Pi Haizhou: The listing of Qiangrui Technology has taught investors a lesson

There will be a large number of new shares issued in the A-share market, and the issuance of new shares can indeed bring certain investment opportunities to the market. Therefore, investors should have a positive attitude towards the issuance of new shares and need to treat them rationally. It is necessary to see both the risk of breaking out that may be brought about by the issuance of new shares, and the opportunity to make money brought about by the listing of new shares.

■ Pi Hai Chau

November 10 is the day when the GEM new stock Qiangrui Technology was listed. Due to the abandonment of new shares, the listing of Qiangrui Technology has attracted much market attention. From its first day performance, the largest intraday increase was 167.60%, and the closing gain was 88.13%. This undoubtedly gives investors a risk education lesson, and investors who abandon the new shares of Qiangrui Technology will regret it.

In the recent period, the first day of the listing of new stocks has become a shadow of the market. Since the first day of the first day of the new listing of the new stocks on the Science and Technology Innovation Board on October 22 this year, in the 12 trading days as of November 5, a total of 18 registered new stocks have been listed, and 9 of them broke on the first day, accounting for 50%. Investors win the lottery becomes "hit", good luck becomes bad luck.

It is in this context that Qiangrui Technology, which was issued on October 29, was heavily abandoned by investors. According to the results of the online issuance released by Qiangrui Technology on the evening of November 3, the number of shares abandoned by online investors was 509,300 shares, and the abandonment comparison reached 2.76%, refreshing the record for the abandonment of all registered new shares since the implementation of the registration system in 2019, ranking second in the proportion of A-share new shares abandoned since 2010. The first place is China Communications Construction, which was issued and listed in 2012, with a proportion of 11.05% abandoned.

In the case of the break of new stocks, it is a normal phenomenon to give up new purchases, and it is also what the market is happy to see. After all, abandonment is a correction to the blindness of the past market. Prior to this, due to the staging of the undefeated myth of new stocks, so that investors are "closed their eyes" to play new when playing new, every new must be hit, neither look at the fundamentals of new shares, nor look at the issue price of new shares, some investors do not even look at the name of new shares, they "one click to hit new". This blind new result leads to the higher issue price of some new stocks, resulting in an increase in the investment risk of new shares, and the break of new shares.

Because of this, abandonment is a good phenomenon. Because abandonment represents an attitude of investors towards new stocks. If abandonment becomes the norm, and the proportion of abandonment can be further increased, to 5% or even 10%, then this is conducive to the rational issuance of new shares. The issuance of some high-priced stocks will be resisted by the market, and the issuance of new shares by some companies with mediocre fundamentals and poor performance will have difficulties in issuing, and the issuance of new shares will also move towards the survival of the fittest, thus playing a role in optimizing the allocation of resources. This is obviously an ideal situation for new stock issuance.

However, on the issue of abandonment, investors also need to be cautious and beware of investors hitting a new attitude from one extreme to the other. That is to say, the original "closed eyes" to hit the new, every new must be hit, now do not fight new, or abandon all purchases, this is obviously not the attitude that should be taken in dealing with the new problem. After all, for any stock market, new stock issuance is inevitable, and there will be a large number of new shares issued in the A-share market, and new stock issuance can indeed bring certain investment opportunities to the market. Therefore, investors must have a positive attitude towards new share issuance and need to treat new stock issuance rationally. It is necessary to see both the risk of breaking out that may be brought about by the issuance of new shares, and the opportunity to make money brought about by the listing of new shares.

On the issue of abandonment, Qiangrui Technology, which was listed on November 10, undoubtedly taught investors a lesson. The issue price of Qiangrui Technology is 29.82 yuan, and the opening price of the first day of the stock's listing is 38.00 yuan, the lowest price is 37.50 yuan, the highest price is 79.80 yuan, and the closing price is 56.10 yuan. That is to say, investors who have won the new shares of Qiangrui Technology, if they do not abandon the purchase, even if they sell at the lowest price, they can make a profit of 25.75%, the profit of selling at the highest price is 167.60%, and the profit calculated by the closing price is 88.13%. This profit is obviously quite good. Some investors give up on subscribing to the new shares of Qiangrui Technology, and the profits will rub shoulders with these abandoned investors, which is the risk of investors abandoning the purchase.

Therefore, on the issue of new stock abandonment, investors also need to be cautious, cherish the good luck of the new stock signing, and do not blindly abandon the purchase. For example, the issue price of new shares is not very high, and it is not recommended to abandon the purchase. Taking Qiangrui Technology as an example, its issue price is 29.82 yuan, and the price-earnings ratio is 38 times, although neither of them is low, but it is not high, and it belongs to the middle position. Such a new stock, the possibility of listing without breaking should be greater than the possibility of breaking.

For another example, the problem of the performance of new stocks changing face, if the magnitude of the new stock change face is not very high, in the case of the issue price is not very high, it is not recommended to abandon the purchase. For example, the issue price of Zhongzi Technology reached 70.90 yuan, and the net profit decline in the first three quarters of this year is expected to be 75.33% to 70.40%; Net profit after deduction of non-net profit is expected to fall by 84.63% to 80.02%. Therefore, the breakthrough of Zhongzi Technology is a matter of course. However, the issue price of Qiangrui Technology is not very high, and the net profit decline in the first three quarters of this year is 24.78% to 38.71%, and such a performance decline will at least not cause market panic, which is tolerated by the market. So investors don't have to abandon the purchase.