortlisted rate also increased significantly.
Zhongke Jiangnan adopts offline institutional inquiry pricing. The final issue price is 33.68 yuan, and the issue price earnings ratio is 24.36 times, which is significantly lower than the industry price earnings ratio of 45.69 times, and the shortlisted rate of inquiry institutions exceeds 80%; The issuance price is significantly lower than the industry’s price earnings ratio of 72.75 times, which is also significantly lower than the industry’s price earnings ratio of 48.8 times.
Analysts pointed out that under the registration system, new shares are no longer scarce resources, and the discount or direct break of premium effect is a normal phenomenon. In the context of the recent breaking of new shares, the institutional quotation tends to be rational. However, in addition to the issue price, the quality of listed companies is also an important consideration. New shares with good performance and growth are more likely to be sought after by funds, while new shares with mediocre performance and growth may still break.
the P / E ratio of and new shares decreased significantly
On May 4, Zhongke Jiangnan announced the institutional inquiry results of new shares on the gem, and the final issue price was 33.68 yuan. The price corresponds to the diluted P / E ratio of the parent net profit before and after deducting non recurring profits and losses in 2021, which is 24.36 times, significantly lower than the average static P / E ratio of its industry in the latest month.
On the same day, the P / E ratio of the issuance of new shares on the gem announced by Prius was also significantly lower than that of its industry. The issue price is 46.80 yuan / share, with a P / E ratio of 48.75 times, which is also significantly lower than the static average p / E ratio and rolling average p / E ratio of the company’s industry in the latest month.
Previously, in mid and early April, the P / E ratio of gem IPO was generally higher than that of the industry, and some even far exceeded that of the industry.
In addition, since April, from the perspective of the issuance of new shares on the science and innovation board, the institutional quotation has also become more rational. The new shares on the science and Innovation Board issued in mid and early April are generally significantly higher than the industry P / E ratio, and most of them are issued on the science and innovation board. However, after late April, under the background of the continuous breaking of new shares on the science and innovation board, the P / E ratio corresponding to the new share quotation has decreased significantly, which is close to the industry P / E ratio.
offline institutions increase the shortlisted rate
The quotation of institutions tends to be rational, and the shortlisted rate of inquiry institutions has also increased significantly.
According to the data disclosed by Zhongke Jiangnan, the company’s issuance attracted 6732 placement objects managed by 284 offline investors to make preliminary inquiries. The quotation range is 5.63 yuan / share – 81.57 yuan / share. The total number of shares to be subscribed is 4494540 million, and the subscription multiple is 279772 times. After excluding invalid quotations, the number of investors who submitted valid quotations for offline issuance was 245, and the number of placement objects managed was 5580.
After the institutional quotation became rational, the shortlisted rate of offline quotation institutions of Zhongke Jiangnan reached 86.27%, which was significantly higher than the average situation since April.
According to the announcement of Zhongke Jiangnan, in the process of offline institutional quotation, Anxin securities gave the highest price of 81.57 yuan and Huachuang securities gave 65 yuan, which is second only to Anxin securities, and the price given by Founder Securities Co.Ltd(601901) , Golden Eagle Fund, China Merchants Securities Co.Ltd(600999) , China Life Insurance Company Limited(601628) Asset Management Co., Ltd. is also more than 50 yuan.
The price given by Huabao fund is 5.63 yuan, which is the lowest price given by this inquiry institution. The price given by Morgan Stanley Huaxin Fund Management Co., Ltd. is 22.44 yuan, but it is not shortlisted because the quotation is too low.
It is worth mentioning that under the background of frequent breaking of new shares, the number of institutions for preliminary inquiry has decreased. There are only 284 offline quotation institutions of Zhongke Jiangnan, which is at a low level this year. At the beginning of this year, there were more than 400 offline preliminary inquiry institutions for new shares on the gem.
This means that offline new investors are still exiting. “The phenomenon of breaking new shares is becoming more and more frequent. The yield of playing new shares has decreased. Playing new shares has become a venture capital. We don’t participate in offline playing new shares anymore.” An institution in Shenzhen told reporters.
new stock quality is also an important consideration
In addition to the issue price, the quality of new share issuance is also an important consideration.
For the recent decline in the P / E ratio of new share issuance, Huajin Securities believes that the pricing dominance of new shares may begin to transfer to the secondary market. The P / E ratio of new shares has not increased or even decreased slightly under the background of the rising P / E ratio of issuance, and the new income has been reduced to the lowest since the implementation of the registration system. The dominant power of new share pricing may be gradually transferring to the secondary market, and the secondary forced the primary issuance pricing to make corrections.
Guoyuan Securities Company Limited(000728) said that the more market-oriented pricing led to the previous environment of “underpricing” issuance to obtain stable excess returns no longer, the market no longer paid for “high prices”, and the market game and equilibrium mechanism was more effective.
In addition, the quality of new shares is also a factor that investors need to consider. Analysts pointed out that with the further promotion of the registration system reform in the future, the A-share market will become more mature. New shares with good performance and growth will be more easily sought after by funds, while new shares with mediocre performance and growth may still break. In the future, the differentiation of new shares will still become a trend. Investors need to strengthen the in-depth research and grasp of individual stocks in order to improve the probability of successful investment.
how about the texture
Statistics show that Zhongke Jiangnan issued 27 million new shares this time, all of which are new shares, and there is no transfer of old shares. The issuer expects to use the raised capital of RMB Ningbo Bird Co.Ltd(600130) 5 million for this raised investment project. Based on the offering price of 33.68 yuan / share, the issuer expects to raise a total of 909.36 million yuan.
Zhongke Jiangnan is a leading supplier of intelligent financial comprehensive solutions in China; Based on the relevant technologies of electronic treasury payment and based on the construction of financial informatization, the company provides electronic payment solutions, integrated financial budget management solutions, financial service platform and operation and maintenance services for financial departments, financial institutions and administrative institutions at all levels.
From 2019 to 2021, the operating revenue of the company was RMB 393 million, RMB 587 million and RMB 738 million respectively, and the net profit attributable to the parent company was RMB 71 million, RMB 125 million and RMB 156 million.
Prius is an enterprise that provides customers with SMO whole process services. As the only SMO company in Chinese Mainland, the company was selected into the Asia Pacific clinical trial alliance. After years of industry precipitation and accumulation, the company has rich experience in implementing SMO projects, especially in tumors, viral hepatitis and endocrine diseases.
From 2019 to 2021, the operating revenue of the company was 304 million yuan, 335 million yuan and 503 million yuan respectively, and the net profit attributable to the parent company was 52 million yuan, 35 million yuan and 58 million yuan.
According to the issuance arrangement, both new shares will be subscribed tomorrow (May 6).
