However, compared with the companies with a sharp rise in the market opening, there are also some selected stocks on the first day of issuance, which encountered a break.
On July 27, after the early collective turn red, less than 10 minutes, some stocks frequently turned green, of which n taixiang fell as much as 6.28%, touching a temporary suspension.
However, after 10 minutes of trading suspension, the decline of n taixiang began to narrow, and there was a rapid upward rush. In a short period of 3 minutes, the transaction price of n taixiang dropped by 120%, the market game was fierce, and the short-term amplitude was obvious.
According to the public information, n taixiang is mainly an auto parts supplier focusing on the R & D, manufacturing and sales of auto engine parts. Its customer base mainly includes Volkswagen and its foreign enterprises such as Audi of Hungary, Skoda, VW of Brazil, Volkswagen of Mexico, Volkswagen of India, etc.
At the same time, n hengtuo, n Kaitian and other two stocks fell more than 30%. As of 9:40, more than 15 selected layer stocks fell more than 10%.
Why is there a large area of breaking?
For the first day of the selected layer broke out, industry experts also said to face calmly..
Some experts said: first, under the market-oriented mechanism, breaking is a normal phenomenon. The pricing of the selection layer is completely market-oriented and is not constrained by the P / E ratio. Due to the popularity of the early selection layer issuance, the off-line inquiry investors may lead to high inquiry results in order to ensure the shortlisted. The issuance price reflects the off-line inquiry investors expectation of the companys valuation, but also contains certain blind and speculative factors. After the selection layer started trading, many investors investment attitude was more cautious and rational, leading to the return of the stock valuation of the selection layer.
Second, the structure of the shareholders of the selected layer is different, and the game factors are more complex. Investors need to note that compared with the main board market, the structure of investors holding free circulation shares after the public offering of selected stocks is different. The listed companies have experienced the public transfer of innovative layer before entering into the selection layer, and the equity has been dispersed to a certain extent. The non directors, supervisors and senior shareholders (called old shareholders) who hold less than 5% of the shares before the public offering, have the same trading rights as the new shareholders participating in the public offering after the public offering, and the holding rights between the old shareholders and the new shareholders are the same There are differences in stock cost, investment purpose and valuation standard, which leads to more complex game factors and different stock price performance.
The third is to keep up with international standards and optimize the market ecology. Allowing the stock market to break is one of the signs that the market is becoming mature. There are a certain proportion of first day breakouts in the markets such as NASDAQ and HKEx. In the development process from the main board to the growth enterprise market and the science and technology innovation board, with the gradual maturity of the market, the markets recognition of new stock issuance is becoming more and more rational. With the normalization of issuance and the intensification of registration system, the market will play a more important role in the issue pricing process. The emergence of the break out will put forward higher requirements for the quality of follow-up companies. It will further test the professional ability and compaction responsibility of intermediary agencies. At the same time, it will gradually cultivate investors risk awareness, enhance market willfulness, and continuously deepen the reform of the new third board and release selected layers Vitality lays the foundation.
According to the analysis of Cheng Xiaoming, a well-known expert on the new third board, if there is a break, it may not be a bad thing. The so-called break means that the issue price may be set too high. Why is the price set so high? That means that we have been very popular ah, you see, this time the difficulty of selecting layer to hit new shares is no less than that of a shares.
Zhang Ke, general manager of the stock transfer system business department of Yintai securities, believes that the market performance on the first day of the selective layer opening board does not involve the game and strength comparison between the new and old shareholders, but also involves the convergence and impact of different investment styles in the new third board and the main board. Its hard to predict. Its important to watch carefully.
Prior to this, some investors will select the first day of the rise and fall and the scientific and technological innovation board. Its not reasonable to think that the first days rise of the selected layer is in line with the recent sci tech innovation board, because there is still a big gap between the selection layer and the science and technology innovation board in terms of plate attribute, number of investors, amount of speculation funds, speculation style and market expectation. Zhou Yunnan, founder of Beijing Nanshan investment, believes that the trend of K-line on the first day of the selected layer may be a little similar to that of the first batch of science and technology innovation boards a year ago. The opening comprehensive increase may be about 30%, and the highest comprehensive increase may be about 50%.
The two companies rose more than 100% in the opening session
They are vaccine and photovoltaic enterprises
Among the 32 enterprises listed in the selected layer of the new third board, the highest intraday increase of share sharing technology (n-share) was 132.6%, and that of Yongshun Biology (n Yongshun) was more than 100%.
Sharing technology, is a high-performance photovoltaic welding tape enterprise. Focusing on the research and development, production and sales of high-performance photovoltaic welding tape, the main products include interconnection welding tape and bus welding strip.
The company has many years of experience in photovoltaic industry accessories, mainly for large photovoltaic industry battery module manufacturers to provide welding tape raw materials. Through various channels, the company established contact with many companies in the industry, became a qualified supplier, and actively participated in domestic and foreign exhibitions to attract potential customers, and then obtained orders. Based on the comprehensive consideration of raw material price, processing and manufacturing cost, loss rate and reasonable profit rate, the product price is determined. Relying on independent R & D and independent production as support, the company provides products to customers through active marketing to obtain profits and cash flow.
The business scope includes: production of live embryo virus vaccine, live cell virus vaccine, live bacterial vaccine, inactivated avian influenza vaccine, cytotoxic inactivated vaccine, embryonic virus inactivated vaccine, bacterial inactivated vaccine, live swine fever vaccine (rabbit source); business of veterinary biological products; technical development and technology transfer of veterinary biological products; veterinary technical services; sales of veterinary equipment; storage and transportation; import and export of goods Technology import and export.
Since its establishment, the company has continued to carry out scientific research and innovation, and has established a high-end technology research and development team led by many experts in the veterinary biological products industry and a number of personnel with masters degree or above. While carrying out independent research and development, the company has actively cooperated with more than ten scientific research institutions and institutes, such as the Chinese Institute of animal health and epidemiology, the orchid Animal Research Institute, the South China Sea Institute of Oceanography, the Chinese Academy of Sciences, the Guangdong animal disease prevention and control center, the Institute of animal health, Sun Yat sen University, East China University of science and technology, South China Agricultural University, Guangdong Ocean University and Yangzhou University Cooperate in R & D and introduce technology according to market demand and company strategy.
Yan Qingmin, vice chairman of China Securities Regulatory Commission:
Setting up the selection layer is a milestone event of the new third board
Cui Shuqiang, member of the Standing Committee of the Beijing Municipal Committee, Secretary General of the municipal Party committee and executive vice mayor, Yan Qingmin, member of the Party committee and vice chairman of the China Securities Regulatory Commission, Xie Geng, Secretary of the Party committee and chairman of the national small and medium sized enterprise stock transfer System Co., Ltd., Gao Ming, chairman and general manager of Guandian defense, and Shenwan Hongyuan Securities Co., Ltd Chairman Chu Xiaoming delivered a speech, and Li Yimei, general manager of Huaxia Fund, delivered speeches successively.
Cui Shuqiang, executive vice mayor of Beijing, said in his speech that the new third board is an important national capital market, and the establishment of the selected layer marks an important step in deepening the reform of the new third board. The new third board will more effectively promote the close connection between finance and enterprises, and inject new impetus into national driven development. Beijing has always attached great importance to promoting the high-quality development of the capital market, and is full of emotional expectations for the new third board. The next step will take the opportunity of the new third board reform, focus on creating a more open and inclusive financial environment, continue to fully support and cooperate with the CSRC to promote the reform and development of the new third board, and support the growth of the new third board into a market with innovation, competitiveness and influence.
Yan Qingmin, vice chairman of the China Securities Regulatory Commission, said in his speech that the establishment of the selection layer is a milestone event of the new third board. The CSRC will focus on the construction of a multi-level capital market with Chinese characteristics, adhere to the direction of marketization, legalization and nationalization, pilot registration system, innovate financing products and tools, refine the selection layer, strengthen supervision and prevention, and enhance the radiation and absorption of the new third board Gravity, together with relevant parties, will promote the development of the new third board.
Xie Geng, chairman of the national stock transfer system Corporation, said that the establishment of the selection level is an important milestone in the history of the development of the new third board. The new third board reform is an important measure of financial supply reform and an important part of the multi-level capital market. The comprehensive deepening of the reform of the new third board will help to improve the ability of the new third board to serve small and medium-sized enterprises, release the reform effect and regulate the reform Fan is the premise of development, and risk control is the foundation of development. The national equity to equity companies will adhere to the attitude of establishing system, non intervention and zero tolerance, continuously optimize the market ecology, and establish an open, transparent, standardized, dynamic and resilient new third board market.
New third board selected layer logo released
On July 27, the national stock transfer company released the logo of the selection layer. The main icon of the selection layer logo is composed of the letter n in English of neeq and select as the framework, and s as the backbone. The letter Q is used to complete the connection and integration, and the Chinese and English words of select selection layer are set below.
The main colors of the icon are red and blue. Red represents rising and vitality, while blue represents blue chip and technology. The English name of the selection layer is select, which means select and select. The overall image is rising and inclusive, just like an elegant link. It is dynamic and powerful. It symbolizes that under the guidance of the selection level, the new industry, new technology and the new third board market form a positive interaction and vigorous development. The quality and innovation ability of enterprises are constantly improved, and the wealth effect of the market should be continuously enhanced. The new third board will organically link the multi-level capital market and help the economy to be high-quality Play an important role in quantity development!
Policy dividend for the selected layer again?
At the moment when the selection layer ushered in the opening of the board, the policy level once again gave the new third board a new policy dividend, which also injected huge capital into the liquidity of the follow-up market.
According to the first financial report, the new third board public funds will usher in two major changes. According to the previous regulation, the proportion of new third board funds invested in the new third board select layer enterprises in the closed period of products shall not be more than 20%, and the investment proportion in the open period shall not be higher than 15%, this proportion limit will be cancelled; second, fund companies can set up new third board public offering products and reasonably set the risk rating of products according to their own risk management ability and risk return characteristics of selected stocks. This means that the risk level of the new third board public funds will be lowered.
According to Zhu Haibins analysis, up to the latest, there are six public funds, and the scale of public funds that can be invested in the selected layer is only 2.2 billion yuan. From the demand side, the average market value of the selected layer after issuance is about 2 billion yuan.
If we want to keep the investment proportion of public equity funds in the selection layer and A-share investment proportion roughly the same, and consider the healthy development of the selection layers annual issuance and financing in the future, it is estimated that the total amount of public funds that the selective layer may need in the next year may reach 10-30 billion.
According to its calculation, if the number of mutual fund products reaches 20-40 within the year, the average total size of each product is 1.5 billion yuan, and if the proportion of product investment selection layer is set at 20% - 50%, it is estimated that the total amount of public funds may provide 6-30 billion yuan for the selection layer within one year.
In addition, according to the data of the stock transfer system, more than 20 public offering fund companies have launched product design work, and seven have been approved, of which five have been officially established, with a total amount of raised funds of 8.845 billion yuan, and the total number of effective subscribers has reached 170800, which has rapidly expanded the recognition of the new third board among ordinary investors.
At present, supervision is speeding up the approval process of the new third board fund, and fund companies are also speeding up the progress of product design. It is reported that China Southern Funds new third board fund products have been raised recently, raising about 2.5 billion yuan. This weekend, it will participate in the technical test of the selected layer of the new third board, and the selected layer will be able to participate in the secondary market investment after the market opening.
In addition, in the long-term capital level, the potential of the selected layer is still expected. From the perspective of structure, the total amount of funds provided by individual investors is the largest among the three batches of offline inquiry, about 55.5 billion yuan. The total amount of funds provided by public offering, private placement, securities companies and other four types of institutions were 1.8 billion, 6.9 billion, 13.2 billion and 13.6 billion respectively.
This also means that, in the long run, it is necessary to expand the fund volume of institutional investors for inquiry under the selective layer network, and gradually introduce diversified long money such as public offering, insurance and QFII.
1.6 million investors waiting for selected layer to open
The new ecology of the new third board has taken shape
So far, the siphon effect of the new third board has become increasingly obvious. More than a million investors are looking forward to the heavy opening of the select layer. In the view of the industry, compared with the past, the market confidence and ecology of the new third board have improved significantly, and the wealth effect has initially taken shape.
In terms of the number of investors, in just over half a year, the number of new investors exceeded the previous stock, which made the selection layer of this board opening highly anticipated. As of July 17, there were 1.6 million accounts of qualified investors in the whole market, an increase of 1.3 million compared with the end of 2019, according to the data of the stock transfer system.
Data shows that from the beginning of the year, the new third board market making index and innovation index have risen by more than 30%.
In terms of subdivision indicators, the third board medicine index and the third board active index increased by more than 60% and 49% respectively in the year.
In addition, the wealth effect of the new third board has also benefited from the impact of the reform, showing a preliminary appearance. According to the stock to equity system, after the reform, the number of investors at the investment end has increased and their enthusiasm for participation has been enhanced; high quality enterprises at the financing end have opened up 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 - enhancing the wealth effect of investment.
According to some data, at the end of the first half of the year, the total stock holding market value of individual investors totaled 621.466 billion yuan, an increase of 53.49% compared with 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.
What is the success of the first batch of listed companies?
More A-share shadow companies are concerned
After the completion of the public offering, the share capital scale of 18 companies exceeded 100 million, the total equity of Yingtai biological was 1.226 billion shares, and the equity of Bertrand and senxuan pharmaceutical exceeded 400 million shares. The total share capital of Xujie technology after its public offering was 38.82 million shares.
According to the introduction of the national stock transfer company, the 32 companies in the first batch of Jin layer are high-quality small and medium-sized enterprises growing up in the new third board and entity enterprises closely related to peoples livelihood and employment, with the following characteristics:
First, it is dominated by private small and medium-sized enterprises. Among them, 28 private enterprises, accounting for 87.50%; 27 small and medium-sized enterprises, accounting for 84.38%. Second, industry distribution is concentrated. 25 families strategic emerging industries, modern service industries and advanced manufacturing industries accounted for 78.13%. Third, the geographical distribution is extensive. The 32 enterprises belong to 17 provinces, autonomous regions and municipalities directly under the central government. Fourth, the operation and financial situation is relatively stable. By the end of 2019, the average net assets was 371 million yuan, the average operating income was 489 million yuan, the average net profit was 50.4732 million yuan, and the average rate of return on net assets was 13.59%. Fifth, good growth. The average growth rate of operating revenue was 5.12%, the average growth rate of net profit was 18.68%; the average R & D investment was 24.6239 million yuan, and the average R & D intensity was 5.03%.
According to the statistics of securities times and data treasure, the first batch of 32 companies in the selected layer of the new third board are mainly concentrated in information technology, medical care, industry and materials, and high-tech emerging industries occupy the mainstream.
Among them, the cumulative net profit of 32 companies in 2019 is 2.6 billion yuan, with an average profit of 81 million yuan. In 2019, the return on net assets of 12 companies exceeded 20%, and that of 8 companies increased by more than 50%. The overall profitability and growth performance were outstanding, with the attribute of small and beautiful.
In terms of R & D, the average R & D investment of 32 companies in 2019 was 36.7639 million yuan, with an average R & D intensity of 6.8%, lower than the average level of the science and technology innovation board and the gem.
In terms of issuance, 32 companies raised a total of 9.452 billion yuan. After the issuance, the total circulating market value calculated by the issue price was 25.3 billion yuan, and the average price earnings ratio was 31.37 times. The issuance price of 27 companies was lower than the final closing price before the suspension of trading.
In addition, the A-share shadow stock companies of selected companies are also concerned by market funds. According to the statistics of databao, there are 15 A-share listed companies directly or indirectly among the top 10 shareholders of 32 stocks in the first batch of new third board. With the opening of the selected layer, A-share companies with high shareholding ratio are expected to benefit.
Securities companies and investment institutions say so
So, for investors, the most concerned problem is: how to do a good job in the new third board selection layer investment?
In the view of the industry, the establishment of the selection layer is heavy, and the public offering of the first batch of companies is bound to be sought after by market funds. Investors are enthusiastic about new purchase, which means that the liquidity is not worried for the time being. There is little risk for investors to participate in the first batch of selected companies.
According to the analysis of Anxin securities, from the perspective of equity dispersion, the average number of shareholders after the issuance of the first batch of companies is dispersed to 56000. Therefore, investors need not worry too much about liquidity before. Benefited from the high and low signing rate, relatively reasonable pricing and the recent market environment, it is expected that the first batch of companies will have a more objective return rate.
Focusing on the first batch of 32 companies, the Zhu Haibin team of Anxin securities suggests paying attention to four dimensions: (1) companies with key institutional involvement; (2) companies with small price divergence; generally speaking, stocks with smaller differences are relatively good in quality and fair in price; (3) margin of safety of valuation, mainly the discount between the offering price and the price before suspension, and the comparability with a shares in the same industry The companys valuation difference; (4) the degree of compliance with the transfer conditions, in fact, the inquiry data has partly reflected the expected board transfer.
Zou Kun, an analyst at the new third board of Huaan securities, pointed out that under the background of weak economic recovery and reasonable and abundant liquidity, the in-depth promotion of capital market factor reform is expected to promote the continuous upward trend of market risk preference, and the selected enterprises may usher in the best opportunity of value revaluation. He said that he continued to be optimistic about the high-quality track in the selected layer, with clear growth path and stable and effective finance.
However, in the selection of opportunities, private institutions are more concerned about new. According to the incomplete statistics of the private placement network, after excluding the private funds that have repeatedly won lots (a single fund has participated in launching new enterprises for many times), a total of 353 private funds have appeared in the list of offline placing institutions, with a total of 2478 winning lots. Gao Jinjie, chairman of Xinjiang Investment Co., Ltd., said that he was optimistic and would vigorously participate in the innovation, because there will be some better targets listed in the selected layer. He believes that the first batch of selected companies, in terms of P / E ratio, still have advantages over Kechuang board. Wu Jun, chairman of jiujiuyi assets, said that he would still participate in the new third board in the future. Compared with the science and technology innovation board and the gem, there are still obvious arbitrage opportunities here. After a comparative analysis of the selection layer, the science and technology innovation board and the growth enterprise market, Wu Jun pointed out that the growth, profitability, and R & D investment of the selected layer are comparable to that of the gem. In fact, we invest in the value and growth of enterprises. No matter whether it is listed or on which board it is listed, as long as it continues to grow, we will pay attention to and invest in it. Extended reading: Wang Yinfeng, former chairman of Chongqing grain group, wantonly deals with power and money, uncovers secrets of payment and internal promotion of internship interest chain: spend 2 omnipotence to practice at securities companies; crazy gold breaks 9-year record! Spot gold exceeds US $1940 / oz. source: China Fund News Editor in charge: Wang Xiaowu_ NF
However, in the selection of opportunities, private institutions are more concerned about new. According to the incomplete statistics of the private placement network, after excluding the private funds that have repeatedly won lots (a single fund has participated in launching new enterprises for many times), a total of 353 private funds have appeared in the list of offline placing institutions, with a total of 2478 winning lots.
Gao Jinjie, chairman of Xinjiang Investment Co., Ltd., said that he was optimistic and would vigorously participate in the innovation, because there will be some better targets listed in the selected layer. He believes that the first batch of selected companies, in terms of P / E ratio, still have advantages over Kechuang board.
Wu Jun, chairman of jiujiuyi assets, said that he would still participate in the new third board in the future. Compared with the science and technology innovation board and the gem, there are still obvious arbitrage opportunities here. After a comparative analysis of the selection layer, the science and technology innovation board and the growth enterprise market, Wu Jun pointed out that the growth, profitability, and R & D investment of the selected layer are comparable to that of the gem. In fact, we invest in the value and growth of enterprises. No matter whether it is listed or on which board it is listed, as long as it continues to grow, we will pay attention to and invest in it.