The new stocks listed on the Science and Technology Innovation Board on the 22nd have broken down from science and technology, becoming the second new stock under the registration system since Jianlong Micro-Nano.
Zhongzi Technology broke all day on the first day of listing
After two years, the first day of new stocks under the registration system broke out. On the 22nd, the new stocks on the Science and Technology Innovation Board broke down on the first day of listing of 688737, with an issue price of 70.9 yuan / share, and once probed to 58.88 yuan / share in the morning, a drop of 16.95%. As of the close, the company's stock price closed at 66.03 yuan / share, down 6.87%, the daily trading volume of 9.8610 million shares, turnover of 654 million yuan, turnover rate of 55.30%, becoming the first new stock to break on the first day of listing this year.
Since the highest price of Zhongzi Technology on the 22nd was 70.5 yuan, which means that the stock price did not turn red throughout the day, the first day of listing of new stocks since the registration system broke the record, and the highest loss of new winners will reach 6,000 yuan.
On December 4, 2019, the sci-tech board company Jianlong Micro-Nano, which was listed on the board, had an issue price of 43.28 yuan, which opened slightly higher at 44 yuan after listing, and then oscillated downward, closing down 2.15% on the day, and the stock price was reported at 42.35 yuan, becoming the first stock to be declared broken on the first day of listing.
According to public information, Zhongzi Technology is a R&D, production and sales manufacturer of environmental protection catalysts, the main products are motor vehicle exhaust gas treatment catalyst products, vehicle transformation products in use, and new car/machine supporting products.
"The company's stock price break is mainly related to the decline in fundamentals and excessive pricing." On the 22nd, a securities source told reporters, "After the implementation of the new regulations on the registration system for inquiries, the game space has been relaxed, the overall new stock quotation center has shown an upward trend, and the previous 'price pressure' situation has improved significantly." As far as China's self-technology itself is concerned, the issue price corresponds to PE (TTM) 68 times, and the average PE (TTM) of comparable companies in the prospectus is 32 times, and the valuation is relatively high. At the same time, the company's third quarter performance declined. This may be why the market is not buying it. ”
According to the announcement of Zhongzi Technology, from 2018 to 2020, Zhongzi Technology achieved operating income of 337 million yuan, 1.001 billion yuan and 2.577 billion yuan respectively, while the company's net profit attributable to the mother was still a loss of 59.3097 million yuan in 2018, and the company's net profit attributable to the mother in 2019 and 2020 was reversed, achieving 86.5537 million yuan and 218 million yuan respectively.
In the first half of this year, the company achieved operating income and net profit attributable to the mother of about 625 million yuan and 28.71 million yuan respectively, down 54.6% and 81.7% year-on-year, respectively. From January to September this year, the revenue is expected to be 860 million yuan - 950 million yuan, down 57.48% to 53.03% year-on-year; It is expected that the net profit attributable to the shareholders of the parent company after deducting non-deductions will be 30 million yuan to 39 million yuan, down 84.63% to 80.02% year-on-year. This also means that as things stand, the company's downward trend continues.
IPO pricing is becoming more market-oriented
With the breakout of Zhongzi Technology, the market's attention to the pricing of new stocks has increased.
"In the long run, the first-day pricing of new stocks is not necessarily correct, and it makes little sense to over-interpret the first-day pricing." For example, the first day of the listing of Jianlong Micro-Nano was broken, and in the next few days, there was also a wave of rebound, and then it became a fundamental trend bull stock, and last week's performance exceeded expectations and there was a wave of rise. Therefore, when you look at this phenomenon, you still need to pay attention to the reasons behind it. It can be said that the break of new shares reflects the market is more rational and objective, the binding force of the market-oriented pricing mechanism gradually appears, with the improvement of the degree of marketization of the new stock issuance inquiry, the reform of the market-oriented inquiry mechanism gradually shows effect, which will make the valuation of the future new stock issuance more reasonable, and the medium and long-term will be conducive to the stable and healthy development of the market. The above-mentioned brokerage personnel further told reporters.
It is worth noting that on September 18 this year, the Shanghai Stock Exchange 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 on the same day, the Shenzhen Stock Exchange also issued the newly revised Implementation Rules for the Issuance and Underwriting of Securities on the Growth Enterprise Market. The above-mentioned new rules are mainly revised around the issue of new share issuance inquiries under the registration system, so they are also regarded by the market as "new rules for inquiries".
After the implementation of the new rules on the registration system for inquiries, most underwriters will set the high-culling ratio at 1%, and after excluding the highest quotation, they should disclose the median and weighted average of the remaining quotations after the offline investors have excluded 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, and the lowest price of these four numbers is referred to as the "four values".
After the implementation of the new regulations, the final IPO price pricing of high-speed rail electric, Yum Intelligence, Jiusheng Electric, Kefu Medical, Zhongke Weizhi, Rongmei shares, and Shenzhen transactions has exceeded the "four values". From the perspective of the excess, the pricing of the above 7 new stocks exceeded the "four values" by 1.13%, 3.7%, 5.52%, 0.07%, 4.08%, 4.83% and 7.27% respectively. Among them, the deep transaction IPO price exceeded the "four values" by the largest margin, which was 7.27%.
In fact, as the inquiry and pricing of new stocks become more scientific and rational, the new income of new stocks in the future may usher in a certain degree of decline.
CITIC Securities expects the gains on the first day of the IPO to decline. Specifically, on the one hand, the maximum quotation rejection ratio is adjusted from "about 10%" to "about 1%", and the possibility of high price being excluded is reduced; On the other hand, the requirement to link the pricing of new share issuance to the number of subscription arrangements and special announcements on investment risks has been abolished, and the number of cases in which pricing exceeds the "four-digit reference price" has increased. On the whole, the overall pricing center of new stocks is moving upwards, so other conditions remain unchanged, and the first-day gains on the market are expected to decline, which will also have an impact on investors.
Reporter Liu Yang