After elevenMake a newThe feast came so quickly.
On October 8th, five new three-board companies including Jinhao Medical, Guangzi International, Henghe, Haixi Communication, and Guangmai Technology enjoyed the “top-sweeping soup” and became the first batch of refined products available for purchase after the establishment of the Beijing Stock Exchange. Layer selectionNew crotch. On October 11, three new stocks in the select layer joined the ranks of new stocks, namely Hanxin Technology, Hechang Aggregation and Guangdao High-tech. With the addition of these 8 companies, the number of selected layer companies in the Beijing Stock Exchange will reach 74 by then.
The latest report of Essence Securities pointed out that the 8 public offerings this time had an average price-earnings ratio of 18 times and most discounted offerings. Looking at the selection layer as a whole, the number of issuing companies for asking for quotations is gradually decreasing, and the discount rate for issuance is also decreasing. Therefore, it is expected that the “money-making effect” of participating in the public offering and subscription of the select layer may increase.
However, it is worth noting that the current investors who have opened the authority on the Beijing Stock Exchange are pre-opened, and they can only participate in transactions and make new listings after the Beijing Stock Exchange opens. At present, the official announcement is still the selection layer according to the original rules. Investors still need to meet the capital threshold of 1 million yuan to participate in the new launch, rather than the 500,000 yuan threshold of the Beijing Stock Exchange.
The money-making effect may increase
It can be seen that from the company’s fundamentals, the 8 selected IPO companies each have their own industry-specific characteristics and advantages.
For example, Haixi Communication focuses on the research and development, production and after-sales service of industrial wireless remote control systems and electrical control system solutions for construction machinery. At present, the company’s HBC products and its own brand ohm occupy the main domestic high-end market, and are in a leading position in product safety standards and technical levels.
Jinhao Medical is based in the field of rehabilitation medical equipment and home medical equipment. It mainly achieves profitability through the research and development, production and sales of hearing aids, atomizers, anti-decubitus cushions and other products. Business as informationCommunication SystemsThe four business sectors of integration, ICT industry applications, asset operation services, and digital content services are planning the layout of the 5G industry closely following the national development strategy.
Chief of Essence Securities’ NEEQAnalystZhu Haibin’s analysis pointed out that, from the perspective of pricing, the companies in this batch have chosen the direct pricing model.Six of them chose to issue at a discount (compared toSuspensionThe closing price of the last day before), Haixi Communication and Hechang Aggregate chose to issue at a premium, but the issue price-earnings ratio of the two is still lower than 20 times and the price is not high. At the same time, the price-earnings ratios of the 8 companies in this batch are concentrated in the range of 15-21 times, with an average price-earnings ratio of 18 times.
From Zhu Haibin’s point of view, from the perspective of the selection layer as a whole, the number of issuing companies for asking prices is gradually decreasing, and the discount rate for issuance is also decreasing. Therefore, it is expected that the “money-making effect” of participating in the selection of public offerings and subscriptions may increase. It is recommended to choose companies with high industry prosperity and high growth rates in the past three years, and large differences in valuations from comparable Shanghai and Shenzhen companies. Typical examples are Jinhao Medical, Haixi Communication, etc. As market attention continues to increase, the selection layer and the future CBEX market may form a virtuous circle.
Li Yongchun, deputy general manager of the National SME Share Transfer System Co., Ltd., and deputy general manager of the Beijing Stock Exchange Co., Ltd., in 2021ZhongguancunThe forum stated that the public offering review of the Beijing Stock Exchange has not stopped before the opening of the market, and 10 companies have passed the listing committee review since the announcement of the establishment of the Beijing Stock Exchange. They are undergoing the approval process of the Securities Regulatory Commission. The company ensures seamless market connection. The next step will be to sprint to ensure the smooth opening and smooth operation of the Beijing Stock Exchange.
Since the establishment of the Beijing Stock Exchange in early September, the market performance of the New Third Board has been eye-catching. On September 30, the third board market-making index closed at 1,581.92 points, compared with the closing point of 1098.52 on August 31, a monthly increase of 44%, creating the highest monthly increase since the launch of the market-making index in 78 months.
In September, the share prices of 66 companies in the select layer rose generally, of which Wuxin Tunnel Installation rose by 269%, ranking first. Tonghui Information and Jilin Carbon Valley rose 136% and 124% respectively, ranking second and third; the innovation layer Huayang Racing rose 713%, ranking first. Jiahe Rongtong and Qilu Yunshang ranked second and third in terms of gains, both rising more than 450%.
Accelerated entry into the battlefield
Statistics from Essence Securities show that the enthusiasm of this batch of strategic investors has increased, and each listed company has won the favor of at least four strategic investments: From the perspective of the selection layer, the first batch of companies have the lowest participation in strategic investments, with an average of 1.6 per company. In the second batch of investment, the average participation in the investment has increased, but the participation in the investment is relatively volatile.
Zhu Haibin pointed out that the overall participation of the companies in this batch of strategic investment is relatively high, and each listed company has won at least 4 strategic investment participation, indicating that the overall quality of the selected-tier listed company is better and the enthusiasm for participating in strategic investment has increased. From the perspective of strategic investment, Qingdao Morning Capital is the most active. Among the 8 companies this time, 6 have invested; strategic investment such as Jiaxing Jinchangchuan and Qingdao Wentai also invested in many companies.
In an interview with the China Times, Liu Pingan, chairman of Jinchangchuan Capital, said that first of all, it is necessary to vote for high-quality bids, and only high-quality bids can bring better value returns. Therefore, for investors, the ability to find value is the most important.
Liu Pingan believes that compared with the New Third Board, the Beijing Stock Exchange has solved the following major problems: one is the problem of market confidence; Exit issue).
At the same time, the Beijing Stock Exchange has relatively low thresholds relative to the Science and Technology Innovation Board and ChiNext, which means more investment opportunities. There will be more companies that can be listed on the Beijing Stock Exchange. The small size of the company and the early development stage means that there is a higher rate of value growth and a larger space for value growth. Of course, it also means that there is a higher risk.
“At present, the competition in the public offering and investment market is fierce, and we still select high-quality targets in accordance with investment principles.” Liu Pingan said that in addition to the previous eight companies, Jin Changchuan also invested in seven companies in this batch, including Haixi Communication, Jinhao Medical, Jingsai Technology, Jigang Precision, Keda Automation, Concentric Transmission, and Dadi Electric. The main industries are high-end equipment manufacturing, information technology, and medical and pharmaceutical industries. In his view, the invested companies must have core technologies and have performed well in the past three years with good financial performance and good growth potential in the future.
Zhou Yunnan, a senior commentator on the NEEQ and the founder of Beijing Nanshan Investment, said in an interview with a reporter from China Times that the establishment of the Beijing Stock Exchange is a systemic benefit to the NEEQ ecosystem. For the NEEQ market, the selection layer will Upgrade to a listed company sector, a qualitative leap in the market image, enjoy the same treatment as the Shanghai and Shenzhen A-share listed companies, and through the delivery and feedback functions of the selected layer, drive the rapid growth of innovative and basic enterprises, and form a let The progressive effect of the three layers within the New Third Board; for investors, the wealth effect is greater and investment confidence is greater; for investment institutions, it enriches opportunities for value-added and exit channels.
At the same time, thanks to the adjustment of the capital threshold for innovation-level investors from 1.5 million yuan to 1 million yuan in the national share transfer on September 17 Investors have more opportunities to “invest early, invest small, and invest new”, and their investment has moved from the selection layer to the innovation layer or even the basic layer.
On October 8, the first trading day after the National Day holiday, the overall performance of the selection layer was average, and the innovation layer and the basic layer were more active. Only 8 selected companies rose, among which, the share price of Longzhu Technology, a stock transfer concept stock, rose 9.02%, ranking first in terms of gains and hitting a new high. In the early stage, the leading Wuxin Tunnel installation fell 21.43% at one time. As of the close, the stock price fell 16.97%, ranking first in the decline list.
Trading Guide
5 minutes of video to understand the selection of new layers! After the establishment of the Beijing Stock Exchange, the first batch of 5 selected stocks will be purchased on October 8th!
Account opening guide
Orient Fortune Securities supports 7X24 hours of online opening of Beijing Stock Exchange trading permissions
(Source: China Times)
.