Wright Optoelectronics, a company that has recently been hyped up on the Science and Technology Innovation Board, has attracted much attention from the market, and the sponsor CITIC Securities involved in the investment and publishing research reports have surfaced.The "Economic Information Daily" reporter found that this kind of "guarantee" and "recommendation" behavior by CITIC Securities is not the first time, and some investors believe that the compliance of this behavior is questionable.Regarding whether this behavior involves the company's internal control issues, a reporter from the Economic Information Daily sent a letter to CITIC Securities, but has not received a reply as of press time.Senior investment bankers also remind investors to have a broad understanding of market information and institutional dynamics, not to be superstitious about research reports, and to invest prudently.
Wright Optoelectronics was hyped
According to public information, the main business of Wright Optoelectronics is the research and development, production and sales of OLED organic materials.The sponsor and lead underwriter is CITIC Securities.On the first day of listing, Wright Optoelectronics broke and finally closed at 19 yuan per share, a decrease of 13.83%.Since then, the company's stock price has been falling all the way, with the lowest dropping to 11.59 yuan per share on April 27.Since May 27 this year, it has risen rapidly. In the seven trading days from May 27 to June 7, the company's stock price has risen by 158.79%.
As the sponsor and lead underwriter of Wright Optoelectronics, CITIC Securities Co., Ltd. was allocated 1.814 million shares of Wright Optoelectronics in accordance with the rules for sponsors to participate in co-investment on the Science and Technology Innovation Board.On May 26, CITIC Securities released a research report entitled "Investment Value Analysis Report of Wright Optoelectronics (688150): Building an OLED Organic Material Platform to Promote Domestic Substitution". It is 215 million yuan, 406 million yuan and 548 million yuan.The report gives Wright Optoelectronics a target market value of 11.6 billion yuan in the next year, corresponding to a target price of 28.8 yuan.First coverage, with a "buy" rating.
On June 7, Wright Optoelectronics issued an announcement that the company's stock trading occurred 3 times within 10 consecutive trading days (from May 24 to June 7, 2022), and the deviation of the closing price increase within 3 consecutive trading days reached 30%. According to relevant regulations, it is a serious abnormal fluctuation of stock trading.The company's initial public offering price was 22.05 yuan per share. As of June 7, 2022, the stock's closing price was 36.36 yuan per share, which was higher than the company's initial public offering price. The cumulative increase in the past 10 trading days reached 143.21%.
Regarding the severe and abnormal fluctuations in the company's stock trading, the Shanghai Stock Exchange issued a supervisory work letter on June 7.
The reporter of "Economic Information Daily" checked the information of the Shanghai Stock Exchange and found that Wright Optoelectronics frequently appeared on the "Dragon and Tiger List" and was favored by many well-known hot money, including many well-known hot money, and the "institution-only" seats also appeared many times.Wright Optoelectronics stated in the announcement of abnormal stock price fluctuations that after the company's self-examination and sent a letter to verify the controlling shareholder and actual controller, as of the disclosure date of this announcement, there is no material information that should be disclosed but not disclosed.The company's current production and operation are all normal, and the company's production and operation have not undergone major changes since its listing.The company is concerned that the recent research reports released by some securities companies have forecast the company's future operating income, profit level, stock price and other indicators.The company stated that the forecast of the above indicators is a unilateral forecast of the securities company, and the company has not confirmed the forecast of the above indicators, and the relevant information is subject to the company's announcement.
Investors should not trust research reports
It is understood that in the projects sponsored by CITIC Securities, such sponsorship, co-investment, and underwriting are involved in the whole process. At the same time, the behavior of the research institute publishing many reports is not new.
Previously, CITIC Securities released a research report entitled "Hemai Shares: Micro-Inverse Rising Star with Huge Potential".The research report said that the company's EPS from 2021 to 2023 is expected to be 4.93 yuan/12.47 yuan/22.50 yuan, respectively, with a target price of 1,000 yuan (corresponding to 80 times PE in 2022), the first coverage, and a "buy" rating for the company.It is reported that CITIC Securities is the lead underwriter of the IPO of Hemai, and underwritten 650,000 abandoned shares of Hemai for 363 million yuan.In addition, a follow-up investment was also made through the subsidiary, and the allocation amount was 112 million yuan.CITIC Securities invested 475 million yuan in Hemai.
The interviewed senior investment banker told the "Economic Information Daily" reporter that according to relevant regulations, the IPO sponsor and lead underwriter are not allowed to issue relevant reports within 40 days after the issue price is determined. The above situation has exceeded the 40-day silence period, and The research report also does not have to be confirmed by the listed company.
It is reported that there are some relevant regulations in the "Code of Practice for Issuing Securities Research Reports" implemented by the Securities Association of China in June 2020.Article 24 of the Code of Practice states that when an operating institution publishes a securities research report, it shall establish and improve the information separation wall system in accordance with the relevant provisions of the "Interim Provisions on Issuing Securities Research Reports" and the "Guidelines for the Information Separation Wall of Securities Companies", and follow the period of silence. arrange.
A sponsor or lead underwriter acting as an IPO of an issuer's stock shall not issue a securities research report related to the issuer within 40 days from the date when the issue price is determined and announced.The quiet period set up by CITIC Securities for this purpose is also 40 days.CITIC Securities set it up from the date when the sponsor's website or the website of the securities regulatory bureau where the issuer is registered first discloses the progress of the issuer's counseling work to 40 days after the pricing.Some investment bankers said that in the case of co-investment by the sponsor, the same silent period applies and the above-mentioned 40-day rule should be followed.
Regarding the behavior of not only sponsoring, co-investing, but also publishing a lot of research reports, some market investors believe that compliance is doubtful. Regarding whether it involves the company's internal control issues, a reporter from the Economic Information Daily sent a letter to CITIC Securities, but no reply has been received as of press time. .Wang Jiyue, a senior investment banker, told the "Economic Information Daily" reporter that after the stocks underwritten by securities companies have passed the quiet period, research reports are allowed to be covered. Research reports have normative requirements, but they are not responsible for the rise and fall of stocks. Understand market information and institutional trends to invest cautiously, let alone superstitious research reports.
(Editor in charge: Guan Jing)
