"Beat The New Steady" Mode Failure, Long Day New Material Innovation Stocks Rose The Lowest Record On The First Day

The myth of "unbeaten new shares" is fading away.

In November 5th, the first day of the first day of the first day of the first day of the first day of the first day of the first day, the first day of the new stock exchange of the company launched a new low. It was also the first day of the first day of the first day of the first day's breaking out of the Chinese stock market except the first day when the new credit purchase system was officially launched in early 2016. Listed on the second day in November 6th, it is even below the issue price, which means that 30% of the first day of the first day did not choose to sell new players, just to second days will be faced with floating losses. "New shares are not defeated" is expected to "challenge the new steady" mode has been challenged.

In the view of some market participants, this may be the rational performance of the valuation of Ke Chuang board stock market. "This is normal performance, even if the first day of sale is broken, it is normal, so it is not marketization to fight new profits." Li Kejie, general manager of Guangzhou Quan Hong fund, confessed to the twenty-first Century economic report reporter in November 6th.

"On the first day of listing on the Hong Kong stock exchange, there will be a breakage rate of 15%. In the US, the stock market will probably have a 20%-40% breaking rate on the first day of listing." Dong Dengxin, director of the Institute of Finance and securities, Wuhan University of Science and Technology, pointed out to reporters. He believes that with the constant expansion of market expansion, there will be a seesaw effect, and the valuation level of the one or two tier market will gradually move towards balance and rationality.

As the valuation returns to reason, we will have more long-term funds. "At present, the overall valuation level of the science and technology board is still high, and it needs a market game process. In the short term, it is prudent to fight new, and the valuation level is more reasonable, and then consider entering." Li Kejie said.

Long day, new material, the winner is lonely.

Compared with the good luck of hitting a new player who can earn tens of thousands of dollars at the beginning of the opening stage, the winner of the long term new material may be somewhat disappointed.

In November 5th, the new products of the company launched on the first day were only 6.42% higher. According to the highest price of 74.99 yuan, the first sign could earn 4155 yuan, while the lowest price was 68.10 yuan, and only 710 yuan could be earned.

In November 6th, it was listed on the second day, while the new material fell 6.50%, and reported 66.35 yuan / share, breaking the issue price of 66.68 yuan. On the first day of the listing, the turnover rate of new materials was 69.38%, which means that 30% of the new players who had not chosen to sell the first day of the first day were faced with a deficit when they first held shares on the second th.

However, even if the breakage is calculated by 66.35 yuan in November 6th closing price, the market value of long day new material 7 billion 380 million is still several times the time when the new three boards were listed.

Long day new material main business is a series of photoinitiators research and development, production and sales, originally the new three board listed company, in October 15th only in the new third board to stop listing. On the last transfer date of the new third board, the total value of the new timber market was fixed at 1 billion 993 million yuan, and its market value was between 1 billion yuan and 1 billion 500 million yuan long before the stock price rose sharply in January.

However, many companies on the science and technology board have come from new three boards, and the valuation is no exception. "It does not mean that there are no good companies on the new three boards, but the new three boards are lack of liquidity at present, and the volume of transactions is low. The listed company valuation is generally not high." Prior to this, there was a listed company from the new third board delisting of the company to the twenty-first Century economic report reporter pointed out.

Another dimension is that the value of new products is higher than that of other companies in the same industry.

The special announcement of investment risk shows that the issue price of the new material in the A share market is 66.68 yuan / share, corresponding to the issue price earnings ratio of 42.16 times, which is higher than the industry price earnings ratio over the same period. In the past month, the average static P / E of the C26 industry has only been 16.90 times.

"The issue price of 66.68 yuan / share corresponds to the low price earnings ratio of the issuer before and after the deduction of non recurring gains and losses in 2018, which is higher than the average static price earnings ratio of the industry in the latest month released by China Securities Index Co. The issuers and sponsors (principal underwriters) invite investors to pay attention to investment risks, carefully judge the rationality of issuing pricing, and make rational investments. Long day new material in investment risk special notice, said.

For the issue of pricing related issues, in twenty-first Century, the economic report reporters called the new materials in November 6th, but failed to connect as of press release.

After the failure of "win new profits"

In fact, not only is the new material for a long time, with the accelerated pace of issuance, the first day of the launch of the science and technology board stock market also rose to a rational return.

Following the launch of 5 new companies in October 5th, there were 4 new products listed on GEM in October 6th, the highest on the day, and 78.07% higher than the issue price. Compared with the July 22nd first anniversary of science and technology board, Anji technology rose 400.15%. The lowest price of Hongquan couplet was 25.09% higher than the issue price, which is the lowest share of the first day of listing.

"Chuang Chuang board opened at the beginning of the limited target, stir up funds, stock valuations are virtual high. As time goes on, valuations will slowly drop to a reasonable level. It is not necessarily a bad thing that the first day of listing will not meet investor expectations as long as the new material has been released. If an enterprise can issue at a reasonable price and then trade at a reasonable price in the market and achieve continuous value growth, if the long-term value of new material has long-term value creation ability, its market value will certainly gradually strengthen and gradually break through. Zhang Aoping, general manager of capital, pointed out to the twenty-first Century economic report reporter.

Dong Dengxin believes that the price of the new shares of the science and technology board should be based on different logic. "The GEM board has 23 times the price earnings ratio limit, which has led to the anticipation of new profits. But the science and technology board is a market-oriented pricing system. Under the marketization pricing mechanism, the issue price will be closer to the price of the two tier market. It is even more risky to create new products for science and technology. Both retail investors and institutions should be more cautious. He thought.

It is a normal phenomenon to reduce the first day of the new shares of the science and technology innovation board. The overall valuation level of the science and technology board is relatively high. Now it is a process of rational regression, and even a break is normal. A participant in East China who has participated in the company's innovation promotion board believes that "science and innovation board is market-based pricing, as well as brokerage and investment system. Facing 24 months' lock up period, the valuation of science and technology board is rational." Issuers may also be more rational and can not blindly catch up. If a lot of enterprises break out, they should also consider the risk of not issuing.

"After the new IPO premiums are further reduced, and a lot of breaks are made, it may hurt the enthusiasm of investors to purchase. In this way, issuers are faced with the risk of being out of commission, which will prompt issuers and brokerages to rationally price. In this way, seesaw effect will appear under the market pricing, and the price of the one or two level market will gradually become a balance. Dong Dengxin thinks.