New shares on the science and innovation board listed today rose nearly 80% on the first day, which is also the best new shares on the science and innovation board in the past two months. As of the closing, investors could earn 12600 yuan in one contract.
Sitway is also the first new stock listed on the scientific innovation board since May this year. Of the 16 new shares listed on the science and innovation board in April, as many as 13 broke on the first day, with a breaking rate of 81.25%.
According to relevant arrangements, four new shares will be issued on the science and innovation board next week. So, can investors continue to "hit the new with one key" without skipping some new shares?
5, the debut of new shares on the science and Innovation Board rose sharply
Although there was a sharp decline in performance in the first quarter of this year, it did not affect the "perfect debut" of steway, a new share on the science and innovation board listed today.
As of the closing, the full day increase of sitway on the first day of listing was nearly 80%, which was also the best performance of new shares on the science and innovation board in the past two months.
Based on the issuance price of 31.51 yuan, as of the closing, investors can earn 12600 yuan in one signing, while the sponsor of follow-up investment has a floating profit of nearly 40 million yuan.
Sitway is also the first new stock listed on the scientific innovation board since May this year. Not long ago, new shares on the science and innovation board just experienced a burst tide. According to the statistics of choice, of the 16 new shares listed on the science and innovation board in April this year, 13 broke on the first day, and the breaking rate on the first day reached 81.25%.
In addition, none of the 10 new shares that have been listed since May this year has broken. Except for one new share of the Beijing stock exchange, the other nine new shares increased by more than 40% on the first day of listing.
As of May 20, the average increase of new shares on the first day of listing in May this year was 57.6%, which was the best month for new shares this year. The average increase of new shares on the first day of listing in April this year was only 8.3%.
IPO pricing tends to be rational
Previously, the reason why new shares broke frequently was actually related to the excessive pricing of new shares. The data show that the 16 new shares on the science and innovation board listed in April this year are either unprofitable or the price earnings ratio is significantly higher than the industry level, and some are even several times higher.
For example, among the seven new shares issued on the science and innovation board from April 7 to 13, as many as 6 have issued a P / E ratio of more than 100 times, of which the P / E ratio of Jingwei Hengrun is as high as an amazing 244.87 times, while the P / E ratio of the industry is only 35.4 times. Five of the six new shares issued on the science and innovation board with a P / E ratio of more than 100 times broke on the first day of listing.
However, since then, the phenomenon of excessively high P / E ratio of new shares issued on the science and innovation board has eased. Among the five new shares issued on the science and innovation board from April 19 to May 17, four new shares have a P / E ratio of no more than 40 times. Among them, the P / E ratio of biyiwei issued on May 17 is only 16.24 times, while the P / E ratio of the industry is 40.82 times.
Today, the reporter sent an interview letter to Wang Jiyue, a senior investment banker, on the reasons for the obvious decline in the P / E ratio of new share issuance in the recent stage. "In fact, it is mainly related to the active adjustment of the market after the concentrated issuance of new shares some time ago and the decline of the industry P / E ratio. When the market comes down, the industry average p / E ratio will come down and the P / E ratio of new shares will follow."
The relevant person in charge of the East China Investment Banking Department of a leading securities firm in investment banking business pointed out to reporters through wechat this afternoon, "during this period, the P / E ratio of new shares issued on the science and innovation board has decreased significantly, which should still be the strength of the market. There are more new shares broken in the early stage, so we are more cautious in inquiry and quotation."
In addition, the pace of new share issuance has also slowed down since May this year. According to the statistics of choice, including the new shares that have not yet started subscription, the number of new shares issued in May this year was 20. From January to April this year, the number of new shares issued was 25, 15, 40 and 27 respectively.
It is worth mentioning that as the pricing of new shares tends to be rational, the situation of substantial over offering of new shares has also been alleviated. According to the statistics of choice, among the three new shares issued on the science and innovation board in May, the actual fund-raising amount of two new shares is significantly lower than the expected fund-raising amount. For example, the estimated fund-raising amount of steway, a new share listed on the science and innovation board today, is 2.9 billion yuan, while the actual fund-raising amount is only 1.26 billion yuan; The expected fund-raising amount of cloud technology recently issued is 3.75 billion yuan, while the actual fund-raising amount is only 1.728 billion yuan.
still not recommended "brainless innovation"
When the probability of breaking new shares was high in the early stage, there was a voice in the market that securities companies should cancel the "one click new" function on the app. However, so far, few securities companies have really cancelled this function. For "lightning protection", some investors can only choose to play new manually.
So, with the recent recovery of the new share market, can investors continue to be assured of "one click new" without skipping some new shares?
Wang Jiyue believes that "new shares have not broken recently. There are reasons for cautious quotation after continuous breaking, the slowdown of new share issuance and the overall recovery of the market, but it does not mean that there will be no risk in the future and new shares will not break."
In his opinion, even if the new share market has warmed up, investors still can not relax their risk awareness, "I do not support the simple 'mindless innovation', new shares are risky like other stocks, and there is no case that new shares must make money. It is fundamentally wrong to decide whether to participate in innovation by judging whether the new share market has warmed up."
From the experience of mature markets such as Hong Kong and US stocks, the breaking of a certain proportion of new shares has become the norm. According to the statistics of futu, the breaking rate of new shares issued by US stocks this year is about 23%, and that of new shares issued by Hong Kong stocks has reached 56%.
Some analysts believe that compared with the breaking of a certain proportion of new shares, "new shares are invincible" may not be in line with the market law. Under the registration system, there is no P / E ratio limit, which is the "protection mechanism" for the issuance of new shares. From a long-term perspective, the breaking of new shares may gradually become the norm, but the breaking proportion will fluctuate periodically. Therefore, investors can't "rest easy" because of the weekly recovery of the performance of the new share market.
