None of the first batch of 32 selected layer enterprises chose the green shoe mechanism, but after that, the national equity transfer companies significantly increased the implementation of the green shoe mechanism in the new third board selection layer. First of all, from August 2020, the inquiry letter to the application enterprises of the selection layer generally added the green shoe mechanism, and secondly, the new round of selected layer enterprises approved from the 33rd selected layer were approved The use of green shoes mechanism. As a sharp tool for maintaining the stock price and market stability of the selected layer of the new third board, the green shoe mechanism will be used normally in the public offering of the selected layer, and will play an increasingly important role in the steady development of the selected layer. Zhou Yunnan, founder of Beijing Nanshan investment, told Securities Daily.
According to the relevant provisions of the green shoe mechanism, if the market trading price of the stock is lower than the issue price within 30 natural days from the listing date of the selected layer, the lead underwriter will timely use the over allotment stock funds to buy the issuers shares from the secondary market, which is conducive to balancing the stock supply, stabilizing the future stock price, enhancing investment confidence and protecting the rights and interests of public investors The market trading price of the notes is higher than the issue price. After the expiration of the over allotment option period, the lead underwriter will require the issuer to issue additional over allotment shares and deliver them to the strategic investors who agree to postpone the delivery of stocks, so as to help the issuers obtain incremental financing.
It is understood that the initial issuance of Changfu shares is 4.35 million shares, accounting for 10.62% of the total after the issuance. The bottom price of the issue is 10 yuan / share. It is planned to determine the issue price by inquiry. It is proposed to introduce two strategic investors, which promise to invest 5 million yuan and 3.5 million yuan respectively. The corresponding initial number of strategic placements is 700000 shares, accounting for 16.09% of the initial issuance. After deducting the number of strategic placements, 80% will be issued to offline investors and 20% to online investors.
In addition, the issuer grants the sponsor (lead underwriter) an over allotment option of no more than 15% of the initial offering size. If the over allotment option is fully exercised, the number of shares to be issued will be expanded to 5 million shares, and the number of shares issued this time will account for 12.01% of the total number of shares after the full exercise of the over allotment option.
What new changes and new features will appear in the new round of selected enterprises? Chang Chunlin, the founding partner of Beijing Liwu Investment Management Co., Ltd., told the Securities Daily that, firstly, the number of online and offline investors participating in the selection layers innovation may be reduced compared with the first batch of enterprises, resulting in the online and offline winning lot rate expected to be greatly increased; secondly, in the process of offline inquiry, offline investors quoted prices or were more cautious, resulting in a decline in the average p / E ratio of the issue Thirdly, the issuing results of different enterprises will be more differentiated, and those meeting the standards of the science and technology innovation board or the gem will be more popular.
Source of this article: Yang Qian, editor in charge of Securities Daily_ NF4425