The first battle of top grid purchase failure of the selected layer is all here!

category:Finance
 The first battle of top grid purchase failure of the selected layer is all here!


It is an extreme situation that the top grid fails to hit the target. The main reason is that the number of stocks on the first day of new sales is too small and the capital is overcrowded, which results in the rush of top grid funds by time sequence Yunzhou capital partner Xi Qingqing told the first financial reporter. He predicted that with the increase in the supply of follow-up initial enterprises, there would be no case of individual stocks being blasted, at least to ensure that the top grid declaration will be successful.

During the week from July 6 to 10, beiteri (835185. OC), xinanjie (831370. OC) and other 9 shares opened to purchase. Some investors plan to adjust the new strategy. Lin Shen (pseudonym), an individual investor in the new third board, told reporters that he thought the Internet is not right, the quantity is too small, so we should do offline.

Public offering schedule of selected enterprises (source: national stock to company)

Hot stocks

It may have been hit by money

Selected layer hit new in July, AI Rong software and Yingtai biological started to apply for purchase on July 1.

According to the issuance date arrangement of the two enterprises, t day (July 1) is the payment date of subscription application, and the final placement result is determined on T + 2 (July 3), and the amount of unfreezing funds is confirmed according to the placement results. On T + 3 (July 6), the remaining funds of investors were returned.

Release date arrangement of Yingtai biology and Airong software (source: company announcement)

Taking the public offering and subscription arrangement of Airong software as an example, the number of shares issued by Airong software this time is 8.8 million, accounting for 11.81% of the total share capital of the company after the issuance, and the total share capital after the public offering is 74.4955 million shares. The issue price was 25.18 yuan per share, and the number of strategic placements was 1.76 million shares, accounting for 20% of the total number of shares issued. The number of shares issued offline was 4.928 million, accounting for 70% of the number after deducting the number of strategic placements; the number of online issues was 2.1122 million shares, accounting for 30% of the number of issues after deducting the number of strategic placements.

In terms of the online subscription arrangement of Airong software, investors who have opened the selective layer trading authority of the national stock transfer system can participate in online subscription. Each subscription unit is 100 shares, and the number of shares to be purchased shall be 100 shares or an integral multiple of them. However, the upper limit of subscription shall not exceed 5% of the initial online issue, that is 105600 shares. According to this calculation, the investors need to apply for 105600 yuan of online Dingge Daxin, and need to occupy 2.659 million yuan of capital.

There is only one possibility, that is, AI Rong software has become a new third board selection layer, and it has been hit by funds Zhou Yunnan, founder of Beijing Nanshan Investment Co., Ltd.

According to market calculation, the allotment rate of 100 shares in 105600 shares is 9.4697 per 10000 shares, which means that if the allotment ratio is higher than this ratio, the top grid can win at least 100 shares.

But if it is lower than the above ratio, there will be an extreme situation, that is, the new account can allocate less than 100 shares according to the ratio. Zhou Yunnan said that if the online rights issue ratio of AI Rong software is lower than 9.4697, then the online subscription multiple of AI Rong software is more than 1055 times.

The low placement rate indicates scarcity. Some people in the industry said.

Individual investors are concerned about the impact of the speed of securities Declaration on the new. Online innovation also depends on the speed of securities companies declaration. Lin Shen said. He believes that there may be a big difference in the winning rate of investors who use different securities companies software to create new ones, which is related to technical factors such as the performance of securities companies servers.

Will the low winning rate continue?

According to the public offering arrangement of the selected layer, Bertrand started to apply for subscription on July 6, including which, a total of 9 shares can be purchased next week.

Investors who lost in the first battle worry: will the low winning rate continue?

According to public reports, the relevant person in charge of the national stock transfer company said that it was an individual case that AI Rong software and other stocks were blasted. The distribution mechanism based on proportional placement can fully guarantee the fairness of the process of allotment, and at the same time, it can expand the scope of allocated investors to the greatest extent. However, when the subscription of a certain stock is extremely hot, the placement mechanism will be inclined to small and medium-sized investors, which will increase the allocation opportunities for small and medium-sized investors.

On the first day, the number of new shares was small, and the subscription was extremely hot. The industry believed that under the background of intensive new stocks, the winning rate of new shares would be increased.

In addition, the capital utilization efficiency of Dingges subscription fund is also the main concern of the market. After freezing the full amount of subscription funds, the proportion of allocated funds is too low, which leads to the low efficiency of large investors fund use and the reduction of purchase intention.

no more large amount, small amount order in advance

It is a brand-new experience for individual or institutional investors to participate in the selective layer innovation, and investors are still groping for it. Due to the time priority factor of new sales, will it become the choice of investors to give up the large amount of money and change into a small amount of money to place an order in advance? If this way is adopted, will it affect the liquidity?

According to the issuance report of selected enterprises, when the total amount of online investors effective subscription is greater than that of online issuance, the number of shares allocated to each investor shall be calculated according to the ratio between the number of online issuance and the total amount of effective subscription. The part less than 100 shares will be allocated to each investor in turn according to the principle of time priority, until there is no remaining stock.

Xu Da believes that in the case of small advantages and low efficiency in online subscription of new shares by large funds, some investors will change their strategies and only use small funds to apply for new shares, which will greatly reduce the amount of online subscription. He predicted that some powerful investors would choose to apply offline, which would greatly increase the winning bid rate of online subscription.

It is expected that online investors will rapidly differentiate, and some powerful investors will turn into offline investors to obtain higher placement quantity. More online investors will comply with the rules and only apply for one hand. He said that this expectation is based on the premise that the issuance of new shares on the new Third Board continues to be hot. As the number of new shares of the selected layer continues to increase, the market will play a regulating role, and the risk of the selective layer playing new shares will also be reflected. The new shares will fall below the issue price and the issuance failure will appear. The phenomenon that it is better to buy the first hand than to apply for the top tier will gradually disappear as investors become more rational. Its a way to get the winning rate of the off-line qualifications. Xi Qingqing believes that the extremely low winning rate of less than one thousandth will no longer appear and is expected to improve to more than five per thousand. However, in order to improve the winning lot rate more effectively, investors can pool off-line qualifications and improve the winning lot rate to more than 2%. However, the off-line inquiry application has higher requirements on the ability of investors to judge the enterprise value, and it also has certain challenges to the bidding ability. The investors who fail to make an offline quotation can not go back to the Internet to make new purchases. The subsequent increase in initial number, and some investors turn to small amount of new sales, which will make the large amount of new sales reflect the capital advantage of pro rata rationing. After the priority is allocated, it is the time sequence of small funds to compete for the residual shares. Xi Qingqing said. Source of this article: Guo Chenqi, editor in charge of first finance and Economics_ NBJ9931

It is expected that online investors will rapidly differentiate, and some powerful investors will turn into offline investors to obtain higher placement quantity. More online investors will comply with the rules and only apply for one hand. He said that this expectation is based on the premise that the issuance of new shares on the new Third Board continues to be hot. As the number of new shares of the selected layer continues to increase, the market will play a regulating role, and the risk of the selective layer playing new shares will also be reflected. The new shares will fall below the issue price and the issuance failure will appear. The phenomenon that it is better to buy the first hand than to apply for the top tier will gradually disappear as investors become more rational.

Its a way to get the winning rate of the off-line qualifications. Xi Qingqing believes that the extremely low winning rate of less than one thousandth will no longer appear and is expected to improve to more than five per thousand. However, in order to improve the winning lot rate more effectively, investors can pool off-line qualifications and improve the winning lot rate to more than 2%.

The subsequent increase in initial number, and some investors turn to small amount of new sales, which will make the large amount of new sales reflect the capital advantage of pro rata rationing. After the priority is allocated, it is the time sequence of small funds to compete for the residual shares. Xi Qingqing said.