Song Qinghui, a well-known economist, told the 21st Century Business Herald that the listed companies on the Beijing Stock Exchange will be mainly produced by the selected layer companies of the New Third Board, and the securities issuance registration system will be piloted synchronously, and the construction idea is the basic system of the overall translation selection layer, so it is significantly different from the Shanghai Stock Exchange and the Shenzhen Stock Exchange in terms of market investor structure and basic system arrangement. This move is mainly to improve China's multi-level capital market, so that the majority of small and medium-sized enterprises, "specialized and new" enterprises can get the help of the capital market and achieve higher quality development.
The first selected layer listed company on the Beijing Stock Exchange rose 42.92% on the first day
As the first selected layer enterprise listed after the establishment of the Beijing Stock Exchange, Jinhao Medical landed on the select layer on October 25, and the stock opened up 57%. As of the close, it rose 42.92%, closing at 24.01 yuan / share, with a daily turnover of 156 million yuan and a turnover rate of 41.05%.
According to financial data, in 2019, 2020 and the first half of 2021, Jinhao Medical achieved operating income of 149 million yuan, 211 million yuan and 99.7236 million yuan respectively; the net profit attributable to the same period was 24.6188 million yuan, 41.3885 million yuan and 11.0306 million yuan, respectively.
Since the establishment of the Beijing Stock Exchange, the selection layer has been constantly innovating, and investors are enthusiastic about playing new. At the same time, the valuation of the select layer is also continuing to repair. The overall upward trend of the select tier stock price has shown since September, with the sector's average price-to-earnings (TTM) ratio rising from 26 times in early September to 33 times. The average price-to-earnings ratio of the top 20 companies in the selected layer by market capitalization is more than 40 times.
Select layers hit new and sought after
After the establishment of the Beijing Stock Exchange, the first batch of new shares were subscribed on October 8, including Guangzhi International, Guangmai Technology, Haixi Communications, Henghe Shares and Jinhao Medical; on October 11, Guangdao High-tech, Hanxin Technology, and Hechang Aggregation were subscribed; on October 15, Zhongshi Consulting and Zhisheng Information were subscribed; on October 18, 2 shares of Dadi Electric and Tongxin Transmission were subscribed.
Judging from the subscription situation, the enthusiasm of investors to "hit the new" is high.
On October 13, the results of the first batch of online issuance of selected layer new shares since the official announcement of the Beijing Stock Exchange were released. On the day of the IPO subscription, a total of 92.154 billion yuan of funds participated in the "new hit", and the average winning rate of the 5 new stocks was 0.87%, which was lower than the winning rate of the previous batch of new stocks.
Among them, Guangmai Technology has the lowest winning rate, only 0.52%; the highest winning rate is Henghe shares, reaching 1.3%. The average number of active online subscriptions for the five IPOs was 185161, which was nearly 4 times the average number of IPOs in the select tier during the year.
According to the analysis of the report of Zhongtai Securities, the new selection layer has the following three characteristics: First, the competition for the strategic placement of new shares in the selection layer is fierce, and the increase in market enthusiasm has increased the difficulty of institutions participating in the strategic placement of the selection layer; second, the winning rate is lower than the current average level of the selection layer, showing the investors' enthusiasm for the participation of the first batch of selected layer new stocks after the establishment of the Beijing Stock Exchange; third, the number of subscribers has increased, reflecting the driving effect of the establishment of the Beijing Stock Exchange on investors.
Up to now, a total of 12 shares have been successfully subscribed after the establishment of the Beijing Stock Exchange. According to the arrangement, Keda Self-Control and Jingsai Technology will be subscribed on October 26, with dingge subscription funds of 11.115 million yuan and 10.3361 million yuan respectively, and the results of the issuance will be announced on November 1.
Among them, the total revenue of Jingsai Technology in 2020 is 322 million yuan, and the revenue of quartz crystal oscillator business accounts for 75.22%. The company's selected layer issue price is 18.32 yuan / share, the price-to-earnings ratio is 28.41 times, and it intends to issue 11.8783 million shares, which is expected to raise 218 million yuan.
The total revenue of Keda Automation in 2020 is 201 million yuan, of which mine data monitoring and automatic control system revenue accounts for 71.12%. The issue price of the selected layer is 13 yuan per share, the price-to-earnings ratio is 45.34 times, and it is planned to issue 18 million shares, which is expected to raise 234 million yuan.
In addition to individual investors, institutional investors' enthusiasm for the selection layer has also increased significantly. According to the statistics of Essence Securities, the first batch of selected layer enterprises only had an average of only 1.6 war investment investments per company; and each of the 5 companies received at least 4 war investment participation, indicating that the enthusiasm for war investment participation has increased. A number of private equity institutions told the 21st Century Business Herald reporter that the share of the 5 companies in the war investment was "difficult to find".
Regarding the new strategy of the selected layer, the relevant analysts of Zhongtai Securities said that to take advantage of the advantages of funds and time, the number of subscriptions and the subscription time need to meet the priority and improve the winning rate. In addition, it should be noted that the new third board "hit the new" needs to pay the subscription funds in full, and the overpayment will be refunded after the number of shares to be determined, and the interval between payment and refund is about two trading days. Therefore, for the situation where the subscription date is immediately adjacent, investors should carefully study and carefully make the choice of subscription target before choosing the subscription target.
The "reserve team" of the Beijing Stock Exchange continued to expand
Investor enthusiasm for the Beijing Stock Exchange has led to a rebound in valuations in the select sector. Wind data shows that there are currently 66 companies in the selected layer, and since September 1, the overall market value has increased by more than 30%.
Under the substantial increase in market capitalization, the demonstration effect of selected enterprises is obvious. Therefore, a number of new third board companies have recently announced the declaration of the selected layer, and many of them have abandoned their IPOs and invested in the selected layer.
Jieshi Zhitong and Yima Online have made rapid progress, and these two companies recently announced that they have passed the counseling acceptance of the Beijing Securities Regulatory Bureau. The two companies have submitted to the National Stock Transfer Company the application for a public offering of shares and listing on the selected tier.
And Oh Yiyun, Youxuan Software and other companies have announced the declaration of select layer counseling, and have now entered the counseling stage.
Among them, there are many companies that have declared the selected layer for the second time. Since March 12, 2020, the shares have entered the counseling period of the selected layer, and Hualong Securities has been hired as a counseling institution, and the counseling filing materials have been submitted on March 19. On October 8, the company announced that it would change the counseling agency from Hualong Securities to Guoyuan Securities.
According to public information, the shares mainly provide highway (including bridges, tunnels), municipal roads (including bridges) survey and design consulting, engineering construction, project supervision, testing and testing, technical services and other services. The controlling shareholder of the company is Gansu Highway Traffic Construction Group Co., Ltd., and the actual controller is the State-owned Assets Supervision and Administration Commission of Gansu Province. The profit scale of the handover shares is relatively high. In 2019 and 2020, the audited net profit attributable to the shareholders of the listed company was 235.32 million yuan and 278.65 million yuan, respectively, and the weighted average return on net assets was 26.24% and 24.21%, respectively, which met the financial conditions for entering the selected layer.
Due to the strong profitability and the expectation of entering the selected layer, the stock price of the delivery shares has risen sharply since September, and the stock price of the company has risen by 50% based on the company's closing price of 9.07 yuan per share on October 25.
There are even companies that intend to IPO to move to the selected layer. Recent information shows that Bond plans to seek listing at the selected level and will submit an application to the local securities regulatory bureau to change the listing target sector.
Zhu Haibin, chief analyst of the New Third Board of Essence Securities, said that after the establishment of the Beijing Stock Exchange, the number of applications accepted by the selected layer has increased significantly. As of October 16, 2021, a total of 236 companies have applied for the registration of the select layer listing counseling (unlisted select layer), of which a total of 100 have been listed since 2021. In September 2021, a total of 11 companies applied for counseling and filing, an increase of 57% from the previous month.
Famous economist Song Qinghui
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In this regard, the famous economist Song Qinghui told the 21st Century Business Herald reporter that the listed companies on the Beijing Stock Exchange will be mainly produced by the new third board selection layer companies, and synchronously pilot securities issuance registration system, in the construction idea is the overall translation of the selection layer of the basic system, so its market investor structure, basic system arrangements and other aspects are significantly different from the Shanghai Stock Exchange, Shenzhen Stock Exchange. This move is mainly to improve China's multi-level capital market, so that the majority of small and medium-sized enterprises, "specialized and new" enterprises can get the help of the capital market and achieve higher quality development.
Future valuations remain divergent
Judging from the experience of more than a year of operation, since the launch of the selected layer, the proportion of listed companies with rising prices has reached 90.30%. Although the proportion of rising enterprises is relatively large, there is still a situation where the valuation differentiation between enterprises is large. Essence Securities believes that investment in enterprises on the Beijing Stock Exchange still needs to consider the fundamentals and current valuation of the company while considering the information side.
According to Anxin Securities' calculations, the current average price-earnings ratio of the top 20 companies with market capitalization in the selected layer is 41.17 times, and the valuation repair range is about 30%, which is basically consistent with the entire sector. However, the average price-earnings ratio of the TOP20 companies with the market value of the ChiNext Board is about 80 times, which is very different from the overall price-earnings ratio of the ChiNext Board. This shows that the advantages of leading enterprises in the selected layer have not yet been reflected, and the follow-up or differentiation according to the characteristics and growth of the company will be carried out.
Zhu Haibin believes that although the selected layer enterprises have undergone a round of valuation repair, there is still a certain gap with the ChiNext board in terms of different industries. After the valuation repair of the selected information technology enterprises, the latest price-earnings ratio is 40 times, which is still a big gap compared with the ChiNext board. The overall profitability and growth rate of select-level information technology companies are better than those of the ChiNext board, so the subsequent valuation repair is still worth paying attention to. The average price-to-earnings ratio of high-end equipment manufacturing enterprises in the selected layer has reached 32 times, which is not much different from the 35 times of the ChiNext board.
The difference in valuation between selected companies and GEM companies undoubtedly means investment opportunities.
Private equity institutional sources told reporters that their future investment strategies in selected companies will also be parallel to one or two levels. For some high-quality select companies in the market with relatively reasonable valuations, they will choose the opportunity to buy directly from the secondary market. If you are more optimistic about the long-term fundamental development of the company, you will choose to participate in the investment in the form of strategic placement. "The average price-to-earnings ratio of companies that have recently been publicly issued in the select layer is 18 times, and overall, there are still large valuation repair opportunities for new stocks in the select layer." The above-mentioned private equity institution person told reporters. Original title: The first selected layer listed enterprise on the Beijing Stock Exchange rose 42.92% on the first day
(Author: Lei Chen Editor: Zhang Yujie)