Stocks are more exciting! The growth rate of the GEM has changed by 20% from the 24th, pay attention to these rules!
Chinanews Client Beijing, August 24th (Reporter Xie Yiguan) China's capital market ushered in a milestone event!
According to the arrangement of the Shenzhen Stock Exchange, on August 24, the first batch of new stocks under the registration system of the ChiNext was officially listed for trading. 18 new stocks formed the first lineup. 160 million shareholders also ushered in the stimulus moment when all the stock stocks on the ChiNext changed by 20%.
Shenzhen Stock Exchange's GEM issuance and listing review information disclosure website.
18 new stocks are issued together, "buy it, earn it"?
According to the official website of the Shenzhen Stock Exchange, as of August 23, a total of 29 ChiNext IPO companies have registered effective. However, the underwriting progress of some companies cannot keep up with the first batch of listing dates. In the end, 18 companies including Meichang, Fengshang Culture and Shengyuan Environmental Protection formed the starting lineup.
In terms of regional distribution, these 18 companies come from 13 provinces and cities. Among them, Guangdong has 3 companies, Anhui, Zhejiang, Jiangsu each account for 2, and Beijing, Tianjin, Shaanxi and other 9 provinces and cities each have 1 seat. From the perspective of the industry, equipment manufacturing accounts for more.
With the enthusiasm of shareholders for subscription, 18 companies have over-completed the fundraising scale. It is planned to raise 15.682 billion yuan and the actual fundraising is 20.06 billion yuan.
"From the perspective of the issuance of the first batch of 18 companies listed on the ChiNext registration system, the market-oriented issuance pricing mechanism has played an effective role." A spokesperson for the Shenzhen Stock Exchange introduced that the 18 companies issued a P/E ratio of 19.1-59.7 times, on average. The value is 39.3 times, and the median is 37.9 times; the amount of corporate financing is between 260 million and 2.72 billion yuan, with an average of 1.12 billion yuan and a median of 980 million yuan.
Specifically, the consumer electronics manufacturing company Anker Innovation has the highest amount of funds raised, and the auto parts supplier Kabei billion, which has the lowest amount of funds raised.
In terms of issuance price, the issuance price of Fengshang Culture for the “first share of the GEM registration system” reached RMB 138.02, setting a record for the highest price of new shares issued on the GEM. According to media reports, some securities institutions have sorted out the return on new shares listed on the GEM since 2019, and their average one-word board has increased by 218%. Based on this calculation, the Zhongyi signing of Fengshang Culture (500 shares) will make a huge profit of over 150,000 yuan.
However, judging from the results of the subscription, the success rate of many new stocks is lower than the previous average for the GEM. For example, the winning rate of this online pricing issuance after Fengshang Culture callback is 0.0161%, and the effective subscription multiple is 6206.5 times; after Dahongli's callback, the winning rate of this online pricing issuance is 0.0168%, and the effective subscription multiple is 5957 Times.
Winning the lot does not mean "sit back and relax." Under the original approval system, the issuance of new shares was restricted by a price-to-earnings ratio of 23 times, and at the same time, there were restrictions on the price-earnings ratio and a high safety factor. Under the registration system, there is no limit on the rise or fall of newly listed stocks in the first 5 trading days.
"This will cause the stock price of new stocks to fluctuate sharply in the first five trading days. If the online price of new stocks is too high, there may be a'break'." Dong Dengxin, director of the Institute of Financial Securities, Wuhan University of Science and Technology, told a reporter from Chinanews.com. Under the pricing, the risk of hitting new ones has increased greatly, and it is no longer the “stable profit without losing” as in the past.
Data map.
Under the registration system, these trading rules must be understood
——Adjusted the price limit to 20%
Many stockholders may think that the new shares have not won the lottery, and it is not my turn to earn or lose.
The answer is: No!
According to regulations, on the day of the listing of the first GEM registered stock (that is, August 24), all existing GEM stocks are automatically upgraded, with the increase or decrease from 10% to 20%. "Under the new rules, betting on the peak of life is right, and betting on the wrong is not worth it." A shareholder said in a message on the Internet.
However, Qianshan Retreat, Shenwu Retreat, and Shengyun Retreat 3 ChiNext stocks have entered 24 days ago and are still in the delisting period. During this period, the trading mechanism will not be adjusted, and the price limit rate is still 10%.
In addition, it is worth mentioning that the rate of limit on the price increase and decrease of related fund auction transactions on the ChiNext is also adjusted to 20%. Therefore, people who buy funds should also pay attention, don't just patronize the excitement.
In terms of margin trading and securities lending, the first stocks issued under the GEM registration system can be used as the target of margin trading and securities lending from the first trading day, and securities companies are available for investors to sell securities on the day they borrow securities.
Taking into account the affordability of investors, the Growth Enterprise Market has made differentiated arrangements for stock investors and incremental investors.
Existing investors can continue to participate in the transaction after signing the new risk disclosure letter. Incremental investors require that the assets in the securities account and capital account be no less than RMB 100,000 per day (excluding the funds and securities that the investor has incorporated through margin trading) and participate Securities transactions must be more than 24 months old.
——Set the bidding range and the upper limit of single declaration
According to the Shenzhen Stock Exchange, under the GEM registration system, the price limit declaration during the continuous bidding period also sets a limited bidding range of up and down 2%, that is, the purchase declaration price must not be higher than 102% of the purchase benchmark price, and the sell declaration price must not be lower. At 98% of the base selling price.
For example, if the investor Xiao Li wants to buy GEM stocks, if the minimum selling price announced immediately at this time is 10 yuan per share, then Xiao Li’s limit buying price cannot be higher than 10*102 %=10.2 yuan/share. If the declared price exceeds 10.2 yuan, it will not participate in the auction immediately, and will participate in the auction again after the price fluctuation enters the effective auction range.
The new trading rules on the Growth Enterprise Market also set a single maximum number of declarations. The number of single transaction declarations for GEM stock price limit declarations shall not exceed 300,000 shares, and the number of single transaction declarations for market price declarations shall not exceed 150,000 shares.
If the number of single declarations submitted by investors exceeds the requirements, the trading system will directly reject the orders. However, there is no change in the minimum number and unit of change for a single GEM declaration, which is still 100 shares or an integral multiple thereof. If the balance is less than 100 shares at the time of sale, it shall be sold at once.
——Adding after-hours pricing transactions
In order to meet the needs of investors for trading at closing prices, GEM stocks have also added after-hours pricing transactions (the Shenzhen Stock Exchange will follow the principle of time priority after the closing of the market, and use the day's closing price to match the after-market pricing transactions. ).
The trading hours are 15:05 to 15:30 on each trading day. The reporting time is 9:15 to 11:30 and 13:00 to 15:30 on each trading day. The declaration is valid on the day of declaration, and declarations that have not been completed within the declaration period can be cancelled. If trading is suspended during the opening period, the declaration can be continued during the suspension period. However, if trading is still suspended at 15:00 that day, after-hours pricing transactions will not be conducted.
It is worth noting that there are three cases where the declaration is invalid, that is, the buying limit price is less than the closing price, the selling limit price is greater than the closing price, and the buying and selling limit price exceeds the limit price of the day. The number of a single declaration shall be 100 shares or an integral multiple thereof, and the maximum shall not exceed 1 million shares.
Another point is that investors who want to participate in after-hours pricing transactions should not forget to submit an after-hours pricing commission order to the securities company.
GEM refers to the trend chart.
Will the new rules increase volatility in the A-share market?
As the first major reform of the capital market that promoted both incremental and stock reforms, the implementation of the ChiNext registration system has a far-reaching impact.
"In the short-term, the relaxation of the price range will help increase the activity of GEM trading. In the long-term, incremental assets are expected to introduce incremental funds. Under the registration system, GEM listed stocks can be used as the target of the two financings from the first day, and the refinancing mechanism In line with the science and technology innovation board, the market mechanism is expected to drive the further expansion of the two financing businesses." Gao Chao, an analyst at Kaiyuan Securities believes.
However, for investors, the implementation of the GEM registration system will pay more attention to the diversion effect on the main board on the one hand, and on the other hand, will pay more attention to whether individual stocks will increase market volatility after the increase or decrease of individual stocks is relaxed to 20%.
"Comparing the price and volume trends of the main board and the ChiNext board before and after the launch of the Sci-tech Innovation Board, the impact of diversion is not obvious." Chen Li, director of the Sichuan Finance Securities Research Institute, said, but the current valuation of the ChiNext Board is relatively high. There may be greater volatility after the relaxation of fluctuations.
According to Liu Qihao, an analyst at Shanghai Securities, the increased risk of market volatility will also make investors pay more attention to the fundamental choice of investment targets. Companies with good performance will be more favored by funds and enjoy valuation premiums, and market valuations may differ. Become the norm. (Finish)