The first batch of registration-based IPO companies on the main board launched the issuance. As of March 20, the first batch of 10 main board registered and effective IPO companies entered the issuance stage.
Judging from the online purchase date, Zhongzhong Technology and Dengkang Dental are the earliest, scheduled for March 27, 4 are scheduled for March 28, and 4 are scheduled for March 29.
The industry generally has a lot of expectations for the first batch of main board registration companies to launch the issuance. However, some experts remind investors that it is not advisable to blindly launch new products under the registration system. New registrations need to adapt to the new rules of the registration system as soon as possible, and pay attention to issues such as subscription quotas, allotment ratios, and winning rates. ability to choose.
Investors are more enthusiastic about purchasing
Since last week, the comprehensive registration system has made new progress. After the review by the Listing Committee meeting, 10 companies took the lead and became the first batch of main board registration and effective IPO companies. Afterwards, the initial inquiry and other information were disclosed successively, and the issuance was officially launched.
It is worth noting that the above-mentioned 10 main board IPO companies set multiple “first batch” records. Under the registration system, the 10 companies are not only the first batch of main board companies to be accepted, but also the first batch of companies to pass the meeting, and the first batch of companies to register to take effect. It only takes 3 days from the meeting to the registration.
The 10 companies will use the combination of offline issuance and online issuance, and directly determine the issuance price through preliminary inquiries to qualified investors. “The IPO pricing plan is relatively more transparent, the results are more predictable, and the degree of information asymmetry is reduced. To a certain extent, the problem of new shares being issued at a discount is alleviated, making the price of new shares more fair.” Xie Chenyang, deputy general manager and chief legal officer of Fii, said “Securities Daily” reporter said.
According to the announcement information, combined with the release date, Zhongzhong Technology and Dengkang Dental are one step ahead of other companies. The initial inquiry and online purchase dates are scheduled for March 22 and March 27 respectively. The four companies including CITIC Metal all They are scheduled for March 23 and March 28 respectively, and Jiangyan Group and other four companies are scheduled for March 24 and March 29 respectively.
“After the implementation of the comprehensive registration system, we will improve the inquiry, pricing, placement and other mechanisms with institutional investors as the main participants, fully balance the interests of issuers, underwriting agencies, and investors, and realize market-oriented issuance of new shares. In addition, the early stage of the market With the successful experience of the pilot registration system on the Science and Technology Innovation Board and the Growth Enterprise Market, I believe that the inquiry and purchase of IPO projects on the main board will be implemented smoothly.” Pei Juan, Director of Issuance and Underwriting of the Capital Market Department of the Federal Reserve Securities Investment Bank, told the reporter of Securities Daily .
According to data from Oriental Fortune Choice, from the perspective of the planned listing sectors, among the above-mentioned 10 companies, CITIC Metal, Zhongzhong Technology, Evergreen Technology, Jiangyan Group, and Parsons plan to list on the main board of the Shanghai Stock Exchange, and the remaining 5 companies plan to go public. Shenzhen Main Board; From the perspective of the amount of funds to be raised, 10 companies plan to raise a total of 17.439 billion yuan, of which Shaanxi Energy (6 billion yuan), CITIC Metal (4 billion yuan), and China Power Port (1.5 billion yuan) raised funds From the perspective of industry distribution, according to the industry classification of the China Securities Regulatory Commission, 6 of them are from the manufacturing industry, and the rest are from the wholesale and retail industries.
The interviewed experts generally believe that enterprises registered on the main board are expected to be popular in the market. Yan Kaiwen, chief strategist at Huaxin Securities, told the Securities Daily reporter that the market is generally optimistic about the future development prospects of these companies and believes that they have high investment value.
Investors “play new” need to adapt to new rules
The Shanghai and Shenzhen Stock Exchanges have been actively making various preparations to ensure that the work related to the full implementation of the registration system is progressing smoothly, providing protection for investors on the main board stocks under the “new” registration system.
On March 18, the Shanghai and Shenzhen Stock Exchanges, in conjunction with relevant institutions, organized a comprehensive implementation of the registration-based issuance business customs clearance test and a network-wide test of the trading business. After the test is completed, the Shanghai and Shenzhen stock markets will officially launch the technical systems related to the online issuance business that fully implement the registration system, and the Shanghai and Shenzhen stock markets can start the online issuance business that fully implements the registration system according to business arrangements.
From the perspective of the industry, with the approaching of stock issuance under the main board registration system, investors urgently need to adapt to the new changes under the registration system.
“Under the implementation of the registration system on the main board, investors need to pay attention to the risk that the secondary market for new shares will not rise as expected or even break. Launching new shares is not about making profits without losing money,” Pei Juan said.
Yan Kaiwen analyzed that for investors, on the one hand, under the registration system, new shares on the main board no longer have a price-earnings ratio limit of 23 times, and investors need to pay more attention to the quality and risks of new shares. On the other hand, the valuation of new stocks will further differentiate, and the differentiation between high-quality companies and companies with mediocre qualifications or even poor fundamentals will become more obvious. Investors need to conduct detailed analysis and evaluation of company information to avoid blindly following the trend. At the same time, it should also be noted that there are some risks in online issuance, such as subscription quotas, allotment ratios, and lottery success rates, etc. Investors need to make choices based on their own investment needs and risk tolerance.
“After the main board implements the registration system, although based on the changes in the subscription rules, the winning rate is expected to increase to a certain extent, but the changes in the pricing rules may lead to changes in the pricing logic of stock issuance, and the pricing of the initial offering price will be more fair. Investors participate in the subscription Before investing in new stocks, it is necessary to make more scientific and in-depth investment analysis on the price change trend of new stocks, and improve the trading strategy.” Xie Chenyang suggested.
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