Opening Of The First Batch Of New Shares With Registration System On GEM

On August 4, the first batch of new shares with registration system on GEM was launched.

On that day, two companies, Fengshang culture and Meichang Co., Ltd., were the first to apply for subscription. In addition, there were Blue Shield optoelectronics on August 5 and dahongli, kabiyi and Anke innovation on August 7.

Under the registration system, the innovation of the gem has attracted the attention of all parties. According to the reporter of the 21st century economic report, many organizations are very positive in their attitude towards the gem.

"Under the registration system, the offline innovation of gem also excludes individuals, and the callback mechanism is beneficial to offline, so it will still actively participate." On August 4, a manager of a public fund in South China told the reporter of the 21st century economic report. It is expected that its participation in the gem by 10% in the initial stage of its participation in the gem is quite high, and it is expected that it will not be able to play a low proportion of new products under the gem

"New feast" opened

"Today is the first day of the registration system of gem. Under the registration system, the trading rules of listing after the innovation are consistent with those of the listing of new shares on the science and technology innovation board. Therefore, it is expected that the company will also obtain good returns from the new listing. And put this aside, not to mention the new play is also necessary to participate, winning is arbitrage On August 4, Zhang Zihua, chairman of Yunyi assets, told reporters of the 21st century economic report.

From the preliminary inquiry of the two companies, including the public security fund, the initial quotation of the public security fund, the public security fund and the insurance company.

According to the preliminary inquiry and quotation of Fengshang culture, a total of 4416 products participated in the preliminary inquiry and quotation, involving products of several public funds such as ICBC Credit Suisse fund, China Post Fund, Wanjia fund, Ruiyuan fund, Hua'an fund, Xinhua fund, RONGTONG fund, etc.

"The registration system reform of gem is another major milestone event in the capital market after the launch of the science and technology innovation board by Shanghai Stock Exchange, which represents the further improvement of the multi-level construction of China's capital market. Our company's products have actively participated in the innovation of the science and technology innovation board before, and this time will also actively participate in the innovation of the registration system of the gem. Since the gem registration system is a stock reform and does not involve changes in the scope of investment in the fund contract, it can be directly involved with existing products. " Financing fund investment manager Zhang Wenxi said.

In fact, for the class a investors such as public funds, the expected return rate of new sales under the registration system is also more positive.

According to the research on open source securities, the Listing Rules of gem after the registration system are similar to those of the science and technology innovation board, and the number of accounts eligible to participate in offline inquiry will be significantly reduced compared with that before the registration system, and the proportion of offline allotment will be greatly increased. But at the same time, it is expected that after the gem reform, the off-line subscription ceiling of new shares will be increased by nearly three times, and the proportion of online call back is higher than that of the science and technology innovation board. Under comprehensive consideration, it is expected that the winning rate of class A on gem after the reform will be about 2 times higher than that before the reform.

According to the calculation data of Wanjia fund, after the registration system is implemented on the gem, the absolute income of each class a account of new shares will be more than 8 times of the original approval system.

"After the implementation of the registration system, gem will usher in many changes. First, it will be more efficient for enterprises to be listed on the gem, and the number of tenders that can be tendered on the gem will be significantly increased. At the initial stage of listing, the quality of enterprises will be different, and the investment research barriers of scientific and technological innovation enterprises will be higher; at the same time, the proportion of stock price limit will be expanded to 20% after listing. It seems that it will be more convenient for investors to participate in the venture capital market by raising the threshold of independent investment and increasing the difficulty for investors to participate in the venture capital market A large public offering fund in Beijing said.

Strategic placement fund continues to expand

It is worth noting that on the day when the first batch of registered new shares of gem were opened, another batch of strategic placement funds of gem also got approval.

According to the 21st century economic report, on August 4, the gem strategic placement fund of Boshi fund was officially approved on the same day, which is another new strategic placement product of gem after the two-year fixed opening of Fuguo gem, the two-year fixed opening of Huaxia gem and the two-year fixed opening of Yinhua gem.

It is understood that Boshi gem will regularly open the hybrid securities investment fund in two years, with the growth enterprise market related securities assets as the main investment direction. Judging from the similar funds that have been issued, the fund will also be able to participate in the strategic placement of new shares issued under the gem registration system.

"Compared with general public funds, funds that can participate in the strategic placement of gem have more advantages in gem investment. Such funds have the opportunity to enjoy the priority of strategic placement, which is equivalent to locking up the new IPO shares in advance. Moreover, the gem registration system has opened up the policy of follow-up investment, sales restriction methods and objects, which helps strategic investors further increase their long-term investment returns and grasp the long-term returns of the gem. " Said the public offering fund.

From the perspective of the issuance of strategic placement funds approved before, Dacheng gem, Fuguo gem, CEIBS and Huaxia gem have all been issued and declared to be established, with the combined issuance shares of several funds exceeding 2 billion yuan.

According to the data, the net value growth of Dacheng gem was the highest as of August 3 since its establishment, with 3.59% and 3.57% net value growth respectively in a and C shares; 1.25% net value growth was achieved in Fuguo gem after two-year fixed opening, followed by China EU gem and Huaxia gem.

The different performance of several funds also reflects the difference of institutional related strategies.

In the view of Liu Hui, the proposed fund manager of the two-year fixed opening of Yinhua gem, "gem is a rich mine for growth stocks. Among nearly 1000 GEM companies, four directions, namely, technology stocks, medicine, new energy, new materials and high-end equipment, are regarded as the important investment directions of the fund. We will choose the appropriate time to explore the high-quality targets among them."

In terms of product investment strategy, Liu Hui pointed out that "in addition to optimizing individual stocks, it also includes strategies of strategic placement, fixed increase and new share subscription. In the future, the basic strategy of the product will be to optimize individual stocks, but at the same time, strategic placement, new share subscription and fixed increase may also become more important sources of additional income. "

"After the gem reform, the profitability requirements of listed companies have been relaxed, and companies without profits are more tolerant. This has brought certain challenges to the traditional valuation system. Therefore, we need to make our investment research framework more inclusive and perfect, especially in the research of emerging industries, and keep up with the latest changes in the market." Zhang Wenxi said.