Reducing the Price Spread between Price Level 1 and Price Level 2

category:Finance
 Reducing the Price Spread between Price Level 1 and Price Level 2


Under the market-oriented inquiry, the issuance pricing is aimed at the price of the secondary market, that is, the price of the first level is gradually close to the price of the second level, which makes it possible to overestimate the price. The obvious increase in the issue price-earnings ratio also reduces our expectations of the performance of the listed companies of the GEM. The vice president of Research Department of a public offering fund in Shanghai said.

In addition, industry insiders warned that the enthusiasm for new products is rising, coupled with the fact that there is no limit on the rise or fall in the first five days of the listing of the GEM, there may be significant price fluctuations. Investors still need to pay attention to the risks.

The Probability of New Stocks Only Rise, No Drop Decline

Statistics show that the median value of the newly issued shares with successful signing rate is about 0.06%, which is about 70% higher than that of the previous A shares.

The further calculation of CICC shows that the median number of effective investors under the Cochuang Stock Exchange is only about 1700, which is 1/3 of the previous new A shares. In addition, the total offline allocation ratio of Kechuang board has increased significantly (from 10% to about 70% after the callback), and the allocation ratio of individual offline investors is now about 0.37%, which is more than 20 times higher than the 0.017% of new A shares before.

Our estimates are basically the same, although the number of effective investors is less, but at the same time, the issue price-earnings ratio has increased significantly, which also reduces our expectations for the performance of the company after listing. The vice president of Shanghai Public Funds Research Department said.

The analysis shows that under the market-oriented inquiry, the issuance pricing is aimed at the price of the secondary market, that is, the price of the primary market is gradually close to the secondary market, which makes it possible to overestimate the pricing.

Wang Hanfeng, an analyst at CICC, also reminded us that after the market-oriented inquiry, the risk of new Sharessubscription may be increased, and the probability of new A Shares only rising but not falling in the initial stage of listing due to the secondary market price difference will decrease.

In the future, we should pay attention to the basic situation of enterprises in the process of participating in the investment of science and technology venture capital, whether in the application for new shares or in the secondary market. Wang Hanfeng is also called.

Three High will not be the norm

The traditional valuation model of small and medium-sized enterprises has been relatively mature, and the companys profitability and profit indicators have no rigid requirements. The most important thing is to tap the growth of enterprises. That is to say, these enterprises have obviousKechuangattributes, and their early R&D capital investment will be very large, which leads to the biggest question of Kechuang board now. The question is how to value the unprofitable enterprises in the secondary market. Nowadays, most of them are based on the valuation research reports issued by investment banks. They also refer to the valuation models of those unprofitable enterprises such as the Hong Kong Stock Exchange and Nasdaq, which are basically reasonable. A PE/VC partner in Beijing told First Financial Journalist.

Statistics show that the total fund raised by 25 companies is 37.717 billion yuan, which is 5.928 billion yuan more than the original expected total fund raised and 31.089 billion yuan. Specifically, 21 of the 25 enterprises have over-raised, of which 2 have exceeded 100%. Ruichuang Weiner originally planned to raise 450 million yuan, and actually raised 1.2 billion yuan. Hangke Science and Technology originally planned to raise 547 million yuan, and actually raised 1.125 billion yuan.

However, there are also cases where the actual fund-raising is not up to the standard. The original plan of Yungxuan Technologies Company raised 1.6 billion yuan, while the actual amount was 1.197 billion yuan. The original plan of Western Superconducting Company raised 800 million yuan, and the corresponding issue price was 663 million yuan.

Source: First Financial Responsibility Editor: Guo Chenqi_NBJ9931