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original title:China MobileThe next day of listing is approaching to break the issuance of 6 billion funds, and the “green shoe mechanism” may have been launched.
Source: 21st Century Business Herald
China MobileFinally put on the “green shoes”?
January 6, the second day of listingChina Mobile(600941.SH) The stock price is approaching the break line and has touched the issue price of 57.58 yuan several times since early trading. It is worth noting that, beginning in the morning, there were nearly 1 million big buy orders hanging at the price of 57.58 yuan.
As of the close of noon,China MobileIt closed at 57.6 yuan per share, down 0.48%.
Yesterday (January 5th),China MobileIt officially returned to A shares and listed on the Shanghai Stock Exchange. Open high and low throughout the day, the opening price was 63 yuan per share, an intraday rise of more than 8%. As of the close,China MobileIt closed at 57.88 yuan per share, a slight increase of 0.52%.
After multiple rounds of gaming, the stock had a trading volume of 15.26 billion yuan, 2.554 million lots, a turnover rate of 54.29%, and a total market value of 1.2341 billion yuan yesterday.Main forceNet inflow4.327 billion yuan.finallyChina MobileKeep the issue price.
A reporter from the 21st Century Business Herald noticed that based on a stock price of 57.58 yuan, today’s one-million-lot large order is worth about 6 billion yuan. Which side of the fund is strongly defending the market?
It is reported that, in order to protect the stock price, China Mobile introduced the “green shoe mechanism”, that is, the “over-allotment option”, and granted the lead underwriter the option. The lead underwriter can over-sell shares not exceeding 15% of the underwriting amount at the issue price.
Simply put, it isNew crotchWithin 30 natural days after listing, if there is a break, the underwriter can start the “green shoe mechanism” and use the funds raised from the over-allotment to buy stocks to stabilize the stock price; if the stock price rises sharply, the issuer can alsoAdditional issuance15% of the shares are given to investors who have previously subscribed.
The introduction of the “green shoe mechanism” can play a role in stabilizing the stock price in the first month of the listing of new stocks and prevent the stock price from fluctuating sharply.
In order to protect the stock price, on the eve of listing, the Hong Kong stock China Mobileannouncementsay,shareholderThe board of directors is authorized to repurchase no more than approximately 2,047.5 million Hong Kong shares on the Hong Kong Stock Exchange, which is equivalent to no more than 10% of the Hong Kong shares issued on the day of the 2021 AGM.
The issuance announcement shows that China Mobile plans to publicly issue no more than 845.7 million A shares. If the over-allotment option, the “green shoe mechanism,” is exercised, no more than 975.55 million shares will be over-sold.
From the perspective of China Mobile’s joint lead underwriter team, including joint joint lead underwriters:CICC、CITIC Securities; And the joint lead underwriters:China SecuritiesHuatai UnitedSecurities、Bank of China Securities、China Merchants SecuritiesWait.
Previously,China TelecomThe “green shoe mechanism” was used when it went public, and the lead underwriterCICCThe purchase of 6.255 billion yuan protects the stock price from breaking in the first month of listing. However, two days after the expiration of the “green shoe mechanism”,China TelecomEventually it broke.
In addition, the previous large-scale abandonment of purchases by investors also reflects that the market’s expectations for China Mobile are still unclear.
On December 22, after China Mobile opened the subscription, according to the company’s disclosed issuance results, the combined amount of abandonment by online investors and offline investors reached 756 million yuan, setting a new record for the highest abandonment amount for A shares.
According to the company’s disclosure of issuance results, online investors and offline investors have a total of 756 million yuan of abandonment. The record for the highest abandonment of A shares was refreshed. On the Shanghai Stock Exchange Main Board, the number of shares signed in the first one is 1,000 shares, and the unpaid subscription shares are all underwritten by the joint lead underwriters.
In this context, the follow-up stock price trend of China Mobile remains to be seen. Insiders said that this large bill of nearly 6 billion yuan may mean that China Mobile has officially launched the “green shoe mechanism.”
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