The Most Expensive New Shares Are About To Be Born, Can The Record Of High Price Shares Creating Wealth Be Renewed?

The A-share market is about to usher in the "most expensive" new shares in history.

On August 3, Yiqiao Shenzhou (301047. SZ) will start its subscription at the issue price of 292.92 yuan per share, which will once again set a new record of the most expensive new shares in the A-share market.

Before that, the issue price of stone technology, Fuxin software and kangxinuo also exceeded 200 yuan.

According to the calculation, under this high price, Dingge needs to allocate 170000 yuan of market value to apply for Yiqiao Shenzhou. If it wins the first bid of Yiqiao Shenzhou, it needs to pay 1464600 yuan. The market has begun to think about Yiqiao's "potential to create wealth".

It is worth mentioning that Yiqiao Shenzhou, which is mainly engaged in the R & D and production of recombinant proteins, antibodies, cDNA cloning and ELISA kits, has rapidly developed a variety of new coronavirus related recombinant protein, antibody and gene products since the outbreak of the new coronavirus, making its revenue and net profit increase by 783% and 2997% respectively in 2020.

In recent years, the concept of "anti epidemic" has been greatly sought after, and the most expensive IPO Yiqiao in Shenzhou has been given high expectations by many investors. On the social platform, Yiqiao Shenzhou is not only referred to as "big meat stick" by many retail investors, but also a variety of "blessing winning lottery" remarks emerge in endlessly.

With the blessing of many "sexy" concepts, is Yiqiao expected to set a new record of "benefiting" high priced stocks?

Under the influence of the new crown epidemic, Yiqiao Shenzhou has set a record of the most expensive new shares- Visual China

Yiqiao Shenzhou will start to apply for purchase

According to the public information, Yiqiao Shenzhou is a biotechnology company engaged in the R & D, production, sales and technical services of biological reagents. Its main business includes recombinant protein, antibody, gene and culture medium products, as well as the development of recombinant protein and antibody, as well as biological analysis and testing services.

Benefiting from the global outbreak of new coronavirus pneumonia in 2020, the market demand of new coronavirus related biological reagent products in Yiqiao Shenzhou increased significantly in that year.

In 2020, Yiqiao Shenzhou achieved a revenue of 1.596 billion yuan, an increase of 782.77% compared with that in 2019, in which the revenue of new coronavirus related products accounted for 84.07% of the current operating revenue; The net profit reached 1.128 billion yuan, an increase of 2996.89% over the previous year, far exceeding that before the outbreak of the epidemic.

In 2021, due to the repeated epidemic situation of Xinguan, the demand of downstream customers for the company's products increases, and the company's business scale continues to expand. From January to March 2021, Yiqiao's income will reach 456585500 yuan, an increase of 311.16% over the same period in 2020; From January to march in 2021, the net profit attributable to the parent company was 332.075 million yuan, an increase of 417.92% over the same period in 2020.

Under the influence of the new crown epidemic, Yiqiao Shenzhou immediately set a record of the most "expensive" new shares.

According to the announcement of the IPO and listing on the gem of Yiqiao Shenzhou, the direct pricing method is adopted. All the shares are issued to the public investors through the Internet without offline inquiry and allotment. The number of Yiqiao Shenzhou's IPO is 17 million shares, and the issue price is 292.92 yuan / share (corresponding to the total market value of about 19.919 billion yuan), Set a new record for the highest issue price of a shares.

Before that, only stone technology, Fuxin software and kangxinuo issued more than 200 yuan per share under the registration system. In fact, although the "unit price" is high, Yiqiao Shenzhou's P / E ratio is not high.

According to the announcement, at present, the industry of Yiqiao Shenzhou belongs to "research and experimental development (M73)". The static average p / E ratio of the industry released by China Securities Index Co., Ltd. in the latest month is 147.21 times (as of July 29, 2021, T-3). The IPO price of Yiqiao Shenzhou is 292.92 yuan / share, and the corresponding net profit of the issuer before and after deducting non recurring profit and loss in 2020 is 17.76 times.

Wang Jiyue, a former senior investment banker, pointed out: "although the IPO price of Yiqiao in Shenzhou is high, the P / E ratio of the company's issuance is not high, which is still quite different from the average level of the industry."

In fact, from the valuation performance of the same type of listed companies, Yiqiao is indeed "cheap". As of the end of the evening of August 2, the dynamic P / E ratios of Yaoshi technology and Zhaoyan new drug, which are in the production of biological reagents, disclosed in the prospectus of Yiqiao Shenzhou were 74 times and 137.9 times respectively, and the total market value was 35.385 billion yuan and 47.888 billion yuan respectively.

The highest profit of China first signing is expected to exceed 400000?

In view of the past historical experience, the earning effect of new shares is closely related to the issue price, and the new shares with high issue price often have stronger "wealth making" potential. Therefore, the market has high expectations for the "wealth effect" of Yiqiao Shenzhou.

According to the IPO arrangement, the subscription date of Yiqiao Shenzhou is August 3, and August 5 is the announcement date and payment date of winning bid. This time, the total number of shares issued by Yiqiao in Shenzhou is 17 million, all of which are online. The upper limit of subscription is 17000 shares, and the market value of Dingge is 170000 yuan.

If the growth rate of 20 new shares listed on the gem in July is calculated (the average increase of 20 new shares on the first day of listing is 321.11%), investors who win the lottery in Yiqiao, Shenzhou, are expected to make a profit of 470300 yuan on the first day of listing.

If we lengthen the time cycle, since 2021, the average value of the first day's increase of all new shares listed on the gem is 275%, and the median of the first day's increase is 223%. Based on the high issuance price of Yiqiao Shenzhou, the corresponding profit amount of the first winning lot is 403000 yuan and 326600 yuan respectively.

However, in the eyes of market participants, the first day's increase of ultra-high issue price new shares is not as good as other new shares due to the high cost of holding shares.

Wind data shows that among the stocks listed since 2020, a total of 6 stocks have issued at a price higher than 150 yuan, with an average increase of about 89% on the first day of listing. If the average value is calculated, Yiqiao Shenzhou is expected to make a profit of 130000 yuan.

However, in the six high issue stocks, the price trend of these stocks also showed some differentiation. As of August 2, 2021, since the listing, stone technology, kangxinuo, hengxuan technology and Zhongwang software have all increased by more than 100%, while Fuxin software and Darui electronics have fallen by 4.52% and 12.18% respectively.

Among them, the IPO price of Darui electronics, which was listed on April 19, 2021, was 168 yuan / share. The stock price on the first day of listing was only 37.50%, which broke out within three months.

In fact, as far as Yiqiao Shenzhou is concerned, although the company's performance has soared due to the impact of the epidemic situation in a short period of time, Yiqiao Shenzhou also said frankly, "with the popularization of prevention and control experience, detection means and vaccination in various countries, the epidemic situation of new coronavirus may be gradually controlled, and the income of the company's new coronavirus related products may drop, It is also possible that the related inventories will be impaired as market demand declines. "

Due to the rapid changes in global epidemic prevention and control, there is still great uncertainty in the market demand for new coronavirus related products in the future. In this regard, Yiqiao Shenzhou has pointed out that in 2021, the company's overall operating income and operating profit level has the risk of falling by more than 50% compared with the previous year.

In fact, entering the second quarter, Yiqiao Shenzhou's performance growth has significantly slowed down.

As of April 30, 2021, the amount of orders in hand of Yiqiao Shenzhou is 233 million yuan. Combined with the current domestic and foreign market environment, the industry development trends and the actual business situation of the company, the company forecasts that from January to June 2021, the sales revenue will reach 600 million to 700 million yuan, with a year-on-year increase of 21.17% to 41.37%; It is predicted that from January to June 2021, the net profit attributable to the shareholders of the parent company will be 420 million to 500 million yuan, with a year-on-year increase of 25.50% to 49.40%.

Independence in doubt

In addition to the uncertainty of future performance growth, another big controversy in front of Yiqiao is the independence of the company.

According to the prospectus, in 2016, Beijing Yiqiao Shenzhou Technology Co., Ltd., the predecessor of Yiqiao Shenzhou, was established by means of derivative division. Before October 2016, Yiqiao Shenzhou and Shenzhou cell, a listed enterprise on the science and technology innovation board, were a company. After separation, Shenzhou cell mainly engaged in biological drug business, while Yiqiao Shenzhou mainly engaged in reagent business.

In June 2020, Shenzhou cell was listed on the science and technology innovation board. As all products of Shenzhou cel are still in the research and development stage and have not yet entered into commercial production and sales, the company has continued to suffer losses in recent years, which has led to a poor response in the secondary market. At present, the stock price has not returned to the closing price on the first day of listing.

The financial report shows that in 2020, the operating revenue of Shenzhou cell is only 328000 yuan, which is 87.56% lower than that of the same period last year; During the same period, the net profit attributable to the shareholders of the listed company was - 713 million yuan, and the net cash flow from operating activities was - 537 million yuan.

For a long time, there have been related party transactions between Shenzhou cell and Yiqiao Shenzhou, and in 2017, 2018 and 2019, Shenzhou cell has always been the largest customer of Yiqiao Shenzhou.

From 2017 to 2020, Shenzhou cell spent 10.0264 million yuan, 12.6197 million yuan, 8.1223 million yuan and 5.271 million yuan respectively to purchase reagents from Yiqiao Shenzhou, and spent 8.9064 million yuan, 10.0193 million yuan, 7.2589 million yuan and 6.1868 million yuan to purchase technical services of Yiqiao Shenzhou.

Some market people are worried that the continuous huge loss of Shenzhou cell may bring risks to the subsequent accounts receivable of Yiqiao Shenzhou.

It is worth mentioning that in addition to related transactions, the prospectus also shows that during the reporting period, the core technical personnel of Yiqiao Shenzhou once worked in Shenzhou cell, and the company also shared the financial system, chief financial officer and financial personnel with Shenzhou cell.

According to the civil judgment of the first instance of labor dispute between Su Ruibin and Shenzhou Cell Engineering Co., Ltd. released on February 27, 2020, Su Ruibin was an employee of Yiqiao company from July 2017 to January 2018. During this period, Yiqiao company entrusted Shenzhou cell company to pay wages and pay social security for Su Ruibin.

This means that at the above time, Su Ruibin was nominally an employee of Yiqiao in China, but his company's social security was paid by Shenzhou cells.

In addition, as the company's founder, actual controller and core technical personnel, Xie Liangzhi is currently serving as the chairman and general manager of Shenzhou cell and the chairman of Yiqiao Shenzhou.

Earlier, the Shenzhen Stock Exchange asked Yiqiao technology to make supplementary disclosure on the coincidence with the directors, supervisors and senior executives of Shenzhou cel during the reporting period.