399 Institutions Quoted 2.49 Yuan "Amazing Chance Encounter" Inside Information: Shangwei New Materials "Breathtaking Scene" Extreme Pressure Monitoring Or Planning To Adjust

The annual net profit is 78.27 million yuan, and the net fund-raising is only 70.04 million yuan.

On September 15, the preliminary inquiry work of Shangwei new materials, which will be listed on the science and technology innovation board, was completed, and the issue price was determined to be 2.49 yuan / share through negotiation.

On the one hand, the net amount of raised funds of 70 million yuan set the minimum amount of funds raised on the science and technology innovation board; on the other hand, the issuance market value of Shangwei new materials was only 1.004 billion yuan, barely meeting the minimum requirements of five sets of listing standards on the science and technology innovation board, that is, no less than 1 billion market value.

Some investment bank personage exclaimed, "after the stock can not be issued out are possible!"

However, according to the statistics of 21st century economic report, there are not a few companies like Shangwei Xincai whose final fund-raising amount is less than expected. Since August 24, 19 listed companies issued through registration system have raised less funds than expected.

On September 9, Fengshang culture became the first sub IPO to be broken under the gem registration system; on September 10, Meichang shares, spatiotemporal technology and new Yaqiang were successively issued.

The 21st century economic report reporter learned from the sources that the issues related to Shangwei new materials have aroused great concern of the regulatory authorities. In the later stage, the relevant policies of offline distribution may be adjusted.

The academic community has taken the lead in response, and the policy trend has gradually become a "signboard", but the controversy remains.

Investigation on the inside story of "amazing chance encounter"

The source of the dispute comes from the market's query about the "collusion" of institutions to offer low prices.

The 21st century economic report reporter consulted the announcement data and found that a total of 6954 allotment objects managed by 415 offline investors all met the requirements of offline investors stipulated in the announcement of issuance arrangement and preliminary inquiry, among which 399 quoted prices of 2.49 yuan.

Whether there is a "tandem" of this price will be the key to the confirmation of the facts.

In particular, the 399 institutions involve most of the domestic public fund institutions and some well-known private equity institutions, including insurance companies, securities companies, QFII, financial companies, trust companies and other mainstream institutions. Once identified as tandem, they will have a huge impact.

Some people in the industry told the reporter of the 21st century economic report that "the original maker of the price of 2.49 yuan has been discussed. It started from several large institutions. Because of the large number of products, their quotation weight is relatively high, which is closer to the center. People look up to them, and then there are various wechat groups. When they make specific pricing, they call again. Many institutions will know the price and follow the crowd. "

According to its introduction, "some fund companies, its 180 products appear in the list of effective quotations, a few large funds, you can have a large number of subscription products, other small funds to their prices."

An evolutionary process generally recognized by industry insiders is that there are several institutions with long-term cooperation to make a unified offer privately, and this price may be disclosed by some cooperative organizations, so as to follow the crowd and further strengthen the success rate of inquiry.

However, some institutions still insist that the quotation is in line with professional judgment.

At present, the price of new shares does not depend on the price of one institution, and the quotation of 49 yuan to one institution is not enough. In the middle. The stock price doesn't matter. We look at the valuation and predict the price level. "

He said that it is difficult for many independent institutions to make inquiries together in the 21st century

Therefore, some analysts believe that "the issue price of Shangwei Xincai at RMB 2.49 is the result of market-oriented inquiry, which is no surprise. The accusation that the inquiry institution maliciously depresses the price rules and arbitrage is basically nonsense."

The logical basis is that institutions can quote according to the market value, and do not need to group together. They can quote independently, but do not need to do any pricing and valuation analysis. "The issue price can be calculated according to the market value after the issuance. That is, if the market value of the science and technology innovation board is adjusted to 500 million yuan, the quotation will be adjusted accordingly with the market value of 500 million yuan. On the contrary, even the worst companies will quote according to the market value, because for new institutions, the failure of issuance means a double loss."

Another institutional person who quoted 2.49 yuan / share in this inquiry said, "the lowest price is selected this time, so it is already a premium compared with similar companies. Now some of the companies on the board are more general. " And this person thinks, "investment value research report", to judge the bottom price is useless.

Dispute pricing mechanism

Whether or not the institutions hold down the price remains to be supervised and verified.

However, the case of the discount issue has caused a dispute over pricing rules in the market, which is worthy of further discussion.

According to the provisions of the administrative measures for securities issuance and underwriting, "if the initial public offering adopts the method of inquiry, after the offline investors quote, the issuer and the lead underwriter shall exclude the part with the highest quotation in the total amount to be applied for, and the part to be removed shall not be less than 10% of the total amount of the total amount of subscription to be subscribed by all offline investors, and then the issue price shall be determined through negotiation according to the remaining quotation and the number of proposed subscription. The rejected part shall not participate in offline subscription. "

Wang Jiyue, a senior investment banker, believes that the relationship between supply and demand of new shares has changed, and the IPO market has become a buyer's market. This rule in turn has become an important factor in suppressing the issue price and even colluding in offers: a few cents higher than the average market price may be included in the top 10% of the highest price range. "As a result, those who want to offer a high point are afraid to do so. Now there is a gap between the price and the issue price, which is meaningless."

"If we do not eliminate 10% of the volume, but stipulate that extreme quotations are excluded, then we can make independent quotations, and we can enlarge the effective quotation range, and change the situation that the existing quotation range is concentrated in the range of a few cents." Wang Jiyue said.

For this reason, Wang Jiyue suggested that the regulation of "excluding 10% of the highest quotation in the total amount to be purchased" should be revised to "eliminate all applications corresponding to prices higher than or less than 50% of the lower value of the median of all quotations or weighted average", or "to eliminate all applications corresponding to quotations other than the standard deviation of the lower value of the median of all quotations and weighted average", i.e Replace "marking out according to quantity" with "rejecting extreme quotation".

"This kind of adjustment does not affect the overall price formation mechanism, but can reduce the buyer's collusion motivation when quoting, thus widening the effective quotation range of inquiry institutions, and more fully reflect the market game." Wang Jiyue said.

Is it necessary to make policy changes? A number of market participants remained cautious.

They frankly said that this issue is very complex, and I am afraid it is difficult to play a role by changing a certain policy in a single dimension.

According to a former senior regulator, "such an idea is still aimed at the success of the subscription. By quoting at the central level of market quotation, we can ensure that we can get new shares and get money. However, according to the market-oriented mechanism, new shares are not necessarily a matter of making money. You have to consider the risk yourself. Even if you win the new shares, you may not make money but lose money. In this way, institutional investors have to consider whether they really think the company is good or whether they just want to make money. "

At present, many people from the securities companies do not fully understand the pricing of new stocks, and even more and more people do not understand the market.

And the core behind this is still the problem of "new shares are not defeated".

Discussion on the existence or abolition of "market value allotment" caused by invalidation

As for IPO pricing, there are not only a lot of new issues, but also some new features of IPO system. For example, new shares have broken out frequently recently, and the existence or abolition of the "market value allotment" system has aroused market discussion again.

Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, recently published an article entitled "registration system should abolish market value allotment". He pointed out that under the IPO approval system, many people regard "innovation" as a kind of welfare that can make a steady profit without losing. However, under the IPO registration system, market value rationing is not in line with the basic demands of market-oriented reform and should be abolished.

Under the market value rationing system, once the new players win the lottery, most of them will be reluctant to sell and expect to have multiple limit boards in succession.

This is one of the reasons why A-share new shares will not "break" on the first day of listing.

With the development of the registration system reform, the issue pricing has gradually become market-oriented, and the risks implied in the "market value allocation" system have gradually emerged.

In this regard, Dong Dengxin proposed the following suggestions: first, in the process of new stock subscription, market value allotment should be abolished as soon as possible, and all investors inside and outside the market should be allowed to apply for new shares, and the interest of freezing funds should be transferred to the investor protection fund; second, in the five trading days before the IPO, not only the limit of rise and fall should be removed, but also the T + 0 reversal trading should be allowed, which is conducive to full bilateral trading between long and short Full game is more conducive to the price equilibrium of the secondary market of new shares. To a certain extent, this can make up for the serious shortage of the "short mechanism" with high cost and high risk in the financing and securities lending of new shares; thirdly, wait for the time to mature, and then, like the Hong Kong stock exchange, completely abolish the limit on the rise and fall of A-shares, and fully restore the T + 0 revolving trading mechanism.

With regard to the first proposal mentioned above, some institutional personages further pointed out that "all investors inside and outside the market can be allowed to pay a deposit to apply for new shares, and the interest of freezing funds and the deposit of penalty for breach of contract shall be transferred to the investor protection fund". In his opinion, only when the real gold and silver deposit is paid in and the penalty for breach of contract can the investors' behavior of "striking new products" be more cautious and rational.

It said that if credit applied for new shares, if it defaults in bear market and fails to pay for three times, then it will be disqualified from issuing new shares within six months, and can be renewed six months later. Thus, the cost of default is not high. If the deposit is confiscated for three times, it will be 2% - 5% for each time, which will add up to 6% - 15% capital loss. If you don't pay for three times, you will lose the income from the annual subscription of new shares, which will significantly increase the cost of default. It also does not affect the central bank's currency issuance and the liquidity of commercial banks.

However, according to the interview of the 21st century economic report, some investors agree to maintain the market value allotment system even though there are still considerable profits in the overall situation of Daxin.

Li Kejie, general manager of Guangzhou Quanhong fund, said frankly to reporters that he was still sticking to the new strategy. If it falls below the issue price on the first day and it is normal, it will not be renewed.

"This is not the time to abolish it. There are and only when the first day of listing breaks, and when this situation is normal, it can be considered to cancel. " In his opinion.

The reason why IPO companies are dissatisfied with the current IPO system is that they are dissatisfied with the IPO market value, and even worse than the existing public offering system The market standardization will naturally become more prominent. " Shen Meng, executive director of Xiangsong capital, told the 21st century economic reporter.