The New Third Board Featured Layer "Full Moon":
14 stocks have risen from the issue price, and shareshare technology has risen over 95%
The selection layer of the New OTC Market was officially opened on July 27, and it has been in operation for a full month until August 27. On the whole, the selection layer operated smoothly within a month without major fluctuations. However, after the first day's break, more than half of the stocks are still in break status, and the turnover is gradually shrinking.
Turnover decreased in January, and some stocks rose well
On July 27, the selection layer opened, and the first batch of 32 companies were listed for trading. On the first day of the market, market conditions were not as good as expected. On the first day, there was a break. The 32 selected stocks fell by an average of 4.37%, and 21 stocks broke. The number of broken shares reached 65%. Among them, 4 stocks fell more than 20%, including Taixiang shares, Hengtuo Kaiyuan, Jianbang shares, and golden years.
After a month, the market closed on August 27, and 22 of the 32 stocks rose, 2 were flat, and 8 fell, with an average increase of 0.39%. Among them, the highest increase was Hanbo High-tech, which rose 6.51%; the biggest decrease was Yintu Wanglian, which fell 9.09%.
However, 18 of the 32 selected stocks are still below the issue price, accounting for more than half. The five stocks of Jianbang Co., Ltd., Golden Years, Kaitian Gas, Ball Crown Cable, and Taixiang Co., Ltd. fell more than 20% from the issue price. Among them, the issue price of Jianbang shares was 18.86 yuan/share, and it closed at 14.16 yuan/share on August 27, a decline of 24.92% within one month.
Some selected stocks still showed a good upward trend. There were 14 stocks that rose compared with their issue prices. The share price rose the most, with an issue price of 10.18 yuan per share, which closed at 19.93 yuan per share on August 27. Shares, an increase of 95.78%. Sharing Technology is also the stock with the highest increase on the first day of the select layer, rising 55.4% on the first day. Since then, its share price has risen to above 22 yuan. After certain fluctuations, it has been rising steadily since late August. In addition, Liancheng Numerical Control and Yongshun Biological have all increased by more than 50% compared to the issue price, and Yintu Wanglian, Beterui, and Sanyou Technology have increased by 20%-30%.
Judging from the transaction situation, the total turnover of selected stocks has decreased significantly. On the first day of market opening on July 27, the total turnover of 32 stocks was 3.623 billion yuan, with an average turnover of 113 million yuan per share. On August 27, the total turnover of 32 stocks was only 165 million yuan, and the average transaction per share was only 5.16 million yuan, equivalent to 5% of a month ago.
In fact, after the market opened, the selection layer remained above 1 billion yuan in only the first four trading days, and it has fallen below 1 billion yuan since July 31; since August 10, the total turnover of the selection layer has basically maintained Between 100 million and 300 million yuan, the average turnover per share has also dropped from ten million yuan to one million yuan.
There has also been a large divergence in the trading of stocks within the select layer. Taking the data on August 27 as an example, Hanbo High-tech and Beiterui with the highest turnover were above 25 million yuan, respectively 28.1572 million yuan and 27.482 million yuan; while Suzhou shares and Kaitian Gas had the lowest turnover. Both are less than 1 million yuan, 867,800 yuan and 876,100 yuan respectively. The two stocks with the highest turnover accounted for 1/3 of the total turnover of all stocks in the select layer.
How to treat breaks? The concept of invincibility is improving
Zhang Keliang, general manager of the stock transfer system business department of Yintai Securities, told reporters that from the one-month transaction data of the select layer, it can be seen that the initial trading is not very active because most market entities have no expectations for the comprehensive deepening of the NEEQ. Institutional investors were not prepared, and even continued to withdraw from the market before. Individual investors did not understand the institutional arrangements of the selection layer, so they did not dare to "start". But on the other hand, the market as a whole did not show large fluctuations, indicating that the primary and secondary markets have played a better role in pricing enterprises.
Regarding the breaking phenomenon, Zhang Keliang believes that it is a good thing that the select layer breaks on the first day of market opening. The excessively high price-earnings ratio of China's capital market has brought about the distortion and alienation of the entire market ecology, and the NEEQ selection layer has changed this situation through a completely different system design and reshaped the capital market ecology. The concentration of selected layers and the expected market-oriented issuance hope to reduce the issuance P/E ratio and the secondary market P/E ratio, so that the stocks bought in the secondary market can also have long-term investment value, so that the secondary market shareholders do not have to think about it every day "Sell high, buy low"; the PE investment ratio in the primary market will also decrease accordingly. Even if the issuance is unsuccessful, the company still has investment value and can fill the price-earnings ratio through one or two years of growth. Similarly, it will not cause excessive incentives to the original shareholders of the company, so that they can be at ease in the operation of their main business and the growth of the company, instead of thinking about "cashing out and leaving."
With the gradual advancement of the registration system and market-based pricing becoming more and more acceptable to the market, break-ups are actually normal. The Sci-tech Innovation Board broke the issue when the market opened for less than four months, and broke on the first day of IPO in December last year. Hong Kong stocks also have the phenomenon of breaking on the first day of listing. Peng Hai, head of the SME Service Department of Kaiyuan Securities, said that from the perspective of marketization, investors are now improving their concept of "unbeaten" in new stocks. From the perspective of the entire NEEQ, it is also a mixed situation. This also reflects that the New Third Board is operating in a market-oriented manner.
In fact, selected companies are also introducing a series of measures to stabilize their stock prices, including holdings, repurchases, and sales restrictions. Some companies have also launched repurchase plans.
■ Trend
System improvement continues to advance in the future, we need to pay more attention to the cultivation of market entities
The advancement of the selection layer has not stopped, and more companies are on the way to listing. According to data from the National Equities Exchanged Companies, as of August 25, the National Equities Exchanged Companies accepted a total of 72 companies’ select-tier listing applications. Except for 32 companies that have been approved and listed, the remaining 40 companies are still in the review process. Seven companies are in the "accepted" stage, 18 companies are in the "inquired" state, one company has been suspended for review, and 14 companies have been suspended for review.
The relevant system and rules of the selection layer are constantly improving. On August 21, the new third board equity incentive and employee stock ownership plan system was implemented, which embodies the "decentralization, management and service", conforms to the characteristics of the enterprise, strengthens market constraints, and conforms to market demand. In terms of the award price, flexibility is reflected in the management of price linkage. If the award price and the exercise price are lower than the stipulations, the company shall explain the basis and rationality of the pricing, and the lead broker shall express its opinions. Regarding the grant ratio, considering that the share capital of listed companies is generally small, the upper limit of the equity incentive ratio is set to 30%, and there is no restriction on the single-person incentive ratio or the ratio of employee stock ownership plans, and the personalized incentive needs of different types of enterprises are accommodated as much as possible . In terms of performance appraisal indicators, directors and senior executives who are motivated should set performance appraisal indicators. It is not mandatory to set performance appraisal indicators for core employees, and fully respect the development law and independent management of SMEs.
In addition, the National Equities Exchange and Quotations issued the "Notice on the Development of Mixed Trading Business and Information Release Optimization Simulation Test" on August 14. The first round of simulation testing is currently underway. It is expected that the mixed market-making trading system will also accelerate its implementation. Further enhance the fluidity of the selection layer.
Zhang Keliang said that in the future, the NEEQ selection layer will also work hard on the cultivation of market entities. The first is to enrich investment institutions, which requires institutions as "leaders." To give full play to the enthusiasm of brokerage firms, it is also necessary to create conditions to encourage more private equity funds and public equity funds to enter the market, especially to protect the development of private equity institutions, which should be the main force in the new third board market in the future. In addition, it is necessary to introduce policies as soon as possible to allow state-owned funds, social security funds, and guidance funds established by various cities to strategically invest in the New Third Board, select high-quality companies, and make long-term value investments.
In addition, it is necessary to strengthen the investment advisory power of the brokerage business department, slowly let investors understand the characteristics and advantages of the new three-board market, and involve investors who like to make value investments. Zhang Keliang pointed out that the current entry threshold for selected investors is 1 million yuan in assets. Under the premise of good policy publicity and correct guidance, consideration can be given to appropriately lowering the investor threshold in the future.
Beijing News reporter Gu Zhijuan