Ke Chuang Plate First Round 3 Billion 600 Million Market Cap Restricted Shares Deregulation Hit The Second Half Of The Year Will Welcome The Lifting Of The Ban Peak

The first 25 companies will be listed for half a year, and the 6 month lock up period will be expired.

Recently, the lifting of the ban on restricted shares of the above companies has been announced. According to the twenty-first Century economic report reporter, the total amount of lifting the ban is 124 million shares. The closing price of January 15th is about 3 billion 646 million yuan, which will be listed for circulation in January 22nd.

The first round of lifting of ban has attracted market attention. The lifting of the ban often corresponds to the reduction. How much will the lifting of the ban on this round of the lifting of the ban? What is the profit? What will be the impact on the science and technology board? This reporter will analyze the relevant data.

124 million shares lifted

As of January 15th, the lifting of the ban on the first batch of science and technology companies has been announced. According to reporter statistics, the first batch of 25 enterprises listed on the first day of the 22 listed shares of the restricted stock totaled 124 million shares, calculated at the closing price in January 15th, corresponding to the lifting of the ban market value of 3 billion 646 million yuan.

From the market value of the lifting of the ban, the market value of the lower limit of China's general circulation net is the highest, reaching 540 million yuan, corresponding to the 75 million 629 thousand and 400 shares of the lifting of the ban, followed by the middle and micro companies, the lifting of the market value of 440 million yuan, the upcoming circulation of 2 million 991 thousand shares; the third is the technology of LAN Qi, the lifting of the market value of 370 million yuan, will soon flow 4 million 704 thousand shares.

Judging from the number of lifted shares, the top three are China's total number, billows technology and Guangfeng technology. Guangfeng technology lifted the number of shares to 3 million 538 thousand and 400 shares, corresponding to the lifting of the ban market value of 108 million yuan.

In addition, the lifting of the ban on the scale of 2 million -300 million shares of 9, 1 million -200 million shares of 7, 1 million less than 5.

Although the market is often "banned and discolored", compared with the total amount, the current lifting of the ban is relatively small, and it will have limited overall impact on the science and technology board.

In January 15th, the turnover reached 11 billion 557 million yuan. The total value of the first 25 board companies was 506 billion 850 million yuan, while the total market capitalization of the current lifting of the ban was 3 billion 646 million yuan, accounting for 31.5% of the daily turnover, accounting for only 0.72% of the total market value. The share of the 25 stocks is only 4%-7%; the proportion of the total share capital is lower, the highest proportion of platinum power, the data is only 1.3%, most of the rest is around 1%, and the lowest is the technology of LAN Qi, which accounts for only 0.42%.

Since the announcement of the lifting of the ban in January 13th, the market trend of the science and technology board has been generally stable. On the 13 day, 25 stocks rose by an average of 2.65%; on the 14 day, the average increase was 1.93%; on the 15 day, the average decrease was 1.48%.

A senior investment banker in Shanghai pointed out that "the first wave of the lifting of the ban is on the board of science and technology, which is more psychological pressure on investors. It may cause some pressure on some short-term stocks of the stock price doubled. Investors may sell ahead of time, but judging from the recent market, it has little impact, and will not have a significant impact on the market compared with the daily turnover rate. In the medium term, the effect of the lifting of the ban is even smaller. "

It is worth mentioning that, in the past six months, the first batch of 25 innovative companies has gained considerable profits. This has also led many market participants to judge that the willingness to reduce institutions remains strong.

According to the twenty-first Century economic report reporter statistics, the average price of the 25 enterprises increased by 127.86% relative to the issue price. Among them, the highest increase was in the micro and micro companies. In January, the 15 daily newspaper closed 147 yuan / share, which was 406.72% higher than the issue price. Anji technology, Xin Mai medical treatment, South micro medicine, LAN Qi technology, and Yue Xin Technology share price rose by more than 200% relative to the issue price. Wald, aerospace map, Western superconductor, AC control technology, Jiayuan technology, and Rui Chuang micro nano are more than 100% higher than the issue price. The smallest increase is 19.53%.

Based on the closing price in January 15th, the first 25 capital stock of the company launched a total of 1 billion 909 million yuan. Among them, the current round of restricted shares of the micro and micro companies accounted for up to 353 million yuan, followed by LAN Qi technology, restricted stock float 253 million yuan, South micro medicine current round restricted stock float 202 million yuan; Lok Technology Limited stock stock floating surplus also has 125 million yuan.

Welcome the lifting of the ban peak in the second half of the year

Compared with the current round of lifting the ban, analysts believe that the next wave of the ban is more worthy of attention.

GF Securities, looking ahead to the 2020 strategy, said that compared with the 6 billion -100 billion turnover in the year of the board, the market impact of the lifting of the ban was weaker in January this year. The 1 year lock period was mainly for the core technical personnel and venture capital funds, of which the PE/VC reduction power was stronger. According to the closing price at the end of November, the market value of the lifting of the ban on July PE/VC was the highest, reaching about 92 billion 500 million, the pressure of fund supply and demand was huge, and the market value of the lifting of the ban in 8-11 months was less than 20 billion, which was relatively controllable.

That is to say, a more large-scale lifting of the ban will occur in the second half of the year. Especially in July, the restricted shares, including core technical personnel and venture capital funds, will be listed and circulated, and the market value of the lifting of the ban will be large.

However, it is worth noting that in order to maintain the stability of the company, the company is currently applying more stringent rules for share sale and reduction, especially for the founders, core technicians and unprofitable companies.

For example, according to the rules of Kechuang board listing, the shares held by controlling shareholders and real controllers of Kechuang board company need to be locked for 3 years. The core technical personnel shall not reduce their initial shares within 1 years after listing and 6 months after leaving office. After the expiration of 1 years' lock up period, the annual pre reduction shares should not exceed 25% of the initial shares held at the time of listing. The unprofitable science and Technology Board will face more stringent reduction rules. Its directors, supervisors and core technical personnel and shareholders who have increased capital and shares in the first 12 months of the market will face a 3 year lock up period.

Other shareholders such as venture capital fund have a more flexible way to reduce their holdings. In addition to the existing centralized bidding and block trading, the venture capital fund can also take the form of non-public transfer and placement, so as to facilitate the withdrawal of venture capital and promote the formation of innovative capital.

The investment bankers pointed out that differentiation would be an important feature of the 2020 science and technology board. "The volume of the lifting of the ban in the second half of the year is more noteworthy. At that time, there will be a significant valuation division of the science and technology board, and the good will continue to rise, and the poor quality valuation will come down, and the market will make its own choice."

At the same time, the person pointed out that, from the historical experience, lifting the ban will not necessarily lead to a substantial reduction, so the lifting of the ban peak does not mean that the market will fall sharply. What the company can do is to manage the expectations of investors, do well in the letter and other institutional arrangements to reduce the impact on the two tier market. This is not a bad thing. We need to further release liquidity.