New Third Board Selection Layer For The First Time "Fight New" To Start The First Batch Of Enterprise Pricing And Discard "Price Investment Report"

In July 1st, the new third board investors welcomed the first selection layer "fight new".

The first two companies to start the fight are Yingtai bio and AI Rong software. Prior to this, after the inquiry of the investment institutions under the net, the two companies entered the public offering link issuing price has been released. The announcement shows that the price of Yingtai biological issue is 5.45 yuan, the price earnings ratio is 24.77 times, the price of AI Rong software is 25.18 yuan, and the P / E ratio is 49.31 times.

Meanwhile, in the evening of June 30th, four other enterprises also had pricing. In the four companies, the issuing price of Jia Xian shares is 9.50 yuan, the issue price earnings ratio is 25 times; the issuing price of the ball cap cable is 9.10 yuan, the issue price earnings ratio is 19.73 times; the common technology distribution price is 10.18 yuan, the issue price earnings ratio is 19.82 times; and the Longtai home is the first company that uses the direct pricing formula to determine the issuing price, the price is 9.18 yuan, and the issue price earnings ratio is 20.70 times.

For the current pricing results, market participants generally believe that the price is high, but considering the dividends of the first batch of selected enterprises, the premium is still within a reasonable range.

Investors participate in the net

In twenty-first Century, economic news reporters found that the first two companies had a larger discount on the issue price. Yingtai's closing price before the suspension is 7.95 yuan, but the issue price is only 5.45 yuan, the discount rate is 32% off. AI Rong software is 34.08 yuan before the suspension, the current issue price is 25.18 yuan, and the discount price is 26% off.

But in fact, the market price of the two companies has been fired up at the expected level. If there are investors in the two companies at a high market price, and may even appear after the issue of the possibility of new shares, so the two companies' issue price than the market price discount is also expected in the market.

Regarding the pricing results, Xi Qingqing, a partner of Yun Zhou capital, told the twenty-first Century economic report, "the final price and P / E ratio of the two companies have been very high, but the actual market expected price earnings ratio is even higher. The reason is that the inquiry mechanism has played an important role in the first tier network, and the 10% part of the highest offer has been eliminated, which has restrained the investors' top price offer and issued the listing. The stock reserves enough room for profit to continue to fight for new money making effects.

Peng Haize, the head of the SME division of open source securities, told reporters: "at present, investors who participate in the first batch of inquiries under the selected companies are mostly represented by individual investors, private equity institutions and securities dealers themselves. This is the mainstream investor group in the current market. From the way of inquiry, the price generated reflects the relatively high expectations of individuals or private placement agencies for the new sector. Investors believe that the first batch of selected companies will have a money making effect, so the market's new mood is relatively high.

In fact, even if the final pricing is high, investors will be very enthusiastic.

The announcement indicates that the main underwriters of AI Rong software have received 1237 initial inquiries and quotations from 1373 placing objects under the management of investors, and the main underwriters of Yingtai bio have received preliminary inquiry and quotation information of 1158 placing objects under the management of 998 investors under the network. After eliminating the invalid quotation and the highest quotation, the total purchase value of Yingtai biology is 45.04 times, and the purchase multiplier of AI Rong software is 74.67 times.

"The first batch of inquiry enterprises is concerned about the placing rate (purchase multiplier). The expectation for May is whether it can exceed 50 times. At present, it is more satisfactory and exceeding expectations. After rejecting a large number of high and low returns, the purchase price of AI Rong software is 75 times that of Yingtai, and 45 times that of Yingtai, and the investment institutions under the net are still very active. Xi Qingqing told reporters.

According to the reporter's understanding, although compared with the science and technology board, the enthusiasm of the net funds can not be mentioned in the same breath, but the expectation of the market and the size of the fund before participating in the new three board market, the enthusiasm of investors under the net has exceeded the expectations of many market participants.

"Once before, I was very worried that the inquiry would be cold. The first two companies purchased the results of the purchase of the first two enterprises, which gave the market a reassurance. The new three panels selected the first batch of enterprises under the net to play a new heat, which means that the Internet will be even more popular. Huang Pu, a senior three board investor in Beijing, told reporters.

The public fund is "completely annihilated".

Earlier, the economic report in twenty-first Century reported that there was a clear divergence between the two companies in the inquiry stage. From the announcement, the market does have different cognition in pricing.

First of all, the most obvious is that there are significant differences between the quotations among different investors. Taking AI Rong software as an example, the main underwriters have divided six types of investors who are involved in the inquiry under the network: fund management companies, securities companies, financial companies, trust companies, investors of other institutions and personal investment.

From the final pricing results, the average price of individual investors is close to the final price after the weighted average, while the larger the price gap is the public offering fund and trust company. The quoted price of the public offering fund is generally low, while the trust company is generally high.

According to the twenty-first Century economic report combing reporters, participated in the first two inquiry public fund products annihilated, did not enter the effective scope, and such a quotation structure also appeared in Yingtai biology.

Obviously, at the present stage, the composition of investors under the new three board network is very different from that of A shares. Individual investors and private placement institutions have greater voice and pricing power. Other mainstream institutions in the A share market need to further adapt to the current market.

Another notable feature of the offer is that investors have abandoned the report of the sponsor's price, or that the broker's price report has not played the role of price guidance.

First of all, Taking Southwest Securities as an example, the price range and price range suggested by the price report are too broad, which does not have much substantive help for investors to make price quotations. Previously, the reference valuation interval given by Southwest Securities was 5 yuan -9.42 yuan, and the profit to earnings ratio corresponding to the net profit after 2019 was 23-43 times.

The pricing result of AI Rong software has already been separated from the quoted price range recommended by the sponsor broker before. The Everbright Securities Investment Report has mentioned that the valuation interval of AI Rong software is 27.66 yuan -33.55 yuan, corresponding to the 2019 PE interval of 47.43-57.54 times.

The final price of AI Rong software is still lower than the bottom recommended by the sponsor broker, which means that many investors have abandoned the recommendation of sponsor broker when they quoted the price.

"The first batch of enterprise inquiry process means that there is a very significant difference between different groups in understanding the pricing of enterprises. In view of the current investor structure, this phenomenon will continue to appear, which means investors are also exploring how the pricing of the new three board selection enterprises should be priced. A large brokerage investment bank in Beijing believes that.

In twenty-first Century, the economic news reporter learned that after the first two enterprises failed in the offer, the public offering fund had planned to raise the offer to a certain extent in order to get the qualification of the finalists.

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