The author | Zhao Shiyong
Yesterday, Wuxi enterprise Zhongke Weizhi (688211) landed on the Science and Technology Innovation Board, which is also the 100th listed company in Wuxi, second only to Suzhou, and the total market value ranks first in Jiangsu Province.
Unfortunately, Zhongke Micro directly fell below the issue price after the opening of the market, and it failed to recover until the close. And today it continued to fall, closing at 76.03 yuan in the afternoon, down nearly 16% from the issue price of 90.2 yuan.
In fact, counting Zhongke Micro,500 new stocks have broken on the first day of the last six trading days, three of which are science and technology innovation board companies and one is a ChiNext board company, which also means that the era of winning new stocks is finally over.
"Big Meat Stick" becomes "Meat Cut Stick"
Hit the new stock before is stable to make money, and is the higher the price of the stock, the more you earn, people generally call the high-priced new stock "big meat stick", the day of listing can be doubled several times, if lucky, there will be 10 more up and down versions.
Zhongke Weizhi was once a super "big meat stick", with an issue price of 90.2 yuan, according to the previous undefeated law of new shares, how to double after listing. Therefore, the winning masses are estimated to wake up laughing in their dreams.
But I didn't expect to win the signature, but I stepped on a big thunder.
Zhongke Micro fell below the issue price in the collection bidding stage, and after the opening of the market, it went all the way down, and there was not even a decent rebound in the middle, and finally closed at 78.81 yuan, if the middle is not sold, the 500 shares in the middle will have a net loss of 5700 pieces.
It is estimated that many people are thinking that it is time to rebound the next day. However, it did not.
Today, Zhongke Micro did have a brief turn of red after the opening, but soon sank, and fell by nearly 4% by the morning close.
How did the "big meat stick" that was said to be a "meat stick" become a "meat cutting stick"? This scene is estimated to have forced many of the winning people to be confused.
However, the investors who won the lottery are not alone.
Just today, another listed new stock on the science and technology innovation board (688257) also directly broke, closing down nearly 13% in the morning, which is the fifth new stock that broke on the first day of listing in the past six trading days.
On October 25, two new stocks broke. The sci-tech board N Kelda and the ChiNext board N Kefu were both broken on the first day of listing.
On October 22, the new stocks on the Science and Technology Innovation Board broke down since the listing of Technology on Friday.
Why doesn't the market buy it?
In order for the new stock listing to break, the most fundamental reason is the change of the new rules, the valuation of the new stock issuance has increased significantly, compressing the speculation space in the secondary market.
On September 18, the Shanghai Stock Exchange and the Shenzhen Stock Exchange respectively issued the newly revised Implementation Measures for the Issuance and Underwriting of Shares on the Science and Technology Innovation Board of the Shanghai Stock Exchange, the Guidelines for the Application of the Rules for the Issuance and Underwriting of the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Initial Public Offering of Shares, and the Detailed Rules for the Implementation of the Initial Public Offering of Securities on the Growth Enterprise Market(s).
These new rules make three adjustments to the new stock issuance rules: one is to reduce the maximum quotation exclusion ratio from 10% to 3%; the second is to advocate exceeding the "four values" pricing requirement, and the excess is not higher than 30%; the third is to strengthen the supervision of quotation behavior.
The so-called "four values" refers to the four values composed of the median and weighted average of the remaining quotations after excluding the highest quotation part of the offline investors after excluding the highest quotation part, as well as the median and weighted average of the remaining quotations of public offering products, social security funds and pensions.
Since then, the market inquiry shortlisting situation and pricing center have undergone great changes, and the lead underwriter has higher independent pricing power. According to the report of Huaan Securities, during the implementation process, most underwriters set the high-rejection ratio at 1%.
According to the statistics of "First Finance and Economics", after the implementation of the new regulations, the final IPO price of many new stocks has exceeded the "four values", and only one special announcement on investment risks needs to be issued before the subscription, and there is no need to delay the subscription.
As of yesterday, a total of 7 new stocks have broken through the "four values" of the low, namely high-speed rail electric, Yum intelligence, Jiusheng electric, Kefu medical, Zhongke Weizhi, Rongmei shares, and Shenzhen City Jiao. Among them, the deep transaction IPO price exceeded the "four values" by the largest margin, which was 7.27%.
For example, the price-to-earnings ratio of Zhongke Weizhi's issuance is as high as 61.31 times, which is much higher than the valuation of the previous new stock issuance.
In the past, the valuation of new stock issuance was low, and the cheapness allowed the secondary market to speculate on funds, and the money in the circle of listed companies was very limited.
Underwriters have increased the valuation of the offering, which is actually to increase the fundraising scale of listed companies and the issuance fees of intermediaries, while the profit space in the secondary market is small.
Breaking a hair is a good thing
The securities market itself is a high-risk and high-yield positioning, and if it is risk-free arbitrage, this is itself abnormal.
The pricing of listed companies' stocks is a kind of market-oriented game, that is, the game between issuers and secondary market investors, the issue price market should be gradually liberalized, the pricing power should be handed over to the market, and finally achieve a benign balance.
After the issuance and listing, there are ups and downs, which can truly reflect the "market-oriented pricing" under the registration system, suppress the speculation of the new deformed market, and prompt investors to trade more from the perspective of company value, rather than "brainless new".
So, the break of the new listing, in the long run, is actually a good thing, you think?
(Jiangsu financial circle authorized muddy water research exclusive release, reprint citation please indicate the source)