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Original title: Beijing Stock Exchange’s “first stock transfer to the board” welcomes the debut of the Science and Technology Innovation Board: the “bonus” of the transfer board failed, and the value of the stock held by 4 securities firms shrunk by more than 20%
Every reporter Wang Haimin Shanghai reports every editor Xiao Ruidong
Today, the Science and Technology Innovation Board ushered in the “first share transfer” of the Beijing Stock ExchangeGuandian Defense. Throughout the day, Guandian Defense fell by more than 20%, causing the 17,600 shareholders who had been suspended for nearly 7 months to “wait for a loneliness”.
For such a debut performance, in the opinion of some industry insiders, it is actually better than expected. In late October last year, Guandian Defense entered a state of suspension due to an application for transfer, and it has continued until the eve of its listing today. In contrast, during the suspension period of Guandian Defense, most of the other similar companies on the North Exchange saw larger declines.
But despite this, those institutions that once wanted to enjoy the “bonus” of the Beijing Stock Exchange’s transfer to the board may temporarily fail.As of the eve of listing on the Science and Technology Innovation Board, includingCITIC SecuritiesEssence Securities,Northeast Securities、Great Wall SecuritiesThe 4 brokerage firms, including Guandian, hold a total of 9.933 million shares of Guandian Defense, with a total market value of 217 million yuan, and the market value of more than 200 million yuan has also shrunk significantly today.
Beijing Stock Exchange’s “first stock transfer” debuts
Today, Guandian Defense, the “first stock transfer to the board” of the Beijing Stock Exchange, officially landed on the Science and Technology Innovation Board. However, although it is also a “new stock”, Guandian Defense’s debut performance today was obviously poor. It opened nearly 20% lower at the opening. Although there was a pulse rebound in the intraday, it was generally hovering at a low level throughout the day. As of the close, it fell 23.63%.
For such a debut performance, in the opinion of some industry insiders, it is actually better than expected.
Today, Cui Yanjun, founder of the board secretary’s family, said in an interview with reporters on WeChat, “After the suspension of Guandian Defense, the Science and Technology Innovation Board Index fell by nearly 30%, and many North Exchange stocks fell by more than 50%. In contrast, Look, how good is your performance today?”
Last year, the last select tier stock was listed on November 9. According to Choice statistics, since November 10 last year, nearly 70 companies in the original selection layer (excluding Guandian Defense,Hanbo High-tech、Taixiang sharesThe average decline of the three companies that applied for transfer was 38.4%, and the median decline was 42%; of which,Pick up、Wuxin Tunnel、Changhong Energy、Zhixin Electronics、Fengguang Precision、Minotaka、Sanyou Technology、Haixi Communications、Guangmai Technology、Derui lithium battery、Yongshun Biological、Anhui PhoenixThe cumulative decline of 12 stocks has exceeded 50%.
The top ten shareholders of Guandian Defense when it was transferred to the Science and Technology Innovation BoardHowever, even if it fell a little less than expected, the reality of the cold debut of Guandian Defense still made those institutions who had expected the “bonus” of the transfer board failed. The top ten shareholders of the company when it was transferred to the Science and Technology Innovation Board included 4 securities firms including CITIC Securities, Essence Securities, Northeast Securities, and Great Wall Securities, which held a total of 9.933 million shares of the company (among them, CITIC Securities held the most shares, up to 4.7 million shares), with a total market value of 217 million yuan before the listing today. After the market closed today, the market value of more than 200 million yuan has shrunk by more than 50 million yuan.
Taixiang shares, which are currently waiting for the official transfer to the board, are also held by securities companies. As of the end of the first quarter of this year,Guosen SecuritiesIt ranks as the sixth largest shareholder of Taixiang, holding 554,000 shares.
In the future, the transfer efficiency is expected to gradually improve
Although the transfer of the Beijing Stock Exchange company does not involve traditional IPO links such as financing, from the perspective of Guandian Defense’s practice, it took nearly 7 months from the application for the transfer to the final completion of the transfer.
The GEM transfer applications of Hanbo High-tech and Taixiang Co., Ltd., which were slightly later than Guandian Defense’s application for transfer to the board last year, have been approved by the Shenzhen Stock Exchange, but the specific transfer time has not yet been determined.
In this regard, Cui Yanjun pointed out, “From 2020 to 2021, the average listing time of the Science and Technology Innovation Board is 295 days. In addition, Guandian Defense is the ‘first stock transfer’ of the Beijing Stock Exchange, which is from 0 to 1, and many operational details need to be continuously discussed. And research, I believe that the transfer efficiency will gradually improve in the future.”
However, since the official operation of the Beijing Stock Exchange on November 15 last year, the determination of the status of listed companies in the Beijing Stock Exchange has also affected the demand for these companies to transfer to a certain extent. In the past six months, no company has applied for listing on the Beijing Stock Exchange.
On the evening of March 4 this year, the Shanghai and Shenzhen Stock Exchanges successively issued the measures for the transfer of listed companies of the Beijing Stock Exchange to the Science and Technology Innovation Board of the Shanghai Stock Exchange and the measures to transfer to the Growth Enterprise Market of the Shenzhen Stock Exchange. In this regard, Sun Jinju, assistant to the president of Kaiyuan Securities and director of the research institute, commented that in the context of the attractiveness of the Beijing Stock Exchange and the abundant reserves of companies to be listed, the transfer of innovation layers to the Beijing Stock Exchange will become a domestic transfer market. the mainstream. At the same time, the listed companies of the Beijing Stock Exchange can transfer to the Science and Technology Innovation Board/GEM. Therefore, the Beijing Stock Exchange plays a linking role in the transfer system of my country’s capital market, and will become the core plate of the multi-level capital market system transfer board in the future.
It is worth mentioning that, despite the sluggish debut of Guandian Defense on the Science and Technology Innovation Board today, as of the close, its dynamic price-earnings ratio is still as high as 54.61 times, which is higher than most of the companies listed on the Beijing Stock Exchange.
According to Choice statistics, excluding those that are still losing moneyNorthland, as well as Hanbo High-tech and Taixiang shares, which are currently applying for transfer, as of today’s close, the average dynamic price-earnings ratio of 89 listed companies on the Beijing Stock Exchange is 25.6 times. Among them, 43 companies have a dynamic price-earnings ratio of less than 20 times, and only 5 companies have a dynamic price-earnings ratio of more than 50 times.
However, some market analysts believe that the current valuation of Guandian Defense is also a continuation of the previous state, because when the company was listed on the select layer before, its valuation was higher than most companies.
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Responsible editor: Zhang Yi