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The pace of public funds preparing for the new third board selection layer is getting faster and faster.
First Financial learned that at least six public funds have recently reported on public offering products that they can invest in the New Third Board, including Bosera, China Merchants, Southern, Rich Country, Wanjia, and Huitianfu.
“Our company attaches great importance to this new three-board reform. In late 2019, we organized multiple departments to conduct system monitoring, investment research preparation, and system docking. Basically, the preparations were completed “said one of the public funds.
First Financial also learned that the selection of new players has also become an important part of investment in the selective layer.
“Like the Science and Technology Board innovation, there will be some increase in the fund’s net worth. The specific impact will be affected by the market environment, the increase in individual stocks, the success rate and the scale of financing, “a public funds manager in Beijing told First Financial.
Public offerings accelerate the promotion of investments of a selected level
According to the official website of the China Securities Regulatory Commission, on April 20, six fund companies declared products that could be voted on in the selective layer of the New Third Board and were awaiting approval. According to First Financial, they are Bo Shi, Fu Guo, Nanfang, China Merchants, Huitianfu, and Wanjia.
Specifically, the theme of Boss New Energy Industry, Wanjiaxin Power Holding for one year, Huitianfu Innovation Selection, Active growth of rich countries, China Merchants Growth Selection closed for two years, Southern Reform Selection for one year, etc. Material.
“In newly reported products, if there is a high probability of keywords such as selection, continuation, growth and closure, it is possible to invest in the new three-board fund. After all, public funds value liquidity and generally set a certain holding period. ” A person from the Public Fund Products Department told First Financial.
“Public offerings are publicly oriented, and risk and liquidity must be considered during investment operations. Compared to other mature capital market segments, investment in the New Third Board is more affected by corporate fundamentals and liquidity. Consider. So, in terms of product design and shape, we believe that cross-market products in a certain closed period are more suitable. The selection layer is included in the scope of investment options, the ratio is adequately controls and different market segments are configured. ” Li Shiqiang, investment manager at Jiutai Fund First said Financial.
What you have to see is that compared to the previous base layer and innovation layer, the next new three-board selection layer has higher requirements on the listed company’s operational performance and financial indicators , and has established a transfer board mechanism mechanism, while introducing continuous offers. The trading mechanism, therefore, industry experts also expect the investment value and liquidity of related stocks to improve much more than before.
“To further avoid investment risks, we tend to issue cross-market funds and control the size of the fund to around one billion to ensure the liquidity of public offerings and control investment risks.” The relevant person from the Southern Fund also told First Financial.
Its recommendations are: first, to raise the priority of public funds in the strategic placement process, and to increase the allocation of public funds to meet the scale of investment of public funds; second, strengthen the price stabilization mechanism in the secondary market, such as adjusting pre-issue shareholder restrictions Require that shareholders whose share price is lower than the issue price are restricted for a certain period of time to avoid concentrated sales after public offering.
The new income is considerable
The analog science and technology board, a high profit rate and a considerable increase in the first day, the selection layer is expected to become another important source of new revenue. For public funds, it is certainly another reliable way to increase revenue.
At the time of the Science and Technology Board opening, a public funds manager told First Financial at the time that the new Class A investor Science and Technology Board rate of return was expected to be 200 million yuan off about 7% to 8%.
“With reference to the Science and Technology Board, as of March 2020, the Science and Technology Board has achieved a total of 93.1 billion yuan in new revenue (included online and offline, excluding strategic placement) , beating the main board, small and medium boards and GEM, becoming a The main source of new revenue. With the introduction of the selection layer and the introduction of public offerings, we believe that the selection layer will bring new bonuses of politics “. Open source securities analysts believe that.
The Beijing public funds manager mentioned earlier said core factors affecting new revenue include the scale of issue financing, the success rate and the rise in price. “Regarding the experience of the Board of Science and Technology, the selection rate of the selected layer network can be significantly higher than that of the Main Board, the Board of SMEs and GEM,” he said.
According to the analysis of Zhu Haibin, the research leader of the new third board of Anxin Securities, according to the current issuance plan announced by some companies, the average financing scale is expected to be approximately 200 to 300 million yuan , and it is expected that the financing amount of the first selected companies will reach 60 to 90 100 million yuan.
It is worth mentioning that compared to the 60 million yuan lower deposit requirement of the Science and Technology Innovation Board, the market value threshold is not required for the selection layer to be “new”. However, offline listing is based on the “price priority” principle. The same placement object can only use one securities account to participate in the offline listing. The different proposed purchase prices on all quotes from the same offline investor will not exceed 3, and the maximum price difference will not exceed 20% of the lowest price, the number of subscriptions must be 100 shares or an integer multiple of the same.
“Currently, it has been announced that the proposed company’s average price will be 210 million yuan. If the first batch is 30, the total financing amount is expected to be 6 billion yuan. The increase in the first day is between 10% and 60% Public funds In the case of a ratio of 25% to 40%, under the neutral assumption, the first batch of new returns may be between 4% and 17%, and the new yields are relatively impressive. ” Zhu Haibin said that considering Time is tight, the initial establishment of new publicly funded products may be lower, and the rate of return will be in the higher range, but the rate of return may gradually decrease as the participating products increase gradually.
“In the initial stage, the selection of new layers should be a more effective strategy, but it is also limited by the decrease in market capacity and long-term performance. Therefore, we believe that the selection of new layers is more a staged strategy. In the long term, it still has to be true. ” “Select,” focusing on the fundamentals and sharing the growth of the company, “said Li Shiqiang.
(Editor: Hou Yukun)
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