The North Exchange will be open for three months.
On February 10, Weimao Electronics launched online subscription and became the first new stock in the Year of the Tiger on the Beijing Stock Exchange. Up to now, 84 stocks have been listed and traded on the Beijing Stock Exchange. Together with Weimao Electronics, which is being subscribed for, and Hongxi Technology, CapitaLand Quartz, and Loos shares that have been approved but not yet publicly issued, the listed companies on the Beijing Stock Exchange will soon be listed. Expanded to 88.
However, compared with the market opening day on November 15, 2021, the overall market value of listed companies on the Beijing Stock Exchange has shrunk by nearly 50 billion yuan so far. At the same time, in the face of the double test of the centralized lifting of the ban in February and the disclosure of annual reports, some analysts said that with performance being king, there is no need to worry too much about the pressure of lifting the ban on companies with pre-increased performance on the Beijing Stock Exchange. Small impact on market value.
Another point worth paying attention to is that the first share of Guandian Defense to be transferred from the Beijing Stock Exchange will soon be listed on the Science and Technology Innovation Board. Kaiyuan Securities believes that the upgrade and transfer system with the Beijing Stock Exchange as the core has initially taken shape, and the Beijing Stock Exchange will become the core market for my country’s capital market upgrade and transfer.
The 85th stock of the North Exchange will be listed
If there is no accident, Weimao Electronics will become the 85th Beijing Stock Exchange stock and the third new stock under the Beijing Stock Exchange registration system.
At present, 84 stocks have been listed and traded on the Beijing Stock Exchange, but 71 of them have only been moved from the selection layer. The 83rd stock, Weibo Hydraulics, is the first new stock that has been approved by the Beijing Stock Exchange in a real sense. . Considering that the Beijing Stock Exchange has been open for less than three months, and the two statutory holidays of New Year’s Day and Spring Festival are also included, the expansion pace of the Beijing Stock Exchange can also be regarded as steady and steady.
According to public information, there are currently 3 quasi-listed companies that have been approved but have not yet publicly issued on the Beijing Stock Exchange, namely Hongxi Technology, CapitaLand, and Loos, and Claret has just been reviewed by the Listing Committee on January 28. pass through. In principle, the Beijing Stock Exchange will welcome five new listed companies in the near future.
At the same time, there are still 63 companies queuing up for the listing committee test, of which 42 have been inquired, while 20 are in the state of suspension of review, and one has just been accepted a year ago. In addition, 51 companies are in the termination review stage. If it is estimated based on 3 meetings in a single month in January, it will take 21 months for the 63 companies currently in line to complete the review.
However, some market participants said that with the further improvement and proficiency of the listing review and issuance process of the Beijing Stock Exchange, the efficiency of the later review is expected to be further improved. Taking the Science and Technology Innovation Board, which is also a registration system, as a reference, it reviewed the issuance and listing of 9 companies in January this year. If the Beijing Stock Exchange maintains such review efficiency in the future, 63 companies will only need to queue for 7 months. All will take the exam.
It is worth noting that after entering 2022, a total of 74 new companies have been added to prepare for the Beijing Stock Exchange, of which 28 are only a week before the Spring Festival, and the reserve force is quite sufficient. As of February 10, CBEX had 295 reserve projects in the counseling filing stage, of which 267 counseling filing registrations have been accepted by the local securities regulatory bureaus, 21 are still in the stage of submitting counseling filing materials, and 7 have passed counseling acceptance.
The total market value has shrunk by nearly 50 billion
Although in terms of the number of listed companies, the issuance and listing work of the Beijing Stock Exchange has been steadily advanced in the past three months after the opening of the market, and the reserve projects are also considerable, but the “gold absorption” effect of listed companies needs to be further improved.
Wind data shows that as of the close on February 10, the total market value of 84 companies listed on the Beijing Stock Exchange was 239.738 billion yuan, a decrease of 48.953 billion yuan compared to the total market value of 288.691 billion yuan on the first day of the market. Among the first batch of 81 companies listed on the Beijing Stock Exchange, only 8 of them have increased in market value, and 70 of them have shrunk to varying degrees.
From the opening of the market to February 10, in terms of the size of the market value reduction, the listed company with the largest market value reduction on the Beijing Stock Exchange is Bettray, which has shrunk by 24.599 billion yuan from 83.333 billion yuan to 58.732 billion yuan; followed by Liancheng Numerically controlled, the market value has shrunk from 25.836 billion yuan to 17.194 billion yuan; the market value of the remaining listed companies is basically less than 2 billion yuan.
From the perspective of the market value reduction ratio, 38 of the above 81 companies have a market value reduction ratio of more than 20%. Among them, the market value of Concentric Transmission decreased from 2.377 billion yuan to 1.158 billion yuan, and it lost more than half in less than 3 months. Peak”, the market value has shrunk by more than 40%; other five companies, Keda Automatic Control, Liancheng CNC, Wuxin Tunnel, Fujitec, and Anhui Phoenix, have lost more than 30% in market value.
Now, as the lock-up period for shareholders of the first batch of listed companies in the selection layer is about to expire for an additional 6 months, the Beijing Stock Exchange is also about to usher in a large-scale centralized lifting of the ban. At a time when the 2021 financial report is about to be disclosed, how much pressure will this round of lifting of the ban bring to the market?
Zhu Haibin, head of the new team of Essence Securities, said that the centralized lifting of the ban on the original shareholders’ restricted shares of large-cap companies is the main reason for the large market value of the current period. The lifting of the original shareholders’ restricted shares accounted for more than 70% of the market value of the two phases of lifting of the ban.
Among the 20 companies involved in the lifting of the ban on shares in February, 18 companies have achieved substantial increases in their current market capitalization compared to when they were listed. Among them, 7 companies including Jilin Tangu, Changhong Energy, and Senxuan Pharmaceutical have increased by more than 100%, which has become part of the investment. People worry about one of the reasons for the pressure to realize after the lifting of the ban.
“But in the long run, the pressure of lifting the ban on blue-chip companies has less impact on the market value.” Zhu Haibin believes that under the background of performance being king, investors need not worry too much about the pressure of lifting the ban on companies with pre-increased performance on the Beijing Stock Exchange. The expiry of the lifting of the ban is only a necessary but not sufficient condition for the reduction of holdings. The core logic of whether shareholders reduce their holdings lies in the growth and rationality of valuation.
Beijing Stock Exchange will become the core of the transfer board
Another recent event worth tracking is that Guandian Defense, the first stock to be transferred from the Beijing Stock Exchange, is about to land on the Science and Technology Innovation Board. On January 27, the results of the 7th review meeting of the Shanghai Stock Exchange Listing Committee in 2022 showed that Guandian Defense has successfully passed the meeting. From October 20, 2021, Guandian Defense submitted the application documents for transfer to the Science and Technology Innovation Board, and it took 99 days in total.
Some analysts commented that, from being the first company to apply for the selection layer of the New Third Board, to the first company to apply for direct transfer, to moving to the Beijing Stock Exchange together with other selection layer companies, and finally to the The first company to successfully transfer the board, Guandian Defense has witnessed several “firsts” in the development of the multi-level capital market.
“Beijing Stock Exchange will become the core sector of the transfer listing, and it is expected to replicate the development path of the Science and Technology Innovation Board.” Kaiyuan Securities believes that in the context of the attractiveness of the Beijing Stock Exchange and the abundant reserves of companies to be listed, the innovation layer will be transferred to the Beijing Stock Exchange. Listing will become the mainstream of the domestic transfer market. At the same time, companies listed on the Beijing Stock Exchange can transfer to the Science and Technology Innovation Board/GEM, highlighting the role of the Beijing Stock Exchange as the link between the previous and the next.
According to the statistics of Essence Securities, the latest average return rate of IPO listing of NEEQ companies is 518%~882%. In terms of the “transfer” yields of the New Third Board, after excluding the TOP10, the average yields on the first day of transfer on the Science and Technology Innovation Board, the Main Board, the Growth Enterprise Market, and the Small and Medium-sized Board were 1,199%, 272%, 942%, and 434%, respectively. The transfer yields are 1103%, 497%, 981%, and 931%, respectively. As of the latest average transfer yields are 882%, 518%, 825%, and 549%.
Kaiyuan Securities also mentioned that although my country has established a transfer system centered on the New Third Board and the Beijing Stock Exchange, the capital markets at all levels are still relatively fragmented. . The first step is to take the establishment of the Beijing Stock Exchange as an opportunity to initially establish a cross-exchange transfer system; the second step is to use the comprehensive registration system as the starting point to open up the internal transfer and downgrade transfer system of the exchange; the third step , relying on the innovation layer to further expand the transfer channels of the market on and off the market; the fourth step is to gradually establish a two-way transfer system between the fourth board and the new third board; the fifth step is to promote the market-wide transfer system by means of competition. Build and improve.