In January 6th, the Beijing-Shanghai high-speed railway was officially launched.
The announcement shows that the Beijing-Shanghai high-speed railway is publicly issued 6 billion 286 million shares, the issue price is determined to be 4.88 yuan / share, and the total fund-raising amount is 30 billion 675 million yuan. After deducting the cost of issue, it will be used to purchase Jing Fu Anhui.
As the "most profitable high-speed railway in China", Beijing-Shanghai high-speed railway's performance is quite bright. Net profit in 2016, 2017, 2018 and 2019 first three quarters were 7 billion 903 million yuan, 9 billion 53 million yuan, 10 billion 248 million yuan and 9 billion 520 million yuan respectively.
The current announcement shows that ordinary investors can purchase 942 thousand shares on the top of the Internet, corresponding to the market value of Shanghai stock market, which needs 9 million 420 thousand yuan.
Some market participants expect that the average value of the first three of the new share will be roughly 0.85%. If the top grid purchase Beijing-Shanghai high-speed railway, will receive 942 signs, the probability of winning more than 100%, or even seven or eight.
However, many investors are "wobbly" about whether to participate in the new game. Reporters interviewed learned that, because of the uncertainty of the post market performance of Beijing-Shanghai high-speed railway, some investors said "no participation".
Start ten billion purchase
"It's too expensive not to play new games." In January 6th, a private equity investor in Southern China said to the twenty-first Century business reporter.
According to the issuing price of 4.88 yuan / share, the total amount of Beijing-Shanghai high-speed railway raised is as high as 30 billion 675 million yuan, and its total market value will reach 239 billion 637 million yuan after issuance.
The above private equity agencies pointed out that the reason why they did not favor the Beijing-Shanghai high-speed railway was mainly because of their high valuations. In addition, they did not like the acquisition of Beijing Fook Anhui with IPO fundraising amount.
The Beijing-Shanghai high-speed railway has a 23.39 times earnings per share, breaking through the red line of 23 times the A IPO price earnings ratio. As for the railway operators with the same industry in Beijing-Shanghai high-speed railway, up to January 6th, the dynamic P / E ratio of Datong Qinhuangdao railway was 8.3 times, and the dynamic P / E of Guangzhou Shenzhen railway was 31.5 times.
In addition, the Beijing-Shanghai high-speed railway prospectus shows that the capital raised at the Beijing Shanghai expressway is used to buy 65.0759% stake in Beijing Fook Anhui company after deducting the issuance cost, the acquisition price is 50 billion yuan, and the difference between the acquisition price and the raise fund is resolved through self financing.
By the end of 9 2019, the total assets of Beijing Fuzhou Anhui company were 128 billion 373 million yuan. In 2018 and 2019 1-9, Beijing Fook Anhui company achieved operating income of 1 billion 766 million yuan and 1 billion 380 million yuan respectively, with net profit losing 1 billion 200 million yuan and 884 million yuan respectively.
"Beijing-Shanghai high-speed railway is not bad money, steady growth in performance, cash flow and dividends. This high quality asset listing is absolutely fine. However, the money raised from listing will be used to subsidize" Jing Fu Anhui ", which is unfavorable to the future growth of Beijing-Shanghai high-speed railway. On the 6 day, a personal investor in Shanghai pointed out.
However, there are also some market participants who are very positive about the new Beijing-Shanghai high-speed railway.
A private investor in Southern China told reporters that "mosquito legs are also meat". In its view, "the probability of breaking the market on the first day is not large."
Breaking new shares
Investors' attitude towards the purchase of Beijing-Shanghai high-speed railway is, to a certain extent, a reflection of the "fear" of breaking new shares.
Before the purchase of the Beijing-Shanghai high-speed railway, Chongqing agricultural business listed only 3 minutes, and then fell below the issue price of 7.36 yuan. As of January 6th, the stock price of Yu Nong commercial bank has dropped to 6.75 yuan. The listing of Zhejiang Commercial Bank has dropped below the issuing price for second days. Up to January 6th, Zhejiang Commercial Bank's stock price was only 4.75 yuan / share, which still had 4.43% difference compared with the issue price.
Although the postal savings bank did not break, its online and offline total of over 118 million shares were abandoned and the corresponding amount amounted to 650 million yuan.
In twenty-first Century, the economic news reporters consolidated the wind data, and found that 8 of the 206 new shares listed since 2019 were below the issue price, including 6 main board companies and 2 board companies, half of which were issued in the second half of 2019.
The biggest decline in the January 18, 2019 Chinese outward shipment, as of January 6th, closing price of 4.28 yuan, compared with the issue price of 5.24 yuan fell to 18.32%.
"Under the current normalization of market IPO issuance, especially in the marketization of the issuing mechanism of the science and technology innovation board, according to international experience, including the past experience of China's capital market, there will be breakage, which is more or less, or late or early. In addition, this is also the result of the marketization of pricing. Northeast Securities Research Director Fu Lichun said.
In the view of Fu Li Chun, the performance of the stock market is related to some factors of the capital market, such as the circulation market, the nature of the industry and so on. Generally speaking, if the circulation market is small, the probability of a big rise or fall will be greater. If the plate is large, the stock price will be relatively stable. Then it will also be related to its industry, including its specific operation and shareholder status.