With the high peak accompanied by the high break, when the "beggar version" IPO runs back to Hong Kong stocks, when will the Hong Kong stocks warm back?

"China Economic Weekly" reporter Zhang Yan

On August 15, China, which had just passed the Hong Kong Stock Exchange, officially started the offer. The announcement shows that it plans to offer 103 million shares worldwide, with a price of 143.5 to 165.5 Hong Kong dollars per share, and the fundraising amount is 14.95 billion to HK $ 17.01 billion. If it is successfully listed in the end, China -Democratic will be the largest fund -raising scale in Hong Kong this year.

Including China-free, companies that are planned to be listed in Hong Kong stocks this month also include Shuangcaizhuang, Suxin Services and Huide Acquisition-Z. Not long before, Ningmeng Film was officially listed on the Hong Kong Stock Exchange. In addition, after four impact capital markets, Lehua Entertainment has finally passed the Hong Kong Stock Exchange.

For the Hong Kong stock market that has been sluggish for nearly half a year, can this wave of peaks bring back the market for the second half of the year?

In the first half of the year, the IPO market cools down, and the new shares will be broken when the new shares are listed

According to Wind statistics, as of August 15 this year, a total of 48 companies in the Hong Kong IPO market this year were listed. Among them, the number of new shares in July was the largest. A total of 16 companies were listed, setting the most monthly listing of the annual listing.

Compared with previous years, the Hong Kong stock market in the first half of the year was a bit deserted. Based on 2021, in the first seven months of this year, the number of IPOs and fundraising of Hong Kong stocks accounted for only 43%and 11%of last year, and the latter declined by nearly 90%year -on -year.

The Deloitte China Capital Market Service recently issued a relevant report saying that due to the global market atmosphere, the performance of the Hong Kong new stock market has slowed down. Based on half a year, the number of new shares of Hong Kong stocks in the first half of this year was the same period since 2013; the amount of fundraising was the same period since 2012.

KPMG recently lowered the performance expectations of the Hong Kong stock market for the whole year. KPMA predicts that about 80 new shares will be listed in the Hong Kong new stock market this year, and the funding amount may reach HK $ 200 billion. Earlier, it predicted that the new shares raised a year -on -year fund -raising of 356 billion Hong Kong dollars, and there were 110 total listings.

Behind the cold of Hong Kong stocks, the poor listing of new shares is also one of the reasons.

From the perspective of the distribution. Since the beginning of this year, the newly listed Hong Kong stocks have been broken in large areas. Taking the new shares listed in the first seven months of this year, the average decline has been close to 10%so far; the new shares of the successful IPO in the first seven months of 2021 have an average increase of 18.41%as of the end of July of that year. In July of this year alone, 14 of the 16 new stocks fell below the issue price, with a breaking rate of 87%, and the average decrease of each new shares reached 6.4%.

Deloitte statistics also show that with the analysis of the first day of the first day of new stocks, the first day of the first day of the listing of the average listing of new shares in the first half of this year fell to -3.7%, which was far lower than the 31.1%of the same period last year.

In terms of the enthusiasm of new subscriptions, there is also a large gap compared to last year. In the first half of this year, the number of new shares was only 170,000, and the most were the wisdom of the wheeling, about 33,000, and the number of newcomers in the same period last year was 12.4495 million.

The weak market performance has also made many companies preparing to go to Hong Kong to go to Hong Kong to fight "retreat". Data from the Hong Kong Stock Exchange show that in the first five months of this year, a total of 97 applications were received, a decrease of 30%year -on -year; 141 applications for listing were processed, a year -on -year decrease of 13%. At the same time, some companies to be listed chose to press the pause button. Data show that from January to May this year, a total of 16 IPO companies planned to be Hong Kong stocks were not listed within the validity period after approval.

At the end of June, Liu Dachang, a guided person in the KPMG China Capital Market Consultation Group, said that 170 companies still have submitted listing applications to the Hong Kong Stock Exchange, and there are still large projects waiting for listing. Although the market valuation has been repaired recently, the new stock market may not be recovered in one or two months. It is expected that the new stock market will be greatly improved in the fourth quarter. The opportunity returns to the top five global fundraising.

The proportion of many new stocks starts less than 5%, and the new economic company frequently presents a small proportion of issuance

On August 10, Lien Meng Film was officially listed on the Hong Kong Stock Exchange. The stock price of the first day of listing was broken. The turnover before the market was HK $ 9.1817 million, and the opening of 20 minutes fell more than 3%. As of the closing of the day, the stock price of Ningmeng Film and Television reported at HK $ 27/share, a decrease of 2.7%, with a turnover of 45.24 million Hong Kong dollars, with a total market value of HK $ 9.732 billion.

Public information shows that Ningmeng Movie IPO issued 15.1393 million shares, accounting for about 4.2%of its total share capital. Public offering is less than 0.81 times, and the signing rate is 100%in one hand. Part of the international offering was slightly excess subscription, 0.38 times over purchases. In addition, according to the cornerstone investment agreement, cornerstone investors have subscribed for a total of 7.0718 million shares of shares, accounting for approximately 1.96%of the total issued share capital. This means that nearly half of the new shares issued this time were subscribed by the cornerstone investors, and the new shares that actually entered the circulation were only about 2%of the total share capital.

In terms of the A -share market, the proportion of shares that the company's publicly issued to the society accounts for no less than 10%of the real -shares. Although there is no such regulation in Hong Kong stocks, the number and proportion of new shares issued when such compressed listings are compressed, and it is rare in the Hong Kong stock market in the past. However, since March this year, companies with a total shares of the first shares have frequently appeared.

According to Wind statistics, since the end of July, 15 Hong Kong -listed companies have first -issued shares of Hong Kong stocks accounting for less than 10%of the total shares, of which 6 companies are less than 5%. It is a new economic company. "If you look closely at the prospectus of these companies, you will find that these companies are actually not short of money." The person in charge of the listing service department of a Chinese -funded securities firm in Hong Kong told reporters that this year chose to conduct a "beggar version" IPO in Hong Kong this year The company generally shows the same characteristics. On the one hand, financing in the capital market does not need to raise funds through listing; on the other hand, it is precisely because of the popularity in the financing market in the past few years that the valuation has increased. And investors have an urgent need for listing. In order not to occur in the first and secondary markets after the listing, it has become a natural choice by compressed the IPO financing scale to maintain a relatively high pricing.

Taking Runmid-B, which was listed in July as an example, as an example. As a medical device company, Runmid-B mainly focuses on the design, development and commercialization of the blood flow reserve score system of coronary angiography and the coronary artery angiography. The prospectus shows that Runmede-B's listing has issued a total of 23.348 million shares, with a issuance price of HK $ 6.24/share. The issuance of new shares only accounts for 2.04%of the total share capital, and the first fundraising amount is HK $ 149 million.

Shortly before the listing, Runmid-B announced that he had received $ 72 million (approximately HK $ 565 million) led by Ping An Capital. In other words, the funds raised by Runmead-B.

"From the perspective of the Hong Kong stock environment in the first half of this year, investors do not buy a account is the main reason for the market. In this case, in order not to affect the issuance valuation, a small proportion issuance may be a choice in the current situation in the current situation. . "The person in charge said.

Responsible editor | Yang Lin

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