On the evening of March 27, there were four new shares registered on the main board in the Shanghai and Shenzhen stock markets that disclosed the issuance results. So far, 10 main board enterprises in Shanghai and Shenzhen under the comprehensive registration system have completed their inquiry and pricing. From the perspective of the issuance results, most enterprises have set an issuance price that breaks the "23 times P/E ratio", which means that the era of "23 times P/E ratio" in the main board IPO market has come to an end. Industry insiders pointed out that under the comprehensive registration system, the market-oriented issuance mechanism has been continuously improved, and it is expected that the price difference between the primary and secondary markets in the new stock market will be reduced. The risk of breaking the IPO in the initial stage of listing will increase compared to the approval system, and the trading mechanism will also change compared to the approval system. Investors should fully understand the issuance and trading rules under the registration system, assess their own risk tolerance, make prudent decisions, and rationally participate in subscription and trading. Pricing flexibility has significantly improved. Up to now, five registered new shares have been priced in the Shanghai and Shenzhen stock markets through disclosure and issuance announcements. From the perspective of pricing results, under the market-oriented issuance and underwriting mechanism, the pricing flexibility of main board companies has significantly improved, and the pricing results are generally reasonable and moderate. In the Shanghai stock market, the absolute issuance prices of five companies, CITIC Metal, Zhongzhong Technology, Evergreen Technology, Jiangyan Group, and Baicheng Shares, range from 6.58 yuan per share to 25.98 yuan per share. Based on the audited financial data of 2021, the range of IPO P/E ratio is 20 to 41 times, with a median of 35 times; According to the reviewed financial reports disclosed by the five companies in 2022, the operating performance of the five companies has increased to varying degrees compared to the average year of 2021. In the Shenzhen market, the issuance prices of five companies, including China Power Port, Haisen Pharmaceutical, Shaanxi Energy, Dengkang Dental, and South Mining Group, ranged from 9.6 yuan per share to 44.48 yuan per share. According to the audited financial data in 2021, the P/E ratio of five new shares issued on the Shenzhen Stock Exchange's main board is between 26.81 and 90.63 times, with a median of 34.66 times. The P/E ratio of the issuance to the industry is between 0.98 and 4.13; The P/E ratio of an offering is between 0.67 and 1.83 compared to that of comparable companies. The aforementioned IPO P/E ratio is calculated based on the lower of the audited net profit attributable to the parent company before and after deduction in 2021. Investors need to consider the P/E ratio based on the changes in the operating performance of the new shares in 2022. For example, the dynamic P/E ratio range of five companies in Shanghai based on their net profit attributable to their parent company in 2022 is 15 to 28 times, with a median of 24 times. Shenzhen-Shanghai Shaanxi Energy's reviewed profit after deduction in 2022 increased by nearly 510% year-on-year, and the issuance price corresponds to a P/E ratio of 14.86 times in 2022. Continuously improving the efficiency of fund utilization From the fundraising results, 2 of the 10 companies that have completed inquiry pricing have raised less funds than the funds required for the investment project, and 8 companies have raised more funds than the funds required for the investment project. Specifically, the range of funds raised by the five companies in the Shanghai Stock Exchange is between 1.3 billion yuan and 3.3 billion yuan, with a total amount of 9.3 billion yuan raised, slightly higher than the total amount of funds required for the investment projects estimated in the prospectus of 7.5 billion yuan. Among them, 4 companies raised more funds than needed for the investment project. The funds raised by five companies in Shenzhen Stock Exchange ranged from 756 million yuan to 7.2 billion yuan, with a total of 11.888 billion yuan raised, a ratio of 1.2% to the estimated total amount raised
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：XinhuaNet
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