发行市盈率达到70倍,新股再现“三高”发行,这正常吗

博狗开户

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6月27日和7月2日,华星源创科技股份有限公司,瑞创威纳股份有限公司和天准科技股份有限公司新股发行。科创董事会的新股进入发行阶段,这实际上意味着科创董事会离新股上市时间不远。自去年11月5日成立科技委员会和试点登记制度以来,科技委员会的工作已经深入准备,市场见证了科技委员会的速度。

这三只新股最关注市场的市盈率。目前,沪深股票板块,中小板和创业板的新股均为“高压线”的23倍,最高市盈率往往只有22.99倍。这是今年IPO改革的结果,也是监管机构“窗口指导”的结果。

但科技委员会却与众不同。根据规定,科创董事会新股的发行价格,规模和节奏主要由市场化决定,这加强了市场的约束力。因此,由于科技板新股的发行价是通过市场调查产生的,因此发行的市盈率也是市场化的结果,因此没有高压线问题。该问题的市盈率。由于科技板属于A股市场的新事物,而且由于它定位于高科技产业和战略性新兴产业,其估值不仅高于创业板,而且远远高于创业板。主板和中小板。

事实上,从发行三股新股的市盈率来看,他们已经突破了23倍的高压线。例如,华创董事会华兴资源的第一期以每股24.26元的价格发行,相当于2018年的稀释收益39.99倍(非经常性损益前);瑞创威娜发行价格为每股20元,相应稀释2018年后,市盈率为79.09倍;天准科技的发行价为25.5元/股,相当于市盈率为57.48倍。

For the three P/E ratios of the three new shares, the high-voltage line that broke 23 times is actually expected in the market. However, the phenomenon of such high price-earnings ratios such as Ruichuang Weiner and Tianzhun Technology has made the market somewhat unexpected. After all, the family is close to 60 times and the family is almost 80 times. Moreover, the new stocks of Science and Technology Board have appeared nearly 80 times the price-earnings ratio at the beginning, and will also play a bad role in the demonstration of other new stocks in the future.

Although the Kechuang board market is positioned in the high-tech industry and strategic emerging industries, as it allows the loss-making enterprises to go public, objectively, after the listing of certain science and technology enterprises, due to technological advancement and technology update, the enterprises are more likely to be The market is eliminated; on the other hand, the science and technology board enterprises also have the risk of failure. In this way, based on the strict delisting mechanism of the Science and Technology Board itself, the risk of high price and high price-earnings ratio is obviously self-evident.

The market-based issuance of new shares has once given the market a heavy blow. After the release of new shares in 2009, the price-earnings ratio of the issued shares has shown a trend of rising. For example, the first batch of companies on the GEM, Nanfeng shares broke the price-earnings ratio of 70 times. After that, Dinghan Technology broke the price-earnings ratio of 80 times, and Yangpu Medical broke the price-earnings ratio of 100 times. In 2009, the P/E ratio of IPOs in the whole market averaged 53 times, and in 2010 it increased to 59 times.

Although the new shares of Science and Technology Board have the follow-up mechanism of the sponsor institution, and the self-discipline initiative of the Science and Technology Commission Self-discipline Committee, these are all conducive to the price of the new shares issued by the company, but the issue price of the new shares of the board will also Influenced by market conditions, supply and demand, and investor sentiment. In particular, for some stocks, it will be highly sought after by the market, and it is also possible to have a higher price-to-earnings ratio (such as breaking a hundred times) in the science and technology board. Therefore, the price-earnings ratio of Ruichuang Weiner is only a temporary high point of the board.

xx然而,高市盈率将导致“三高”发行重新出现在A股市场。对于科技市场而言,由于市场发行的实施,“三高”的出现是不可避免的,但像瑞创韦纳这样严重过度上涨1.67倍的现象显然是值得商榷的。

公司董事会新股严重过度上涨不仅导致市场资源严重浪费,有价值的资金无法进入实体经济,也对市场资本和投资者信心产生不利影响。因此,科技董事会新股的发行需要对调查机构进行合理的引用,同时还需要自律委员会的自律倡议发挥更大的作用。