The First Batch Of Selected Layer Valuation Differentiation Transfer Project Willingness Cooling Market Institutions Game Follow-Up Dividend Expectations

The liquidity of the selected layer weakened day by day after the market opened for two weeks, which is bringing impact on the IPO reform in this field.

According to the 21st century economic report, two weeks after the opening of the market, the daily turnover of the first batch of 32 selected companies continued to decline, and even the stock prices of some companies broke.

Some investment banks worry that this phenomenon is bound to affect the initial pricing of subsequent selected layer "small IPO" projects, and this is also bringing impact on the transfer expectations of some innovative and even basic layer companies with transfer expectations. According to the reporter's information, some of the new third board companies with the possibility of transfer are considering turning to Shanghai and Shenzhen stock exchanges for fear of liquidity and valuation problems In order to obtain better liquidity and valuation.

Analysts believe that the reason for this phenomenon is indeed related to the more complex long short game state brought about by the non restricted sale of some old stocks of the selected layer companies and the valuation repair of most stocks in the innovation layer stage. However, some traders pointed out that the liquidity of the selective layer was lower than expected, and it was also difficult to observe the continuation of price display and trading order process The link setting of perception is related.

However, some investment bankers pointed out that with the release of more institutional dividends by the regulatory layer for the select layer market and the realization of the expected transfer of the listing for one year, the liquidity and valuation center of the selection layer is still expected to be further repaired. Nowadays, how to realize the expectation of "transfer board" has become the focus of the game between the buyer and the seller.

Expectation or cooling of transfer layer

The opening of the market is not as expected, is to the selected layer market poured a basin of cold water.

On the one hand, the turnover of the company is constantly low.

For example, on the first day after the turnover of RMB 100 million, the turnover rate of RMB 800 million on the first day of exchange of RMB 100 million was close to RMB 0.8 billion.

On the other hand, it is not a small number of shares.

Wind data showed that as of the early closing of August 10, 16 new shares of up to half of the 32 selected new shares had broken. Among them, the withdrawal rates of liujinnian, Jianbang and runnongshuishui were 19.36%, 17.39% and 17.02% respectively.

This is very different from the previous market expectations for the selected layer.

"The selection layer has lower investor suitability requirements. More than 1.6 million investors have opened accounts and public offering can enter the market. This should have improved the liquidity of the selection layer and promoted the upward movement of the market value center." "But it turned out that there were more people on the sidelines, and a small number of people were really involved in the investment of the selection layer," said a private equity source who focused on the selection layer

Now, as one of the first selected companies, the stock price of Yonglian has not continued to rise by 50% compared with the stock price of the company.

Attention is also being paid to the hot degree of market differentiation, which needs to be brought about by the decline of market value.

For example, there was no successful IPO selection meeting between the two layers, so there was no positive impact on the subsequent two-tier IPO listing.

However, an investment banker close to the stock conversion system said that most projects are still progressing as usual. The main reason for the slow progress of the IPO of the selection layer in recent two weeks is that many projects need to supplement the interim report, and the IPO progress can be promoted only after the intermediate report is completed.

"The selection layer opened at the end of July. In fact, at this time point, many issuers have not completed the interim report data, so it will delay the IPO queue. In fact, many issuers are still very willing to go public as soon as possible." "Valuation and liquidity are not entirely the wishes of all issuers, and obtaining financing funds is also the purpose of listing," said the investment bank close to the stock transfer system

However, there are still some people who are willing to change the registration system in Shanghai.

"Some issuers may have wanted to transfer layers before, and they have expectations for increasing valuation. However, the liquidity of the selected layer is not as expected. In addition, with the continuous promotion of the registration system reform of the Shanghai and Shenzhen stock exchanges, some issuers also consider whether they are small IPOs of the selected layer in Shanghai and Shenzhen stock exchanges." Some people in the first half of the year said that the performance of some securities companies in Shanghai may be affected by the short-term performance of some issuers in Shanghai

Is the future dividend due?

The select layer may not be willing to stop in front of the current liquidity dilemma.

A number of people close to the regulatory layer disclosed that the regulatory layer is expected to further launch a number of measures to improve the liquidity supply mechanism of the selected layer.

At the same time, it is necessary to introduce new channels of investment, such as the introduction of social security market, the introduction of new insurance market, and the introduction of new investment channels.

"The selection layer is actually a bottom-up market-oriented reform, but it also needs corresponding supporting systems to improve market liquidity, stimulate market activity and price discovery function." A person close to the stock conversion system said frankly.

It is worth mentioning that the most concerned and promising institutional dividend in the short term is the further admission of public offering institutions.

According to the above people close to the stock transfer system, at present, the regulatory authorities have made it clear that the restrictions on the proportion of public funds investing in the new third board selection layer will be further relaxed, and the new products set up by public offering institutions to invest in the selected layer will also be further released.

"For public offering, there are still some new third board targets which are relatively cheap and may also be an opportunity." The above close to the stock conversion system said frankly.

However, some analysts believe that in the trend of public offering institutions focusing on the leading strategy, small and medium-sized market value targets of the selected layer may not get more favor.

"After the restrictions on the scope of investment are opened, the public offering may regard the selection layer as an alternative, but it does not mean that the funds will come in immediately, because the selection layer is mostly the waist companies in the industry, and there are also some leading companies like Bertrand, but they are still in the minority." A person from a public offering institution in Beijing said.

Some people in the industry also pointed out that the poor valuation and liquidity of the selected layer also had more micro reasons.

"For those who choose to place orders in the Shanghai stock market, it is still necessary for the investors to enter the special layer of the Shenzhen stock market only if they can enter the special layer of the selected stock market." Huijin, a broker of securities companies, said frankly.

"A lot of feedback from our outlets is that investors don't know where to trade the stocks of the selected layer at the beginning, and some older customers simply don't read it because they feel troublesome." However, it is not surprising that the background trading system is not well chosen by the investors, and that the reason why the system is not popular is that it is not popular among investors

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