Recently, new stocks have broken out frequently, and many stocks have suffered widespread abandonment. With the intensification of the new stock issuance game, securities companies began to suffer from problems such as floating losses and increased underwriting amounts, and the pressure on the IPO business of securities companies increased.
Market participants believe that a fully market-oriented new stock inquiry mechanism is bound to bring about a dynamic game between investors that produces high-priced Bo shortlisting and post-listing losses. This phenomenon is more obvious in the stage when new investors pay more attention to new short-term returns, and in some mature overseas capital markets, similar cyclical fluctuations will occur in the pricing of new stock inquiries.
A number of institutional sources interviewed by securities companies in China said that in the face of market changes, securities companies should strengthen their pricing underwriting capabilities. Through its own professional pricing ability and underwriting ability, it stabilizes the pricing of IPO new shares, prudent pricing, and protects the interests of investors.
The abandonment of purchases increased The pressure on brokers increased
Recently, the topic of abandonment in the IPO market has attracted much attention, and the amount of abandonment of Naxin Micro, which disclosed the results of the issuance on April 17, was as high as 780 million.
In the eyes of market participants, abandonment and hair breakage go hand in hand. Wu Kaida, chief strategist of Debon Securities, said in an interview with the Chinese reporter of the securities company that after the myth of "undefeated new stocks" was broken, the hidden risks of new stocks began to be exposed, forcing investors to maintain a cautious attitude towards the breakout of new stocks. At present, the emergence of the risk of new losses has been transmitted to the tendency of investors to subscribe for new shares, resulting in frequent abandonment in the near future.
Under the new new share issuance system, both breaks and abandonments bring tests to brokers. The break of new stocks means that securities companies may encounter "floating losses" in the short term. Wind data shows that as of April 19, securities companies participated in the follow-up investment of 40 new stocks on the science and technology innovation board during the year, of which 26 are currently in a state of floating losses. For example, Haitong Innovation, a follow-up investment institution of Aojie Technology-U, currently has a floating loss of 81.4347 million yuan.
At the same time, under the balance underwriting system, investors abandoning purchases also puts a lot of pressure on underwriters to "take over". The amount of abandoned purchases by Naxin Micro is as high as 780 million, all of which are underwritten by the sponsoring institution Everbright Securities. The new stock of the Science and Technology Innovation Board, Jingwei Hengrun, was abandoned by investors for 395 million yuan, and CITIC Securities underwritten 2.935 million shares this time, with a stock market value of 355 million yuan at the issue price.
"In addition to allowing securities companies to face the pressure, the increase in the abandonment rate of IPOs requires securities companies to focus on discovering the real reasons behind them and improving the status quo." The relevant person in charge of the investment bank of Guojin Securities said that the investment bank of the securities company should strictly control the quality control port, sponsor the listing of high-quality companies with excellent quality and pass the business pass; secondly, when pricing new shares, the seller should maintain sufficient research and prudence; finally, in addition to the investment banking business, how to do a good job in investor education and strengthen investor services in the brokerage business, and how to combine investor service work with the concept of investor education under the registration system, should attract enough attention.
The market-oriented game is strengthening day by day
Although the breakout of new shares, abandonment of purchases, etc. have brought greater pressure to securities companies, the market generally believes that these phenomena are the embodiment of the strengthening of the market-oriented game after the reform of the new stock inquiry system.
The relevant person in charge of the investment bank of Guojin Securities said: "The adjustment and improvement of the new stock inquiry mechanism in September last year further improved the degree of marketization of new stock inquiry under the registration system, and the concentration of investor quotations was greatly reduced, marking the remarkable effect of this round of system adjustment. ”
The person in charge believes that the fully market-oriented new stock inquiry mechanism is bound to bring about a dynamic game between investors to produce high-priced Bo shortlisting and post-listing losses, this phenomenon is more obvious in the stage of playing new investors paying more attention to new short-term gains, and in some mature capital markets overseas, similar cyclical fluctuations will occur in the inquiry pricing of new shares.
"The current registration system IPO inquiry is in the stage of high-priced Bo shortlisting and compression of new revenues. In addition, since the beginning of this year, changes in the external environment and repeated epidemic situations have led to greater fluctuations in the market, and there have been more new stock breaks under multiple influences. The person in charge said that the breakout of new shares is a sign of the mature capital market, and there are ups and downs after the listing of new shares, indicating that the pricing of new shares fully reflects the value of listed companies.
Multiple factors such as the macro environment and the market determine the price trend of new stocks after listing. The fluctuation of short-term earnings after the listing of new shares will also guide investors to pay more attention to the long-term investment value of new stocks and return to value judgment and value investment. In the increasingly mature capital market environment in China, securities companies should continue to do a good job in their own quality control, do a good job in the capital market, support and serve the real economy, and protect the interests of investors.
Wu Kaida also believes that the abandonment of new shares by the winning investors mainly originated from the new rules for inquiries on the Shanghai and Shenzhen exchanges in September last year.
On the one hand, after the release of the new rules on inquiries, the pricing center of new share issuance has been greatly improved. In the case of the market's recognition of the value of the IPO company unchanged, the higher issue price means that the purchase cost of investors increases, squeezing the profit margin after the listing of new shares, and reducing the willingness of investors to pay for new shares.
On the other hand, the high issue price of new shares faces a certain risk of breaking, as of now there have been dozens of new stocks on the first day of listing, the myth of "new shares undefeated" after being broken is no longer a stable and profitable transaction, the hidden risks of new shares have begun to be exposed, which also forces investors to maintain a cautious attitude towards the new stock break. Since investors' participation in the new behavior lags behind the change of the new income, the current emergence of the risk of new loss has been transmitted to the investor's subscription behavior, as exemplified by the recent frequent abandonment.
"In general, it is the market mechanism that is playing a role, and the new stocks that are now broken are mainly in some specific industries or enterprises that have not yet made a profit, and offline institutions have not abandoned the purchase." We believe that the supervision should maintain policy determination, and the new rules for inquiries have not been out for a long time now, and we should observe and observe. The relevant person in charge of an investment bank of a large securities company said frankly.
Force investment banks to set prices precisely
However, the frequent occurrence of breaks, abandonment of purchases, etc., also put forward higher requirements for the ability of securities companies to develop their investment banks.
In terms of follow-up investment, the relevant person in charge of the aforementioned Investment Bank of Guojin Securities said that because securities companies have a long lock-up period with investment, the final profit and loss of follow-up investment mainly depends on the operation of the listed company and the long-term investment value, and its system itself is to guide the issuer and the lead underwriter to set reasonable pricing, and can also guide the new investors of the science and technology innovation board to form a certain value "binding" with the main underwriter when holding new shares for a long time, forming a long-term investment concept when playing a new time, and optimizing the structure of new investors.
"Under the guidance of the system, all securities companies should also do a good job in investor education through their own underwriting system, guide IPO investors to establish long-term investment concepts, and assume their due responsibilities for the rapid development of new stock issuance under the registration system." The person in charge said.
Wu Kaida believes that under the requirements of the "market-oriented pricing" of the registration system, the rational return of the income of new shares, investment banks, as professional financial intermediaries, should give full play to their industry resources and research capabilities to help investors better judge the true value of new shares, and determine a reasonable issue price to take into account the financing needs of issuers and the income pursuit of investors.
With the increase in pressure on follow-up investment and underwriting, some market views believe that securities investment banks should increase the cost of sponsorship and underwriting to ensure the safety of their business.
"At present, the IPO market is still a lot of porridge, some brokers are not competitive enough, in fact, there is no ability to raise prices, some large brokers have stronger risk response capabilities, and there is no need to raise prices to cope with the short-term increase in abandonment." An investment banker from a securities company in Shanghai said, "At present, it is more feasible for securities companies to appropriately avoid risks through accurate pricing. ”
Wu Kaida also believes that the essence of the underwriting system of securities companies and the rules of participating in strategic placement is to balance the interests of multiple parties and convey confidence to the market, if the pricing of new stocks is too high, it will not only increase the risk of breakouts, but also lead to more investors abandoning purchases, causing double pressure on investment banks in the underwriting system.
"While investment banks may increase sponsor underwriting fees to increase the margin of safety for their IPOs, there is greater uncertainty about the loss margin of high-priced IPOs than underwriting fees after successfully registering for issuance." Therefore, rather than increasing the underwriting fee, the abandonment of new shares will force investment banks to help investors reasonably price new shares to reduce their own risk exposure. Wu Kaida said.
Editor-in-charge: Gui Yanmin