The first batch of 10 new stocks registered on the main board will be officially unveiled next Monday.
Recently, the Shanghai and Shenzhen Stock Exchanges announced that the preparations for the listing of the first batch of main board registered companies have been basically completed, and the time for listing is ripe. The listing ceremony for the first batch of enterprises will be held on April 10.
The first 10 companies under the main board registration system are Zhongzhong Technology, CITIC Metal, Evergreen Technology, Jiangyan Group, Bicheng Holdings, China Electronics Port, Haisen Pharmaceutical, Shaanxi Energy, Dengkang Dental, and Nankuang Group. Starting from April 10, these 10 companies will add the "N" logo before their abbreviation, and the "C" logo will be added before the abbreviation from the next day to the fifth trading day after listing.
Among the first batch of 10 new stocks registered on the main board, the highest issuance price is Haisen Pharmaceutical, which is 44.48 yuan/share; the lowest is CITIC Metal, which is 6.58 yuan/share.
From the perspective of issuance price-to-earnings ratio, according to 2021 financial data, Shaanxi Energy has the highest ratio, at 90.63 times; CITIC Metal has the lowest ratio, at 20.21 times. It is also the only stock among the first batch of new stocks registered on the main board with a price-to-earnings ratio lower than 23 times. However, both Shaanxi Energy and CITIC Metal are higher than the average static price-earnings ratio of comparable companies in the same industry during the same period and the industry average static price-earnings ratio in the past month.
Judging from the issuance results, the number of effective subscription households for online issuance by 10 companies exceeded 10 million households. Since the initial effective subscription multiple for this online issuance exceeds 100 times, the clawback mechanism is activated. After the clawback mechanism is activated, the winning rate ranges from 0.0230% to 0.1857%.
As the first batch of new stocks registered on the main board will be listed on April 10, the newly revised "Trading Rules" and "Main Board Stock Monitoring Rules" of the Shanghai and Shenzhen Stock Exchanges will be officially implemented.
Various securities firms stated on the investment education platform, "The trading mechanism has changed, and investors, especially small and medium-sized investors, must participate in transactions rationally."
Compared with the era of the approval system, the pricing of new shares on the registration-based main board has exceeded the upper limit of 23 times the price-earnings ratio, the elimination rate of the highest quotation does not exceed 3%, and the difference between the highest price and the lowest price from the issue price shall not exceed 20% of the lowest price.
Based on the investment education content of multiple securities firms, under the comprehensive registration system, the "new listing" rules for new stocks on the main board are similar to those on the Science and Technology Innovation Board and GEM. Under the comprehensive registration system, there is no price limit for new stocks on the main board in the first five trading days, and the price limit is 10% from the sixth trading day.
In addition, under the comprehensive registration system, the subscription unit for new shares on the main board is 500 shares, with a corresponding market value of 5,000 yuan. It is understood that the trading software will automatically match the market value that can be subscribed, and investors can make dynamic adjustments on this basis. Investors participating in "new investment" must have an average daily position market value of more than 10,000 yuan in the 20 trading days before T-2.
It is worth mentioning that after investors make new subscriptions and "win", they must keep sufficient funds in their accounts to facilitate payment. If you "win" but fail to pay, you will be deemed to have abandoned your subscription. Investors who win three consecutive prizes (including new stocks and new bonds) within 12 consecutive months but fail to pay the subscription funds in full will be included in the restricted subscription list. This period expires 180 days from the date the investor last gave up the subscription. You are not allowed to participate in the online subscription of new shares and new bonds within the next day (including the next day).
Will there be a sharp rise in the first batch of new shares registered on the main board on the first day of listing? A public fund pointed out, “After more than three years of pilot promotion of the registration system, on the one hand, institutional investors have formed a relatively mature new stock pricing model; on the other hand, institutional investors have also formed a relatively mature new stock pricing model. ” On the other hand, the exclusion rules for new stock subscription under the comprehensive registration system also inhibit the increase in new stock listings. ".
“New stocks registered on the main board may be popular with investors in the early stage of listing. When market risk appetite is high, new stocks may obtain a higher growth premium on the first day of listing, but the increase is difficult to exceed expectations. The specific performance still needs to be combined with the pricing of new stocks and Listing situation. Judging from the current market sentiment, the performance of some low-priced stocks may be more impressive." said a brokerage practitioner.
He said that as the market-oriented issuance mechanism continues to improve, the price difference between the primary market and the secondary market of the new stock market has narrowed, and the risk of breaking the stock in the early stage of listing is greater under the approval system. The issuance of the first batch of 10 new stocks registered on the main board is relatively normal, and the issue price is generally not too high. Even if the issuance collapses, investors will not suffer much loss.
标签： #New shares #Main board #Registration #Subscription #Listing
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