Sino-Singapore Jingwei reported on November 15 that the much-anticipated Beijing Stock Exchange opened today (15th), and China's multi-level capital market ushered in a historic moment.
10 new stocks opened in early trading and rose across the board. N Concentric opened up 280%, and up by nearly 400% as of press time.
N Zhisheng and N Dadi rose nearly 200%, and N Jingsai and N Guangdao rose more than 100%.
Specifically, the first batch of listed stocks is 81, of which 71 are selected-level translation stocks, and 10 new stocks are listed on the first day.
The call auction opened at 9:25, and the market performed well. The 10 new stocks had a maximum increase of 282.3% and a minimum increase of 74.72%. The increase was fierce.
The 68 translation stocks are relatively rational, with the highest increase of only 19.16%, and the lowest of which fell 3.17%. 14 stocks started to fall.
Wind screenshot
There is no price limit on the first day of new stocks
According to the Beijing Stock Exchange, more than 4 million investors can participate in transactions on the Beijing Stock Exchange after the market opens.
The entry threshold for individual investors of the Beijing Stock Exchange is the first 20 trading days, and the assets in the account are not less than 500,000.
There is no limit on the price increase or decrease on the first day of listing of new stocks. There is only a temporary suspension mechanism, that is, when the intraday transaction price rises or falls by 30% or more than 60% from the opening price for the first time, the intraday trading is temporarily suspended for 10 minutes, and the group will be assembled when trading resumes Bidding.
After the first day of listing, a 30% price limit will be implemented to give the market sufficient room for price games.
If the single declaration quantity reaches 100,000 shares or the transaction amount reaches 1 million yuan, a large transaction can be carried out.
The Beijing Stock Exchange was established.
Photo by Lin Jian, Sino-Singapore Jingwei
10 new companies listed
There are a total of 81 listed companies in the first batch of Beijing Stock Exchange, of which 71 are stocks transferred to the Beijing Stock Exchange from the selection layer, and 10 new stocks are directly listed on the Beijing Stock Exchange.
According to information on the official website of the National Equities Exchange, the 10 newly listed companies are Henghe, Keda Automation, Jingsai Technology, Tongxin Transmission, China Engineering Consulting, Zhisheng Information, Zhonghuan, Guangdao High-tech, Dadi Electric, Hanxin Technology.
Specifically, among the 10 companies mentioned above, in terms of the scale of issuance, most companies plan to issue between 10 million and 20 million shares. CMEC Consulting’s proposed issuance scale is the largest with 33.38 million shares, and Zhonghuan shares is the smallest. , Is 8.5 million shares; in terms of issuance price, half of the companies issue price is less than 10 yuan/share, half are between 10 yuan/share and 20 yuan/share, Jingsai Technology’s issuance price is the highest, 18.32 yuan/share, concentric Transmission is the lowest issue price of 3.95 yuan per share; in terms of P/E ratio, most companies issue P/E ratios of no more than 20 times, Keda Controls’ P/E ratio is the highest at 45.34 times, and Zhisheng Information’s P/E ratio is the lowest at 10.93 times.
The China Securities Regulatory Commission approved 8 Beijing Stock Exchange themed funds
After the opening of the Beijing Stock Exchange, it has opened up a new channel for financing and listing for a large number of small and medium-sized enterprises, and has also expanded the investment operation space for public funds.
Since the stocks listed and traded on the Beijing Stock Exchange are within the statutory investment scope of public funds, public funds may invest in Beijing Stock Exchange stocks in accordance with laws, regulations and fund contracts.
Recently, the China Securities Regulatory Commission approved the registration of 8 Beijing Stock Exchange themed public offering funds.
The fund adopts a two-year regular open operation method, and it is agreed that more than 80% of the non-cash fund assets will be invested in the stocks of the Beijing Stock Exchange, which can bring incremental long-term funds to the Beijing Stock Exchange.
Brokers Outlook: Which main lines are you paying attention to?
Wei Wei, chief strategy analyst at Ping An Securities, believes that in the short term, the first batch of listed companies are relatively small and the impact of diversion is relatively limited.
As of November 12, 2021, the market value of the original select layer company totaled 288.8 billion yuan, far lower than the 93 trillion yuan of all A shares; from the perspective of trading volume since September, the original select layer company accounted for The average weight of all A shares is 0.066%, which is relatively low.
Therefore, we believe that the Beijing Stock Exchange will have relatively limited influence on the A-share market in the short term.
In the long run, with the subsequent expansion of the Beijing Stock Exchange, the market size and liquidity will be greatly improved, which will provide a more convenient exit channel for private equity and venture capital, and the enthusiasm for investment in the primary market will be activated.
As the scarcity of SME resources declines, the stock of A-share innovative SMEs may face capital competition pressure, and valuations will face reshaping; judging from the 71 companies in the original selection layer, there are 28 companies on the first day of listing Decrease, accounting for nearly 40%, and all A shares fell 5% on the first day of listing; as of November 12, 2021, the median range of gains and losses since the listing of 71 companies was 40.2%, and all A shares listed first The median range of gains and losses since the day was 62.1%.
The relatively weak market performance of the selection layer is due to the difference in market ecology to a certain extent, but also partly from the uncertainty of the listed companies of the selection layer. Therefore, in the long run, the investment of the Beijing Stock Exchange needs to identify the large room for growth and competition. A strong, high-quality company.
Gao Chao, the chief analyst of non-bank finance at Kaiyuan Securities, said that securities firms with abundant business reserves on the NEEQ will directly benefit, and the various businesses of the securities firms will be beneficial.
After the establishment of the Beijing Stock Exchange, it is expected to increase the proportion of direct financing and expand the capital market. The increase in market activity will bring about an increase in brokerage business. More companies seeking to list on the Beijing Stock Exchange will directly bring about an increase in investment banking business. At the same time, some brokerages bought shares in the early stage or their direct investment companies invested in NEEQ companies. After the establishment of the Beijing Stock Exchange, exit channels have increased. Under the NEEQ stock asset revaluation, the investment income of securities firms will be greatly increased, and the various businesses of securities firms are favorable.
Essence Securities proposes to grasp three main lines of investment: First, relatively large market capitalization, industry leaders, and companies with advantages in the industrial chain.
The top companies currently ranked by market capitalization include Beterui, Liancheng CNC, Jilin Carbon Valley and Changhong Energy; leading companies in the industry include Beterui, Jilin Carbon Valley, Changhong Energy, etc.; in terms of superior companies in the segmented industry chain, innovative Yuan Instrument, Guandian Defense, and Sharing Technology, etc.
The second is to consider actively participating in new sales and strategic allotment.
The third is to consider the company's valuation and choose an opportunity to allocate when the valuation is low.
(Zhongxin Jingwei APP)
(The opinions in the article are for reference only and do not constitute investment advice. Investment is risky and you need to be cautious when entering the market.)