On the evening of July 9, Kechuang Banlanqi Science and Technology Bulletin said that there were 47453 Chinese Signature Numbers. Among them, a total of 841 million yuan was allocated to the five war speculation organizations.
New Wave Coming
Kechuanban hit the new wave ushered in a critical period. On Wednesday, nine science and technology companies, including Rong Encyclopedia Technology, Guangfeng Technology, China Tongtong, Fuguang Stock, Xinguang Optoelectronics, Medium and Micro Corporation, Lexin Technology, Anji Technology and Platinum Liter, will be offered for purchase.
According to Debon Securities Research, nine new shares were issued on the same day, which is the first time in the history of Shanghai Stock Exchange, creating the largest number of new shares in a single day in the history of Shanghai Stock Exchange.
According to Anxin Securities, this week the Shanghai Stock Exchange purchased nine new bull market records in 2015. On May 19, 2015, a total of 15 new shares were issued on a single day, including 7 Shenzhen new shares and 8 Shanghai new shares.
In addition, on Wednesday, Honghe Technologies will announce the winning rate.
On July 11, four companies, Heart and Vein Medicine, Nanwei Medicine, Hongsoft Technology and Western Superconducting, will be offered for purchase.
On July 12, Fangbang, Hanchuan Intelligence, Wald, Tianyi Shangjia, Jiayuan Science and Technology, Aerospace Ambition and Transaction Control Technology will be issued for purchase.
The highest/lowest P/E ratio companies appear
Wind combs show that in Wednesdays new share purchase:
1. Issue price. The highest issuance price is Lexin Science and Technology, which is 62.60 yuan, and the lowest issuance price is China General Name, which is 5.85 yuan.
2. Upper limit of application. The highest bidding limit is China Unicom, reaching 252,000 shares, while the lowest is Android Technology and Platinum Limited, which are 3500 shares.
3. Issue P/E ratio. The highest P/E ratio is 170.75 times for medium-sized companies, and the lowest P/E ratio is 18.80 times for China Unicom.
According to the data, the pre-issuance P/E ratio corresponding to the issuance price of the company is 170.75 times, which also creates the highest P/E ratio of the company.
In addition, the corresponding pre-issuance P/E ratio of China Unicom is only 18.80 times, and the issuance price is only 5.85 yuan, which has set a new low for the IPO of Kechuang board.
According to CCTV, there are many high valuation cases among the companies that have recently announced the issuance price, which also set a precedent for low valuation. Cao Yong, deputy director of China Securities Regulatory Commissions Listing Supervision Department, said that this was the result of market-oriented choice.
In view of the high price-earnings ratio, China Foundation quoted institutional analysts as saying that there is no need to be surprised. According to the analysis of securities dealers, the quality of the company itself is better, and the high valuation of some companies also reflects the premium brought by policy and industry development expectations.
The analysis shows that the valuation of Kechuang stock market mainly depends on growth, while the static P/E ratio does not mean much in fact. For the investment institutions, the valuation method of the GEM needs to be changed into a new valuation model instead of traditional valuation thinking.
In addition, according to Wind combing, Thursdays purchase of new shares is as follows (Guolin Environmental Protection as GEM):
According to the latest announcement of Xinmai Medical, according to the preliminary inquiry results, the issuance price is 46.23 yuan per share, which corresponds to the P/E ratio of 27.53 times before issuance and 36.71 times after issuance.
Fridays application is as follows:
The first top bidder must show up
Online subscription limit is 252,000 shares, that is to say, top bidding needs Shanghai stock market value of 252,000 yuan. Generally speaking, the higher the upper limit of application, the higher the rate of high school signature. Top bidder can get 504 signatures.
Since 2016, a total of 10 A-shares have a ceiling of more than 200,000 shares, and the lowest winning rate of these 10 shares is 0.2212%.
According to the conservative estimate of the lowest winning rate, the probability of winning will exceed 100% (504 * 0.2212% = 111%) when the top bidder applies for China Pass. As the number of new households in KIB is significantly lower than that of existing new shares in A shares, it is expected that the probability of winning is higher, probably more than one.
In addition, the day also contains a number of pro-people shares to purchase. Among them:
Platinum Limit online subscription amount of 3500 shares, top bidding needs Shanghai market value of 35,000 yuan.
Public Funds Participate in Strategic Allocation of Science Creative Board for the First Time
According to the Daily Economic News, the announcement of China Unicoms listing and issuance shows that the strategic placement of this issue consists of the following subsidiaries of sponsor agencies, senior managers and key employees of issuers participating in the special capital management plan and other strategic investors set up in the strategic placement.
Specifically, other types of strategic investors are large enterprises or their subordinate enterprises with strategic cooperative relationship or long-term cooperative vision with issuers, large insurance companies or their subordinate enterprises with long-term investment willingness to issuers, and those established by public offering. The main investment strategies include investment strategies. A securities investment fund that allocates shares and operates in a closed manner.
This means that, for the first time, public funds have entered the strategic placement of new shares in the GEM.
According to the China No. 1 announcement, there are two public funds listed in the list of strategic investors and the list of contributions. They are Bosch Kechuangs three-year closed operation flexible allocation of hybrid funds and Huaxias three-year closed operation strategic allocation flexible allocation of hybrid funds.
In addition, the initial strategic allotment of 540 million shares, accounting for 30% of the total size of the issue, the initial strategic allotment of shares and the final strategic allotment of the same number. According to the relevant agreements in the Strategic Allocation Agreement signed by issuers and strategic investors, the results of the strategic allotment show that both Huaxia Fund and Boshi Fund have been allocated 118.39 million shares, with a allocation ratio of 69.3%.
Wind statistics show that 18 fund companies have set up a total of 22 innovative thematic fund products (A, C shares are calculated separately), the latest total product size is 14973 million.
Shanxi Securities Ma Wenyu team research and analysis, as of last week, the number of declared branch creation funds has reached 117, including 9 stock funds, 108 mixed funds. Among 117 families, 5 received materials, 2 received acceptance notice, 92 received a feedback and 18 had been issued.
Surgical wound plate
Suggestions on Strengthening Information Sharing and Punishment of Breach of Credit in the Pilot Registration System
According to the analysis of Dongguan Securities Fei Xiaoping, the new generation of information technology, high-end equipment, new materials, new energy, energy conservation, environmental protection and biomedicine will be the key listed sectors, and the growth sector will benefit significantly. From the perspective of the impact of GEM on the overall market, the valuation of technology growth stocks has significantly improved. Because GEM focuses on high R&D areas, SMEs, GEM and technology sectors will benefit more in the future through industry comparison, while shadow enterprises and securities firms listed on GEM will also benefit significantly.
Anxin Securities Research and Report reminds us that it is hard to escape the hot speculation in the initial stage of KSCM, because there is no increase or decrease in the first five trading days after the listing of KSCM, and then the increase or decrease is limited to 20%. It is expected that the short-term stock price of KSCM will fluctuate greatly after the listing.
According to Zhang Xiayans analysis of China Merchants Securities, the investment opportunities brought about by the start-up of the board include:
2. Directly invest in Kechuang Banks: that is, through Kechuang Banks to break new, subscribe to Kechuang Banks Fund and the secondary market transactions after Kechuang Banks opened.
Kechuangban hot spots continue
1. Focusing on the hot-debated pricing problem of SCM. According to Xinhua News Agency, in the view of some industry experts, for the scientific creation board of implementing market-oriented pricing mechanism, over-recruitment is actually a false proposition.
According to the article, the listing arrangements of four stock companies have shown that the P/E ratios of Huaxing Yuanchuang, Ruichuang Weiner, Tianzhun Science and Technology and Hangke Science and Technology deducted non-net profit divided by total equity after issuance are 39.99 times, 71.10 times, 52.26 times and 38.43 times respectively.
Zhou Ronghua, chief economist of Chengdu Finance Zhexin Wealth, said that the common phenomenon in mature markets such as Europe, America and Hong Kong shows that the establishment of market-oriented issuance and underwriting system is the realistic requirement of the construction of science and technology innovation board.
The article also reminds us that the core of the registration system is the credit mantle, not the profit-oriented. Full disclosure of the application of raised funds should be the focus of market attention.
On the one hand, it undertakes the historical mission of supporting scientific and technological innovation and leading economic development to innovation-driven transformation.
On the other hand, it also undertakes the important task of deepening the reform of the capital market in an all-round way.
Knock the gong for less than two weeks
The Shanghai Stock Exchange had previously said that it would hold the first listing ceremony of the company on July 22. At the same time, 25 companies have been approved by the SFC to register, which is the first listed company in Kechuang Stock Exchange.
Source: Wind Information Responsible Editor: Ren Hui_NBJ9607