htmlOn September 29, A shares 's highest price new stock Wanrun New Energy was listed, and broke the issue price immediately after opening . Since the beginning of this year, new stocks have frequently broken their issuance. As of September 28, nearly half-new stocks have fallen below the issue price this year.
The second highest-priced stock in history, it broke the issue price on the first day of listing
Before, Wanrun New Energy launched an online new stock issuance, with an issue price of 299.88 yuan per share. Investors need to pay nearly 150,000 yuan in one sign. It is not only the most expensive new stock this year, but also the second highest-priced A-share stock in history after Hemai Co., Ltd.
According to the issuance results announcement, Wanrun New Energy encountered online investors abandonment. This time, the number of shares issued by Wanrun New Energy on Science and Technology Innovation Board IPO was 21303795. After deducting the final strategic allotment part, the final number of offline issuance is 12436,083 shares, and the number of abandoned subscription is 0 shares; the number of online issuance is 7417,500 shares, and the number of investors abandoned subscription is 1530,865 shares, accounting for about 20%. The issuer and the lead underwriter did not use the over-allotment option in the issuance plan.
Announcement shows that the number of shares that investors gave up on subscribing to this issuance is underwritten by the sponsor (lead underwriter), namely Donghai Securities , and the number of shares underwriting by Donghai Securities is 1530,865 shares. Donghai Securities has therefore become the tenth largest shareholder of Wanrun New Energy.
htmlOn September 29, a total of three new stocks including Wanrun New Energy, Inshore Protein, Viteo were listed in the two markets. Among them, Wanrun New Energy and near-shore protein both broke the issue price at the opening.
nearly half new stocks have fallen below the issue price
new stocks are no longer stable and profitable. According to Wind data statistics, as of September 28, a total of 298 new stocks in A-shares have been listed this year, of which 137 new stocks have fallen below the issue price, accounting for about 46%. There are 71
that broke the issue price on the first day of its listing, with a significant increase of more than the whole year of 2021. New stocks with a drop of more than 30% on the first day of listing include Weijiechuangxin, Puyuan Jingdian , and Aojie Technology. The largest issue break on the first day was Weijiechuangxin. It was listed on April 12, issuing 66.6 yuan per share, with a drop of 36.04% on the first day. This is also the company with the largest decline in the first day since the opening of the Science and Technology Innovation Board.
, especially since September, with the overall adjustment of A-share market , the phenomenon of breaking the issue price on the first day has become more concentrated. As of September 28, 18 of the 44 new stocks listed in September fell below the issue price on the first day.
An analyst at Huatai Securities said that market conditions are a major factor affecting the performance of new stocks. When the market is weak, the probability of new stocks breaking the issue price is even higher. Affected by the loss of the issue price breaker, investors' awareness of risk aversion has increased, and quotations and subscriptions have become more cautious.
As the proportion of new stocks breaks, investors' enthusiasm for participating in new stocks has decreased. According to Tonghuashun iFinD data, as of September 27, among the new stocks listed this year, the average number of online valid subscribers for , GEM , Science and Technology Innovation Board and Main Board decreased by 2.4728 million, 931,800 and 2.5355 million respectively compared with the same period last year.
Industry said: The issue break is to correct the bias of the issuance of "three highs"
registration system issuance pricing tends to be market-oriented, and the price difference of the primary and secondary market converges accordingly. Therefore, it is generally believed in the industry that the number of new stocks breaking the issue price recently is a phased phenomenon due to the impact of market conditions, and on the other hand, there is a time difference after the new stock issuance and pricing. In fact, this reminds issuers and underwriting institutions that need to price more rationally. For investors, when issuing new products, you also need to spend more time understanding related companies, make more rational judgments and objective assessments.
Financial commentator Pihaizhou believes that with the marketization of new stock issuance, it is inevitable that new stocks will break the issuance. Because the issuance price-to-earnings ratio restrictions are relaxed, all parties in the market will play against the game driven by interests. In particular, in order to obtain excess sponsorship fees, sponsors will actively raise the issuance price of new stocks, thereby pushing up the issuance price. As a result, the issuance of "three highs" ( high price-to-earnings ratio , high issue price, and high over-subsidy) continues to appear. From this perspective, breaking the issue of new stocks is a correction to the issuance of the "three highs".
Huashang Daily reporter Li Cheng
