In terms of turnover, according to the statistics of the Journal of Securities, in the 35 trading days of the companys formal operation, the total turnover reached 714.441 billion yuan, with an average daily turnover of 704 million yuan per share. In the same period, the average daily turnover per share in A-share market was about 124 million yuan.
The trading activity of Kechuang stock is also reflected in its high turnover rate. According to iFinD data of Tonghuashun, the average turnover rate of only three stocks, Lanqi Technologies, China Tongtong and Baichu Electronics, has been less than 20% since the opening of the stock market. The average turnover rate of eight stocks, such as Guangfeng Technologies and Fuguang Stock, has exceeded 40%, while the average turnover rate of the remaining 18 stocks is between 20% and 30%.
In response, Gui Haoming, chief market expert of Shen Wanhongyuan Securities Research Institute, told Securities Daily that the overall operation of Kechuangbao has been relatively stable since its opening more than a month ago. The turnover rate that the market paid more attention to has gradually dropped from more than 70%, and the price-earnings ratio and other indicators are gradually returning to a reasonable level.
Shen Meng, executive director of Xiangsong Capital, told the Journal of Securities that Kechuangban, as a pilot field of A-share market reform, not only bears the responsibility for the in-depth reform of various institutional mechanisms, but also bears the expectations of investors. In the future, some companies need to increase the proportion of R&D investment and improve the ability of independent innovation. Some problems need to be solved gradually in the future development process. For some successful and mature experiences, they need to replicate to other A-share markets as soon as possible.
In addition to high turnover and turnover rate, another major feature of Kechuang stock is the high proportion of 100 yuan shares. By the end of September 6, 7 of the 29 KSCM stocks had a share price of more than 100 yuan per share, while only 33 of the 3687 KSCM stocks had a share price of more than 100 yuan per share, accounting for 21.21%.
High price-earnings ratios are accompanied by high stock prices. According to the statistics of the Journal of Securities Daily, as of the close of September 6, 15 out of 29 stock companies with a dynamic P/E ratio of more than 100 times, 10 with a P/E ratio of 50 times to 100 times, only Jiayuan Science and Technology (38.12 times) and China Tong (23.16 times) have a dynamic P/E ratio of less than 50 times, and the other two stock companies with a dynamic P/E ratio of more than 100 times. The city company lost money in the first half of this year.
However, many market participants interviewed by reporters from the Securities Daily said that the current high P/E ratio of KJM is reasonable, mainly because most KJM enterprises are small in volume and have high performance growth rate. In A-share market, companies with small market capitalization and high performance usually get higher valuation premium.
According to the data from the Shanghai Stock Exchange, 28 companies listed on the GEM (excluding Amberton) have realized a total revenue of 32.963 billion yuan, an 18% increase over the previous year, and realized a net profit of 4.56 billion yuan, an increase of 25% over the previous year. After deducting the large volume of China Tongtong, the remaining 27 companiesoperating income and net profit increased by 37% and 38% respectively over the same period of last year. Among them, the net profit of micro-and medium-sized companies increased the most year-on-year, reaching 329.2%.
In the first half of this year, the net profit of ABT, which was listed on September 6, reached 14.6449 million yuan, an increase of 453.85% over the same period last year, surpassing that of Medium and Microsoft.
In response, Peng Hai, an analyst at Lianhe Securities, pointed out in his recent research report that the growth rate of GEM is higher than that of GEM in terms of both business income and net profit, whether measured by arithmetic average or median. In the first half of 2019, when the net profit of GEM declined, the growth rate of GEM remained about 30%-40% year-on-year, which is evident in the growth of GEM enterprises.
Guihao also indicated that, from the semi-annual report, the performance of most companies listed on the Kechuang board is growing. Although some companies are still in a loss state, the loss has narrowed considerably, and the follow-up performance of these companies is worth looking forward to.
Source: Liable Editor of Securities Daily: Yang Qian_NF4425