Recently, new stock pricing and "bundling" industry in depth of the secondary market: The issuance price -earnings ratio is about 20 % to 10 % comparable to the company

20JUN

Wen | Wu Xiaolu

After entering May, the P / E ratio of new shares has decreased, and the phenomenon of breaking has decreased significantly. According to reporters, since May, as of June 19, the P / E ratio of the new shares of Science and Technology Board and GEM has decreased lower than the first four months of this year, and there was no new shares on the first day of the listing of new shares. New stock issuance pricing is directly related to the allocation of capital market resources. Experts interviewed by reporters said that at present, the pricing of new shares is "bundled" in depth with the secondary market, and the price -earnings ratio issued by new shares is about 2 % to 10 % than the company's price -earnings ratio. In the early stage of the secondary market, and the frequency of breaking the market, the market re -adjusting the psychological expectations of the issuance price of the new shares, which led to the recent drop -in price -earnings ratio. Because the secondary market is less than the company, the pricing of pricing on the primary market is weak. The market -oriented pricing mechanism guides the pricing of new shares for self -regulation in the first four months of this year, and the new shares frequently break, which has attracted the attention of the market and regulatory authorities. In late April, the Shanghai Stock Exchange organized a number of securities firms to hold a symposium, asking each underwriter to carefully write the investment value report; after fully considering the market, industry and underwriting risks, the issuance price was carefully determined. Recently, the Shenzhen Stock Exchange issued the "Inquiry Letter" to the 20 underwriters, paying attention to the procedures and predictions of the investment value report. According to Wind information data statistics, as of June 19, 37 new shares have completed the issuance pricing (statistics from the prospectus). Specifically, there are 4, 8, 15, and 10 new shares of the Shanghai and Shenzhen Main Board, Science and Technology Board, GEM and Bei Stock Exchange, and the average issuance of the P / E ratio of 22.99 times, 73.76 times, 33.83 times, and 33.83 times, respectively. 23.41 times. Compared with the previous four months, the P / E ratio of the distribution of science and technology boards and GEM has decreased significantly, decreased by 45.75%and 34.91%, respectively. In addition, the P / E ratio of new shares of the Bei Stock Exchange decreased by 6.88%, and the motherboard was basically flat. As of June 19, 23 of the 37 new shares mentioned above have been listed. Except for the first day of the three Bei Stock Exchange's new shares, the first day of the listing of other new shares rose or flat, with an average increase of about 60%. In response, a Beijing brokerage investment bank personnel told a reporter from the Securities Daily that the secondary market was reduced some time ago, resulting in the overall market valuation of the market declined. In addition, because of the high breakthrough rate of new shares in the early stage, all parties of the market have adjusted the issuance of new shares' issuance price psychology psychology psychology. expected. Wang Huiqing, a postdoctoral of the Bank of China Research Institute, told a reporter from the Securities Daily that recently the price -earnings ratio of the first -class marketing of science and technology boards and the GEM market has declined, which is the normal performance of self -regulation of the market after the frequency of science and technology boards and GEM new stocks. This phenomenon also reflects from the side that the market -oriented pricing mechanism of new shares issued under the registration system can effectively play a dynamic regulatory role and guide the price of new shares to return to rationality. Talking about the current new stock pricing model, a securities company in the south told a reporter from the Securities Daily that the current idea of ​​new stock pricing is that the issuer's dynamics and static price -earnings ratios are compared to the secondary market. about. "If the market is steady, the comparable company's price -earnings ratio is in a reasonable range in the same industry, and a discount on this basis is more reasonable." According to Wind information data statistics, the reporter According to Wind information data, the first four months of this year, the science and technology board and the GEM board The average price -earnings ratio of new shares and the average price -earnings ratio ratio of comparable listed companies was 1.23 and 0.87, respectively, and as of June 19, since May, it has fallen to 0.96 and 0.75, respectively. In addition, the reporter also noticed that since late May, all three new stocks were broken since the Beijiao, and the Beibei Stock Exchange had not broken new shares before. In this regard, the above -mentioned southern brokerage investment banks said that compared with the Shanghai and Shenzhen Exchange, the secondary market of the Beijing Stock Exchange is less than the company, and the pricing guidance of the first -level market is weak. Wang Huiqing believes that the phenomenon of breaking the Peking Stock Exchange has been affected to a certain extent by the sluggish market trend this year, but at present, it is the normal result of the market game. In the context of the factors of the issuance of new shares issued pricing, the industry hopes to establish a long -term evaluation system In the context of the reduction of the price -earnings ratio of the distribution, most new shares are still super fundraising. Most of the new shares are distributed in industries such as information communication, biomedicine, high -end equipment manufacturing, and new energy. Since May, the above -mentioned 8 new shares of science and technology boards have raised 10.635 billion yuan, and 15 new shares of GEM have raised 4.928 billion yuan. "Super -funded description markets have high expectations for many companies in many strategic emerging areas in science and technology boards and GEM." Wang Huiqing said, but the potential risks of new shares super -funded are also worthy of attention. my country's capital market has clearly stipulated the use of over -fundraising funds, mainly used in cash management, permanent supplementary mobile funds, repayment of bank loans, repurchase, new projects, and equity acquisitions. Listed companies have limited channels for using super -fundraising funds, have investment risks and have low efficiency of funds, so they need to prevent over -funding as much as possible. The issuer needs to make project reserves in advance to make a reasonable, reasonable, and effective use of super -fundraising funds. Talking about how to further optimize the pricing of new shares in the future, the above -mentioned southern brokerage investment banks said, "In the future, it is hoped that the regulatory authorities will formulate a long -term, systematic, and reasonable evaluation system for the issuance of new shares. Evaluation. Subsidies with reasonable pricing and strong pricing capabilities will be more and more recognized by the market, which will promote the industry to improve the level of pricing.

"The above -mentioned Beijing securities company investment banker said that the issuance price of the new shares is determined by many market factors and is in the process of continuous dynamic adjustment. Good optimization of resource allocation. "Under the registration system, the factors that affect the pricing of new shares are becoming more diversified. It is not only affected by internal reasons such as sustainable operation capabilities of enterprises, but also affected by external reasons such as pricing rules, market environment, underwriters, and investors' emotions. "Wang Huiqing said that promoting the marketization of new shares and rationalization of pricing, first of all, the regulatory authorities need to establish a sound regulatory system, continuously improve the relevant system rules such as stock issuance pricing, underwriting and sale, etc. , Underwriters need to fully fulfill their duties of "seeing people" in the capital market and give full play to their professional valuation and pricing capabilities. Finally, institutional investors need to carefully study, scientifically improve their investment decision -making capabilities, and reasonably grasp the valuation and quotation of the enterprise. Recommended reading

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