It is worth mentioning that, although the average opening days of new shares listed in the year is 7.20 days, basically the same as the same period last year. However, in the year, there was a two-stage differentiation trend in the number of new stock opening days, and the number of long-term and short-term individual stocks increased significantly.
With the pilot of A-share market to promote the registration system and a series of reforms related to the trading system, there are also some new changes in the participants, the performance of new shares and the income situation.
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In the A-share market, new share subscription can obtain the lower risk difference between the primary market and the secondary market.
But in the fourth quarter of last year, there was some scepticism about new share subscriptions, which stemmed from poor new share performance.
At the end of October last year, with the opening of the trading limit on the first day of listing of Chongqing Agricultural Commercial Bank (601077. SH), it became the sixth stock that failed to hold the 44% trading limit on the first day after the IPO of a shares was resumed in 2014 (the five new stocks that did not hold the trading limit on the first trading day before all occurred when the first IPO was resumed). After the listing, the share price of Yunong Commercial Bank fell all the way, which had already fallen below the issuing price and net assets per share.
Coincidentally, Zheshang Bank (601916. SH), which applied for purchase on November 14 last year, broke out on the day of listing, and gradually fell in the following trading days. In the past, the performance of bursting of new shares has not been reflected in the above two stocks.
Not only the main board of Chongqing Agricultural commercial bank and Zheshang Bank, but also the long-term new material and rongbai technology stocks that registered in the science and Technology Innovation Board last year are increasingly broken, and the mode of lying and earning of new shares temporarily fails.
That moment, this moment. Recently, the outstanding performance has attracted investors attention to new shares again. Since its listing on April 29, Wantai biology has gone out of the 26 one word limit market one after another, breaking the 22 opening records of star semiconductors (603290. SH) in less than two months, becoming the king of new share market in the year.
After the opening of the market, the stock price of Wantai biology also continued to rise. As of June 18, Wantai biology has increased nearly 12 times, with the first sign of the newcomers earning about 150000 yuan. Another three person bank of Shanghai Stock Exchange main board new shares has also brought rich income to the winner. At present, the single signing income is about 200 thousand yuan.
In the secondary market, investors associate the take-off of two new shares with the most popular concept at the moment. On June 18, when answering questions from investors on the interactive platform, Wantai biology said that the company had new crown detection reagent products for sale at home and abroad. The three peoples Bank of China mainly connects social media and long video platform media resources, of which byte beat is the companys largest media resource supplier for three consecutive years, and the proportion of total purchase amount has increased year by year, reaching 20.08% in 2019.
In addition to the above two big meat picks, excluding the new shares that have not yet opened the board, among the 62 newly listed shares (nearly three months), eight new shares, such as fortune trend (688318. SH), new industry (300832. SZ), North Molech (002985. Sz), Xiangjia (002982. SZ) and Guizhou Sanli (603439. SH), gained more than 30000 yuan.
It is worth mentioning that of the 10 stocks with a single signing income of more than 30000 yuan, 7 are from Shanghai stock market (among which Fortune trend, Bohui technology and Jiahua technology are from science and technology innovation board).
In this regard, a medium-sized self-supporting Department of securities companies told the economic observer that the first batch of new shares in Shanghai is 1000 shares, while the first batch of new shares in Shenzhen is 500 shares. In the case of the same issue price and stock price increase, the natural Shanghai stock markets IPO single sign yield is higher. There are also 500 new shares in the science and technology innovation board. Although the new income of this years science and technology innovation board is lower than that of last year, high-quality stocks with reasonable valuation will still be sought after by funds. In addition, under the environment of full game in the science and technology innovation board, the first day increase of some individual stocks has increased significantly, thus increasing the new earnings of a single new share.
At the same time, the above-mentioned people said, even if the price of new shares is generally high, investors can get good returns.. However, too high issue price and P / E ratio may also lead to the phenomenon of investors abandonment or lightning opening.
New income and differentiation of participants
Although the average opening days of new shares in the year were basically the same as that of the same period last year, there was a two-level differentiation trend in the opening days of new shares in the year. Since this year, the number of new shares with more than 10 boards has increased significantly, and the number of short-term opening shares has also accelerated.
According to wind data statistics, as of June 18, the number of new shares with more than 10 I boards before the opening of the year was 15, accounting for 23.08%. Of the 58 new shares listed in the same period last year, 9 had more than 10 one shaped boards before the opening of the board, accounting for 15.52%. Before the opening of the board this year, there were two new shares with the number of one boards exceeding 20, while there was no one in the same period last year.
On the other hand, there are 18 new shares with less than 5 one boards in a row after listing in the year, accounting for 27.69%. In the same period last year, there were 12 stocks with less than 5 consecutive one boards, accounting for 20.69%. In the second trading day of this year, there were four new shares on the flash market, compared with two in the same period last year.
According to the non bank financial team of Cinda securities, in view of the obvious differences between individual stocks, it is crucial to select listed companies for new earnings.
In the second half of 2019, the launch of science and technology innovation board stimulated the off-line allotment of new shares (for institutional investors) market, while the threshold for retail investors to participate in the innovation of science and technology innovation board was raised, and the era of institutional game came. In addition, compared with other A-share sectors, science and technology innovation board has become the main source of offline new income, and has created higher income for institutional investors.
According to the recent research report of open source securities, in the first five months of this year, the scientific and technological innovation board, the main board, the small and medium-sized board and the growth enterprise board respectively generated 35.23 billion yuan, 5.37 billion yuan, 1.27 billion yuan and 1.65 billion yuan of offline new income, which is four times the sum of other A-share sectors.
According to the calculation of open-source securities, from the perspective of absolute return, the new return rate of scientific and technological innovation board is still considerable. From January to May this year, the class a products of RMB 100 million, RMB 200 million and RMB 400 million have realized 4.6%, 4.2% and 3.2% of enhanced income, and the annualized income rate can reach 11.0%, 10.1% and 7.7%; the class B products of the same scale have realized 4.3%, 4.0% and 3.1% of enhanced income, and the annualized income rate can reach 10.4%, 9.6% and 7.4%; the class C products of the same scale have realized 3.6%, 3.3% and 2.6% of enhanced income, and the annualized income rate can reach 8.7%, 8.0% and 6.2% u3002
On June 12, CSRC and Shenzhen Stock Exchange issued detailed rules on GEM registration system, and made differentiated arrangements with science and technology innovation board in some systems. Among them, the proportion of off-line issuance has increased from the past 10% to 50% - 70% (lower than 60% - 80% of sci tech Innovation Board); class a investors, as the priority placing objects, will obtain at least 70% of off-line distribution (sci tech innovation board is class A + QFII is not lower than 70%); the bottom position is required to be 10 million yuan (lower than 60 million yuan of sci tech Innovation Board); the strategic placement is more flexible, only for four types of enterprises, the recommendation agencies are required to follow up and invest for off-line distribution More space for sale.
According to the calculation of non bank financial team of Huatai Securities, assuming that the annual financing scale of gem is 40 billion-80 billion yuan, the increase of new shares is 80% - 120%, and the effective quotation proportion is 80%. Under the condition that the product scale is 200 million yuan, and all products are top-notch subscription, the new yield ranges of the five priority placing objects and other placing objects are 1.94% - 5.78%, 0.61% - 1.84% respectively. The expansion of financing scale is expected to directly promote the increase of revenue, and the yield will gradually rise with the reduction of product scale.
With the pilot expansion of the registration system and the promotion of the reform of A-share trading system, the trend of establishing new institutions may continue. For the growth enterprise market with higher transaction risk, Shenzhen Stock Exchange has improved the investor suitability standard. The original investors can continue to participate in the transaction only after signing the risk disclosure letter. However, the new investors applying for account opening need to meet the access conditions of 100000 yuan + 2 years of experience, and sign the risk disclosure letter in the same way. For such investors, the CSRC encourages them to participate through public funds and other ways. When answering questions from reporters about gem and pilot registration system, the person in charge of relevant departments of CSRC said, adding access conditions does not mean blocking investors who do not meet the requirements out of the gate of gem. Investors who do not meet the appropriate requirements of investors can participate in the gem investment by subscribing for public funds and other products. Source: Yang Qian, editor in charge of Economic Observer_ NF4425
With the pilot expansion of the registration system and the promotion of the reform of A-share trading system, the trend of establishing new institutions may continue.
For the growth enterprise market with higher transaction risk, Shenzhen Stock Exchange has improved the investor suitability standard. The original investors can continue to participate in the transaction only after signing the risk disclosure letter. However, the new investors applying for account opening need to meet the access conditions of 100000 yuan + 2 years of experience, and sign the risk disclosure letter in the same way.