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Three Enterprises Will Launch Inquiry Issuance Soon

2020/7/29 9:34:00 0

Gem Registration SystemSet SailEnterpriseInquiry

Gem registration system to the sprint stage.

On the evening of July 28, the third company under the gem registration system was released, and Blue Shield photoelectric disclosed the prospectus and inquiry promotion announcement. The preliminary inquiry time is planned to be July 31, and the subscription will be started on August 5, with the stock code of 300862.sz.

After the completion of the public offering, the proportion of the total number of shares to be issued through the Blue Shield (Blue Shield) and the number of shares to be issued through the Internet (including the number of shares to be issued through the Internet) and the number of shares to be issued through the Internet after the completion of the public offering is 9725000. Among them, the number of initial strategic placement was 1.6485 million shares, accounting for 5% of the number of this issue.

On Friday night, the China Securities Regulatory Commission issued the first batch of approval documents on the gem registration system, and four enterprises, Fengshang culture, Meichang shares, Blue Shield optoelectronics and Kangtai medical, were approved to register on the gem.

On July 27, Fengshang culture and Meichang shares have disclosed the prospectus and inquiry promotion announcement. They plan to inquire on July 29 and purchase on August 4 with stock codes of 300860.sz and 300861.sz respectively.

In terms of pricing methods, the three companies choose to directly determine the issue price through preliminary inquiry with qualified investors, instead of conducting cumulative bidding inquiry.

As the three enterprises have determined the issuance schedule, at present, the relevant sponsor institutions, such as China Securities construction investment and Hualong securities, have also launched the inquiry and recommendation work.

It is worth mentioning that various software facilities have been prepared. According to the Shenzhen Stock Exchange, gem reform and pilot registration system related technical systems have been completed on July 25 and officially launched. From July 27, the new technology system fully supports the market entities to carry out the relevant business needs such as online issuance of stocks and depository receipts, transaction settlement, margin trading and securities lending under the registration system.

Guard against the risk of breaking out

The opening of gem is approaching.

Industry insiders generally predict that the gem registration system is expected to open in the late August, and who will become the first batch of enterprises will become the focus of market attention.

The 21st century economic report reporter noted that since the first review meeting of the GEM Listing Committee on July 13, up to now, the GEM Listing Committee has held 9 meetings, and approved the IPO applications of 29 enterprises.

As of the evening of July 28, the number of IPO enterprises accepted by the gem registration system of Shenzhen Stock Exchange has exceeded 327, of which 26 enterprises submitted for registration or effective registration.

According to the previous experience of Kechuang board, a total of 25 companies were listed on the board, which were issued in batches from June 27 to July 12, 2019. Investment banks predict that the first batch of enterprises registered on the gem will also be listed on the stock market in batches, and 26 enterprises in the registration stage may become the first batch of listing alternatives.

It is worth mentioning that recently, the market has been slightly sluggish. Since this week, the total turnover of the A-share market has dropped below trillion yuan, of which the total turnover of the two markets on July 27 and 28 were 926.995 billion yuan and 897.801 billion yuan respectively. 32 new third board select layer enterprises listed on the first day, and 20 enterprises broke the first day. Many people in the industry are also worried about the performance of the first batch of enterprises listed on the gem registration system.

"The probability of IPO breaking at the initial stage is not very large. However, according to the past experience of market-oriented inquiry pricing, as well as the international markets such as Hong Kong and the United States, this kind of break-up will occur, including the previous (Science and technology innovation board) registration system when it was listed. Therefore, the probability of initial breaking is not large, but after a period of listing, the probability of breaking is relatively large. The longer the listing time is, the greater the probability of breaking. This is determined by the nature of marketization of registration system. " Fu Lichun, director of Northeast Securities research, pointed out in an interview.

In Fu Lichun's opinion, the reform of gem is the guidance of registration system, and the core of registration system is marketization, which is essentially marketization in the inquiry pricing stage. Different from the previous 23 times P / E ratio, in this case, some enterprises may have a higher valuation in the inquiry pricing stage, and investors in the secondary market will have a higher recognition of the value of the enterprise, and the market situation or the amount of capital in the secondary market will also have an impact on the valuation of the enterprise.

On the whole, market participants tend to be optimistic about the short-term trend of gem new stocks, but they are also more receptive to market-oriented phenomena such as stock breaking.

The official Lei, chief research officer of Starstone investment, pointed out to reporters of the 21st century economic report that after the reform of the registration system, the restriction of "23 times P / E ratio" has been relaxed, and the pricing of new shares has become more market-oriented. It is a normal phenomenon for some companies to break their shares, which is also a manifestation of marketization.

"In fact, in the mature capital market, the issue of new shares is also a relatively normal phenomenon. For example, taking Hong Kong Stock Exchange as an example, according to statistics, in 2016, the Hong Kong Stock Exchange issued 115 new shares, with 21 shares broken on the first day, with a break rate of 18%; in 2017, 160 new shares were issued, with 37 on the first day, with a breaking rate of 23%; 208 new shares were issued in 2018, with 66 shares broken on the first day, with a breaking rate of 32%. In addition, from the perspective of the science and technology innovation board, there have been times when the new shares have fallen below the issue price on the same day. " Fang added.

The relaxation of price limit has attracted much attention

With the countdown of the first batch of stocks listed in the gem registration system under the registration system, the Shenzhen stock exchange is also ready to provide technical support for issuance and trading.

The 21st century economic reporter learned that the gem reform involves many business links, such as listing audit, issuance, trading, settlement, risk prevention and control, daily supervision, delisting and so on. It is necessary to transform the technical systems of multi market entities such as core institutions of the industry, securities companies, fund companies, custody banks, market information service providers, etc.

In order to ensure the smooth launch of the whole market technology system as planned, Shenzhen Stock Exchange has held four full market technical working meetings combining online and offline since the end of April this year, organizing two rounds of business simulation tests and three times of network wide testing, and conducting all-round simulation drills on business functions and operation process, technical operation and system capacity performance, and fault disaster switching, etc., so that the whole market is orderly according to the plan Promote the task of technical system transformation.

From July 27, the new technology system fully supports the market entities to carry out the relevant business needs such as online issuance of stocks and depository receipts, transaction settlement, margin trading and securities lending under the registration system.

It is worth mentioning that, in addition to the "innovation", for many market participants, the implementation date of another big change in gem, that is, the relaxation of the daily limit of rise and fall to 20%, is coming. The 21st century economic reporter learned that this change will hit some retail investors and hot money speculation.

"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. If the company's price has not been stopped before, it will not only increase the range of decline, but also accelerate the decline of some companies Wang Jiyue, a senior investment banker, told our reporter.

Fang Lei also pointed out: "on the one hand, after the restrictions on the growth enterprise market are relaxed, it is basically consistent with the current arrangement of the science and technology innovation board, which can enhance the market activity and help to improve the pricing mechanism of the capital market; on the other hand, the stock price fluctuation of the GEM may increase, so as a professional institutional investor, it is necessary to be more strict in the stock selection standard. Therefore, from the perspective of fundamental research, growth companies with real performance support may be more concerned. "

 

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