fell for five consecutive days, and its market value evaporated by nearly 150 billion yuan. Foxconn (Fujian Industrial) set a new record.
The A-share that has been falling lately is a pity. Even the unicorns that are highly anticipated by the industry are unable to hold on, and they have entered a stage of miserability: the market value of Industrial and Financial Network has evaporated by nearly 150 billion in the past five trading days, and the stock price has approached the opening price of the first day of listing; WuXi AppTec fell 9.51% today, falling more than 30% from its high point. Only the three major A-share beasts are still in the honeymoon period of new stocks. CATL continues to hit the daily limit.
Today, FUCFU fell another 8.51%, which is the fifth consecutive day of decline, closing at 18.17 yuan, which has fallen below the closing price of FUCFU’s first day of listing. Industrial Franchise, which is listed under the halo of super unicorns, has not escaped the fate of a stock price correction. Data shows that in the past five days, the CNY has fallen by as much as 29.35%, and its market value has evaporated by nearly 150 billion yuan.
More importantly, from the only two dragon and tiger data of the Industrial Fleet Network, it can be seen that institutional funds have become the main force of selling. Taking the first opening of the Industrial Franchise Industry Corporation as an example, the turnover rate on that day was as high as 56.64%, and the top five seats sold were all dedicated to institutional seats. A total of 660 million yuan was sold.
Industrial FULL market value evaporated by nearly 150 billion
Let’s look at the largest unicorn in A-shares. Industrial FULL fell 8.51% today and closed at 18.17 yuan, with a turnover of 3.736 billion yuan on the same day, and a price-to-earnings ratio of 22 times.
Retrace the trend of Industrial FULL:
On June 8, Industrial FULL officially landed on the Shanghai Stock Exchange, with an opening price of 16.52 yuan on the same day. It closed at 19.83 yuan on the same day, becoming the technology stock with the largest market value in the A-share market.
From June 11 to 12, Industrial Franchise continued to hit the daily limit and closed at two single-digit daily limit.
On June 13, the fourth trading day of listing, Industrial Flexibles closed with an increase of 7.21%, reaching a high of 26.36 yuan.
But since then, the stock price trend of Industrial FULL took a sharp turn for the worse and began to decline:
fell sharply on June 14th; it fell 3.05% on June 15th; it hit and hit the limit down on June 19; it continued to fall 2.26% on June 20th. On June 20, it fell by 8.51% again to close at 18.17 yuan.
After five consecutive trading days, not only did the company's stock price approach its listing opening price, but its market value evaporated by 148.8 billion yuan in the past five days.
From reporting the prospectus to obtaining approval, Foxconn Industrial Internet Co., Ltd.'s first public offering application was approved in just 36 days. According to data, the total issuance of new shares of FULL this time was 1.969 billion shares, the issuance price was 13.77 yuan per share, and the total amount of funds raised was approximately 27.12 billion yuan. It is worth mentioning that FUCCI also conducted strategic allocations to 20 institutions including BAT, Central Huijin, China Merchants , etc., and has the strongest allocation lineup in the history of A-shares.
Foxconn Chairman Guo Taiming Before Foxconn went public, he participated in the 30th anniversary of Foxconn Investment in Mainland China. At that time, he said that after Foxconn went public, he would immediately issue an employee shareholding incentive plan to inspire talents.
Chen Yong, chairman of Industrial Foxconn, said in an interview with the media at the listing ceremony that the company's successful listing is just one second to be happy. After listing, it feels like a great responsibility: first, the responsibility to shareholders. The higher the expectations of shareholders, the greater the pressure; second, the responsibility to the industry. The industrial Internet is an emerging industry and has no strict standards. As the first industry enterprise, it has responsibility to peers and partners.
Some institutions have sold large amounts of
Although the stock price of Industrial FULL performed well on the first day of listing, there had been large-scale selling on the same day. trading information of on the Shanghai Stock Exchange showed that a total of 2.0782 million yuan was sold for special seats on the same day. In addition, the four business departments sold RMB 277,600, RMB 158,600, RMB 138,800 and RMB 119,000 respectively, with a total of RMB 694,000.
On June 13, the day when the stock price of Industrial Fulian hit a record intraday high and closed down, the stock's turnover rate reached 56.64%, once again on the Shanghai Stock Exchange's Dragon and Tiger List.The Shanghai Stock Exchange website shows that the top five main players who shipped on that day were institutional special seats, with the highest sales scale of 173.0702 million yuan, and the lowest sales reached 84.2939 million yuan, with the total sales of 660 million yuan for the five seats.
unicorn company , and most of the related concept stocks have stopped
In addition to Industrial Fulian, most of the A-share unicorn concept stocks have stopped.
WuXi AppTec (603259), which was listed on May 8, once reached 16 consecutive daily limits after its listing, but it has gradually shown a decline recently. Today it almost hit the limit, closing down 9.51%.
Looking back at the historical trend, on the first day of its listing, WuXi AppTec's opening price was 25.92 yuan, and it broke out of the daily limit without any suspense on that day and closed at 31.10 yuan. Since then, WuXi AppTec has reached 15 consecutive daily limits and closed at 129.91 yuan on May 29. In less than a month, WuXi AppTec not only broke the 100-yuan mark, but also had a cumulative increase of up to 4 times.
However, since June, WuXi AppTec's stock price trend has also shown a clear turning point: on June 4, the intraday high reached 138.87 yuan, but it fell 9.01% at the close; on June 19, the closing price fell below the 100 yuan mark; on June 21, WuXi AppTec fell 9.51% to close at 91.39 yuan, and the company's market value also returned to below 100 billion yuan, reaching 95.2 billion yuan.
Only CATL (300750) is the only one in A-share unicorn.
On June 11, CATL was listed on the Shenzhen Stock Exchange, with an opening price of 30.17 yuan on the same day. Since its listing, CATL's stock price has performed well. Even though the A-share market has been weak in the recent recent period, and even when the market has suffered a sharp drop, the stock can still reach the daily limit every day. On June 21, CATL closed at 70.54 yuan, reaching the eighth consecutive daily limit since its listing, and the company's market value also reached 153.2 billion yuan.
A-share veteran unicorn companies have also performed poorly recently, such as 360, BGI, Giant Network, etc., compared with the historical highest market value, which has shrunk by 50%, 54% and 70% respectively. Except for unicorn companies, most unicorn-related concept stocks have shown weak trends.
Treat current A-share technology stocks
Cai Junyi, assistant director of Shanghai Securities Research Institute, said in an interview with a reporter from Securities China that the stock prices of innovative technology companies should not be too high, and should be cautious about A-share technology stocks.
"Under the pressure of continuous listing of large technology stocks, there will be a valuation dilution effect on the entire sector. At present, the growth of most incremental technology stocks has basically reached a mature stage. It is not cheap to make a reference to the US market. In essence, the concept of unicorns is more conceptual, and the internal quality of many companies is not easy to grasp. Once you succeed, you will have a lot of bones. The company that can really go out may be limited, and investment pays attention to certainty. From an investment perspective, you can wait until the valuation adjustment before finding opportunities to buy." Cai Junyi said. The same is true for technology companies that may issue CDRs in the future, and the actual arbitrage space may be limited.
Wang Delun, chief strategy analyst at Industrial Securities, proposed in a previous report that there are three major benefits of listing of innovative enterprises, namely, it helps the stable development of the capital market, helps finance to support entities and financial deleveraging, and helps attract continuous inflow of foreign capital.
First of all, the current A-share real estate chain and other cyclical companies account for a high proportion of profits, and their performance is easily affected by the real estate cycle. This large fluctuation at the performance level has also led to a sharp rise and fall in A-shares to a certain extent. Therefore, introducing more innovative enterprises into the capital market and reducing the proportion of traditional economic enterprises will help reduce the overall market's sensitivity to economic cycles, thereby reducing market fluctuations, and better creating a value investment atmosphere.
Secondly, the transformation and upgrading of economic structure and the development of related new economy enterprises are inseparable from the support of funds. The expansion of the stock financing ratio can reduce the debt ratio of enterprises and serve financial deleveraging. On the other hand, it can reduce the financing costs of enterprises and alleviate the problem of difficulty and high cost of financing for enterprises. It is an important form of direct financing.
Finally, the period when the continuous and stable inflow of foreign capital has brought about a low sensitivity to changes in the global financial cycle is an important time window for realizing the opening up of the capital market.High-quality innovative enterprises' domestic listing can attract more foreign capital allocation funds, which not only helps to bring incremental funds to the market, but also helps to extend this window period for the capital market to open up to the outside world.
