The pace of IPO slowed down and the pricing became more rational. The market continued to fluctuate and rebound, and the profit-making effect of new shares came back in May.
After hitting a stage low of 2863 points on April 27, the Shanghai index opened the road of continuous rebound. As of the closing on May 20, the Shanghai index returned to above 3100 points, with a rebound of more than 9% compared with the lowest point on April 27. It is worth mentioning that in the process of the index rebound, the market sentiment has also significantly warmed up, especially the new shares listed in May as an emotional weathervane showed a strong profit-making effect as a whole.
According to the statistics of the financial Associated Press, a total of 10 new shares have been listed since May, and none of them have broken. Based on the highest price after listing, compared with the initial price, the highest profit of 6 new shares is more than 10000 yuan, of which the highest profit of Jiahuan Technology, Prius and Zhongke Jiangnan is more than 15000 yuan.
The recovery of profit-making effect in the new share market is not unrelated to the rationality of new share pricing. In terms of price, the maximum issue price of new shares listed in May did not exceed 50 yuan, of which the issue price of seven new shares was less than 20 yuan, and the highest issue price was 46.8 yuan of Prius.
In addition, in terms of issuance P / E ratio, the P / E ratio of new shares listed in May is similar to the industry average p / E ratio, and the P / E ratio of these 10 new shares is lower than the industry average p / E ratio. Different from the previous dynamic, the p / E ratio of new shares issued significantly exceeds the industry P / E ratio, this phenomenon has been significantly improved.
Dongguan Securities pointed out that the issuance P / E ratio is a key reference index, which has reference significance for the performance of new shares on the first day of listing. Investors need to focus on the sector to which the issuing company belongs, the issue price and whether it is profitable. Especially the companies on the science and innovation board, they should participate with appropriate caution, focus on the future development and technical content of the company, and pay attention to the enterprises with high issue price and unprofitable. The issue price earnings ratio has reference significance.
Is it time for the new share market to pick up again? In the view of market participants, this view is still debatable. With the steady progress of the comprehensive registration system, new shares still maintain the normal issuance rhythm, and the impact of new income is also affected by many factors such as individual stock fundamentals and the overall market environment. The recent recovery of the new share market does not mean that the phenomenon of new share issuance "disappears".
