536 Secrets Of "Doubling Stocks": The Concept Of Selective Layer Is Mixed, High Rise And Low Turnover Conceals "Hype" Risk.

On the evening of April 29th, the ball cap cable, AI Rong software, Lanshan science and technology and the golden age declaration and selection layer were accepted by the national stock transfer company. At this point, from April 27th, the public issuance of non specific qualified investors and the acceptance and examination of the listed companies in the selected layer were officially launched. The selection level declared that the number of accepted enterprises increased to 8.

The new three board reform has greatly activated the market.

More than 100 new three Board companies that have already entered the tutorial process have all received a lot of attention from investors, but this is just the corner of the current three board "feast of market".

Twenty-first Century economic report reporter noted that since October 2019, the new three board reform was officially launched. With the development of various supporting systems, the long and silent new three board market has already been surging. Many enterprises are soaring under the huge influx of funds, and their value has deviated from the fundamentals.

The average daily turnover of four hundred companies is less than 100 thousand yuan.

Reporters did not complete statistics, as of April 30th, 138 new three board enterprises announced the impact of the selected layer of the will, most of the enterprises have taken practical action.

According to wind data, as of April 30th, 121 companies have already entered the selective layer guidance process, of which 5 have submitted guidance materials, 99 companies have completed the registration and acceptance of the guidance, 9 companies have passed the counselling and acceptance, and 8 companies have been accepted by the national equity transfer companies.

Since last October, the new three board market has made significant progress, and the three board market making index has risen 43.33% since October 2019. During this process, many big bull stocks emerged in the market.

According to the twenty-first Century economic report reporter statistics, since October 2019, 536 new three Board companies have risen by more than 100%, including 418 basic level enterprises and 118 innovative enterprises.

But in these enterprises, the total daily turnover of 414 new three board enterprises is less than 100 thousand yuan, and the average daily turnover of 10 enterprises is only 100 shares.

Behind the high rise and low turnover, many new three Board Companies' share price and reference price earnings ratio have deviated from the company's actual value and performance, and even far exceed the valuation of Listed Companies in the same industry.

In twenty-first Century, the economic news reporter noted that the Internet service company, which was launched in April 2016 and then landed on the new three board innovation layer, has risen 103.26% since October 2019. As of April 30th, Yijia technology share price was 19.31 yuan / share. During that time, the company's transactions were not active and the average daily turnover was only 28 thousand and 600 yuan.

Up to now, Yijia technology has not yet disclosed its annual report for 2019, but from the net profit of the first three quarters of 2019, the net profit of 51 million 464 thousand and 100 yuan in 2019 1-9 was 15.17% lower than that of the previous year, and the net profit was only 7 million 935 thousand and 100 yuan, and the earnings per share were only 0.15 yuan.

At the end of last year, Yi Jia Technology shareholders had been self disciplined and regulated because of the deviation from the market price of stock trading.

In addition to Yijia technology enterprises, there are also many listed company with good quality and active trading in the new three board market. But on the other side of investors' pursuit, the company's current P / E ratio is "precarious".

Such as Jing Jing pharmaceutical, the company mainly produces aseptic raw materials and arginine derivatives, the company's revenue in recent two years were 249 million yuan and 365 million yuan, respectively, in 2018 and 2019, the net profit was 15 million 56 thousand and 800 yuan, 30 million 722 thousand and 800 yuan, after the company has also attracted the establishment of well-known investment institutions such as Tatsu.

After the new third board launched a new round of reform, Jing Jing pharmaceutical company's share price has risen to 107.5% from October 2019 to 2.61 yuan, but the P / E ratio is 106.88 times, and the average price earnings ratio of the western medicine sector is only 43.53 times up to now.

"Do not exclude speculation, because the stock trading volume of the three boards is very small, which means that a small amount of capital can pull up the stock price. The previous three board market seems to us that there is no two level market." In April 30th, Liu Pingan, chairman of Kim Chang Chuan capital, pointed out to reporters in twenty-first Century economic report.

However, in most of the new three board industry, the current market situation of the new three board market is quite normal, and the rise of many stocks belongs to the valuation repair.

? ? ? "In June 2019, with the most active market making index of three boards, the average price earnings ratio was only 13 times, and the net profit of these companies was above eighty million, but in June 2019, the share price was below 45% of the net assets, and nearly half of the companies (shares) were lower than the net assets. From this perspective, the most recent listing is mainly the valuation repair after the improvement of the policy expectation. If everyone wants to sell, the share price will go up. It does not mean that the stock price will go up if there is a volume. " Zhu Haibin, director of new three board research at Anxin securities, pointed out that

Liu Pingan added: "in addition, we now expect that the third board selection layer will soon be traded. There will be a large number of investors entering the field. Of course, there are still some enterprises who need to pull up the stock price. For example, when the selected layer is publicly issued, some investors will also pay attention to the price of their secondary market. Most of the stock price rises are restorative growth and return to the basic price. The price of value. "

Will rising stock prices affect issuance?

With the new three boards becoming more and more popular, a large number of investors are also running into the market.

Prior to this, the national stock transfer system issued a document issued to the securities dealers. The new three board investors' account opening rate of each broker should reach more than 30% by May 31st, and it should reach more than 40% by June 30th. Up to now, the number of qualified investors in the new three board market has exceeded 680 thousand.

The admission of new investors is one of the important supports of the new three Board Companies' share price. However, with the rising share prices of some enterprises, there are also some market participants who are worried about the risk of stock issuance failure due to excessive price earnings ratio. According to the twenty-first Century economic report reporter, up to now, there are 44 new three board listed company with a P / E ratio of more than 100 times.

Previously, some of the listed companies that were supposed to declare the underlying price or the interval price were higher than the trading price at that time, which caused controversy in the market.

? ? Such as minimally invasive optoelectronic disclosure of the underlying price or interval of 16.67 yuan / share, the company's latest round of fixed price increase of 8.96 yuan / share, and the company disclosed that the stock price was only 15.59 yuan / share, the 60 day average closing price of 13.73 yuan / share, despite the announcement of the disclosure of minimally invasive photoelectric price share has gone all the way, so far has broken through 22.35 yuan / share, but there are still market participants have made the relevant risk warning.

The seaside group pointed out that the valuation of the recent inquiry issued by the science and technology board is going down gradually. It is particularly recommended that the selected companies should be rational in pricing, and also need long-term vision. Because in addition to considering the valuation of benchmarking A shares in the same industry, the public offering price should also consider the differences in the liquidity of the sector, the larger initial circulation of selected companies, and the level of discount and premium brought by the company's industry status. It also reminds investors to pay close attention to the long-term value of the selected companies and put a long-term perspective on them.

However, most of the listed companies are priced below the current transaction price. Such as "star share" Bety's offering price is 25 yuan / share, while Bety's current closing price is 45.58 yuan / share.

Liu Pingan pointed out that the possibility of issuing failure is relatively small. "According to the current institutional arrangement, the investor structure of the three boards is the same origin. Now the announcement has been issued, the price of the issue is much lower than that of the two tier market, and some of them are still much lower."

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