The scale of IPO hits a new high, teach you to "make new" by
Zhou Lin, our reporter
This year, the number of new shares has been extremely large, which has greatly increased the size of the army participating in "new shares". In the first seven months of this year, the scale and number of A-share IPOs “ruled the roost” in the global market. As of July 31, the number of A-share IPOs reached 169, which is only 34 short of 203 in the whole year of last year; the scale of initial funds raised was 239.635 billion yuan, which was a difference of more than 10 billion yuan from last year. Among the IPO companies this year, 83 sci-tech innovation board IPO companies that have adopted the registration system are particularly concerned. How can investors participate in new shares?
Buying new shares means participating in the subscription of new shares. In the era of IPO approval system, due to the artificial limit of the earnings ratio of the new stock market to a certain range, coupled with factors such as the scarcity of new stocks, the price difference between the primary and secondary markets, and the active subscription of the market, almost every IPO can achieve a good rise after it is listed. income. However, in the era of IPO registration system, market pricing has become one of the biggest features. Does the former "risk-free" return of new shares still exist?
Since the official opening of the Sci-tech Innovation Board, which implements the issuance registration system, considerable gains have attracted more and more institutional investors to participate in offline inquiry. Wind information statistics show that from January to May, the new revenue of the Sci-tech Innovation Board was 35.2 billion yuan, which was 4 times the sum of other A-share sectors. However, the slowdown in the issuance of the science and technology innovation board has led to a decline in revenue from new sales.
Open Source Securities analyst Sun Jinju believes that from the recent sci-tech innovation board launches, market pricing tends to be rational, and the stacking winning rate has fallen after the bargaining chips are more dispersed, which promotes the first-day increase of new stocks on the sci-tech innovation board from an average of 123% in 2019 to 2020. 175% of the year. In the environment of full game on the science and technology innovation board, although the quotation is more difficult, the increase on the first day has increased, which has increased the single new stock to generate new income. Learning from the experience of the Science and Technology Innovation Board, after the reform of the registration system for the ChiNext, the revenue from new sales is expected to increase significantly.
The sci-tech innovation board and the GEM board of the main board have basically the same overall strategy. There are three similarities: First, the qualifications for the new launch are the same. Investors are required to also have securities accounts and have a market value of more than 10,000 yuan in 20 trading days; second, the purchase unit is the same, the first sign of the sci-tech innovation board is 500 shares, and the second one is also the GEM; the third is the convergence of new ways, the sci-tech innovation board , New subscriptions for the main board are all independent subscriptions.
However, there are several aspects that investors must pay attention to: First, there is no limit on the price limit for new shares on the Science and Technology Innovation Board in the first 5 trading days. After 5 trading days, the price limit is 20%, and the risk is much greater than that on the main board. ; Second, the Sci-tech Innovation Board adopts a registration system. Once new shares have poor performance or suspected of fraud, they may be strictly delisted, and investors may face delisting risks; third, the "threshold" for investment on the Sci-tech Innovation Board is not low, and new shares are required Have a stock account opened on the Science and Technology Innovation Board, and the qualification is "the first 20 trading days, the daily market value is more than 500,000 yuan, and there are 2 years of securities trading experience." In addition, the launch of new shares on the Sci-tech Innovation Board is the same as the launch of new shares on the Main Board GEM. It requires investors to have holdings of stocks, with a minimum of 10,000 yuan, and the expected winning rate is six out of ten thousand.
How should ordinary investors participate in the sci-tech innovation board? According to Chen Dong, director of the financial products department of Luen Thai Fund under Investment Technology, considering that most retail investors have not reached the investment threshold of 500,000 yuan on the sci-tech innovation board, the market has launched the sci-tech innovation board strategic allotment fund, and retail investors can indirectly make new investments by participating in these funds. . If strategic allotment is a large group purchase, IPO is more like small retail. Normally, the amount purchased by participating in the strategic placement is relatively large, but there is also a certain lock-up period; the newly acquired stocks can be sold after the market opens.
Participating in new shares under the registration system is not without risks. Sun Jinju reminded investors that the substantial increase in institutional participation will directly push up the average subscription multiple; the offline inquiry rate continues to decline. From the perspective of P/E ratios, the P/E ratio of new shares issued on the Sci-tech Innovation Board is generally higher than the industry average. For investors, the “high P/E ratio” of the Sci-Tech Innovation Board is one of the phenomena in the professional investment market. Only those with professional risk management capabilities, risk pricing capabilities, and Only investors with higher risk carrying capacity can effectively control this market.
Regarding the market outlook trend of new shares on the Sci-tech Innovation Board, Wang Yang of Soochow Securities believes that combined with the risk appetite for new funds, the new funds on the Sci-tech Innovation Board may tend to be sold on the first day of listing. This has been affected by traditional IPOs and the Sci-tech Innovation Board. Verified by the first batch of companies. It is expected that the premium rate of subsequent batches of new shares on the Sci-tech Innovation Board will drop significantly compared with the previous new shares; it is expected that the short-term performance of subsequent batches of new shares on the Sci-tech Innovation Board will be strongly correlated with market fluctuations.