Securities Times reporter Tan Chudan
Since the beginning of this year, the A-share market has been adjusted significantly, and the fixed increase market has also been impacted.
According to the statistics of Wind data by a reporter from Securities Times, based on the closing price on February 17, about 26% of the newly listed privately-added shares of listed companies this year broke, and the privately-added shares of individual listed companies broke on the day they were listed; About 12% of the private placement shares are close to breaking (within a 5% increase from the issue price).
Some investment bankers said that it is more difficult to issue a fixed increase, and it is necessary to wait for the opportunity.
From the perspective of secondary income, the income of fixed increase projects is obviously differentiated.
From February 18 to the end of the first quarter, the lifting of the ban on fixed increase projects shows that the floating profit of some fixed increase project subscribers has doubled, but 29% of fixed increase projects have floating losses.
Some industry insiders pointed out that the index adjustment in early 2022 will require investment institutions to improve their screening capabilities for fixed bid additions, and on the other hand, investment institutions may be able to obtain suitable projects at relatively lower prices.
The listing of the fixed increase shares will break
Recently, a number of cases have shown that some listed companies have broken their shares after listing, or are on the verge of breaking.
On February 14th, the privately increased shares of Uctech were officially listed with an issue price of 23.11 yuan, but they broke on the day of listing. As of February 17th, the latest closing price of the stock was 22.28 yuan.
The situation of China Great Wall is similar. Its issue price is 13.96 yuan of fixed increase shares. It broke when it was listed on February 9, and the latest closing price of the stock was 12.95 yuan.
The closing price of Jingrui Electric Materials on the 17th was 35.34 yuan, which has dropped by 14.8% from the fixed increase price of 41.48 yuan. The company's fixed increase shares were listed on February 7.
In addition, the fixed shares of 8 listed companies, including Minde Electronics, Jiangsu Shentong, Xingqi Eye Medicine, and Su Shixing, which were listed in January this year, have all broken.
Among them, the closing prices of Bauing Co., Ltd., AVIC Optoelectronics, Western Superconductor, and Zhejiang Dingli on February 17 fell by more than 10% compared with the private placement price.
The stock prices of many other listed companies approached the issue price shortly after the issuance of the fixed increase.
For example, Yuxin Technology, whose shares were listed on a fixed increase on February 9, had a fixed increase price of 22.10 yuan, while the company's stock price closed at 22.89 yuan on February 17.
Also in early February, HeForging Intelligence and Zhongneng Electric, which had their shares listed by fixed increase, were only 3.17% and 2.02% higher than the fixed increase price at their latest closing prices.
An investment banker from a securities company in Shenzhen said that some listed companies issued fixed increase plans when their stock prices were relatively high last year. Now the stock market has adjusted sharply, causing issuers to be relatively passive.
"The fixed increase approval document is valid for one year, and we have customers waiting for a better issuance time." The person said.
According to the statistics of Wind data by a reporter from Securities Times, since the beginning of this year, there are 6 listed companies whose fixed increase projects cannot raise enough funds, accounting for 30%.
For example, the fund-raising plan of ucut has only completed 35.62%, the original plan to raise 1.965 billion yuan, but the actual fund-raising is only 700 million yuan; Mike Bio, whose fixed-increase shares were listed on February 18, has a fixed-increase fund-raising completion rate Only 57%, the original plan to raise 2.769 billion yuan, the actual raised 1.574 billion yuan.
Affected by the sharp adjustment of the market, some of the fixed increase projects that are still in progress also make listed companies feel "difficult".
The share price of Jianlong Micro Nano, which was only approved by the Listing Committee of the Science and Technology Innovation Board in January this year, has fallen below the fixed issuance price. The closing price of 141.07 yuan has dropped 10.19% from the additional issuance price of 157.08 yuan.
In the third quarter of last year, the share prices of Hainan Development and Neptune Biotech, which have been approved by the China Securities Regulatory Commission, also fell below the fixed increase issue price.
In addition, Asia Chuangneng, ST Shelley, China Merchants Port, etc., whose share prices fell below the fixed increase issue price.
Floating income is clearly differentiated
From the perspective of secondary investment, the income of fixed increase projects is quite differentiated, and some people are happy and some are sad.
According to Wind statistics, from February 18 this year to the end of the first quarter, more than 80 listed companies will enter the lifting period of fixed increase, with a total lifted market value of about 115.5 billion yuan.
Among them, there are 3 companies with a market value of more than 10 billion yuan, namely BOE A, Huaibei Mining, and BAIC Blue Valley.
According to the latest closing price, Zhengping shares and Huilong shares, which will be released from the ban next week, are expected to have considerable gains from the fixed increase, and the current return from the ban is more than 100%.
In addition, the fixed increase subscribers of Hongbaoli, Xinqianglian, and Guolin Technology have all floated more than 40%.
In contrast, some fixed increase investors may be "suffering".
*ST Kangmei will lift 314 million shares next week (February 22), with a market value of about 942 million yuan, and the participants behind it are currently floating losses of nearly 80%; Mango Supermedia will lift the ban on February 24, with a scale of 90.34 million shares. Last year, the fixed increase was implemented at 49.81 yuan per share, raising nearly 4.5 billion yuan.
At present, the fixed increase subscribers China Mobile Capital Holdings, China Europe Fund, and Industrial Securities Global Fund have floating losses of about 26%.
BOE A will be lifted next week, with a scale of about 14.4 billion yuan. The company once offered UBS, Morgan Stanley, Gao Yi Assets, Xintai Life, Dajia Life, and China Merchants at a price of 5.57 yuan per share. Securities, Haitong Securities and other 20 institutions raised funds in a targeted manner, raising funds of 20.333 billion yuan. If calculated based on the latest closing price, the above-mentioned subscribers would have a floating loss of more than 11%.
In an interview with a Securities Times reporter, Wang Jiewen, general manager of Junyi Co., Ltd., a private equity firm that invests in fixed increase in Shenzhen, said that the recent sharp adjustment in the market has indeed caused some unrestricted fixed increase projects to experience floating losses.
"Although the fixed increase product has a certain discount advantage, some of its secondary attributes have also caused obvious differentiation. For some fixed increase bids with high market attention, the stock price generally experienced a sharp rise in the early stage, which caused the fixed increase The issue price is often at a high level, and once the market environment changes, it is easy to see a significant correction." Wang Jiewen said.
He pointed out that the index adjustment at the beginning of 2022, on the one hand, requires investment institutions to further identify and screen the fixed bid increase, and pay more attention to the margin of safety when looking for investment opportunities, but on the other hand, it is also more conducive for investment institutions to pass relatively A lower price to get a suitable fixed increase project.
An investment manager from a private equity firm in Shanghai said that the profit-making effect of fixed increase has been going on for two years. "This year, the market has undergone a major adjustment, and the rotation of the sector has accelerated, which will test the ability of investment institutions to judge projects. We still pay attention to industries with high prosperity, or Enterprises with core technology.”