The Spring Festival holiday is not over yet, and it has been a month since 2023! Today, the editor will take a look at the IPO market in January.

01

AStock marketMarket: new shares have not been broken

As of January 31, 2023, a total of 10 new shares have been listed in A shares since this year, of which, 1 on gem (Xinlei shares), 3 on Science and Technology Innovation Board (Baili Tianheng, Yingfang Software, Kyushu track 1), 4 on the North Stock Exchange (Lechuang Technology, Xunan Technology, Oufu Egg Industry, Tianhong Lithium), and 2 on the main board of Shanghai (Fosda, Jianghan New Materials), raising a total of about 6.871 billion yuan.

Entering 2023, the overall market sentiment of A shares has recovered a lot, and the performance of new shares is also brighter than that of December last year. In terms of the performance on the first day of the listing, the 10 new shares were not broken, and the British software rose 176.77%, with a maximum profit of 30625 yuan. In terms of cumulative ups and downs, Biopharmaceutical company Baili Tian Heng-U and lithium battery module company Tianhong Lithium performed well and closed up more than 100% as of January 31.

In addition, the four new shares of the Beijing Stock Exchange also rose well, of which the Ofu egg industry rose nearly 70% on the first day, making it one of the few new shares on the Beijing Stock Exchange to rise more than 50% on the first day in nearly a year.

However, the trading volume of the Beijing Stock Exchange is slightly bleak. Recently, the daily trading volume of a number of stocks is only about 1000 shares, some of which are even complete.The daily turnover is only 2200 yuan, and the turnover rate is less than 0.001%. It can be seen that the Beijing Stock Exchange is stillFaced with greater liquidity problems。

In fact, after the breakout tide in December, the recent past enterprises of the Beijing Stock Exchange have lowered the issue price one after another, and even the issue price of new shares has been adjusted near the net assets per share, so as to increase the room for inquiry for the issuance of new shares and make the market-oriented game more sufficient, so as to improve the valuation and pricing mechanism of new shares in the Beijing Stock Exchange market.

Relevant people said, "the reserve price is not equal to the final offering price, and the companies to be listed on the Beijing Stock Exchange will not price the issue at the level of net assets per share in the actual offering. According to the actual performance of the public offering and the mood of the primary and secondary market, enterprises will determine a reasonable offering price through inquiry."

From the perspective of regulators, the Beijing Stock Exchange has not slowed down in the speed of accepting IPO and listing new shares, and this year's tone is still to maintain the normal issuance of new shares and achieve the goal of helping to solve the "financing difficulties" of small and medium-sized enterprises.

From the point of view of the enterprise, it is a big test that how to find a balance between the breaking tide and financing. However, for these enterprises, the most important thing is a successful offering, there is not much bargaining power in valuation, can only be left to the market to decide.

It is worth mentioning that on the last trading day of January, stocks on the North Stock Exchange broke out across the board.The Northern 50 Index rose more than 5%, Tianhong Lithium Power, Kaihua Materials, Le Chuang Technology, Ofu Egg 30CM rose by the daily limit, Huiwei Smart, Derek Lithium Power and Changhong Energy rose by more than 20%, and nearly 20 shares rose by more than 10%.%，166只北交所Only one of the stocks fell.

Source: Choice

Before that,The official website of the Beijing Stock Exchange published the detailed rules and guidelines for market-making trading of stocks on the North Stock Exchange, along with theWith the release of the relevant detailed rules, the market-making transaction of the North Stock Exchange, which has attracted much market attention, will soon be launched, which will bring more business increments to the market makers.To promote the high-quality development of the securities industry

Under normal circumstances, A shares in January will appear "pre-festival effect", the capital is more cautious, the proposed listed companies also tend to wait-and-see attitude. However, although the number of new shares issued in January was relatively small, the enthusiasm of companies sprinting for A-shares remained unabated. According to statistics, since the beginning of this year, more than 100 enterprises have entered the mentoring record stage, about 69 enterprises have declared and 34 enterprises have submitted registration.

A total of 34 A-share offerings were arranged in January, of which 26 were late, 3 were denied, 2 were suspended, 1 withdrew orders before the meeting, 2 cancelled the examination, and only one company of the Beijing Stock Exchange attended the meeting in the last week of this month. and was rejected.

It is worth noting that there are more enterprises withdrawing orders this month, with a total of 24, of which gem has become the hardest hit area, and a total of 10 enterprises have withdrawn their IPO applications.

In fact, on December 30, 2022, the Shenzhen Stock Exchange issued the interim provisions on the Application and recommendation of the issuance and listing of Enterprises on the growth Enterprise Market (revised in 2022), banning industries with overcapacity and the eliminated industries in the guidance Catalog for Industrial restructuring. And enterprises engaged in pre-school education, discipline training and financial business are listed on the gem.

The Shenzhen Stock Exchange said that the purpose of this revision is to specify the principled requirements in gem positioning as much as possible, enhance the transparency of audit work, enhance the maneuverability of gem positioning, and enhance the predictability of gem positioning in the market.

With the accelerated landing of the registration system and the continuous improvement of the issuance audit mechanism, the resource allocation efficiency of A-shares will be further improved.

02

Hong Kong stock market: refinancing recovery

In January 2023, a total of 10 new shares were listed on the HKEx, raising a total of about HK $3.717 billion. According to public statistics, the average market capitalization of the 10 IPOs is 4.872 billion Hong Kong dollars, the average PE is 18.72 times, the average number of applicants is 6978, the average subscription ratio is 14.97 times, and the average cornerstone accounts for 38.2%.

Among them, Yihuatong took the top spot with HK $1.058 billion, becoming the first hydrogen fuel cell company in China to list AbigH. Beautiful Garden Medical and Health and Lehua Entertainment showed outstanding gains on the first day, up 53.47 per cent and 47.79 per cent respectively, while construction materials company Huaibei Lujin shares fell more than 40 per cent.

In addition, in January, nine companies submitted prospectuses to the Hong Kong Stock Exchange, including US-China Jiahe, Desheng Hall, Pleasant, KK Group, Lidu, Jingfeng Medical, SML Group, Maiyue Technology and Lu Daopei Medical.

It can be found that since the fourth quarter of last year, the issuance of Hong Kong stocks has significantly accelerated, and the overall market sentiment of Hong Kong stocks has also recovered somewhat. The Hang Seng Index has risen by more than 40% in the past three months.

Source: Futu Niuniu

It is reported that at the Spring Festival opening ceremony held by Hong Kong Exchanges and Clearing, ou Guansheng, chief executive of HKEx, said that the new stock market has shown signs of recovery and there are about 100 new shares waiting to be issued. It is believed that as the market situation turns optimistic, market conditions will also improve this year.

It is also worth mentioning that the Hong Kong stock refinancing market has picked up this year. Public data show that as of January 18, 27 Hong Kong listed companies, including Apollo, Zhongjiao Holdings, Weimeng Group, Bilibili Inc. and Huazhu Group Limited, have announced plans to refinance their shares, raising a total of about HK $16.4 billion, an increase of about 148% over the same period last year.

Source: open data statistics

03

Us Market: sprint of US-listed stocks

According to Choice, a total of 19 US stocks (including 4 SPAC,1 Chinese stocks) went public in January 2023, raising a total of about $667 million.

As we all know, US stocks experienced a dark moment in 2022, when market sentiment in IPO dropped sharply, and there was a wave of delisting of the once hot SPAC. At present, there are still a large number of SPAC liquidation risks.

Because of this, Wall Street's revenue from mergers and acquisitions and IPO underwriting has fallen sharply. At the beginning of this year, Wall Street's pay cut "bad news" constantly, even Goldman Sachs Group, Morgan Stanley also started a large-scale layoff plan.

According to the latest results released by Nasdaq parent company Nasdaq, the fourth-quarter results were lower than market expectations, mainly due to the uncertain global economic outlook and the slowdown in stock market trading and listing activity.

Sources say the uncertain economic outlook will continue to affect business performance this year, with about 200 companies waiting for the right time to list, about 25 per cent of which may come from US-listed stocks.

Among them, Quantum Song, which went public on January 25, became the first Chinese company to enter U. S. stocks this year, raising $40.625 million and a total market capitalization of about $690 million.

In fact, since July 2021, only a handful of Chinese companies have listed in the United States, especially few Internet or education-related companies, and the industry is in dire need of icebreakers.

Recently, many enterprises have presented American stocks, including Garriss talents, New Ruipeng Pet Medical, Tiancheng Jinhui, Wesai Technology, Primus Consultants, Lichen China, Egg Separation Technology, Xitu Group and so on.

Among them, New Ruipeng Pet Medical is China's leading one-stop pet care platform with an annual income of more than 4.7 billion yuan, while Wesai Technology is a lidar company in the self-driving industry chain and, to a certain extent, a representative in the field of hard technology in China.

It can be seen that China's star unicorn is speeding up its listing in the United States, which may further boost the confidence of Chinese stocks.