19 days! SMIC set a record for the fastest technology innovation board meeting

category:Finance
 19 days! SMIC set a record for the fastest technology innovation board meeting


As the largest wafer foundrier in Chinese mainland, the SMCs record of the fastest record was also recorded, which lasted for only 19 days.

According to the prospectus, SMIC plans to raise 20 billion yuan, 5.06 billion shares of the companys original share capital and 1.69 billion shares of the companys new share capital, no more than 25% of the total share capital after issuance. The above raised funds are proposed to be invested in the ongoing 12 inch chip SN1 project (8 billion yuan) of SMIC south, the reserve funds (4 billion yuan) of advanced and mature process R & D projects and the supplementary working capital (8 billion yuan).

According to the research report issued by Caixin securities, SMIC is located in the middle of the semiconductor industry chain. Upstream equipment, materials, design and downstream sealing and testing manufacturers will benefit from the 14 nm process expansion of SMIC and the development and production of 7 nm process in the future. In addition, the return of SMIC makes the A-share market have the real core assets in the field of wafer foundry.

The reporter of science and technology innovation board daily learned that since the disclosure of the news that junior high core international rushed to science and technology innovation board in June, the price of its Hong Kong stock has fluctuated immediately. From June 1 to June 18, the cumulative increase of Hong Kong stock price of SMIC reached 37.7672%.

According to the research report, with reference to a / H share premium of 196% and 189% of comparable plates and China commom (kechuangban / Hong Kong shares), the potential valuation of SMIC in kechuangban is 191.9 billion yuan / 185.6 billion yuan; with reference to pe114x / pb6.5x, the potential valuation of SMIC in kechuangban is 223.1 billion yuan / 291.3 billion yuan; with reference to TSMC and comparable company pb5.2x/1.3x, the potential valuation of SMIC in kechuangban The value is RMB 235.1 billion / 59.7 billion; the market share ratio of reference and TSMC is 10%, and the potential valuation of SMIC in the science and technology innovation board is about RMB 209.3 billion. Among them, in view of the premium of ah shares, Shen Meng, executive director of Xiangsong capital, said to the reporter of science and technology innovation board daily that there is a long-standing phenomenon of large valuation difference of ah shares, because A-share market is relatively independent of Hong Kong and the shares in both markets can not freely circulate with each other, which leads to A-share valuation can be significantly higher than that of Hong Kong shares, otherwise the market power will dissipate In addition to this price difference. For the potential valuation of SMIC in the science and technology innovation board, Shen Meng believes that SMIC is a red chip stock, so the valuation in Hong Kong is subject to the constraints of the international market on relevant concept stocks, but the science and technology innovation board is an independent system of self circulation, which cannot eliminate the premium, so the valuation is not affected by the international valuation system. Source: Zhong Qiming, editor in charge of science and technology innovation board daily_ NF5619

According to the research report, with reference to a / H share premium of 196% and 189% of comparable plates and China commom (kechuangban / Hong Kong shares), the potential valuation of SMIC in kechuangban is 191.9 billion yuan / 185.6 billion yuan; with reference to pe114x / pb6.5x, the potential valuation of SMIC in kechuangban is 223.1 billion yuan / 291.3 billion yuan; with reference to TSMC and comparable company pb5.2x/1.3x, the potential valuation of SMIC in kechuangban The value is RMB 235.1 billion / 59.7 billion; the market share ratio of reference and TSMC is 10%, and the potential valuation of SMIC in the science and technology innovation board is about RMB 209.3 billion.

Among them, in view of the premium of ah shares, Shen Meng, executive director of Xiangsong capital, said to the reporter of science and technology innovation board daily that there is a long-standing phenomenon of large valuation difference of ah shares, because A-share market is relatively independent of Hong Kong and the shares in both markets can not freely circulate with each other, which leads to A-share valuation can be significantly higher than that of Hong Kong shares, otherwise the market power will dissipate In addition to this price difference.