On August 24, the first batch of 18 companies that reformed and piloted the registration system for the Growth Enterprise Market were listed and traded, marking the successful implementation of the registration system for the Growth Enterprise Market. Yesterday, the GEM index closed up 1.98% to 2684.63 points.
On the first day of listing, all the 18 stocks listed in the first batch achieved an increase, with an average increase of 212.4% and a maximum increase of over 1,000%. Six hundred-yuan stocks were born out of 18 stocks. The total market value of seven stocks exceeded 10 billion yuan, and the total market value was 273.89 billion yuan. Among the stocks on the Growth Enterprise Market, 15 stocks rose or fell more than 10%, and 4 old stocks had a 20% daily limit.
First-day record: The highest increase exceeds 1000%, 6 100-yuan stocks are born
Under the pilot registration system of the Growth Enterprise Market, there will be no limit on the price increase or decrease in the five trading days before the listing of new shares. On the first day of listing, the first batch of 18 stocks all achieved gains. The average gain of 18 stocks reached 212.4%, and 10 stocks rose by more than 100%, the highest growth rate was more than 1000%, and the lowest growth rate was also 40%.
Among them, the highest increase was Kangtai Medical, whose issue price was 10.16 yuan per share and closed at 118 yuan per share, an increase of 1061.4%. In midday, Kangtai Medical's stock price rose to 308 yuan, an increase of nearly 3000%, triggering temporary suspensions one after another.
Kappel’s gain was second only to Kangtai Medical, reaching 743.3%, and its issue price was 18.79 yuan per share and closed at 158.45 yuan per share. In addition, there are three stocks of Tianyang Technology, Dahongli, and Montai High-tech that have increased by more than 200%; Jieqiang Equipment, Shengyuan Environmental Protection, Nanda Environment, Eurolink, and Anker Innovation have increased by 100%- Between 200%. Among the 18 stocks, the smallest increase was Fengshang Culture, which rose 43.10%.
Compared with the situation on the first day of market opening on the Sci-tech Innovation Board, the average increase of the first batch of companies under the GEM registration system was higher on the first day of listing. On July 22, 2019, on the opening day of the Science and Technology Innovation Board, the average increase of the first 25 stocks listed was 139.55%, and the highest increase was 400%.
As of the close of trading on the 24th, six hundred-yuan stocks were born out of 18 stocks. Among them, Fengshang Culture has the highest stock price, reaching 197.50 yuan per share, ranking 9th among all 851 stocks on the GEM.
From the perspective of transactions, 18 stocks had relatively active transactions on the first day of listing, with a total turnover of 23 billion yuan, accounting for nearly 10% of the total turnover of the ChiNext. Among the 18 new stocks, 11 stocks had a turnover of more than 1 billion yuan, of which Anker Innovation had the highest turnover, reaching 3 billion yuan.
From the perspective of turnover rate, the average turnover rate of 18 stocks is 59.2%. Among them, Kappel has the highest turnover rate, reaching 77.7%. Kappel is also the only stock with a turnover rate of more than 70% among the 18 stocks. The lowest turnover rate is the equipment of Jieqiang, reaching 44.5%. On the opening day of the Science and Technology Innovation Board, the turnover rate of the first batch of listed stocks was basically above 70%. Compared with the ChiNext, investors were reluctant to sell.
From the perspective of total market value, as of the close of trading on the 24th, the total market value of 18 stocks totaled 273.89 billion yuan. Anker Innovation has the highest market value, reaching 59.69 billion yuan, ranking 21st among all GEM stocks.
The growth rate of GEM stocks is adjusted to 20%, 4 old stocks have 20% daily limit
Looking at the market as a whole, as of the close of trading on the 24th, the ChiNext index rose by 1.98% to close at 2684.63 points, the highest intraday rise above 2700 points. The Shanghai Composite Index closed at 3385.64 points, up 0.15%; the Shenzhen Component Index closed at 13,666.69 points, up 1.40%.
Along with the listing of the first batch of registered stocks, the overall trading rules of the ChiNext also ushered in major changes. The price limit for all stocks was raised to 20%. The market was worried about the large fluctuations of individual stocks on the ChiNext. In fact, the number of stocks with a rise or fall of more than 10% under the new rules is relatively small. Except for the newly listed 18 stocks, there are 15 stocks in stock that have risen or fallen more than 10%. Among them, 13 stocks rose by more than 10%, and 4 stocks of Kenrui Woneng, Chongqiang, Tanaka Seiki, and Tianshan Biology rose 20% and were capped at the daily limit. In addition, there are two stocks, Jinlitai and Qianshantuit, which fell more than 10%, and the two fell 14.50% and 10.20% respectively.
Yang Delong, chief economist of Qianhai Open Source Fund, said that starting from August 24, the growth rate of individual stocks on the ChiNext has been relaxed to 20%, which has increased the stock price activity of individual stocks, but will not cause major ups and downs in the market. In fact, judging from the one-year operation of the Science and Technology Innovation Board, few stocks can rise or fall by 20% in a day, and most stocks have actually not risen or fallen by more than 10%. Judging from the first day of the pilot registration system for the Growth Enterprise Market, most of the stock stocks have risen and fallen within 10%, and only a few stocks have exceeded 10%, and the market is generally stable. After the rapid bottoming in the early trading, the ChiNext index quickly rose, showing that investors are optimistic about the prospects of the ChiNext registration system. The Growth Enterprise Market has ushered in an important opportunity for the development of the new decade, which will help promote the development of new economy enterprises and allow more high-quality new economy enterprises to register for listing.
Pan Helin, executive dean of the Institute of Digital Economy of Zhongnan University of Economics and Law, said that the price limit was not set in the first five days, and it has been fully verified on the Sci-tech Innovation Board, but the number and volume of GEM stocks are larger than that of the Sci-Tech Innovation Board. The myth of unbeaten IPOs will be broken in the future, and IPO dividends will gradually narrow or even disappear in the future. Investors should pay attention to the fact that the game in the market five days before the listing of new stocks will be very fierce. Ordinary retail investors without gaming experience should try not to participate in such high-volatility speculation, but they can still try to make new ones.
For investors, the first batch of stocks listed under the GEM registration system achieved a relatively high increase, which means that it has brought better returns to new investors. Calculated on the basis of the difference between the closing price and the issue price, the first-sign gains of the 18 stocks all exceeded 10,000 yuan, with an average of 27,897.78 yuan.
Calculated on the closing price, the highest return from the first lottery was Kapi billion, the issue price was 18.79 yuan, and the closing price on the 24th was 158.45 yuan. If the winning investor sells at the closing price, the first-lot profit can reach 69830 yuan. The second is Kangtai Medicine, with a gain of 53,920 yuan.
Calculated based on the highest price in the market, Kangtai Medical has the highest profit from the first lottery. The issue price of Kangtai Medical is 10.16 yuan, the highest price in the market is 308 yuan, and the one-sign gain can reach 148,900 yuan. Calculated at the closing price, the first-sign gain was 53,920 yuan.
Analysis: In the future, more high-quality assets will be listed on the ChiNext market and differentiation will accelerate
Next, new shares will be listed one after another under the GEM registration system. As of the press release on August 24, the Shenzhen Stock Exchange has accepted 365 applications for initial listing on the Growth Enterprise Market, 29 of which have been registered and effective. In addition to the 18 listed companies, other companies will continue to enter the issuance stage. Daye shares, Canaan Intelligent, and Shengde Xintai have been issued on August 21; next, Maxell Intelligent and Longlide will be issued on August 25 and September 1, respectively.
The Industrial Securities Research Report pointed out that in the past, the listing system prevented some high-quality companies from listing on the Growth Enterprise Market and chose to list in overseas markets. After a long queue, some high-quality companies have gradually entered the secondary market investors’ vision of allocation in recent years. After the comprehensive reform begins again, in the future, more high-quality assets will accelerate to land on the ChiNext. There may be domestic hidden unicorn companies going public, and the leading technology stocks that have previously landed in overseas markets may also accelerate their return to ChiNext and science and technology. Create board.
Yang Delong said that after the reform, the positioning of the ChiNext is more clear, mainly serving growth-oriented innovative and entrepreneurial enterprises, and supporting the deep integration of traditional industries with new technologies, new industries, new formats and new models. Compared with the approval system, the listing requirements of the registration system are more forgiving, and loss-making companies that meet the requirements are also allowed to go public, which is conducive to promoting more high-quality emerging technology companies to get listed to obtain valuable capital.
Liu He
The Growth Enterprise Market lays the foundation for the reform of the registration system for the SME board and the main board
Liu He, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, delivered a written speech. Liu He pointed out that advancing the reform of the Growth Enterprise Market and piloting the registration system is an important decision and deployment made by the Party Central Committee and the State Council, and an important link in the construction of the capital market. It absorbs the good practices of the sci-tech innovation board registration system reform, and lays the foundation for the next step of the registration system reform of the small and medium-sized boards and the main board. It is hoped that the Growth Enterprise Market will better serve growth-oriented innovative and entrepreneurial companies, have their own focus and complement each other with other sectors, form a multi-level capital market system, increase market inclusiveness and coverage, and support more high-quality companies to list in the country.
Liu He said that the capital market plays a pivotal role in optimizing resource allocation and promoting a high-level circulation of technology, capital and the real economy. At present, various reform and opening policies of the capital market are gradually being implemented. The system construction of registration system reform and transaction, normalized delisting, investor protection, etc. is progressing in an orderly manner. The capital market is also deepening from incremental reform to stock reform. The market is undergoing profound structural changes. It is necessary to gradually hand over the survival of the fittest of listed companies to the market, steadily increase long-term performance-oriented institutional investors, return to the important concept of value investment, promote full disclosure of information, comprehensively purify the market ecology, and build an honest and law-abiding capital market. At the same time, it pays more attention to situation research and judgment and analysis of main related factors, and strives to stay ahead of the market curve to create a benign development expectation. "System building, non-intervention, and zero tolerance" is a unified and organically connected whole. We must continue to adhere to the marketization, legalization, and internationalization direction, and do a solid job in improving the basic system of the capital market.
Liu He pointed out that under the leadership of the Party Central Committee and the State Council, China's economy is in a stage of continuous recovery, showing a trend of improving quarter by quarter, with a sharp contraction in the first quarter and a rapid recovery in the second quarter. The economic growth in the third and fourth quarters is expected to show more vitality. China’s economy is moving forward steadily and continuously upgrading on the track of high-quality development and accelerating the construction of a new dual-cycle pattern. The financial system must implement the "six stability" and "six guarantees" related work arrangements to better serve, drive, and lead the development of the real economy. Under the new situation, improving the quality of listed companies and forming a group of listed companies that reflect the requirements for high-quality development are key links in the development of the capital market. Listed companies must reform and improve their governance structure, comprehensively improve their innovation and market development capabilities, and promote entrepreneurship , Resolutely prevent moral hazards, accelerate the formation of core competitive advantages, and play the role of innovation "leader" and industry vanguard in the high-quality development of China's economy.
Yi Huiman
The Growth Enterprise Market must insist on putting innovation first, strictly supervising, and stabilizing the word
Yi Huiman, Chairman of the China Securities Regulatory Commission, pointed out at the ceremony that we should further highlight market forces, improve the quality of listed companies, and promote high-quality economic development; further deepen the reform of the capital market, develop long-term performance-oriented institutional investors, and return to the important concept of value investment ; Further promote the full disclosure of information, comprehensively purify the market ecology, and build an honest and law-abiding capital market; further create a benign development expectation, and strive to stay ahead of the market curve.
Yi Huiman expressed the hope that the Shenzhen Stock Exchange will stick to its positioning on the Growth Enterprise Market, highlight its characteristics and develop dislocations, and achieve greater responsibility in deepening financial supply-side structural reforms and promoting high-level circulation of technology, capital and the real economy. We must persist in putting innovation first, and continuously improve the support and services for innovative and entrepreneurial enterprises; adhere to strict supervision, ensure that the entrance and exit are well controlled, and promote the survival of the fittest; adhere to the principle of stability, keep the bottom line of risk, and ensure various reform and opening measures Landing smoothly.
Yi Huiman also said that at present, my country's capital market is in a rare period of development opportunities. We will thoroughly implement the central decision-making and deployment. Under the unified command and coordination of the Financial Commission of the State Council, we will unswervingly adhere to the direction of marketization, rule of law, and internationalization, earnestly implement the requirements of "system building, non-intervention, and zero tolerance", and solidly promote capital Market reform, development and stability work. "Establishing a system" is an important foundation for standardizing market order and optimizing governance efficiency; "non-intervention" is an important way to maintain the normal functioning of the market, stabilize market expectations, and enhance market vitality; "zero tolerance" is to strengthen regulatory deterrence and purify market ecology Important guarantee. These three are mutual foundation, mutual premise and organic unity. "Non-intervention" does not mean letting go. We must adhere to awe of the rule of law, act in accordance with laws and regulations, and attach importance to anticipatory management. This does not contradict daily supervision. Only by maintaining "zero tolerance" can we create a good development environment and create favorable conditions for reducing regulation and enhancing vitality. The main line of "building the system" must be highlighted. Only when the basic system of the capital market is more mature and finalized can we better distinguish between daily supervision and market intervention and truly achieve "zero tolerance." We believe that this is the inherent logic and inevitable requirement for achieving high-quality development of the capital market.
[Individual stock case]
Kangtai Medical: up 1061% on the first day of listing, hot money bought 73 million
Kangtai Medical rose only 468.90% at midday, and it rose rapidly towards the end of the afternoon. The stock price rose to 308 yuan, an increase of 2931%. But then, the stock quickly fell a few minutes before the close, and finally closed at 118 yuan, narrowing the increase to 1061%. If the investor buys at the highest price of Kangtai Medicine at 308 yuan, the closing loss will reach 61.69%.
Wind data shows that the top five purchases of Kangtai Medicine bought a total of 73 million yuan, accounting for 4.65% of the total transaction amount on the day, all of which were hot money; the top five sold a total of 39.365 million yuan, accounting for the total transaction amount that day 2.51% of the total, the four institutions sold a total of 31.96 million yuan.
Kangtai Medicine is mainly engaged in the research and development, production and sales of medical diagnosis and monitoring equipment. Its products cover blood oxygen, ECG, ultrasound, monitoring, blood pressure and other categories. Comparable companies in the domestic industry include Yuyue Medical and Bao Wright, Libang Instruments, Jiu'an Medical, Sannuo Bio, etc. In January 2016, Kangtai Medicine was listed on the New Third Board, and the listing was terminated in September 2017.
According to the prospectus, Kangtai Medicine experienced a decline in performance in 2018, resulting in a negative compound growth rate of revenue and net profit in the past three years. Its 2017-2019 revenues were 398 million yuan, 363 million yuan, and 387 million yuan, respectively, with a compound growth rate of -1.39%; net profits were 77.052 million yuan, 62.03 million yuan and 73.781 million yuan, with a compound growth rate of- 2.15%. Among the first batch of 18 companies listed, only three companies have a negative compound growth rate of net profit in the past three years.
Kangtai Medical has the highest issue price-earnings ratio among the first batch of 18 companies listed on the stock exchange, reaching 59.74 times. The initial listing on the Growth Enterprise Market is expected to raise 296.29 million yuan, and it plans to invest in medical equipment production and expansion projects and smart medical equipment industry research institute projects. In the end, the total amount of funds raised from the issuance was 417 million yuan, and the net amount of funds raised was 374 million yuan.
Beijing News Shell Finance reporter Gu Zhijuan