"Unbeaten New Shares" Disturbance Of Science And Technology Board IPO Inquiry, Quotation Link Market Divergence Now

Huarun microelectronics after the opening of the surge is not alone. Since 2020, the new shares of the science and technology board have been repeatedly staged after the opening.

And this round of innovation after the opening of the new stock market is behind the surge in pricing and new changes.

After a period of breakup crisis, the new IPO has been far more than that of the company. It is obvious that the inquiry, pricing, valuation and new competition have entered a new stage.

"The final price of new inquiries has fallen below the lower limit of the price report," said Zhu Haibin, a senior analyst at the credit card board of Anxin securities.

The agency admits that in recent exchanges with investors, the market has found some differences in how to make price enquiries for the follow up board.

Issuing pricing "profit making"?

"In terms of our statistics and exchanges with the same industry, the center of the pricing of IPO shares is continuing to move down from December to this year, and investment banks and investors are exploring the issue price and leaving room for the two tier markets." A senior broker from a large brokerage firm in Beijing told reporters.

In the issuing session, new shares become cheaper, which is related to the crisis of new shares breaking up for some time last year.

One of the signals that can be referenced is the sub bit value of the IPO price corresponding to the investment bank's writing price report. According to the statistics of the seaside teams, the pricing of new shares in the new market of the science and technology board is based on the latest pricing of new shares.

The split of the new price corresponding to the investment report is "watershed" before December 19, 2019. Before that, the upper limit corresponding to the new stock inquiry interval was basically stable at about 60%. The reduction of the new share price corresponds to the drop in the price report, which reflects the gradual rational return of the investors to the new stock market under the normalization issue. The seaside further explained.

The decline of new valuation board of CB has gone through several stages. In terms of the degree of reliance on the price report, the market quotation is almost anchored in the initial stage of the opening of the science and technology board. At the same time, the price of the new shares in the two tier market is hard to break down, and the new profit is being coveted. The agencies are using various means to raise the success rate of the quotation, which is the most reliable one in the price given by the broker. Practice.

But then some stocks began to break down or there were few transactions that broke up later.

That is, from late October 2019 to mid December 2019, at this stage, the market began to break away from the pricing forecast of the securities companies at the quotation stage, and the valuation center of the new board board began to move downward, and this downward move was also re recognized in the two tier market. After the valuation center was moved down, that is, after December 2019, the share price of the new board after the IPO was basically stable, and even the first day of inflation began to rise. The situation.

"Since the opening of the market, the valuation center of the IPO pricing at various stages has seen that the valuation is going down, and the feeling of this market is quite obvious." Ze Hao investment partner Cao Gang thinks.

According to the statistics of institutional statistics, the issue of PE declined gradually in January of October 2019 -2020, and the trend of downward trend of valuation was more obvious.

Continue to deduce and win new games.

On the one hand, the valuation center is down, but on the other hand, the stock price of KCB has increased dramatically after opening for a period of time.

As of February 27, 2020, a total of 90 new products were listed. From the first day of growth, the first day of IPO in January and February this year performed well, with an average increase of 155% and 254% respectively.

"This is similar to the situation of unbeaten new shares under the A share IPO, but the" Chuang Chuang "plate has no restrictions on the first five trading days of the trading system, and the gains of IPO or even dozens of trading days are completed within one day. Such a gain can be achieved even if the market falls later. Bao Bao, a large brokerage firm in Southern China, told reporters.

The central valuation of the pricing link has declined, but the share price of the two tier market has skyrocketed. This corresponding phenomenon has also triggered the market's thinking. Is it too low for the pricing of the issuing price?

But the decline in the valuation center is not the only factor in the first day of the surge.

From the perspective of supply and demand, the supply of new shares began to accelerate in September 2019, and the first day of -12 shares fell to less than 100% in September. But in January 2020, the supply of new shares slowed down, making the first day of recovery rise.

Everbright Securities strategist Xie Chao also pointed out: "the performance of the science and technology board has been related to the newly registered number of IPO. After November, the registration speed of science and technology board IPO slowed down. Only 8 registered companies were registered in the whole month, and the board of the science and technology board also gradually stabilized.

Then, the downward trend of valuation and valuation will continue for a long time after the opening of new shares?

Reporters learned that the prevailing market view that, in the absence of a fundamental inflection point of the epidemic situation, IPO supply and valuation pricing trends are difficult to reverse, and at present, all A share market is in a period of abundant capital and optimistic mood, so the recent market share of the "new invincible" will continue for some time.

"Inflection point should also be that when the offer is quoted, investors' quotations will pick up. The two tier market will also play a positive role in the primary market. Investors may be more positive than before. In addition, with the end of the epidemic, the increase in the supply of new shares will also have an impact on the current stage." Aforementioned Beijing area senior investment bankers believe.

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