The First Batch Of Enterprises To Be Publicly Issued In The Selected Layer Of The New Third Board

On the evening of July 16, the last seven of the first batch of 32 enterprises in the new third board were awarded online lottery results.

This means that the public offering work of the first batch of enterprises in the new third board selection layer has come to an end, and these 32 enterprises will formally set up the new third board selection layer by the end of this month.

For the new third board market, public offering is the first time. Therefore, whether the public offering of the first batch of enterprises to be selected is smooth or not, as well as the trend problems reflected in the process, provide rich reference materials for the subsequent public offering of the selected layer.

At the same time, due to the difference of investor structure and issuing mechanism, the public offering of the new third board is different from that of a share.

The reporter of 21st century economic report has sorted out the process of public offering of the first batch of 32 enterprises. From some aspects, we can see the differences of the first batch of enterprises in the selected layer of the new third board.

Discount issue

Whether compared with A-share IPO or Sci-tech Innovation Board of Shanghai Stock Exchange, the first batch of 32 enterprises in the selected layer have a significant feature in the public offering, which is that there is a market trading price before the issuance. At the same time, in order to stabilize the IPO expectation, these enterprises also announced the bottom price of the offering together at the beginning of announcing the intention of the selection layer.

Therefore, to a certain extent, the issuance price of the first batch of selected layer enterprises should refer to the previous market transaction price. However, it is worth noting that the first batch of selected layer enterprises generally issued at a discount, which is also a significant feature of this public offering.

According to the latest stock market data, the discount ratio of most of the new offerings is 6% according to the latest data. Only the final issue price of shares of Coshare, senxuan pharmaceutical and Jianbang was slightly higher than the recent closing price of the secondary market.

For the discount issue, Peng Hai, head of the SME Service Department of Kaiyuan securities, told reporters: "on the one hand, it shows that the issuer has lowered the expectation of the issuance price in order to ensure the success of the issuance, and on the other hand, it has reserved reasonable space for the future rise after entering the selective layer."

On the other hand, compared with the final issue price and the bottom price, the issue price is still much higher than the bottom price.

According to the statistical data, the final issue price of the first batch of more than 30 enterprises to conduct off-line inquiry is 58.9% on average and 36.8% on the median.

"When setting the bottom price of issuance, securities companies are estimated according to the most conservative situation. From this point of view, it can also be considered that the first batch of enterprises in the new third board have not been cold, but have been warmly welcomed by investors." Beijing area a large-scale securities company new third board business line in charge told reporters.

The person in charge believes 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%.

"Considering that the new third board adopts the new mode of full subscription, such a low online allocation rate also shows that the new third board market has poured in more than expected funds in a short period of time. Especially from the offline subscription multiple, the multiple of several companies is already the level of the Innovation Board Companies." The person in charge pointed out.

Zhu Haibin, chief analyst of Anxin securities's new third board, said that under the background of recent Shanghai and Shenzhen markets being very active, there are still so many funds to apply for the selected layer, which may indicate that investors prefer the selected layer enterprises relatively.

Private placement

There is also a big difference between the first three-tier stock market and the first batch of investors.

The A-share IPO and the off-line innovation of the science and technology innovation board are the world of large institutional funds such as public offering and insurance capital. From the perspective of pricing power, private institutions are more likely to follow. However, in the process of the new third board selection layer issuance, private institutions and individual investors have a greater voice.

According to the 21st century economic report, the final pricing of many companies is closer to the weighted average quotation presented by individual investors and private institutions. In other words, the funds of individual investors and private institutions play a leading role.

In fact, from the perspective of capital investment, private funds and individual investors are far larger than public funds.

According to the statistics of Kaiyuan securities, up to now, Shanghai Dingfeng Hongren Asset Management Co., Ltd. is the largest institutional investor in the offline inquiry of the first round of public offering enterprises, with a total effective subscription scale of 5.297 billion yuan, only 226 million yuan failed to be shortlisted, followed by Shenzhen Linyuan investment management Co., Ltd. and Henan Yiluo Investment Management Co., Ltd Ltd., the effective scale of subscription funds reached 4.297 billion yuan and 3.845 billion yuan respectively.

In other words, the funds invested by the above-mentioned private equity companies have exceeded the total scale (about 3 billion) that the five public funds can invest in the new third board.

Although the fund scale is still small, the inquiry enthusiasm of public funds is not low. Many public funds have participated in more than 10 inquiries.

Xuansen public offering of public funds are the most favorite of the five funds. The experience of the first batch of public offering fund products participating in the first batch of selected enterprises has also explored the way for the public offering of public fund products in the new third board market.

In fact, the differences brought about by the structure of investors in the new third board also made public funds not adapt to it at the beginning.

Peng Hai revealed: "the initial two companies, Yingtai biology and Airong software, when applying for purchase, the offer of public funds was obviously relatively conservative, almost all failed to be shortlisted. However, with the increase in the number of inquiry stocks, the public funds gradually become proficient in mastering the quotation, and the proportion of shortlisted companies has greatly increased. When the off-line inquiry is carried out to the middle and later stages, the quotations of public funds are mostly valid. "

However, the characteristics of investor structure also determine that the degree of dispersion of investor quotation is greater.

Statistics show that from the shortlisted price range, we can clearly see that the quotation of the first round of selected stocks is relatively discrete. The bandwidth of the final effective quotation (the range of the upper limit of the effective quotation higher than the lower limit) is 57.45% and the lowest is 9.36%, which is far higher than that of the science and technology innovation board.

In this regard, Liu Jing, research director of Shenwan Hongyuan's new third board, also pointed out that "the offline structure of the selected layer has inherent defects, and there are many individual investors and lack of experience. As 10 million assets can be opened up to create new rights under the selective layer network, resulting in a large number of individuals pouring in, and there is no mandatory classification allocation rules, resulting in institutional pricing does not occupy an absolute advantage. In addition, the current selection layer to play a new many individuals is the first time to participate in offline bidding. The result of the pricing of new shares by retail investors is that the income of secondary market fluctuates greatly. The off-line inquiry will also present the characteristics of "the one with the highest price". When the market sentiment is good, for example, when the first batch of policy dividends are considered, the pricing may be too high, and in the subsequent collective withdrawal, leading to significant fluctuations in the secondary market. "

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