More than quadruple! 1.6 million qualified investors in the new third board

category:Finance
 More than quadruple! 1.6 million qualified investors in the new third board


According to authoritative data obtained by China Times reporters, as of July 17, the number of qualified investor accounts in the whole market of the new third board was 1.6 million, an increase of 1.3 million compared with the end of 2019. Investors actively participate in the public offering and purchase. 9633 offline investors have opened inquiry authority, accounting for 64% of the opening conditions; a total of 802600 investors have participated in the public offering, accounting for 49.38% of all qualified investors, and 60% of new account opening investors have participated in the subscription.

Shuipi, a well-known financial commentator and chief editor of China times, believes that the number of qualified investors in the new third board has increased from 300000 to 1.3 million in less than a year, which shows the extensive participation of the market after the deepening of the reform of the new third board, which can not only bring in a large amount of capital, but also realize full trading in the market. On the one hand, investors have investment opportunities and can be more objective and balanced in terms of price. The market has achieved the function of circulation and valuation.

At the same time, the substantial increase in the number of qualified investors in the new third board is conducive to the financing and issuance of enterprises in the latter period of the new third board, which plays a positive role in the cycle.

According to the data from national stock to equity companies, in the first half of this year, the average intraday turnover volume of the whole market increased by 102.94% month on month; the intraday and after hours transaction value ratio increased from 1:1.78 in 2019 to 1:0.53, forming a pattern dominated by intraday trading. With the close of the market opening of the selected layer, the daily average intraday amount has further increased since July, up 34.53% compared with the first half of the year; the market valuation has rebounded; at the end of the first half of the year, the price earnings ratio of the whole market is 20.14 times, and that of the 60 day price earnings ratio is 20.36 times, which is 0.40 times and 2.15 times higher than that of the end of 2019.

Accurate admission of institutional investors

According to the information from the regulatory authorities, public funds investing in the listed stocks on the new third board are conducive to expanding their investment scope, enhancing the trading activity of the new third board market, and reducing the financing cost of small and medium-sized enterprises. It is of great significance to the development of the public fund industry and the improvement of the capital markets ability to serve the real economy. It will actively support the public funds to participate in the investment in the new third board market.

The person disclosed to the reporter of China times that the fund company can set up the new third board public offering products and reasonably set the risk rating of the products according to their own risk management ability and the risk return characteristics of the selected stocks. This means that the subsequent new third board public offering fund products will soon change the higher risk level setting.

Liu Jing, an analyst at Shenwan Hongyuan securities, pointed out that in the first batch of selected layers, the number of individuals was large, but the institutional quotation was accurate. Among them, private placement and self operation of securities companies are relatively strong, and the final allocation amount accounts for 25.2% and 16.3%; the shortlisted rate of private placement is as high as 74.9%.

In Liu Jings view, the game is quietly going on, and the innovation level is beginning to rise. As of July 17, 2020, there are 37 companies in the selection layer acceptance stage and 117 companies in the guidance and filing stage. The demonstration effect of the first batch of issuance has led some investors to move down to the innovation layer to look for investment opportunities. For the purpose of maintaining the issuance price, the companies to be selected have more motivation to maintain the secondary price of innovation layer.

Statistics show that since the deepening of the reform of the new third board, the number of investors at the investment end has increased and their enthusiasm for participation has been improved; high quality enterprises at the financing end have opened up the space for upward development in the capital market and their valuation has been improved, initially forming a virtuous cycle of increasing high-quality assets - investors sharing the growth income of enterprises - improving the wealth effect of investment.

At the end of the first half of the year, the stock market value of individual investors totaled 621.466 billion yuan, an increase of 53.49% compared with that at the end of 2019; the net purchase of 3.160 billion yuan ended the trend of net selling in 2019; the stock market value of institutional investors dominated by private equity funds increased by 9.38% compared with the end of 2019, and the wealth effect of market investors initially appeared.

Hot selection

The first batch of selected layers officially opened on the 27th, which has attracted much attention from the market. In the view of market participants, in view of the high enthusiasm of online participation, the performance of the first batch of selected layer secondary market is expected.

It is reported that the first batch of enterprises with a net profit of RMB 1.352 billion were in the first batch of sci-tech enterprises, accounting for more than RMB 1.352 billion in the first batch of enterprises, accounting for more than RMB 1.352 billion in the first batch of enterprises in the science and technology innovation and technology board, accounting for more than RMB 1.352 billion in the first batch of enterprises, accounting for more than RMB 1.357 billion in the first batch of enterprises in the science and technology innovation industry, accounting for more than RMB 1.357 billion in the first batch of enterprises, accounting for more than RMB 1.3532 billion in the first batch of enterprises Manufacturing, computer equipment manufacturing, pollution control, pesticide R & D and other scientific and technological innovation combined with peoples livelihood; the development mode of enterprises is diversified, with both big and excellent and small and beautiful. Among them, the revenue of 4 enterprises reaches more than 2 billion yuan, 5 enterprises have net profit of more than 100 million yuan, and 5 enterprises have net profit less than 30 million yuan.

Anson securities release report shows that for the selected layer of individual stocks overall optimistic, but individual stocks or differentiation. Through observing the quotation behavior of investors in the process of public offering of 32 companies, investors can pay attention to four dimensions. The companies that the institutions focus on and the companies with small price divergence. Generally speaking, the quality of individual stocks with small differences is relatively good, and the price is relatively fair.

At the same time, we should pay attention to the safety margin of valuation, mainly the discount between the issuing price and the price before the suspension; the valuation difference with comparable companies in the same industry of a shares; the compliance degree of the transfer conditions; in fact, the inquiry data has partly reflected the transfer expectation. Anxin Securities pointed out that through the analysis and sorting of various data in the above four dimensions, investors can pay attention to companies such as Yingtai biology, Airong software, Suxiang shares, beiteri, xinanjie, Fujida, senxuan medicine, Chuangyuan instruments, Liancheng CNC, etc. In the view of Anxin securities, due to liquidity, supervision, trading system, investor structure and other factors, the new third board market and the GEM market have always been undervalued. Since 2015, the valuation discount rate of the third board with the best liquidity is around 50% compared with the gem. In the medium and long term, the valuation system or restructuring and differentiation of the selected layer. Source: China Times editor in charge: Yang Qian_ NF4425

At the same time, we should pay attention to the safety margin of valuation, mainly the discount between the issuing price and the price before the suspension; the valuation difference with comparable companies in the same industry of a shares; the compliance degree of the transfer conditions; in fact, the inquiry data has partly reflected the transfer expectation.

Anxin Securities pointed out that through the analysis and sorting of various data in the above four dimensions, investors can pay attention to companies such as Yingtai biology, Airong software, Suxiang shares, beiteri, xinanjie, Fujida, senxuan medicine, Chuangyuan instruments, Liancheng CNC, etc.

In the view of Anxin securities, due to liquidity, supervision, trading system, investor structure and other factors, the new third board market and the GEM market have always been undervalued. Since 2015, the valuation discount rate of the third board with the best liquidity is around 50% compared with the gem. In the medium and long term, the valuation system or restructuring and differentiation of the selected layer.