entering may, the haze of intensive breaking of new shares has dissipated, and the profit-making effect returns again
A total of 6 new shares were listed this week (may 16-20), none of which broke on the first day. Among them, three registered new shares, sitway, Prius and Zhongke Jiangnan, all rose by more than 50% on the first day of listing. From May to now, a total of 10 new shares of A-Shares have been listed, none of which broke on the first dayP align = “center” may IPO performance p align = “center” data source: wind
Six new shares were not broken
A total of 6 new shares were listed this week, all of which were not broken on the first day.
among them, the issue price of sitway, a new stock on the science and innovation board listed on May 20, was 31.51 yuan, up 79.82% as of the closing, closing at the highest price of 56.66 yuan. The closing price is 12575 yuan. Sitway’s 79.82% increase is also the highest increase on the first day of new shares listed this week
Founded in 2011, sitway mainly provides CMOS image sensor products with multi scene applications and full performance coverage. Now it has been applied in terminal products of Zhejiang Dahua Technology Co.Ltd(002236) , Dajiang innovation, Yushi technology, Pulian technology, Tiandi Weiye, Netease Youdao, Ecovacs Robotics Co.Ltd(603486) and other brands.
In terms of supply chain, sitway has established cooperative relations with TSMC, Samsung Electronics, Hefei Jinghe, East High Tech and other wafer factories, as well as China Wafer Level Csp Co.Ltd(603005) , Tianshui Huatian Technology Co.Ltd(002185) and other packaging factories, so as to ensure the continuous growth of public demand for production capacity. Based on the shipment volume in 2020, sitway’s products rank first in the field of security CMOS image sensors in the world, and also take the leading position in the global shutter CMOS image sensors in the emerging field of machine vision.
From 2018 to 2021, sitway achieved operating revenue of 325 million yuan, 679 million yuan, 1527 million yuan and 2689 million yuan, with a compound annual growth rate of 102%. In 2021, sitway achieved a net profit of 398 million yuan, a year-on-year increase of 229%.
it is worth noting that in the early stage, the new shares on the science and innovation board were issued intensively, and the issuing price of sitway was no longer rising, but lower than expected. The issuing price of sitway is 31.51 yuan, and the issuing price earnings ratio is 32.14 times, which is lower than that of the industry 56 times, which is also 48.2 times lower than the average PE of comparable listed companies. Therefore, compared with the original planned IPO fund-raising scale of 2.82 billion yuan, sitway actually raised only 1.261 billion yuan. Undervalued issuance combined with the general rise in the market on May 20, the first day of listing of sitway naturally showed an eye-catching rise
similar to Stevie, Prius, a new share on the GEM listed on May 17, rose 59.49% on the first day of listing. Calculated according to the highest intraday price of 79.82 yuan on the first day, winning the first signing can earn 16150 yuan
Prius is an enterprise providing SMO services. Its main business is to provide SMO services to pharmaceutical companies, medical device companies and clinical research and development of some health-related products at home and abroad. Its customers include Novartis, Pfizer, Jiangsu Hengrui Medicine Co.Ltd(600276) , MSD and other well-known pharmaceutical companies and medical device companies at home and abroad. With the successful listing of Prius, the first SMO was born for a shares
Pryce’s IPO is priced at 46.8 yuan, with a corresponding P / E ratio of 48.75 times, significantly lower than its industry’s static P / E ratio of 70.89 times in recent one month. Prius raised 702 million yuan in IPO, without over raising
Issue
After the breaking tide in April, there has been no breaking of new shares on the first day since May. From May to now, a total of 10 new shares of A-Shares have been listed, none of which broke on the first day. Among the 10 new shares, there are 5 new shares on the main board, 1 new share on the science and innovation board, 2 new shares on the gem and 2 new shares on the Beijing stock exchange.
from the performance on the first day, the new shares of Beijing Securities Exchange listed on May 13 increased the most. The issuing price of Kechuang new materials was 4.6 yuan, which opened at 5.99 yuan on the first day of listing. It once touched the temporary stop in the session, and finally closed at 11.13 yuan, an increase of 141.96% over the issuing price
since its listing in May, the above-mentioned 10 new shares have not broken, of which two new shares on the main board, Jiangsu Huachen and Mingke Jingji one board, have been up to 6 days and have not been opened, with a cumulative increase of more than 150% since its listing
Looking back on the breaking of new shares this year, 36 of the 132 new shares listed on the A-share market this year broke on the first day, accounting for 27%. Market institutions generally believe that the breaking of new shares since the beginning of the year is affected by the overall downturn of the secondary market, and some quotation institutions lack expectation and adjustment for the changes of the secondary market and fail to adjust the quotation strategy in time. Taking the new shares of the science and innovation board as an example, there are 5 new shares with an issue price of more than 100 yuan this year, and 11 new shares with a P / E ratio of more than 100 times.
But looking back on the new shares listed in May, the issue price and issue P / E ratio have fallen. Excluding the new shares on the main board, Prius had the highest issue price and P / E ratio in May, with an issue price of 46.8 yuan and a corresponding P / E ratio of 48.75 times.
Related to it, the phenomenon of over raising of new shares has also been greatly reduced. Among the new shares in May, only Zhongke Jiangnan raised 240 million yuan. The fund-raising amount of steway is lower than the original plan. In fact, over raised IPO companies are quite common this year. Wind data show that among the new shares listed this year, more than 80 enterprises raised more than expected IPO funds, accounting for more than 60% of the total new shares. The highest over raising was 4.831 billion yuan for nano core micro of Kechuang board, followed by 4.166 billion yuan and 3.725 billion yuan for Aojie technology and Jingke energy.
Market participants pointed out that the breaking of new shares is the only way for the A-share market to mature. In overseas mature markets, breaking is a normal phenomenon. At present, the proportion of broken shares on the first day of listing in US stocks is as high as 40%; In the Hong Kong stock market, the breaking rate of new shares has reached more than 40% since 2021 however, as the pricing of new shares gradually returns to rationality, for enterprises with good fundamentals, the market is more willing to give higher valuations, and for enterprises with general fundamentals, the market gives undervalued values, which makes the listing performance of new shares more rational, and the broken shares disappear temporarily in May
