The pricing efficiency of new shares has significantly increased the first and secondary market price linkage enhancement

Reporter Wu Xiaolu

On September 18 last year, in order to further optimize the issuance of the issuance of the issuance of new shares and promote the game between the two parties to buy and seller, the Securities Regulatory Commission properly revised the "Special Regulations for the first public issuance of securities issuance and underwriting". The China Securities Industry Association simultaneously improves the business rules and regulatory systems (hereinafter collectively referred to as "new shares inquiry new rules") to improve the efficiency of issuance, and the new regulations for new shares are officially implemented.

As of September 15 this year, the new regulations for new shares have been implemented for nearly a year. According to reporters, a total of 242 companies of science and technology boards and GEM have completed the listing and listing. From the perspective of issuance, the width of the effective quotation range of inquiry agencies has increased significantly, and the price of new shares issued pricing is moved upward, and the price efficiency has been further improved.

Experts interviewed by a reporter from the Securities Daily said that since the implementation of the new regulations for new shares, the price of new shares has become increasingly market -oriented. New is no longer a risk -free investment.

New shares issue pricing

Center improvement

According to the statistics of the same Flush iFind, as of September 15, since this year, 118 and 124 companies have completed the inquiry issuance and listing of science and technology boards and GEM. The width of the effective quotation range of the next investor expands, and the issuer's pricing decision -making space is significantly expanded.

In addition, from the perspective of online investors' distribution rate, the average finalist rate of science and technology boards and GEM is 65.6%and 70.29%, respectively, down 16.32 percentage points and 8.74 percentage points from the previous month.

At the same time, the issuance of new shares issued pricing center has increased. The average price -earnings ratio of science and technology boards and GEM (excluding unprofitable enterprises, the same below) of the science and technology board and GEM company that completed the listing above is 116.95 times and 52.99 times, respectively, which is about 76 times and 31 times from the previous month. On the whole, the P / E ratio of the Science and Technology Board Company has fluctuated large, from more than 7 times to more than 700 times, and the P / E ratio of the GEM issuance is relatively stable, from more than 17 times to more than 300 times.

Chen Li, chief economist of Chuancai Securities, said in an interview with the Securities Daily reporter that since the implementation of the new rules of inquiry, the price of stock price issuance has become more rational. From the perspective of the market, the inquiry mechanism has rationalized the price of new shares, reduced the difference in the first- and secondary markets, and the decrease in new shares arbitrage space.

"At present, the issuance pricing is becoming increasingly market -oriented." A large brokerage investment bank personnel told a reporter from the Securities Daily that talking about the large -scale price -earnings ratio of the science and technology board, it said, "Special industries or enterprises should adopt the appropriate valuation method, It is not necessarily accurate to judge simply using the price -earnings ratio.

One or secondary market

Price linkage is more obvious

The reporter noticed that since the implementation of the new inquiry regulations, the current price -earnings ratio of Science and Technology Board and GEM's new shares has also fluctuated in different months. Taking the average monthly price -earnings ratio of the Science and Technology Board this year as an example, in the first eight months of this year, the average price -earnings ratio of the GEM is 62.43 times, 37.40 times, 44.79 times, 34.59 times, 50.68 times, 49.06 times, 43.34 times, and 46.73 times. As a result, the P / E ratio of the new shares decreased down after the rise of the P / E ratio. After the rise in May this year, it fell again, and the overall trend of the secondary market was converging.

"New shares issuance pricing is indeed an obvious affected by the secondary market, which is also a manifestation of the marketization of new shares issued pricing." Shao Yu, chief economist of Oriental Securities, told the Securities Daily reporter.

Chen Li said that there are many factors affecting the pricing of new shares, which does not only depend on the company's own operating ability and industry prospects, but often related to the market environment, liquidity, and pricing rules. Since the fluctuation of the secondary market fluctuations, the new shares have reflected the new rules of inquiry. The pricing of new shares has a more self -regulating mechanism, which can fully pricing according to market conditions.

At the same time, the second -level market was launched on the first day of the listing of new stocks. According to the same Flush iFind data, 66 of the 242 new shares were broken on the first day of listing, accounting for 27.27%.

"New shares are broken, indicating that the market constraints are increasing, and the main entities of the first and secondary markets are constantly playing games, and gradually find a balance." A southern broker investment bank person told the Securities Daily reporter that in addition, the volatility of the secondary market will also affect new shares. The change of the price -earnings ratio.

After the implementation of the new inquiry regulations, the regulatory authorities have also strengthened the supervision of the inquiry pricing of new shares, punished the violations of investors in the inquiry, and required the owner of the owner to write the investment value report carefully. Value report issues procedures and predictions to be cautious and rational.

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