The First Day Of Dismantling The Selected Layer Of The New Third Board

On July 27, the establishment of the new third board selection layer and the first day of trading broke out in a large area, which will become a historical moment for the market to resume and review countless times in the future.

In recent years, it has become a consensus in the market that "strike the new unbeaten" has become the market consensus. No matter the companies issued under the registration system of the science and technology innovation board or the enterprises listed under the A-share IPO channel, their stock prices have performed well on the first day after listing, and the market will even regard it as risk-free arbitrage.

However, the market-oriented new share issuance system reform is to break such expectation that the new shares will not fail. Under the market-oriented pricing mode, the market will naturally have expected differentiation.

Although the first day of the new third board select layer market broke out in a large area, which disappointed investors, to a certain extent, the new third board selection layer previewed the performance of stock price differentiation on the first day of listing under the reform of market-oriented issuance system to the capital market.

It is worth noting that the large-scale breaking of the first day of the selection layer will affect the pricing expectation of the innovation layer market of the new third board, the pricing expectation of the new stock issuance of the selective layer and the trading expectation of the secondary market of the selective layer in the new third board for a long time in the future. The performance of the first day's trading of the first batch of selected enterprises on the new third board has opened a new chapter for China's capital market.

In this regard, Zehao investment partner Cao Gang also pointed out: "allowing the stock market to break is one of the signs that the market is becoming mature. There are a certain proportion of first day breakouts in Nasdaq, HKEx and other markets. In the development process of Shanghai and Shenzhen stock market from the main board to the growth enterprise market and the science and technology innovation board, as the market gradually matures, the market has a more rational understanding of the new stock issue."

The first batch of more than 20 companies broke

"In the call auction stage, many companies' gains are not as high as the market expected, but many investors still believe that the stock price will rise further in the continuous trading stage, and the overall increase will be like the opening day of the science and technology innovation board." Huang Pu, a senior investor in Beijing's new third board, told reporters.

On July 27, with the ringing of the opening bell of the new third board, the stock prices of various companies began to fluctuate violently downward, and even triggered a temporary stop when the stocks fell. Around 9:33 on the same day, n Jiaxian (Jiaxian shares), n Liujin (Liujin years), n Datang (Datang pharmaceutical) and other companies rapidly fell by more than 30%, resulting in temporary suspension of trading.

Among them, n taixiang (taixiang shares) fell as much as 60.28%, reaching a temporary suspension of trading for 10 minutes. Then, in a short period of 3 minutes, the transaction price plummeted by 120%. Within half an hour, the market played a fierce game and the stock price staged a "roller coaster".

However, in the end, the stock prices of 32 companies tended to stabilize, and there was no violent rebound scenario expected by the market. As of the closing date, more than 20 companies still had closing prices lower than the offering prices. This also created a rare opening scene of the new plate in the capital market, that is, the large-scale opening and breaking of new shares.

How did the large-scale breakout of the first batch of selected companies emerge? Is the quality of the first batch of Companies in doubt, or is it the problem of system design, or is it the normal result of market game?

The person in charge of the investment banking department of a small and medium-sized securities firm in Beijing believes: "under the market-oriented mechanism, breaking is a normal phenomenon. The pricing of the selection layer is completely market-oriented and is not constrained by the P / E ratio. Due to the popularity of the early selection layer issuance, the off-line inquiry investors may lead to high inquiry results in order to ensure the shortlisted. The issuance price reflects the off-line inquiry investors' expectation of the company's valuation, and also contains certain blind and speculative factors. After the selection layer started trading, many investors are more cautious and rational about the investment attitude of the selection layer, leading to the return of the stock valuation of the selection layer

However, the relevant people of the national stock transfer system told reporters that the structure of the shareholders of the selected layer is different, and the game factors are more complex. Specifically, compared with the public offering of the main board market, the structure of investors holding free circulation shares after the public offering of the selective stocks is different. The listed companies have experienced the public transfer of innovative layer before entering into the selection layer, and the equity has been dispersed to a certain extent. The non directors, supervisors and senior shareholders (called old shareholders) who hold less than 5% of the shares before the public offering, have the same trading rights as the new shareholders participating in the public offering after the public offering, and the holding rights between the old shareholders and the new shareholders are the same There are differences in stock cost, investment purpose and valuation standard, which leads to more complex game factors and different stock price performance.

However, at the same time, some investors also attributed the large-scale breakout of the first batch of new shares to the unique system design of the new third board selection layer and the overestimation of the liquidity of the secondary market of the selected layer.

"On the first day of trading, the public old stocks of the selective layer enterprises can not be locked in for direct trading, which to a certain extent caused great selling pressure, but on the other hand, these selling pressures need to be undertaken by the market funds. In fact, the market has overestimated the capital scale of participating in the secondary market transactions of the selection layer. According to the previous calculation, if all the 32 new shares were traded, it would need nearly 20 billion capital, but in fact, the first day trading volume of the selected layer was less than 4 billion. " Cao Gang thinks.

Breaking the chain reaction

The first day of a large-scale break is obviously to bring long-term impact on the market.

The national stock transfer system said: "with the normalization of issuance and the acceleration of registration system, the role of the market in the pricing of issuance will be further brought into play. The emergence of breaking out will put forward higher requirements for the quality of follow-up companies. It will further test the professional ability and responsibility of intermediary agencies. At the same time, it will gradually cultivate investors' risk awareness, enhance market resilience, and continuously deepen The reform of the new third board laid the foundation for releasing the vitality of selected layers. "

As a matter of fact, as the convergence plate with the selected layer, the innovation layer has suffered a big drop today. The new third board market making index fell by more than 7% on the 27th, and the stock prices of several companies to be selected fell by more than 20%. For a time, it is expected that the market making index of the new third board will drop to the freezing point.

"The first day's breakout has a greater impact on the market performance of many innovative enterprises, and the market making index has returned to the level of early July overnight, and the sustained gains since July have been eaten up instantly. Do not exclude the situation that the valuation of the enterprises to be selected will be further reduced, that is to say, the market will re evaluate the target of the selected layer. " Cao Miao, a senior investor in Beijing.

But let part of the securities companies headache or the coming of the second batch of enterprises in the selection layer of the issuance work.

"Now we have to think about the pricing problem of the second batch of enterprises. If the secondary market of the selection layer continues to fail to improve and participate in the new fund, the underwriting of the second batch of enterprises will be more difficult. In terms of valuation and pricing, the second batch of enterprises must greatly reduce their expectations, otherwise, they may not be able to make a decision." Beijing area a medium-sized securities firm new third board business line head told reporters.

To sum up, after the first batch of enterprises in the selection layer are broken, the target enterprises of the selected layer and the second batch of selected layer enterprises to be issued in the future will face the process of value revaluation. Of course, this is also inevitable under the market-oriented issuance system, and the market will lead the valuation.

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