Sino-Singapore Jingwei, December 28 (Lin Jian Gao Ping Ning) After several changes of hands, at the end of December, the title of "the most expensive new stock" of A shares fell to Hemai.
On the first day of listing, the opening price of Hemai shares was reported at 633.66 yuan/share, reaching a maximum of 824 yuan/share, and finally closed at 725.01 yuan/share, an increase of 29.98%.
Whether it is a lucky investor or the underwriter CITIC Securities, the outstanding stock price of Hemai shares brings them the joy of real money.
Increase in the number of high-priced stocks
It is not difficult to find that this joy comes from the charm of "high-priced stocks".
The data shows that the number of high-priced A-shares is increasing.
As of December 27, if 100 yuan per share is the limit, there will be 11 more stocks with an opening price of more than 100 yuan on the first day of listing in 2021 than in 2020, a total of 61.
Specifically, Wind data shows that as of the 27th, a total of 515 companies have successfully listed on A-shares this year.
Among them, 12 stocks had an opening price of more than 200 yuan per share on the first day of listing, 49 stocks had an opening price of 100 to 200 yuan per share, and 110 stocks had an opening price of 50 to 100 yuan per share, with 297 stocks. The opening price of the stock is 10-50 yuan/share, and 47 stocks are below 10 yuan/share.
In this regard, Yang Delong, chief economist of Qianhai Kaiyuan Fund, said in an interview with Sino-Singapore Jingwei that there are two main reasons for the increase in 100-yuan stocks and high-priced stocks. One is the change in the inquiry mechanism and the other is the small-cap stocks. Increase in circulation.
"Now it is a market-based inquiry. In order to keep the quotation within the final issuance price range, the quoting party tends to quote upwards, which leads to a higher issuance price. On the other hand, in the issuance of new shares, small-cap stocks are the majority. They tend to have less equity, so the unit price is relatively high, so there are many high-priced stocks." Yang Delong said.
However, Sino-Singapore Jingwei noticed that since the beginning of this year, 325 of the 515 new stocks in A-shares have experienced a correction, and market funds have diverged in the investment logic of 100-yuan stocks.
Statistics show that since the beginning of this year, 47 100-yuan stocks have seen a correction compared to the first day of listing, accounting for nearly 80% of the total, of which Yingjianke ranked first with a 65% decline.
The remaining 14 stocks did not "appear at the peak", but continued to rise, with obvious money-making effects. For example, Honghua Digital, as of December 27, has increased by 68% since its listing.
In this regard, Chen Li, chief economist and director of the Institute of Chuancai Securities, told Sino-Singapore Jingwei that there are two main factors that support high stock prices for a long time: one is the company’s performance, that is, the company’s revenue and gains during operation. The level of profitability is the core factor that determines the high stock price; the second is the core value of the company, that is, the market’s valuation of the company’s growth. Whether the company’s business projects have broad prospects will directly affect investors’ valuation of its stock price. value.
IPO break may become the norm
For newly issued high-priced stocks, after listing, there are no more than two trends. Stock prices continue to rise or fall. Among them, whether the new shares will break has become one of the most concerned issues for the market, institutions, and investors.
In the past, hitting new successful high-priced stocks meant earning more and more, but now, hitting new high-priced stocks may also be a game of unknown winning or losing.
As a member of high-priced stocks, although the "most expensive new stock" Hemai shares did not break on the first day of listing, looking back at A shares in 2021, the frequency of break is increased.
Among the new stocks listed in 2021, 12 new stocks suffered a break on the first day of listing.
For example, BeiGene, which has achieved "US stocks + Hong Kong stocks + A shares" listed in three places, broke the issue on the first day of listing, and its stock price fell 16.42% to 160.98 yuan per share on that day.
Another example is the biotechnology company Chengda Biological, which went public at an issue price of 110 yuan per share, and its closing price fell to 80 yuan per share on the day, a decrease of 27.27%.
Chen Mengjie, chief strategy analyst at Yuekai Securities Research Institute, told Sino-Singapore Jingwei: “From the perspective of pricing, with the recent A-share deductive structure market, some industry sectors have a “group effect” and high valuations. New stock prices Affected by many factors, the stock price should reflect the company’s intrinsic value. With the accelerated issuance of the registration system, some new stocks will enjoy the overvaluation of the industry’s track stocks after they are listed when the scale is small and the profitability is not stable enough. The dividends brought by the value of the stocks have made stock prices overvalued to a certain extent. These stocks have returned to rationality after listing, and the breakout is expected."
Chen Mengjie said that since the beginning of this year, IPO breaks, especially high-priced stocks, have attracted much attention from the market. In the future, IPO breaks may become the norm, which will also help guide the continuous optimization of subsequent IPO pricing rules and become more rational and market-oriented.
From the data point of view, high-priced stocks are accompanied by an increase in the issue price of new shares. Earning the spread between the primary and secondary markets is no longer a risk-free return. The A-share ecology of "new shares must be earned" is quietly changing.
Regarding the multiple breaks of new shares, Yang Delong pointed out that investors should not stick to the previous idea of making new shares without losing money, and should realize that new shares are also risky.
Sino-Singapore Jingwei noted that among the 100-yuan stocks, pharmaceutical companies accounted for more than 20%, and the decline was significant.
In response to this phenomenon, Yang Delong explained that due to the impact of centralized procurement, there has been a significant decline in new pharmaceutical stocks, and if the issue price of new pharmaceutical stocks is high, the probability of a break is also increased.
It is worth mentioning that the Central Economic Work Conference held from December 8th to 10th this year proposed that the reform and opening up policy should activate the development momentum, grasp the comprehensive reform pilots of the market-oriented allocation of factors, and fully implement the stock issuance registration system.
Industry analysts say that with the acceleration of the full implementation of the stock issuance registration system, A-shares may have more high-priced stocks appearing.
Yang Delong told Sino-Singapore Jingwei that after the full implementation of the registration system, the probability of high-priced stocks is still relatively high, so investors should be more cautious in launching new projects to prevent loss of money from launching new projects.
"Close your eyes and make new purchases will become a thing of the past. In the future, new stock subscriptions need to pay more attention to the study of the combination of fundamentals and the market. Investors need to participate rationally in new purchases, especially high-priced stocks due to higher initial funding thresholds and relatively higher volatility. Investors need to fully assess their own risk tolerance and participate cautiously and rationally.” Chen Mengjie said.
(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.)
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