Online investors abandon the purchase of 363 million yuan
Hemai shares, setting a new record for the amount of abandonment
Hemai shares announced on the evening of December 14 that the amount of abandonment by online investors was 363 million yuan.
The number of offline investors who gave up the subscription is 0.
The amount of online abandonment set a new record, breaking BeiGene's nearly 200 million yuan abandonment of new shares.
On the evening of December 14, Hemai shares disclosed the results of the IPO issuance on the Science and Technology Innovation Board. Online investors gave up 651,387 shares and 363 million yuan; offline investors gave up the number and amount of subscriptions to zero.
Compared with the number of online issuances, the abandonment ratio of Hemai shares reached 18.74%, setting the record for the highest abandonment rate of A shares.
It is understood that the 363 million abandonment was ultimately underwritten by the lead underwriter, CITIC Securities; the number of underwritten shares accounted for 7.0307% of the issuance after deducting the final strategic allotment part, and the number of underwritten shares accounted for the total size of the issuance. The ratio is 6.5139%.
In addition, as a sponsor (lead underwriter) CITIC Securities, its wholly-owned subsidiary CITIC Securities Investment also participated in the follow-up investment of Hemai shares, and was allocated 200,000 shares. The allocated amount was 116 million yuan and the sales restriction period was 24. Months.
Although Hemai shares issued 10 million shares this time and raised 5.578 billion yuan, CITIC Securities' sponsorship and underwriting expenses were nearly 141.5 million yuan, and CITIC Securities has purchased nearly 500 million yuan this time. If the listing breaks, the pressure will not be small.
The reason why Hemai shares was so abandoned may have something to do with its high issue price.
The issue price of the stock is 557.8 yuan, and the first 500 shares need to be paid for 278,900 yuan; but if the listing breaks 10%, it will lose 27,900 yuan.
In fact, there have been frequent breaks in new stocks recently.
Especially yesterday, when the "green shoe mechanism" underpinned and Hillhouse Group was heavily involved, BeiGene broke the deal on the first day of listing.
On December 15, BeiGene officially listed on the Sci-tech Innovation Board, becoming my country's first innovative pharmaceutical company to be listed in three places.
The opening fell 8.12%, and then the decline expanded, once falling nearly 20%.
As of the close, BeiGene fell 16.42% to 160.98 yuan per share, with a total market value of 214.874 billion yuan.
BeiGene’s issue price is 192.6 yuan per share, and the first one (500 shares) requires a payment of 96,300 yuan.
According to this calculation, the winning 1 lottery (500 shares) ended with a loss of nearly 16,000 yuan.
Jiahe Meikang (N Jiahe), which was listed on December 14th, broke the price once.
Dizhe Pharmaceutical, which was listed on December 10, broke more than 20% on the day of its launch.
In contrast, Chengda Bio, which was listed at the end of October, had an issue price of 110 yuan, which fell to 80 yuan that day.
RAM
Hemai shares remind investors to carefully consider risks
According to the data, Hemai is a high-tech enterprise whose main business is photovoltaic inverters and other power conversion equipment and complete electrical equipment.
The company is a latecomer in the field of micro-inverters. After years of technical research and development, a series of original proprietary technologies have been formed including micro-inverse topology technology, soft switching technology, and active parallel power module technology.
These technologies have effectively improved the performance of the company’s micro-inverter products, reduced product costs, and enabled the company’s micro-inverter products to have a conversion efficiency comparable to that of Enphase (a global leader in the field of micro-inverters). High power density and wider power range provide the strength to compete with Enphase.
In terms of performance, the prospectus disclosed that Hemai shares recorded revenues of 495 million yuan, 460 million yuan, and 307 million yuan in 2020, 2019, and 2018, respectively; net profits were 104 million yuan, 81 million yuan, and 16 million yuan.
In the first half of 2021, the company's revenue was 318 million yuan and net profit was 79 million yuan.
From January to September this year, the company achieved operating income of 507 million yuan, an increase of about 65.94% over the same period in 2020, and realized net profit attributable to shareholders of the parent company of about 122 million yuan, an increase of 85.99% year-on-year. After deducting non-recurring gains and losses, the company was attributable to The net profit of shareholders of the parent company was 118 million yuan, a year-on-year increase of 90.51%.
In the special announcement of investment risks, Hermai shares pointed out that the aforementioned 225.94 times P/E ratio is higher than the industry’s average static P/E ratio of the most recent month (51.02 times) published by China Securities Index Co., Ltd., and higher than the average static P/E ratio of comparable companies in the same industry (178.31 times). There is a risk that a fall in the issuer's stock price will bring losses to investors in the future.
This group of articles / our reporter Liu Shenliang