Reporter Chang Xiaoyu
In May, the income of offline institutional investors on the STAR Market rebounded, and the good trend continued in June.
"Since May, as my country's epidemic prevention and control has achieved phased results and local growth policies have continued to strengthen, market expectations have gradually improved, and A-shares have once again shown strong resilience, gradually repairing the 'lost ground' in the early stage." CITIC Liu Nian, director of the Capital Markets Department of Jiantou Securities, told a reporter from Securities Daily that with the recovery of the market, since May, the listing of 7 new stocks on the Science and Technology Innovation Board (excluding Guandian Defense, which was transferred to the Science and Technology Innovation Board) has also performed well. On the first day of listing, there was no break, and the effect of offline institutional investors making new money reappeared.
Science and Technology Innovation Board since May
Brokerage underwriting amount drops
"According to the various types of new investors on the Science and Technology Innovation Board, the income from new listings since May has been a high value this year." Liu Nian analyzed that, according to investors' first day of listing, all new shares will be sold at the average rate of change According to the calculation, for offline investors, in May, Class A, Class B and Class C (Class A investors refer to public offering products, social security funds, pensions, enterprise annuity funds and insurance funds; Class B investors refer to qualified Foreign investors; Class C refers to investors other than Class A and Class B), the corresponding new revenue is 798,600 yuan, 572,300 yuan, and 446,400 yuan respectively (the corresponding data in April were -490,800 yuan, -299,300 yuan, -168,700 yuan); at the same time, assuming that a single account is 200 million yuan, the thickening rate of return (annualized value) for the new account is 4.79%, 3.43%, and 2.68% respectively (corresponding to April The data are -2.95%, -1.80%, -1.01% respectively), and the new and thickening yields of various offline institutional investors on the Science and Technology Innovation Board are the highest in a single month this year.For online new investors, assuming that 500 shares are signed in the first round, the new income in May is 17,400 yuan (the corresponding data in April is -38,800 yuan).In addition, the above data in June were all positive.
Ren Lang, chief analyst of small and medium-sized companies of Kaiyuan Securities, told the "Securities Daily" reporter that, from a decomposition point of view, since May, the offline institutional investors of the Science and Technology Innovation Board have returned to positive returns, mainly due to the recovery of secondary market sentiment and the market's interest in Factors such as the adaptation to the new regulations on price inquiry, the practical improvement of the market-oriented level of IPO pricing, and the sharp rebound in the first day of listing of IPOs on the Sci-Tech Innovation Board.
Among them, the profit-making effect on the first day of listing of new shares reappeared.Data show that as of June 12, a total of 50 new shares have been listed, with an average increase of 12.89% on the first day of listing.In terms of stages, a total of 43 new stocks were listed from January to April, with an average increase of 3.79% on the first day of listing; since May, a total of 7 new stocks have been listed, with an average increase of 68.81% on the first day of listing.
"Because of the good profit-making effect, since May, the proportion of investors who abandoned their purchases and the amount of securities brokers' underwriting have declined." Liu Nian introduced that from January to April, the average rate of abandonment of purchases was 1.98%. The average underwriting amount is 55.3346 million yuan; since May, the average rate of abandoned purchases is 1.14%, and the average underwriting amount is 32.4263 million yuan.
It is expected that the registration system will be
New revenue is still considerable
Liu Nian believes that with the implementation of the new regulations on registration-based inquiry, the issues such as “both shortlisted” and “emphasis on strategy rather than research” have been effectively solved by quotation agencies. Institutional investors are more likely to study the company’s industry status, development potential, technical barriers, etc. Fundamental factors, secondary market conditions, reasonable earnings after listing and other transaction factors are comprehensively quoted. Therefore, indicators such as the number of institutions participating in the quotation and the shortlist rate are also dynamically adjusted with the performance of the IPO market.
Specifically, from the inquiry results, the number of offline investors gradually decreased from 410 in January to about 220 in May, and rebounded in June. There were about 5,700, and it rose to about 7,000 in June. The shortlisted rate of institutions gradually decreased from about 70% at the beginning of the year to 40% in May, and rose to about 70% in June.
"After the implementation of the new price inquiry rules, under the effect of market self-regulation, institutional investors' quotations have become more cautious and their reasonable pricing power has been gradually strengthened. The lower bound range (upper limit of effective quotation/lower limit of effective quotation -1) increased from 37.56% in April to 46.12% in May, which may be the main reason for the decline in the entry rate of institutional investors on the Science and Technology Innovation Board." Ren Lang said.
In addition, Liu Nian introduced that from the perspective of the allocation categories of offline institutional investors, A-type accounts and C-type accounts are still the main offline purchases. Compared with the beginning of the year, the proportion of A-type accounts decreased slightly, while the C-type accounts increased slightly. ; Judging from the winning rate of online investors on the Science and Technology Innovation Board, the winning rate has remained basically stable at around 0.04%.
From the incremental pilot of the Science and Technology Innovation Board to the breakthrough of the stock of the ChiNext, to the simultaneous pilot of the Beijing Stock Exchange, the "three-step" reform of the registration system has been steadily progressing.Ren Lang said, "Looking forward to the market outlook, it is expected that sufficient reserve projects will ensure the continuation of the normalized issuance rhythm, and the increase in issuance valuation will boost the scale of single-project financing. In general, the new income under the registration system this year may still be considerable." (Securities daily)
