The First Single Red Chip Stocks Fell On The First Day Of The Board, Breaking The Market Capitalization Of The 50 Billion Day, And Recommending Investment Banks In Detail.

In February 27th, Huarun microelectronics completed the first show of A shares, the first red chip stocks landing on the science and technology board.

From the data, its issuing price is 12.8 yuan / share, its 50 yuan / share opened up, or up to 290%; the day closed at 42.01 yuan / share, or 228.2%.

Huarun microelectronics is a semiconductor investment and operation platform of Huarun group. It is also a red chip enterprise established outside the Cayman Islands.

"With the implementation of registration system for gem, it is expected that the A share market will attract more high-tech and new economic enterprises, and the well-known enterprises listed on H shares and N shares can come back." In February 27th, market participants accepted the twenty-first Century economic report reporter's interview.

The first stock of red chips

In the institutional innovation of Ke Chuang Chuang, allowing the listing of red chip enterprises is one of the highlights. This makes Huarun microelectronics attract market attention at the beginning of its application.

According to the prospectus, Huarun micro's real controller is Huarun China, a Chinese enterprise established in the Cayman Islands and carrying out its actual business through domestic holding subsidiaries.

Huarun micro's red chip structure has nothing to do with its Hong Kong stock market experience, but in November 2011, Huarun micro delisted from the privatization of the Hongkong stock exchange.

Huarun micro is not the first red chip enterprise to declare the science innovation board. In the two months before its application was accepted, intelligent nine became the first red chip enterprise to issue CDR and set up a special voting right. However, the progress of Huarun micro is obviously faster. Up to now, nine intelligence is still being questioned, and its audit status has been suspended due to the update of earnings.

If compared with other board companies, Huarun micro's road to create a new board has gone a long way. Its application for science and technology board was formally accepted in June 26, 2019, and it was successful in October 25th. Registration from October 31, 2019 to January 20, 2020 will take effect and registration waiting time will be 81 days.

CICC is Huarun's Micro listing sponsor. In February 27th, Wang Sheng, assistant director of CICC and executive director of investment banking division, said at the listing ceremony, "Hua Runwei's listing has created a precedent for the red chip companies to land in the capital market."

At the beginning of 2019, when the Advisory Board was released, Wang Sheng appealed to reduce the threshold for the red chip enterprises to return to the board of science and technology in an interview with our reporter.

"There are still many challenges for the domestic listing of red chip enterprises, and more support is needed at the regulatory level." On the 27 day, Wang Sheng accepted the twenty-first Century economic report reporter's interview, "the significance of the first list is very important, and I believe that the future can attract more red chip enterprises to come back. With the wider reform of the capital market, including the reform of the gem, I believe we will also attract the attention of the red chip enterprises.

When it comes to difficulties in the return of red chip enterprises, Wang Sheng said that it is mainly related to issues such as stock trusteeship registration, free circulation, reduction of exchange and other related issues.

"One is the issue of shareholder reduction. Because shareholders are foreign investors, they may swap out after the A shares are reduced. Two, because the company is registered overseas and does not apply to the company law, there are legal and market concerns: how to protect investors in accordance with the existing laws. At present, we still have a lot of work to do in terms of the system and laws, regulatory requirements and marketization of our capital market. It thinks.

Enhance the tolerance of science and technology board

Compared with the existing A share market, the science and technology board has made a major breakthrough in allowing non profit companies, different voting structure companies, red chips and VIE architecture.

Before that, the first unprofitable company was zhe bio and the first company with different rights.

"Huarun microelectronics's landing board has fully embodied the inclusiveness and innovation of the science and technology board, and believes that there will be more high-quality enterprises in the future to achieve the perfect integration of industry and capital through the science and technology innovation board." Fu Yuning, chairman of Huarun group, said.

Leaving behind the aura of the capital market and returning to Huarun microelectronics itself, it is also one of the first large state-owned enterprises to enter the microelectronics industry in China.

According to the relevant data, Huarun microelectronics ranked ninth in China's semiconductor enterprises in 2017. It is the only semiconductor enterprise in the top ten enterprises operating mainly in IDM mode.

Li Fuli, chairman of Huarun microelectronics, said that at present Huarun micro has basically completed the Yangtze River and Pearl River's two river regional deployment, and established the run industry fund platform and the Huarun micro listing platform.

By the end of February 27th, Huarun's Microelectronic P / E ratio was 127 times, and its total market value was 51 billion 81 million yuan. On the same day, the A semiconductor sector was sharply callback.

Some investors are worried that such valuations will be too high.

In twenty-first Century, the economic report reporters conducted a comparison of the same industry. Huarun's Micro price ratio is 55 times -700 times as high as that of the company.

From the first day's performance of the recently launched company, the increase is quite impressive. On the 26 day, the first day of the stock market was up more than 260%, and the first high priced stock stone technology, which was recently listed, is still at the top of the list.

Faced with the current valuation of the science and technology board, Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, said: "under the pricing rules of the market, the price of the science and technology board is uneven. No matter whether the price is high or not, it is the result of the market and its own decisions, so we need not pay too much attention to it."

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