100 Days Of Opening Of Science And Technology Innovation Board: An Average Increase Of 100.06%, High Premium And "Pain Relief"

A hundred days' examination of Kao Chuang board

In October 29th, it was the 100th day of the founding of the science and technology board. In the past hundred days, as the place of registration system reform, science and technology innovation board has achieved more than expected results in the experimental promotion of registration system through many practical links, and the inquiry link tends to be rational after market self-regulation. More importantly, a large number of enterprises with R & D advantages and technological innovation advantages obtain capital support through listing. As a core player in the capital market, securities companies are also fighting against the science and technology innovation board, but at present, the gap between the securities companies is gradually widening, and the business advantages of the head securities companies are more obvious. The achievements in the practice of Chuang Chuang board not only reflect the significance of the Chuang Chuang plate for the long-term and healthy development of China's capital market, but also lay the foundation for China's economic transformation and high-quality development.

In October 29th, the first batch of enterprises of the science and technology board was listed on the market for 100 days. The market is giving more attention and expectation to the attempt to reform the registration system.

According to the twenty-first Century Wind report, a total of 53 science and Technology Board companies were released in the 100 days since the start of the science and technology innovation board, and 36 of them were listed on the stock market.

This means that, in addition to the 25 companies traded on the first day of opening, there are only 11 new listed companies. At the same time, another problem with the emergence of the Chuang Chuang board is far from being eliminated. That is the issue of high premium for issuing and trading. Data show that the issuing price of the company is generally several times higher than the industry's average price earnings ratio. The difference between the highest and the highest is 14 times.

However, judging from the recent IPO rhythm of the science and technology board, the speed of the new audit of the science and technology innovation board is expected to further accelerate. In the view of the industry, the current high valuation and high premium of the science and technology board is just the "labor pains" in the initial stage of the registration system reform. As long as the market orientation remains unchanged, the price of the science and Technology Board will gradually return to rationality with the increasing supply of new shares and the full game of market expectations.

New speed

After the opening of the science and technology board, the number of new listings does not seem to be as good as expected by the market.

According to Wind statistics, 25 companies listed on the voluntary surrender were listed on the market as of October 25th, and there were only 11 more listed companies.

For those close to the regulatory level, the securities dealers said that the number of Companies in the early stage of the science and technology innovation board was larger, and that they had made more advance communication and preparation with the regulatory authorities and the IPO enterprises and sponsor organizations.

"In order to meet the opening of the scientific and technological innovation board, a number of enterprises have been accumulated for centralized listing, which does not mean that the subsequent review speed has become slower." A broker close to the exchange said, "the overall situation is related to the specific progress and rhythm of queuing companies' inquiry, feedback and pre disclosure. There is no subjective adjustment factor."

However, from the observation of the economic report reporters in twenty-first Century, the speed of issuing and listing the company recently seems to be accelerating.

In terms of the number of issuers, in August and September, there were only one company and five companies respectively. After entering October, the number of science and Technology Innovation Board companies that have been arranged to issue in that month has reached 17. In October 25th, for example, there were as many as 7 science and technology companies in one day to complete the issue, and the largest number of publisher days since the opening of the science and technology board.

In addition, two companies have set the release time in November. In the industry view, after October, the number of the number of issuing companies in the company will be extended in the fourth quarter.

"After the 11th long holiday, the pace of distribution has been significantly accelerated, which will gradually push the quantity supply of science and Technology Innovation Board companies to a higher level." A security broker from East China said, "the early regulatory authorities are mainly running in the issuing and trading system of the science and technology board, but with the extension of the operation time, the science and technology board is gradually entering a stable operation stage, and the number of companies is expected to further improve."

As a matter of fact, the reserve force of scientific and technological innovation board is not scarce. According to Wind statistics, as of October 25th, there were 157 companies in the Department of science and technology, including 99 companies, which had submitted and had not yet been issued.

"With the high volume in the fourth quarter, the number of Medical Innovation Board companies is expected to reach 70-80 this year." The former investment bankers close to the exchange pointed out.

High premium "labor pains"

Another controversial point that plagued the science and technology board is the overvaluation of new shares and sub shares.

According to the twenty-first Century economic report reporter statistics, the twenty-first Century economic report reporter statistics found that, as of October 25th, 36 listed companies of the science and technology innovation board which had been listed on the market in October 25th, the issuance price of 14 companies rose more than 100%, including three of the three companies of Anji technology, Xin Mai medical treatment and South micro medicine rose nearly 200%, and 36 companies issued an average increase of 100.06%.

Even so, the share price of the company is still on the first day of closing.

According to Wind statistics, as of October 25th, the number of shares of 36 science and Technology Board companies listed on the market fell by 28, and the price dropped by more than 10% on the first day of the listing. 26 of the companies, including 5 companies, fell by more than 40%.

By contrast, only 6 companies, such as South micro medicine and Wald, are still rising on the first day of listing.

According to the insiders, the main reason for the widespread withdrawal from the first day of listing is related to the lack of price limits on the first five days of listing.

"Since the first day of listing does not have a price limit, the effect of new shares speculation has led to the higher closing price of the first day of listing of the company." Huijin, a securities brokerage business department official said, "but in the new stage, this high share price will tend to calm down with the calm of the market."

Nevertheless, the overall overvaluation of the science and technology board still seems to exist.

Take the Chinese general serial number, which is also listed on the Hong Kong stock market, as an example. The closing price as of October 25th is that the closing price of China's general currency at 8 yuan / share is 91.40% higher than its H-share price.

This premium far exceeds that of most A+ H-share companies. According to the statistics of the reporters, the median premium rate of the A shares listed in 114 A+H shares is 65.72%, while the total premium rate of the Chinese common symbol can be ranked thirty-ninth.

In fact, this is the result of the decline of China's general serial number. In August 5th, when its closing price reached its highest value since listing, its A share premium rate was 186.89%, ranking sixteenth of all A+H shares.

"The key problem is that after breaking 23 times price earnings ratio restrictions, the issuing prices of some companies are not low," he said. An investment bank in Shanghai said.

It is worth mentioning that regulators are taking relevant measures to curb the possible chaos behind the high priced issue of the company. For example, at the end of September, the Securities Association of China issued a circular calling for strict control of the quality of issuance of investment value reports by some brokerages for Kechuang board company, and promoting the reasonable pricing of new shares.

Some analysts believe that the higher issue price is the "labor pains" that will inevitably take place at the early stage of the pilot of the science and technology board. The regulation should maintain a certain tolerance of trial and error, and when it runs smoothly for a period of time, the issue price and the closing price on the first day of listing will also be further returned to rationality.

"According to the number of investors, the size of the fund should be smaller than that of the main board, but because the plate is relatively new, the stock market with the same theme has limited supply in the market, so the premium level is much higher than that of many companies." A strategic analyst at a head broker in Beijing said, "but if we insist on market-oriented reform, we should not adopt too much fatherly measures against the high premium. Moreover, with the continuous output of the incremental company, along with the normalization of regulation and operation, it is expected that the valuation of the following companies can be reasonably revised to some extent.