"Brainless Innovation" by Ordinary Investors Will Become History
2023-03-28
The first batch of online subscription of new shares under the main board registration system was officially launched, which means that ordinary investors have officially entered the operational stage under the comprehensive A-share registration system since the "new" subscription. Yesterday, the first shares of Zhongzhong Technology and Dengkang Oral under the comprehensive registration system of A-shares in Shanghai and Shenzhen were subject to online subscription. According to the issuance arrangement, a total of 10 mainboard registered new shares were subscribed online this week. Among the two main board registered new shares that were the first to subscribe online, Zhongzhong Technology issued at 17.8 yuan, with a purchase code of 732135, and a single account subscription limit of 27000 shares; The offering price of Dengkang Oral is 20.68 yuan, the subscription code is 001328, and the maximum subscription limit for a single account is 17000 shares. It is reported that the main business of Zhongzhong Technology is the research and development, process and equipment design, production and manufacturing, technical services, and sales of intelligent equipment and production lines. Its main products include mechanical, electrical, and hydraulic integration of hot rolled steel sections, strips, rods and wires, automated production lines for plate rolling, complete sets of equipment, and related spare parts. Zhongzhong Technology's operating revenue in 2021 was 1.779 billion yuan, a year-on-year increase of 224%, and its net profit attributable to the parent company was 281 million yuan, a year-on-year increase of 186%. Meanwhile, the reviewed operating revenue of the company in 2022 was 1.528 billion yuan, a year-on-year decrease of 14%, and the net profit attributable to the parent company was 285 million yuan, a year-on-year increase of 1.5%. The offering price of Dengkang Oral is 20.68 yuan per share, with an IPO P/E ratio of 36.75 times, and a reference industry P/E ratio of 18.18 times. The market value of Shenzhen Stock Exchange is 170000 yuan for the top tier application. Dengkang Oral is expected to raise 660 million yuan in this IPO, with an actual total of 890 million yuan raised, and an excess of 230 million yuan raised. It is reported that Dengkang Oral is mainly engaged in the research, development, production, and sales of oral care products, including toothpaste, toothbrushes, mouthwash, and other oral cleaning and care products. According to the prospectus, Dengkang Oral's revenue in 2022 was 1.313 billion yuan, an increase of 14.95% compared to the same period in 2021; Net profit was 134 million yuan, an increase of 13.25% compared to the same period in 2021. Under the comprehensive registration system, changes in pricing, subscription, and trading rules have all affected investors' innovation strategies. The biggest change in the purchase rules is that the purchase units are unified as 500 shares, and the market value required for the purchase units is also unified as 5000 yuan. However, to participate in online subscription of new shares registered on the main board, it is still necessary to meet the daily average market value of the 20 trading days prior to T-2, which is above 10000 yuan. The biggest change in pricing is that the upper limit of 23 times P/E ratio under the approval system has been broken, with the corresponding P/E ratios of 29.01 times and 36.75 times for Zhongzhong Technology and Dengkang Oral, respectively. This means that "playing new games without brains" has completely become history, and playing new premium dividends has become the past. This week, there were 8 new shares coming into the market, followed by Zhongzhong Technology and Dengkang Oral. On March 28th, four main board new shares of CETCA Hong Kong, Evergreen Technology, CITIC Metal, and Haisen Pharmaceutical were subscribed online; On March 29, four main board new shares of Baicheng Shares, Jiangyan Group, South Mining Group, and Shaanxi Energy will be subscribed online. On the evening of March 26th, CITIC Metal, Evergreen Technology
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Beijing Youth Dairy
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