Stone Science And Technology Issue Price Innovation High Tech Create Plate Pricing Game Surging

In the evening of February 9th, stone technology, Bai Tai and Shen Gong shares of science and technology board disclosed the pricing. Among them, stone technology to 271.12 yuan / share issue price, leapt to the first high priced stocks. It is the second unprofitable listed company of the science and technology board, and the issue price is 32.76 yuan / share.

Since the operation of Ke Chuang board, pricing has always been the top priority of various mechanisms. Stone technology creates the first high priced stock. What is the gold content? As the second unprofitable enterprises, although the case of zhe pharmaceutical is in the front, what kind of valuation model is still concerned by the market.

In addition to the pricing mode, the inquiry under the offline organization also presents a new trend of change. From the results of the three companies' quoted price, the buyer's game strength is enhanced, and the quotation below the net is located in the lower sub position of the main underwriter's investment report.

The pricing of Ke Chuang plate follows the marketization mechanism. Behind the above case pricing story, it is the strength of market discipline that is effective.

Diversification of pricing methods

The pricing of the above 3 companies has their own characteristics. Stone technology confirmed that the issue price was 271.12 yuan / share, becoming the highest issue price of the company. When the issue price was fixed, the market value of stone technology was 18 billion 75 million yuan.

Although the price of stone technology is relatively high, the industry believes that its price is not high. In February 10th, a senior investment bank in Shanghai told reporters, "it is mainly because the stone technology capital stock is too small and grows fast, resulting in high absolute price, but this price should be normal."

The prospectus shows that the number of shares issued by stone science and technology is 16 million 667 thousand shares, accounting for 25% of the total share capital issued, and the total size of the issue is 4 billion 520 million yuan.

From the point of view of price earnings ratio, the issue price of stone technology corresponds to 58.76 times the 2018 earnings after deducting the non diluted price, and the price earnings ratio is 39.46 times after the deduction. According to the estimated EPS in 2019, the dynamic P / E is 24.17 times. Compared with the same companies, the dynamic P / E ratio of stone technology in 2019 is lower than that of Ecovacs and iRobot (25.62 times), which is basically equal to the industry average price earnings ratio (24.02 times).

But the absolute price of stone technology 271.12 yuan / share still surprised many investors.

"One sign in stone science and technology is 500 shares, that is to say, nearly 140 thousand will be paid for winning the new lottery. Is this a meat label?" In February 9th, a Shanghai investor laughed after seeing the issue price.

But he believes that new or profitable gains are also very impressive. If the average increase in the first day closing of the company is 125.42%, then the stone technology can earn 169 thousand and 500 yuan.

"Recently, the science and technology board has performed better. Despite the epidemic situation, we expect to win new money. The quotation has not broken off the anchor yet. Listing is a big advertisement for stone technology, and the proportion of sales will increase after jumping off middleman. The investment bankers said.

Bio tech is the second unprofitable pharmaceutical enterprise of the science and technology board. Up to now, it has not yet achieved sales revenue and has not yet been profitable. The company's issue price is 32.76 yuan / share, the corresponding financing scale of the issue price is 1 billion 966 million yuan, and the total market value after issuing is 13 billion 565 million yuan.

Like previous zhe pharmaceutical, the company also chose to disclose "market value / R & D cost" as a valuation target.

In twenty-first Century, the economic news reporter noted that the "market value / R & D expenses" corresponding to the issuance price of baiotai was 25.09 times higher than that of the 4 Hong Kong stocks such as Baiji Shenzhou, XinDa biology, Jun Shi biology, cornerstone pharmaceutical, etc., compared with the average level of the company (23.24 times), lower than that of zhe (56.74 times).

The announcement shows that considering the industry characteristics of biologically innovative pharmaceutical companies and the differences between the issuers and comparable companies in the product type and pipeline development, the Underwriters mainly refer to the cash flow discount method to determine the issue price of the company.

It is interesting that the valuation method of Bai's is very diverse. Reporters learned from institutional sources that the joint venture underwriter CICC and GF Securities adopted the DCF method and the comparable overall market value comparison method, and Huaxin securities adopted the DCF method and the stock price / R & D cost comparison method to carry out the valuation.

Buyer's game power strengthens

It is worth noting that behind the aura of "the first high priced stocks", there is a hidden market oriented multiplayer game.

In twenty-first Century, the economic news reporter learned from the investment bankers who participated in the roadshow that the issue price of the 271.12 yuan / share of the stone technology is basically the same as the average of the underlying investors' quotations, which is lower than the lower limit of the proposed price range of the 1.49 yuan. The issue price determined by the Sino German joint venture with the leading underwriter Guotai Junan is 21.67 yuan / share, which is consistent with the lower average value of the quoted price of the investors below the net.

Compared with the valuation interval of the main underwriter's investment report, the sub investors' quotation of Bao Ao Tai and Shen Gong shares is also located in the lower sub position, and the final pricing is located in the 0.7% and 1.27% place of the valuation interval of the sponsor's (main underwriter) investment report.

In November last year, Xiangsheng medical became the first case that the issue price was lower than the lower limit of the price report, which triggered a strong response from the market. At that time, some experts believed that this is the key node of the market pricing of the science and technology board.

From the quotation results of the above 3 companies, the market pricing mechanism is further effective.

"This situation shows that the buyer's organization's quotation is becoming more and more cautious. At present, the mainstream buyer organizations often refer to the lower limit of the price report interval as a reference price, which leads to the continuous decline of the bid quantile and the trend of the buyer's game strength. According to the pricing mechanism of the market, the "Chuang Chuang board" is the mechanism of market self-regulation and self-restraint, and it is a game of market competition, including investors, issuers, sponsors and underwriters. A senior market person in the central region said.

Another noteworthy change is that the long-term purchase will be more intense. Three new equity times have raised the upper limit of purchase under the net to varying degrees, and the proportion of social security funds and pension applications has increased.

Data show that stone technology, Bai Ao Tai and Shen Gong shares respectively set down the maximum number of purchase shares for each placing object under the net, which are 3 million shares, 23 million shares and 15 million shares, corresponding to 26.51%, 49.91% and 56.39% of the initial issue amount under their respective networks.

In the preliminary enquiry of stone science and technology, social security funds and pension accounts were all applied to purchase, and the proportion of annuities and insurance funds in the top purchase was over 70%. The subscription ratio of investors in medium and long-term funds has also increased.