Ke Chuang Chuang Opens The Breaking Hour To Inquire About Chaos And Usher In Natural Killer.

The myth of the high valuation of the science and technology board is gradually disappearing in the face of the full game of the market.

In twenty-first Century, the economic news reporter noted that many stock companies of Chuang Chuang board are facing breakage.

In November 6th, 688366.SH opened a direct decline to 88.53 yuan / share, breaking its first price of 89.23 yuan / share, becoming the first break new stock since the opening of the science and technology board. Although it gradually stabilized and rebounded to the issuing price, it ended up at 89.85 yuan / share, only 1.47% from the break.

This is not a solo example of the company. The same day and the previous day, many stocks such as 688199.SH, 688005.SH, 688003.SH, Dept (688025.SH) and Xinguang Optoelectronics (688011.SH) were close to or had broken down.

In the industry view, the science and technology board from the beginning of the crazy rise, then to the valuation of the callback, and now some stocks are on the verge of breaking, indicating that the normal operation mechanism of the market is starting to work. This trend will prompt investment institutions to make more rational inquiry in the first tier market of the company.

Other analysts believe that the callback of valuation will also prompt more rational investment institutions to pay attention to the investment value of the science and technology board, and the full game of the market will help promote the development of the science and technology board market in a more healthy direction.

On the brink of breaking tide

In November 6th, hahaisheng opened the company to become the first company to break the company, and then fell to 66.35 yuan on the same day. The breakup of the two companies undoubtedly marks the breakthrough of the science and technology board.

"At this moment everyone knows that it will come, but I did not expect it to come in a few months." A member who participated in the establishment of Xinke creative board said.

As a matter of fact, there are potential new breakpoints in the development of the company.

In twenty-first Century, the economic report reporters statistics Wind data found that not less than 5 Science and technology companies were less than 10% apart from the breakage, while 10 of the companies that had fallen less than 20% of the issue price, accounting for 1/5 of all listed companies.

It is worth mentioning that most of the breakage appeared on the new shares that have just been listed for several days. For example, hahaisheng branch has only been in the past 5 days since the first day of listing, while the new material on the long day has broken down on the second day after the listing.

Statistics show that up to 3 of the 5 stocks with less than 10% breaking distance are listed in the past week, and 10 of the 10 short listed shares have accounted for half of the shares issued in the past week.

"It indicates that the recent funds are being ebbed away from the concept of" Chuang Chuang ban "or" Ke Chuang ", and the speculation style of Ke Chuang is changing. A strategist at a brokerage firm in Beijing said, "but because some stocks themselves are listed on the first list, they are already in a higher position, so they are still higher than the breakage prices."

Although there are many stocks that are on the verge of breaking out, the higher valuation is still the norm.

Reporters statistics Wind data found that as of November 6th closing, there are still as many as 12 of the company's share price is more than doubled the issue price, of which two companies are more than 2 times.

However, compared with the closing price on the first day of listing, most of the board companies fell. Statistics show that, compared with the first day price of listed companies, as many as 41 science and Technology Board companies closed down in November 6th, which fell more than 40% as many as 10; correspondingly, only 4 companies on the day closing price is still higher than the first day of listing price, namely, 688029.SH, 688023.SH, 688018.SH and Ward.

Overestimation of "water squeeze"

In the industry view, along with the normal operation of the science and technology board and the full game of the market, the phenomenon of high valuation is ushering in "squeeze water".

"At the beginning of the opening stage, the science and technology board had encountered market speculation because of the theme and other reasons, but along with the normalization of operation, valuation is gradually returning to rationality." A brokerage analyst in Beijing pointed out that "this will also help to make the valuation of Ke Chuang board further reasonable."

The overall price earnings ratio of the science and technology board is indeed relatively higher. Taking the hahaisheng branch as an example, its price earnings ratio is 42.2 times, but the industry price earnings ratio is only 33.07 times in the same period, while the price earnings ratio of the new products has reached 42.16 times, which exceeds the Industry P / E ratio of 40%.

According to the twenty-first Century economic report reporter statistics, the average price earnings ratio of the 50 science and Technology Board companies is 61.32 times higher than that of 2010. The price earnings ratio of the small and medium-sized board companies was only 54.59 times in the same period of the same year, but at that time, the gem price earnings ratio was 70.45 times higher than that of the current science and technology board.

"The previous policy is to encourage underwriters to achieve high price issuance and oversubscription, because this is linked to the investment bank's income. On the contrary, the direct investment factor of the science and technology board has indeed been able to curb the issue of high issue prices to a certain extent." An investment bank in Shanghai said, "but at this stage, the science and technology board itself has the characteristics of high valuation such as hot topics, so these characteristics also affect the inquiry link to a certain extent, resulting in a high price issue."

Some analysts believe that the breakup of Ke Chuang board stock will bring about the containment of the high price of the inquiry of the Kexin board stock. The Securities Association of China has put the restriction on the securities companies on the issue of the price report of the science and innovation board. The purpose is to curb the exaggerated statements and overestimate the value of the enterprises in some investment reports.

"After the breakout, some unreasonable quotations in the process of the inquiry of new shares may also converge." An investment bank analyst in Shanghai thinks, "but if the valuation can be further downwards, and other sectors will be promoted, the enthusiasm of potential issuers will be reduced, but this is of positive significance for the coordination among various sectors of the capital market."

Moreover, most of the first trading days after the launch of the science and Technology Board will rise sharply compared with the issue price. Statistics show that up to 28 listed companies in the 50 listed companies have risen by more than 100% on the first day, 10 of them are more than 200%, and the highest micro core organisms are as high as 511.85%. Some companies' stock will continue to rise after several days of listing, making many investment institutions look forward to it.

In the view of investors, the decline in the valuation of the science and technology board can usher in new investment opportunities.

"The price of the two tier market is too high, so we are not involved, but after the valuation is relatively downward, it may be concerned about the value of investment." A Shanghai private equity agency official said.