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Old Unicorn Market Value Lightning Shrinks Foxconn Placing Price Lock One Year Purchaser

via:CnBeta     time:2018/5/25 8:01:46     readed:69

In the evening, Industrial Fulian announced that its online preliminary effective purchase multiple was as high as 711.06 times. After the callback mechanism was launched, the final online winning rate was 0.34208404%.

On the same day, another "Unicorn" Pharmacopeia (603259.SH) had a daily limit on the 13th, with the total market value breaking 100 billion. According to its issuance price of 21.6 yuan/share, it means that China Unicom's profit will be as high as 76,000 yuan, making it the most profitable new stock in the year.

It was only new people who laughed and who saw old people crying. In the A shares of this vanity field, the same is true of the new and old Unicorns. The 21st Century Business Herald reporter found that unlike the new Unicorn, the price rises and rises differently. Three hundred and sixty (601,360.SH), Giants (002558.SZ), and BGI (300,676.SZ) are the old “one-corners”. "The beast" is suffering from the pain of market value.

With the rapid advancement of the CDR, Alibaba, Jingdong, Baidu, Netease, Xiaomi and other larger “Unicorns” entered the field, and the scarcity and attraction of the old “Unicorn” may be even more fading.

On the day of the 24th, a senior investor pointed out that we shouldn’t chase blindly the "unicorns" of these returns, but we must look at whether its issuance price is reasonable and whether there will be growth in the future.

The new Unicorn is infinite

As a super "Unicorn," Foxconn issued this issue price of 13.77 yuan / share, issued a price-earnings ratio of 17.09 times, raising funds of 27.12 billion yuan, setting a record of A shares in the past three years, is also the history of A shares in the top ten The amount of money.

The main way for ordinary investors to share the “Unicorn” feast for the first time is to participate in the subscription of new shares, and in particular, the drug “America's most profitable new shares” is in sight.

Foxconn’s new share purchases are also highly sought after under the huge money-making effect.

“We participated in Foxconn’s new share subscription early this morning. The current market is highly emotional towards unicorns, and will certainly rise a lot after the listing, and then return slowly after the increase.” May 24, Beijing, a large private equity investment director The 21st Century Business Herald reporter said.

It is worth noting that Foxconn will become the third top stock subscription under the new rules for the subscription of new shares, 100% of the new stocks, and this is the first top stock purchase 100% of the new shares. The Top Grid purchase requires a market value of 4.13 million yuan. If an investor purchases 413 random numbers, it can be 100%. It is called by the brokers as "the new stocks that are most likely to be signed during the year."

Based on the issue price of 13.77 yuan/share, Foxconn issued a total market value of 271.2 billion yuan. On the first day of the listing, the top price rose 44%, its market value reached 390.5 billion yuan, surpassing Hikvision (002415.SZ) to become the largest A-share technology stock; when the 11th daily limit is harvested, it will exceed a trillion market value. It became the first non-financial trillion shares of A shares.

Although it is very enthusiastic to participate in Foxconn's new players, some institutional investors consider the locking arrangement of their offline placements, and they consider that the product's liquidity decides not to participate in the purchase.

According to the Foxconn release announcement, “Under the issuance of offline shares, 30% of the shares allocated for each placing target are unlocked, and the shares can be circulated since the online issuance of shares on the Shanghai Stock Exchange; 70% of the shares are locked out. For a period of 12 months, the lock-up period will start from the date of the online issuance of shares on the Shanghai Stock Exchange.

"I managed the product and did not participate in Foxconn's new share subscription. Foxconn's new share subscription has some specialities, such as 70% of offline placements to be locked for one year. On the one hand, locking one year may affect product liquidity; on the other hand, After the year, Foxconn's share price is very uncertain and it will return to rationality. Under such circumstances, it may not be able to earn any money.” On May 24, a securities investment manager in Shanghai told reporters.

The old unicorn was brutally beaten

Whether it is the pharmaceutical company with a market value of RMB 100 billion, or Foxconn, which is expected to exceed RMB 1 trillion in market value, it has a common identity – the A-share new “unicorn”.

"Unicorn" is often sought after by the capital at the beginning of landing A shares, such as giant network, BGI, Focus Media, 460, and so on, through the IPO, backdoor landing A shares often pulled more than a dozen daily limit. However, as time passed, the new unicorn slowly grew older and was gradually forgotten by the market.

According to a rough calculation, the total market value of the giant network on May 24 was 51.7 billion yuan, a drop of 67% compared with the highest market value of RMB 178.7 billion set in May 2017. Today, the market value is not as low as the highest market value; The market value of zero decreased faster, and its market value on May 24 was 236 billion yuan, a decrease of 47% from the highest market value of 443.9 billion yuan on February 28; the market value of Huada Gene on May 24 was 60.9 billion yuan. Compared with the highest market value of 104.8 billion yuan in November 2017, it has shrunk by 42%.

When the loss of new shares, Foxconn will have what kind of market performance?

"The new stock market value is more emotionally determined. There is no doubt that Foxconn will be speculated at the beginning of the listing, but Foxconn has matured beyond the growth period and will not be able to value too much. What's more, it is just a manufacturing company and a foundry." The above investment director pointed out.

"Now the market is very hot for unicorn concept stocks, but it is difficult for companies such as Foxconn to give accurate valuations. What I can do is not touch," said the investment manager.

It is worth noting that news has recently been reported that Baidu, NetEase, Alibaba, Xiaomi, Jingdong, etc. are expected to focus on the CDR form in the near future.

"These companies that have already listed overseas have returned to China and can be said that the valuation is not necessarily cheap. They can give domestic investors the opportunity to participate in investment, but may be due to high valuations or excessive issuance of shares. A share capital face has a certain impact, said Yang Delong, general manager of Qianhai Open Source.

"From the point of view of stock price and performance growth, the stock price is already high, and the stock price may not keep up with the increase in performance. However, there is still room for growth in the market share and revenue of the unicorn in general." May 24, Wuhan University of Science and Technology Dong Dengxin, director of the Institute of Financial and Securities Research also pointed out.

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Ali Cloud

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