Entering May, the haze of the intensive breakout of new shares has dissipated, and the profit-making effect has returned again.
This week (May 16 to 20), a total of 6 new stocks were listed, and none of them broke on the first day.
Among them, three registered new shares, Smartway, Prius and Zhongke Jiangnan, all rose by more than 50% on the first day of listing.
Throughout May so far, a total of 10 new A-shares have been listed, and none of them have broken in one day.
6 new stocks have not broken
A total of 6 new stocks were listed this week, all of which did not break on the first day.
Among them, Smartway, a new stock listed on the Science and Technology Innovation Board on May 20, with an issue price of 31.51 yuan, rose 79.82% as of the close, closing at the highest price of 56.66 yuan in the whole day.
Calculated according to the closing price, the first lottery made a big profit of 12,575 yuan.
Smartway's 79.82% increase was also the new stock with the highest first-day increase among new stocks listed this week.
Founded in 2011, Smartway mainly provides CMOS image sensor products with multi-scenario applications and full performance coverage. In the terminal products of brands such as Ecovacs.
In terms of supply chain, Smartway has established cooperative relations with wafer fabs such as TSMC, Samsung Electronics, Hefei Jinghe, Dongfang Hi-Tech, as well as packaging factories such as Jingfang Technology and Huatian Technology, to ensure the continuous growth of public demand for production capacity. .
In terms of shipment volume in 2020, SmartVision's products ranked first in the world in the field of security CMOS image sensors, and also achieved an industry-leading position in global shutter CMOS image sensors in the emerging machine vision field.
From 2018 to 2021, Smartway achieved operating income of 325 million yuan, 679 million yuan, 1.527 billion yuan and 2.689 billion yuan, with a compound annual growth rate of 102%.
Smartway will realize a net profit of 398 million yuan in 2021, a year-on-year increase of 229%.
It is worth noting that due to the intensive breakout of new stocks on the Science and Technology Innovation Board in the early stage, Smartway’s issue price no longer rose, but was lower than expected.
Smartway's issue price is 31.51 yuan, and its issue price-earnings ratio is 32.14 times, which is lower than the industry's PE of 33.56 times and 48.2 times lower than the average PE of comparable listed companies.
Therefore, compared to the originally planned IPO fundraising scale of 2.82 billion yuan, Smartway's actual fundraising was only 1.261 billion yuan.
Due to the undervalued issuance and the general market rally on May 20, Smartway's natural performance on the first day of listing was eye-catching and rose sharply.
Similar to Smartway, Prius, a new stock listed on the GEM on May 17, rose 59.49% on the first day of listing. Based on the highest intraday price of 79.82 yuan on the first day, the first lottery can earn 16,150 yuan.
Prius is a company that provides SMO services. Its main business is to provide SMO services to domestic and foreign pharmaceutical companies, medical device companies and clinical research and development of some health-related products. Customers include Novartis, Pfizer, Hengrui, Merck and other domestic Foreign well-known pharmaceutical companies and medical device companies.
With the successful listing of Prius, the first SMO was born in A shares.
Prius’s IPO adopts a fixed price issue, with an issue price of 46.8 yuan, corresponding to a price-earnings ratio of 48.75 times, which is significantly lower than its industry’s static price-earnings ratio of 70.89 times in the past month.
Prius' IPO raised 702 million yuan, with no over-raise.
issued
After experiencing the breakout wave in April, there has been no first-day breakout phenomenon for new stocks since May.
Throughout May so far, a total of 10 new A-shares have been listed, and none of them have broken in one day.
Among the 10 new stocks, there are 5 new stocks on the main board, 1 new stock on the Science and Technology Innovation Board, 2 new stocks on the ChiNext, and 2 new stocks on the Beijing Stock Exchange.
Judging from the performance on the first day, the BIT new shares listed on May 13 saw the highest increase in new technology and innovative materials.
The issue price of scientific and technological innovation materials was 4.6 yuan. It opened at 5.99 yuan on the first day of listing. It touched a temporary stop during the session and finally closed at 11.13 yuan, up 141.96% from the issue price.
Since its listing in May, the above-mentioned 10 new stocks have not broken. Two of the new stocks on the main board, Jiangsu Huachen and Mingke Precision Technology, have been listed for 6 days and have not yet opened. The cumulative increase since listing has exceeded 150%.
Looking back at the breakout of new stocks this year, 36 of the 132 new stocks listed on A-shares this year broke their first day, accounting for 27%.
Market institutions generally believe that the breakout of new shares since the beginning of the year was firstly affected by the overall downturn in the secondary market, and secondly, some quotation institutions lacked expectations and adjustments to the changes in the secondary market, and did not adjust their quotation strategies in a timely manner.
Taking the new shares on the Science and Technology Innovation Board as an example, there are 5 new shares with an issue price of more than 100 yuan this year, and a total of 11 new shares with a price-earnings ratio of over 100 times.
But looking back on the new shares listed in May, the issue price and issue price-earnings ratio have fallen.
Excluding the new shares on the main board, the issue price and issue price-earnings ratio of the new shares in May were both Prius, which was issued at 46.8 yuan, corresponding to a price-earnings ratio of 48.75 times.
Relatedly, the phenomenon of over-raising of new shares has also been greatly reduced.
Among the new shares in May, only Zhongke Jiangnan raised 240 million yuan.
And Smartway's fundraising is even lower than the original plan.
In fact, it is quite common for companies with over-raised IPOs this year.
Wind data shows that among the new shares listed this year, more than 80 companies have raised more than expected IPO funds, accounting for more than 60% of the total new shares.
The highest super-raise is 4.831 billion yuan from Nanochip, which is on the Science and Technology Innovation Board, followed by 4.166 billion yuan and 3.725 billion yuan from Aojie Technology and JinkoSolar.
Market participants pointed out that the break of new shares is the only way for the A-share market to mature.
In mature overseas markets, a break is a normal phenomenon.
At present, 40% of the Chinese concept stocks listed on the US stock market have broken their shares on the first day; in the Hong Kong stock market, the break rate of new shares has reached more than 40% since 2021.
However, as the pricing of new shares gradually returns to rationality, for companies with good fundamentals, the market is more willing to give higher valuations, and companies with average fundamentals are given low valuations by the market, which makes the performance of new stock listings more rational, entering May Break stocks are also temporarily gone.