Gem Registration System Enterprises Opened On The 24Th, 18 Issued Companies Full Scan

The registration system of gem is gradually approaching.

On the evening of August 16, four listed companies, namely, Meichang, Fengshang culture, Blue Shield optoelectronics and Jieqiang equipment, simultaneously issued the listing announcement of initial public offering and listing on the gem, which was determined to be listed on August 24.

Last week, the Shenzhen Stock Exchange officially announced that it planned to organize the first batch of enterprises to be listed on the gem registration system on August 24. At that time, the rise and fall rate of the stock listed companies on the gem will also be relaxed to 20%.

At that time, the Shenzhen Stock Exchange did not disclose the number of the first batch of companies. However, as of August 17, the number of IPO companies accepted by gem exceeded 364, and 33 enterprises registered and took effect. Among them, 18 enterprises completed the issuance, and the other 5 enterprises issued on August 21 and August 25 respectively, so the underwriting progress could not catch up with the first listing date.

According to the experience of 25 enterprises listed on the science and technology innovation board, the first batch of enterprises listed on the gem will also be born from the list of 18 enterprises.

"After ten years of development, the conditions for the implementation of the registration system on the gem have matured. Now the formal implementation of the registration system marks that the growth enterprise market has entered a new stage." Yang Delong, chief economist of Qianhai open source fund, pointed out to reporters of the 21st century economic report.

The first batch of enterprises will be born soon

The 18 enterprises were all enterprises under examination by the CSRC, which met the first listing standard of gem, that is, "the net profit in the last two years is positive, and the accumulated net profit is no less than 50 million yuan".

From the perspective of regional distribution, 18 enterprises are mainly distributed in 13 provinces and cities, including 3 enterprises from Guangdong, namely, Mengtai hi tech, EUROLINK and gemet; there are 2 enterprises in Anhui, Zhejiang and Jiangsu.

In terms of fund-raising scale, 18 enterprises raised 20.66 billion yuan in total, with an average of 1.115 billion yuan per enterprise. Among them, 14 enterprises actually raised more than expected, accounting for 77.78%, while the actual fund-raising of three enterprises was lower than the expected amount.

The biggest difference in the amount of fund-raising is Anke innovation. The company originally planned to raise 1.56 billion yuan, but in the end it actually raised 2.719 billion yuan, which was the highest among 18 enterprises.

According to the data, Anke innovation mainly produces consumer electronic products such as mobile device peripheral products, intelligent hardware products and so on. From 2017 to 2019, the operating revenue of Anke innovation was 3.903 billion yuan, 5.232 billion yuan and 6.655 billion yuan respectively, with an annual compound growth rate of 30.58%; the annual net profit was 329 million yuan, 427 million yuan and 722 million yuan, respectively, with an annual compound growth rate of 48.21%.

According to its recent review report for the second quarter of 2020, the company's revenue from January to June 2020 was 3.528 billion yuan, an increase of 25.42% against the trend.

In contrast, Meichang's original plan to raise 2.336 billion yuan was reduced to 1.751 billion yuan. According to the public data, Meichang is mainly engaged in the R & D, production and sales of electroplated diamond lines. In 2017, 2018 and 2019, the operating revenue of Meichang was 1.242 billion yuan, 2.158 billion yuan and 1.193 billion yuan respectively, and the net profits were 678 million yuan, 1.024 billion yuan and 409 million yuan respectively, showing a large fluctuation.

In addition, 18 enterprises involved 14 sponsors. Among them, CSCI has the largest number of projects, with a total of 3; CICC and Guojin securities each have 2. Dongfang underwriting sponsor, Dongguan securities, Dongxing securities, Everbright Securities, Guodu securities, Guotai Junan, Haitong Securities, Hualong securities, Huatai united, Shenwan Hongyuan underwriting sponsor, Minsheng securities, respectively.

For the "new" gem which is about to open, investors show positive enthusiasm for subscription.

The reporter of the 21st century economic report has noticed that the winning lot rate of the 18 new shares issued on the gem is in a low state.

According to the gem registration system, 18 IPO companies have disclosed the results of winning lots. The announcement shows that the average winning rate of 18 new shares is 0.0177%, which is lower than the average level of gem approval system. The wind data shows that the average winning rate of new shares on GEM from 2019 to July 20 this year is 0.0282%.

According to the public data, there are 13.24 million online effective applicants for 18 new shares, and the average online subscription multiple is 5742 times, which is significantly higher than the growth enterprise market (GEM) 4243 times under the approval system. Among them, the subscription multiple of new shares of Jieqiang equipment under the gem registration system is as high as 7462 times.

"In the short term, new shares on the gem will not break out. After all, the liquidity of a shares is still much stronger than that of the new third board. However, if a group of companies are listed collectively, some companies will not perform well, which is normal. It is not normal for the market to go up and down Shanghai, a medium-sized securities firm investment bank said in an interview.

Impact of institutional disputes on stock enterprises

With the gradual approach of the new growth enterprise market, the market began to have an impact on the overall market under the registration system. In the view of the insiders, the impact of the "bloodletting effect" of the newly listed enterprises is limited.

"The number of companies listed on the secondary market is not big impact." Yang Delong said in an interview.

In fact, compared with the gem registered enterprises that will be listed soon, many insiders point out that they are more concerned about the changes of the trading system under the gem registration system on the stock enterprises.

"20% of the growth enterprise market is more worthy of attention. It is far more important than the collective listing of more than 20 companies. This is a major reform of more than 800 stock markets. A larger range of up and down space not only means that the previous continuous limit or continuous down limit beating strategy is invalid, but more importantly, the range of price fluctuation has increased. Some companies that originally continued to decline may accelerate their decline, and those companies that are not optimistic about in the market may be accelerated to be eliminated by the market. " Wang Jiyue, a senior investment banker, told reporters of the 21st century economic report.

In the view of many industry insiders, the relaxation of price limit will aggravate the fluctuation of some stocks, but in the medium and long term, it will return to enterprise fundamentals.

Kuang Yuqing, founder of lens company, a third-party research institution, said in an interview with the 21st century economic report that as the second pilot registration system after the science and technology innovation board, the relaxation of the rise and fall of the gem will further aggravate the market volatility, resulting in higher turnover rate and greater volatility.

However, Kuang Yuqing pointed out that, corresponding to the increase in risk, there will be more opportunities. "This will not have an essential impact on the market, but in other aspects, such as market reaction, a 20% rise and fall can make the market adjust to the right position faster, thus shortening the market feedback time and speeding up the pace."

Yang Delong also pointed out: "judging from the operation of the science and technology innovation board, in fact, most of the days, the rise and fall rate is not more than 10%, only some stocks may reach 20%. In the short run, the price of some stocks may fluctuate greatly, but in the medium and long term, it will have little impact on the market. And after the market-oriented reform, the market transactions will be more smooth. In addition, the gem pilot registration system is also an important measure to promote economic transformation and industrial upgrading. "

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