The Growth Of The First Batch Of Enterprises In The Selected Layer Of The New Third Board Is Comparable To That Of The Scientific And Technological Innovation Board And The Growth Enterprise Market

The capital market in July is dazzling, and the most anticipated one is the selected layer of the new third board which is expected to be established by the end of July.

On July 10, the official made clear for the first time the expected time for the establishment of the selected layer. Li Yongchun, deputy general manager of the national stock transfer company, revealed that at present, the first batch of enterprises' examination and approval has been completed, and the stock issuance is under way. The relevant preparations for the selective layer trading are ready. It is expected that the selection layer will be formally established by the end of this month.

In addition, the number of the first batch of enterprises has been basically determined. Li Yongchun said that as for the first batch of enterprises, up to now, a total of 70 enterprises have been accepted, of which 32 have been approved and have successively launched public offerings. If the public offering is carried out as planned, the first batch of enterprises will be basically determined.

According to the results of the first batch of enterprises to be published in July of the 20th century, the first batch of enterprises will be released in July.

Combined with the official statement recently and some other signals, the market expects that the collective listing time of the first batch of 32 selected enterprises will be in the last week of July.

Scanning of the first batch of 32 Enterprises

The first batch of 32 enterprises is very important for the selection layer. These 32 enterprises will represent the selected layer of the new third board for a long time. The 21st century economic report also combs the core portraits of the first batch of enterprises from multiple dimensions.

According to the reporter's understanding, among the 32 selected enterprises, 29 enterprises declared with standard 1 (focusing on profitability), 1 enterprise with standard 2 (focusing on growth), 1 enterprise with standard 3 (focusing on successful industrialization of R & D), and 1 enterprise with standard 4 (focusing on R & D capability).

Geographically, 32 enterprises belong to 17 provinces, autonomous regions and municipalities directly under the central government, including 6 in Beijing, 5 in Jiangsu, 2 in Zhejiang, Shanghai, Anhui, Guangdong, Hebei and Hubei.

At the industry level, according to the data provided by the national stock transfer system, 32 enterprises belong to 6 industries, of which 25 families are strategic emerging industries, modern service industries and advanced manufacturing industries, accounting for 78%.

Zhu Haibin, chief analyst of Anxin securities's new third board, also said that the first batch of enterprises were concentrated in TMT, medicine, high-end equipment, new materials and other industries. The R & D intensity was higher than that of GEM companies, and some of them still needed to be cultivated. The first batch of "big companies" and "small companies" have both characteristics. Among the first batch of enterprises, beiteri and Yingtai biological Co., Ltd. have a revenue volume of 4-5 billion. In addition, the average revenue of other companies is 300-400 million and the profit is about 50 million.

What is the level of the first batch of 32 enterprises?

Li Yongchun said that for the quality of some selected enterprises, generally speaking, the selected enterprises are mainly high-quality small and medium-sized enterprises and entity enterprises closely related to people's livelihood and employment, with outstanding overall business performance and strong research and development ability, and are representatives of high-quality small and medium-sized enterprises in the development and growth of the new third board market.

As for this issue, Zhu Haibin said that it can be viewed horizontally. He said: "in terms of growth, the median net profit growth rate of the first batch of selected companies reached 25%, which was close to the median value of Companies in the science and technology innovation board and gem; in terms of gross profit margin, the growth enterprise market and the selected level were close, basically 30%; in terms of R & D investment, the R & D investment accounted for 9% - 10% of the revenue of the companies in the science and technology innovation board, and about 4% in the first batch of Companies in the gem and the selected layer. It is worth noting that the average R & D investment of TMT and biomedical companies in the selected layer accounts for about 10% of the revenue, which is close to that of the science and technology innovation board. For example, Chuangyuan instruments reaches 23% and Airong software reaches 11%

From the perspective of scale and volume, the scale of selected enterprises is obviously larger than that of other levels of the new third board. However, compared with the listed sci tech Innovation Board enterprises and the gem enterprises accepted by Shenzhen Stock Exchange, the selected enterprises are slightly inferior in terms of operating revenue and profit scale. At present, the median operating income of the listed enterprises on the science and technology innovation board and the gem enterprises accepted by Shenzhen stock exchange is 500-600 million yuan, while that of the selected enterprises is 300 million yuan, the median net profit is 80-90 million yuan, and that of the selected enterprises is 50 million yuan.

However, to some extent, compared with the mature A-share IPO enterprises, the first batch of enterprises in the new third board also have the scale problem in the development stage of small and medium-sized enterprises.

Li Yongchun revealed: "some enterprises rely on big customers, mainly because they are in the subdivided field and are long-term stable suppliers of well-known downstream enterprises; some enterprises do not have outstanding business performance from the perspective of single business data indicators, but their main customers are stable, and their R & D investment is increased year by year, so there is a large space for future growth. Therefore, when judging the value of selected enterprises, we should not simply compare some indicators of listed companies, but should look at their growth space and investment value from multiple perspectives. "

Hot issue

The opening time of the selected layer has been basically clear, while the public offering of the first batch of 32 enterprises is in hot progress. The first batch of 32 enterprises have completed the inquiry or pricing, and some enterprises are still in the stage of online application. According to the data provided by the national stock transfer system, a total of 837 million shares were issued by 32 first batch enterprises, with an average of 26.453 million shares per company. As of July 7, the average p / E ratio of 18 enterprises that have determined the issue price is 30.69 times; 9 enterprises have completed the subscription, with a total financing of 3.553 billion yuan.

It is worth noting that in the process of the first batch of enterprises applying for purchase of the new third board, the enthusiasm of market participation is far more than expected. According to the statistics of institutions, among the enterprises that have announced the results of offline inquiry, the proportion of offline rationing is on average 6%. According to the enterprises that have published the announcement of the issuance results, the enthusiasm for online subscription exceeded expectations. The first two enterprises frozen their subscription funds by more than 200 billion yuan. The scale of the first eight enterprises' online subscription freezing funds exceeded 400 billion yuan. As of the latest online placing proportion, the average proportion was about 0.2% - 0.3%.

Zhu Haibin believes that in the recent Shanghai and Shenzhen markets are very active, there are so many funds to apply for the selected layer, which may indicate that investors are relatively interested in the selected layer enterprises. At the same time, the winning bid rate of off-line inquiry is relatively high, about 4% - 6% on average, but the professional requirements for investors' inquiry are higher.

The continuous promotion of the selective layer policy and the hot scene of investors' subscription in the first batch of enterprises' public offering also make more new third board enterprises take action.

According to the statistics of Anxin securities, nearly 180 enterprises have announced their intention to impact the selected layer and make public offering.

In addition to the first batch of 32 enterprises in the process of issuing, from the perspective of backup enterprises, 14 of the remaining enterprises submitted materials in the inquiry and feedback stage of the national stock transfer system, 22 enterprises were in the acceptance stage of submission materials, and 111 enterprises were in the process of guidance by local securities regulatory bureaus.

According to the general expectation of the market, according to the rhythm of the formal establishment of the new third board selection layer at the end of July and the completion of listing and public offering of the first batch of enterprises, the number of enterprises in the selective layer of the whole year is expected to be close to 70.

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