In May, two newly listed registered new shares, Zhongke Jiangnan and Prius, performed prominently, both rising by nearly 60% on the first day of listing.
From the perspective of new popularity, after the number of effective subscription households for new online subscription on the gem fell out of a new low at the end of April, it has rebounded slightly to the level of tens of millions of households recently. However, the number of online effective new accounts disclosed by Feiling Kesi, an IPO company on the gem, is less than 9.5 million, indicating that investors are still cautious in participating.
In terms of offline inquiry, the Chinese reporter of securities companies noted that the enthusiasm of institutional investors to participate in offline quotation is still declining, whether it is the science and innovation board or the gem. Recently, the number of institutions offering offline quotation for multiple IPOs has reached a new low.
gem online call back
After the surge of new shares from March to April, some individual investors once gave up online innovation. According to the statistics of wind data by Chinese journalists of securities companies, the average number of effective online subscription of new shares launched from January to February was about 12.5 million, and the average decreased to 11.69 million in March. The average value in April fell below 10 million households, only 9.84 million, a new low level since the implementation of the gem registration system.
In May, there was a slight rise in online playing. The average number of effective online subscription of the three gem new shares launched rose to 10 million, about 10.1 million. However, it is worth noting that these three enterprises happen to adopt the method of “direct pricing”.
Data show that since the implementation of the gem registration system, if IPO companies use the “direct pricing” method to determine the issuance price, the issuance P / E ratio is lower than the industry P / E ratio. In the view of investors who are keen on playing new, this provides a “safety cushion” to a certain extent.
According to statistics, the seven GEM companies listed in the form of “direct pricing” have achieved a sharp rise on the first day of listing this year, of which nytag has the highest increase, reaching 221.60%; Jusailong rose 157.67% on the first day of listing, while Prius, which was newly listed on May 17, also rose 59.49% on the first day of listing.
Although the popularity of online innovation in the gem IPO market has increased, the activity of offline institutional investors has not seen any signs of recovery. As of May 17, the latest IPO company that adopted offline inquiry and disclosed the inquiry results was Zhongke Jiangnan. The company launched the IPO on April 25. The data showed that only 284 institutional investors participated in the offline inquiry, which was the lowest number of offline quotation participating institutions since the implementation of the gem registration system in 2020 Finally, the issuance price of Zhongke Jiangnan was determined to be 33.68 yuan, with an issuance P / E ratio of 24.36 times, which was lower than the industry P / E ratio of 45.23 times, or due to the low issuance P / E ratio, the stock rose by nearly 60% on the first day of listing.
Offline institutional investors have successively withdrawn from the gem IPO market. According to the data, in the first two months of this year, the average number of gem IPO companies quoted by 400 institutional investors fell to 305 in April.
From the perspective of institutional quotation, there are only two gem IPO companies that have adopted offline inquiry since April. In addition to the above-mentioned P / E ratio of Zhongke Jiangnan issuance is lower than the industry P / E ratio, the P / E ratio of another aibulu issuance is 34.44 times, not much higher than the industry P / E ratio of 21.92 times.
“At present, institutional investors are very cautious about offline inquiry. After all, there is a high risk of breaking. If they don’t understand the fundamentals of this enterprise, they won’t participate in the quotation. They don’t participate in the quotation as they did in the past.” In his view, it will take time for the market to adjust itself.
sci tech innovation board, new popularity to be restored
The sci-tech innovation board is another scene. Both online and offline, investors’ risk appetite is low, and the popularity of innovation has not fully recovered.
On the one hand, the number of online recruits continued to decline. According to the statistics of wind data by Chinese journalists of securities companies, after the emergence of the breaking tide, the average number of effective online subscription of IPO companies on the science and Innovation Board fell below 4 million from April to May this year, while the average number of effective online subscription in January this year was 5.12 million. Analysts believe that the main reason is that the online innovation of science and innovation board in the early stage has lost its profit-making effect.
Analysts at Kaiyuan Securities Research Institute said that since April, affected by the repeated epidemic and the turbulent situation in Russia and Ukraine, the panic of A-Shares has increased. The continuous volatility of the market, coupled with more PE companies with high issuance price and high issuance price of new shares, has further exacerbated the batch failure of new shares in the registration sector, especially in the science and innovation board. In April, 13 new shares on the science and Innovation Board broke on the first day, with a breaking rate of 81.25%. The number and rate of breaking in a single month reached a record high.
According to the monthly innovation income calculated by Huaan Securities Co.Ltd(600909) metalworking team, the innovation income of science and innovation board from January to march was 65500 yuan, 31200 yuan and 63200 yuan respectively. In April, the new income of science and Innovation Board was a loss of 238800 yuan.
on the other hand, the number of institutional investors participating in offline quotation has further decreased. At the beginning of the year, an average of 420 institutions participated in the quotation of IPO companies on the science and innovation board, which decreased to 3.3 million in March. Since April, the average number of offline institutional investors has fallen below 3 million
On May 17, the IPO company of sci tech Innovation Board disclosed the inquiry results from cloud technology. Only 154 offline institutions participated in the quotation, which is the IPO company with the least offline institutions since the implementation of the registration system of sci tech innovation board. Similarly, there are only more than 200 offline quotation institutions of biyiwei and steway, which disclosed the inquiry in mid May.
