N Wankai broke on the first day of nearly two weeks broke as high as 53%, hit the new ecology has changed dramatically
Gem new N Wankai set bidding fell 15.92%, the opening break.The company is one of the leading enterprises in research and development, production and sales of polyester materials in China. It is committed to providing health, safety, environmental protection and high quality polyester materials for the society. The main products include bottle grade PET and dao-guang PET.The controlling shareholder of the company is Zhengkai Group and the actual controller is Shen Zhigang.As of the signing date of the prospectus, the controlling shareholder Zhengkai Group directly holds 120,639,328 shares of the issuer, accounting for 46.84% of the total share capital of the issuer.Before this issue, Shen Zhigang directly held 22.575,674 shares of the company, with a shareholding ratio of 8.77%.Meanwhile, Shen zhigang holds a 96.25 percent stake in Zhengkai Group and controls 46.84 percent of the company through Zhengkai Group.Mr. Shen Zhigang controls 55.61% of the company’s total shares.After deducting the issuance cost, wankai New Materials will raise funds for the annual output of 1.2 million tons of food-grade PET polymer new material project (phase II), multi-functional green environmental protection polymer new material project, supplement working capital.Data statistics, after the implementation of the new rules of inquiry, as of March 27 this year, 123 listed new shares issued by inquiry, the first day of listing broke up to 31, accounting for more than 25%.It is worth noting that the 53% break probability in the last two weeks is extreme compared to the 25% average.Federal Reserve securities investment bank capital markets department director Pei Juan believes that the recent issuance of many new issues, the primary reason lies in the overall market environment downturn.Since the beginning of this year, the Shanghai and Shenzhen stock markets fell significantly, which had a greater negative impact on the performance of new listings.Especially since March, affected by the epidemic and geopolitical conflicts, the A-share market has been relatively depressed in the short term. The breaking of new shares has A lot to do with market sentiment.So far this year, the Shanghai Composite is down 11%, the Shenzhen Component index is down more than 19% and the Chinext is down 21%.Especially since March, affected by the epidemic and the unrest in Russia and Ukraine, panic in A-shares has increased, with the Shanghai Composite Index and the Gem index falling by more than 6% and the Shenzhen Component index falling by more than 7%.The flow of funds can also be seen.Northbound funds have always been regarded as “smart funds” by the market, and since March, the net outflow of northbound funds has exceeded 60 billion yuan, especially after the middle of March, northbound funds are significantly outflow, with a few days of inflow.When the market mood is at a low ebb, the speed of new issues is not reduced.According to Choice, 46 companies faced review in March, but of the 36 that did meet, two withdrew the review, 30 passed it, three failed and one was suspended.Compared with 21 out of 24 enterprises that passed the audit in February, both the number of enterprises and the number of enterprises that passed the audit have increased.In fact, after the implementation of the new rules of inquiry, hit the new steady profit “myth” was broken, individual investors and inquiry institutions of investment strategy has changed significantly.From January 2021 to the implementation of the new rules on inquiry, among the new shares issued by inquiry, the average number of effective subscriptions for 125 new shares on the Science and Technology Innovation Board is 5.54 million, and the average number of effective subscriptions for 98 new shares on the Growth Enterprise Board is 14.17 million.In contrast, since the implementation of the new rules, the average number of online new households of 59 new stocks on the Science and Technology Innovation Board is 5.33 million, and the data of 65 new stocks on the growth enterprise Board is 13.39 million, respectively 210,000 and 780,000 fewer than before the new rules.That is to say, after the implementation of the new rules of inquiry, institutional inquiry has become more prudent and rational.Institutional investors, mindful of the possibility of a “break”, are no longer focusing on the number of subscriptions for new issues and are focusing on “quality”, which is centred on valuation.The strategy is no longer effective, which will force institutional investors to pay attention to the fundamental research of new shares and improve their research and valuation capabilities.At the same time, in some new shares on the first day of breaking, hit the new expected earnings decline in the background, the study of the lack of pricing ability, blindly reported high price “bo shortlisted” quotation agencies began to gradually leave, conducive to the survival of the fittest quotation agencies.