With the continuous improvement of the market ecology of the North Exchange and the continuous popularity of the secondary market,惊爆资讯 investors' enthusiasm for the North Exchange has been rekindled.
Recently, the amount of frozen funds for the subscription of new shares of the North Stock Exchange has continued to increase, and the frozen funds for the subscription of new shares and Guangsha Huaneng have both exceeded 100 billion yuan.
As of November 30, none of the eight new shares listed on the North Stock Exchange in November broke, and the good increase also confirmed that the profit-making effect of new shares was returning.
A number of interviewed experts pointed out that under the market of the North Stock Exchange, the increase of new shares on the first day was significantly improved, and the profit-making effect was significantly improved. At this stage, the risk of playing new games is lower than before, and it is more likely to obtain higher returns.
However, experts suggest that investors should maintain a rational attitude, comprehensively consider the market environment, the company's fundamental performance support, the scarcity of the target, the valuation difference with comparable companies, their own investment strategies and other factors, select high-quality companies to participate in the investment, and make reasonable investment decisions according to their own situation.
Frozen capital exceeds 100 billion
At one time, innovation was one of the ways for many investors to obtain low-risk income. However, the frequent breaking of new shares in the North Stock Exchange from mid-September to mid-October this year made the once stable "small fortunate" somewhat mean to some investors.
According to the data of Oriental Fortune Choice, if the closing price on the first day of listing is lower than the issue price, a total of 71 new shares of the North Stock Exchange have been listed since 2023, of which 17 new shares were broken on the first day of listing, and the proportion of new shares broken reached 23.94%.
Among them, in March this year, it was a high-incidence area for the breaking of new shares of the North Exchange, and the breaking was staged again from the end of May to the beginning of July. From September 15 to October 19 this year, the new shares of the North Exchange reappeared intensively, and four of the six new shares of the North Exchange broke.
Under the background of "no strength" of new shares, the increasing risk of innovation has caused the enthusiasm of investors to decline, and the online winning rate has increased significantly. The online subscription winning rates of Knight Dairy listed on October 13 and Zhuozhao Dispensing listed on October 19 are as high as 3.52% and 3.46% respectively.
However, the slightly pessimistic mood did not last long. In November this year, the Beijing Stock Exchange returned to the public eye again. From the subscription multiple, online freezing of funds and other indicators, it can be seen that the primary market of the North Stock Exchange is heating up significantly.
The online subscription multiples of three newly listed shares, namely, Machine Science, Kunbo Seiko and Taipeng Intelligent, reached 498.05 times, 583.49 times and 700.34 times respectively. The online subscription multiple of Aweite listed on October 27th reached 679.49 times. The last time the North Stock Exchange subscribed for more than 700 times of new shares online, it was Hongxi Technology listed on February 28, 2022.
In November, the average number of effective subscription multiples of new shares also reached 293.69 times, and the number of effective subscription households of the latest machine shares and Kunbo Seiko was 21.08 and 129,600 respectively, which significantly increased the overall enthusiasm for innovation.
Recently, the newly-issued shares of Mechanical Engineering and the online frozen funds of Guangsha Huanneng all exceeded 100 billion yuan, and the last one that frozen more than 100 billion yuan can be traced back to Kaide Shi Ying in March 2022.
Among them, the online frozen funds of Machinery Co., Ltd. were 118.1 billion yuan, and the number of new users reached a new high in the year of the North Stock Exchange. The number of effective online subscriptions was 14.762 billion shares, with a subscription multiple of 500 times and a winning rate of 0.2%. The company focuses on the solution supplier of high-end intelligent conveying equipment, and the actual controller is the State Council State-owned Assets Supervision and Administration Commission, mainly focusing on mobile robots and pneumatic conveying equipment, engaged in the research, development, production and sales of intelligent conveying systems and supporting equipment.
The online frozen funds of Guangsha Huaneng, which has been issued but not listed, are as high as 134.8 billion yuan. According to the issuance results disclosed on November 29th, the winning rate was only 0.25%, and about 37,000 investors were allocated shares. The company is a national specialized and innovative "little giant" enterprise, and its main products and services are high-flux heat exchangers, high-condensation heat exchangers, bellows heat exchangers and falling film evaporators.
Reproduction of money-making effect
The continuous warming of the primary market of the North Exchange is inseparable from the reappearance of the profit-making effect of new shares and the recovery of the secondary market.
Under the catalysis of policy expectation and market style, the market of the North Stock Exchange is active, and the North Stock Exchange 50 Index has bottomed out since the end of October. On November 27, the stocks of the North Stock Exchange were "all red", and the single-day turnover reached a record high of 30.386 billion yuan.
According to industry insiders, this round of rise is a comprehensive response to the low-level operation of the North Securities 50 Index in the previous period, the increase in the allocation of growth stocks, and the "deep reform of 19 articles" of the North Stock Exchange.
Specifically, since the release of "Deep Reform 19 Articles" on September 1st, the reform issues such as optimizing the implementation of standards after listing for 12 months and introducing science and technology innovation board investors have gradually landed. On November 17th, further reform measures were released, such as incorporating the securities of the North Exchange into the sample of the CSI index, enabling the new code number segment, and expanding the capacity of market makers.
In this context, the single-day turnover of the North Stock Exchange jumped from 650 million yuan at the beginning to 10 billion yuan, and then climbed from 10 billion yuan to 30 billion yuan, indicating that this market has gradually entered the sight of domestic mainstream funds.
Zhu Haibin, general manager of the open source securities research center of the North Exchange, told the 21st century business herald that the recent hot market of the North Exchange has also attracted much attention, and more investors have actively participated in the subscription of new shares of the North Exchange.
Yu Wei, an expert from the Economic Development Working Committee of the China Society for Building a Well-off Society, also pointed out that the core reason for investors' enthusiasm for innovation is that the share price of the new shares of the North Stock Exchange has either soared or skyrocketed on the first day of listing recently, and the profit-making effect is full and the yield is very high.
Respondents pointed out that under the background of the money-making effect and the active secondary market, it contributed to the new craze of the North Exchange.
"Under the market of the North Stock Exchange, the increase of new shares on the first day was significantly improved, and the effect of making money was significantly improved. None of the eight new shares listed in November broke, and the average price of the first day rose and fell by 100.36%. In addition, under the issue price, the general PE is relatively low, and the risk of playing new games at this stage is lower than before, and it is more likely to obtain higher returns. In addition, the secondary market of the North Stock Exchange is increasingly active, and investors' demand for new shares is also increasing. " Zhu Haibin told reporters.
It is reported that among the eight new shares listed on the North Stock Exchange in November, three new shares rose by more than 100% on the first day, namely, Machinery Co., Ltd., Kunbo Seiko Co., Ltd. and Cubic Holdings Co., Ltd., which rose by 158.75%, 244.46% and 108.06% respectively on the first day of listing.
Yu Wei believes that the logic of the North Exchange's innovation has changed significantly. When the secondary market of the North Stock Exchange is relatively depressed, investors will pay attention to the study and analysis of the company's texture, issue price, valuation, profitability and other issues. However, in recent days, because the first day of the listing of new shares in the North Stock Exchange was soaring or skyrocketing, investors basically had something new to play, which reduced their concern about the company's fundamentals and valuation.
Innovation requires rationality.
However, the innovation of Beijing Stock Exchange also needs to be rational and fully consider the opportunity cost and risk.
The premise of the new North Exchange is to open the trading authority of the North Exchange. After the opening, investors do not need to prepare the market value of their positions, but must pay the subscription funds in full, and the funds will be frozen during the subscription period. After the number of allotment is confirmed, the overpayment will be returned. The time interval between payment and refund is about two trading days, and the undistributed funds can be used in T+3 days.
When the total effective subscription of online investors is greater than the number of online offerings, the number of shares allocated to each investor is calculated according to the ratio of the number of online offerings to the total effective subscription. For the part with less than 100 shares, after summarizing, 100 shares will be allocated to each investor in turn according to the principle of giving priority to the number of subscriptions and giving priority to the same number of times until there are no remaining shares.
"At this stage, the innovation of the Beijing Stock Exchange is a low-risk investment method that is expected to achieve considerable returns. However, with the increase of investors' enthusiasm for the Beijing Stock Exchange, the threshold for winning the lottery is gradually increasing, which makes it more difficult for investors to participate. In addition, since the subscription of new shares of the North Stock Exchange requires the full prepayment of frozen funds, investors also need to consider the opportunity costs and risks when participating in the innovation. " Zhu Haibin said.
In the long run, he believes that investors should keep a rational attitude, comprehensively consider the market environment, the company's fundamental performance support, the scarcity of the target, the valuation difference with comparable companies, their own investment strategies and other factors, select high-quality companies to participate in the investment, and make reasonable investment decisions according to their own conditions.
In the context of the new hot market of the North Exchange, the difficulty of winning the lottery for investors has also increased accordingly. According to the experts interviewed, in addition to innovation, there are many ways for investors to participate in new share investment.
Zhu Haibin pointed out that investors can directly buy listed new shares in the secondary market, and the North Stock Exchange also has various ways to participate in investment, such as bidding trading, block trading and after-hours fixed-price trading. In addition, investors can participate in the investment of new shares through channel funds, relevant funds can participate in the strategic placement of shares listed on the North Stock Exchange, and they can also participate in the investment of the North Stock Exchange through various ways such as innovation, fixed increase and secondary market trading, which provides more ways for investors to participate in the North Stock Exchange.
Of course, investors should also weigh the pros and cons. "If you subscribe for relevant war investment funds, you can participate in the public offering of many new shares of the North Stock Exchange, but you can't guarantee which company you must participate in or which company you must not participate in." Yu Wei said that in terms of secondary market transactions, we should pay attention to the possible problems such as excessive opening increase and insufficient persistence of new shares.
Yu Wei believes that the liquidity of the North Stock Exchange has undergone fundamental changes, and the trading activity has been greatly improved. After the direct IPO policy of the North Stock Exchange is implemented, more companies will come to the North Stock Exchange for listing. Therefore, there are many opportunities for the follow-up of the North Exchange, and investors can wait and judge patiently.