Liquidity Differentiation Of Sci Tech Innovation Board? 90% Of Enterprises' Average Daily Turnover Is Less Than 5 Million

According to the first quarter report of 2021 and annual report of 2020, the performance growth rate of enterprises in the science and technology innovation board leads the A-share market.

Wind data shows that the growth rate of operating revenue and net profit of the science and technology innovation board in the first quarter of 2021 set a record high, with a single quarter growth of 71.29% and 213.36% respectively. In addition, the science and technology innovation board attaches great importance to R & D investment, with R & D expenses accounting for 8.9% of revenue in the first quarter, far higher than the average value of 1.4% of a shares.

However, behind the good performance, there are some changes in the market activity of the science and technology innovation board.

According to wind data, as of the evening of May 11, the total market value of 270 listed companies on the science and technology innovation board was 3.80 trillion yuan, accounting for 4.38% of the total market value of all A-share markets. However, on May 11, the total turnover of the science and technology innovation board was only 437 million shares, with a total transaction value of 22.552 billion yuan, accounting for 0.59% and 2.67% of all a shares.

In addition, since 2021, the average daily turnover of 270 listed companies on the science and technology innovation board is only 2.4374 million, of which 39 listed companies have daily average turnover of less than 500000 hands, and nearly 90% of enterprises have daily average turnover of less than 5 million hands. If the time dimension is extended to 2020 (the trading range is from 2020 to May 11, 2021), no listed company on the science and technology innovation board has a daily average turnover of less than 20 million hands.

Compared with the GEM market, from 2021 to now, the average daily turnover of 949 GEM listed companies is 9.609 million hands, and 443 enterprises with average daily turnover less than 5 million hands are 443, accounting for less than 50%.

Liquidity differentiation is emerging

The 21st century economic report reporter noted that according to wind data, as of May 11, among the 270 science and Technology Innovation Board companies listed at present, only 11 enterprises had daily average turnover of more than 10 million hands this year, accounting for only 4%. Since this year, the average daily turnover of 114 Enterprises is less than 1 million, accounting for more than 40%.

In terms of transaction amount, enterprises on the science and technology innovation board also showed a declining trend. Among the 270 enterprises, only one company on the science and technology innovation board had an average daily turnover of more than 1 billion yuan, 8 enterprises had a daily average turnover of less than 10 million yuan, and 162 Enterprises had a daily average turnover between 10 million yuan and 100 million yuan, accounting for about 60%.

Among them, SMIC has the highest average daily turnover, with an average daily turnover of 1.690 billion yuan since 2021. However, there is still a gap compared with the trading situation of SMIC in Hong Kong stock in the same period. Since 2021, the average daily turnover of SMIC Hong Kong stock is 2.756 billion yuan.

The trading volume of the listed enterprises on the science and technology innovation board is increasingly concentrated to the top enterprises.

Taking the transaction data on May 12 as an example, the total transaction value of the science and technology innovation board was 24.181 billion yuan. Among them, SMIC international had the highest turnover, with a total turnover of 1.364 billion yuan, accounting for 5.64% of the total turnover of the science and technology innovation board, and was the only enterprise with a turnover of more than 1 billion yuan on that day; The turnover of Huaxi biology and hot landscape biology were both more than 800 million yuan, 865 million yuan and 834 million yuan respectively, accounting for 3.58% and 3.45% of the total turnover of the science and technology innovation board.

In addition, the turnover of Jinshan office, Oriental biology, Bozhong Precision Industry and master biology exceeded 500 million. The top 10 companies accounted for 27.63% of the total turnover. On the other hand, on May 12, there were 38 stocks with a turnover of less than 10 million yuan, accounting for 14% of the number of science and Technology Innovation Board companies, but the total turnover was only 258 million, accounting for only 1.07%.

The lowest turnover of Qinchuan IOT was RMB 3.3997 million on the same day, which was a secondary new stock listed in July 2020 and less than one year old.

"Since there is no limit on the rise and fall of new shares in the first five trading days of the IPO market, institutions and retail investors will rush to buy a large number of new shares in the case of scarcity of new shares, which will lead to the abnormal and sharp rise of the company's stock price. When the new shares of the science and technology innovation board have experienced the boom in the initial stage of listing, the trading volume will gradually shrink and the stock price will gradually return to its original source. Therefore, after trading in the secondary market for a period of time, the stock price gradually went down and the trading volume was shrinking. I think this performance is reasonable. " Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, said.

Fu Lichun, the founding partner of Yuntai capital, believes that the main reason for the differentiation of the trading volume of individual stocks in the science and technology innovation board is that the threshold of investors in the science and technology innovation board is relatively high and mainly institutional investors, so it presents the phenomenon of "big and beautiful" together.

More than 70% of the stock prices fell from the beginning of the year

Liquidity and stock prices are often inextricably linked. In response to the decline in overall trading activity, the stock prices of science and technology innovation board have generally performed poorly since this year.

According to the reporter's statistics, since 2021 (as of May 11), the stock prices of 205 science and technology innovation board enterprises have declined compared with the beginning of the year, accounting for 75.92%. Among them, 54 companies have fallen by more than 30%, and the breakouts have occurred from time to time.

Specifically, as of the closing date of May 12, among the 200 listed companies listed on the science and Technology Innovation Board since 2020, 27 enterprises have been lower than the issuing price, and the breaking rate is more than 10%. Among them, Sansheng Guojian has the highest degree of breaking.

On July 22, 2020, Sansheng Guojian was listed on the Kechuang board of Shanghai Stock Exchange, with an issue price of 28.18 yuan / share. The highest price on the first day of listing reached 57.30 yuan / share, and the next day it reached the highest price of 57.52 yuan / share. This has also become the peak share price of Sansheng Guojian since its listing. Sansheng Guojian's latest closing price was only 16.25 yuan / share, down 42% from the issue price.

It is worth mentioning that the company's first annual report delivered an imperfect answer sheet after its listing. In 2020, the company's operating revenue dropped to 655 million yuan, a sharp drop of 44.37% year-on-year, and the net profit attributable to the parent company turned into a loss of - 217.5 million yuan. In the first quarter of 2021, Sansheng Guojian's net profit attributable to the shareholders of the listed company continued to lose 31320800 yuan.

In addition, the current stock prices of capcloud and Casa bio are down more than 40% compared with the offering price, but the performance of the two companies is quite different. The net profit attributable to shareholders of the listed company in the first quarter of 2021 is -1.5376 million yuan, compared with that of the same period of last year of 1105100 yuan, from profit to loss; However, in the first quarter of 2021, the company realized a net profit of 140 million yuan, a year-on-year increase of 19.5%.

"For the science and technology innovation board, it represents technological innovation, represents the future, and also represents high volatility and uncertainty risk, so the stock price performance will be more flexible." Fu Lichun told reporters.

Pan Helin, executive director and professor of the Digital Economy Research Institute of Central South University of Finance and law, believes that the sharp fall of some stocks is the regression of the early overvalued value“ On the one hand, the threshold for investors in the science and technology innovation board is relatively high, and the liquidity is not as abundant as other A-share sectors; On the other hand, the current valuation of science and technology innovation board enterprises is generally high, many enterprises hundreds of times P / E ratio, and even many loss making enterprises. Of course, corporate performance can be released in the future, but after the market calms down, the stock prices of these enterprises will return to rationality. However, I don't think there are any listed companies that are obviously underestimated on the science and technology innovation board. I think this is a rational return. " Pan and Lin said.

Science and technology innovation board is still attractive

With the liquidity problem becoming increasingly prominent in the science and technology innovation board, many market participants worry that it may affect the enthusiasm of enterprises and institutional investors for the science and technology innovation board.

There are semiconductor industry IPO companies to the 21st century economic report reporter said that the company does not rule out the transfer to gem listing“ The trading volume of the science and technology innovation board is not high, the enthusiasm of institutions is limited, and the liquidity is not so ideal. "

However, some people in the market believe that under the premise that the dividend of A-share IPO still exists, compared with the liquidity and valuation after listing, being able to be listed is the primary goal pursued by enterprises. At present, the liquidity problem of the science and technology innovation board is not serious enough to affect the enthusiasm of a large number of enterprises to declare. The audit rhythm, the nature of scientific and technological innovation and the development of the enterprise itself are the important factors affecting the listing choice.

Wang Jiyue, a former senior investment banker, pointed out: "the liquidity problem is actually not enough to be considered. Judging from the past trading volume, the scientific and technological innovation board company is not lack of fund attention. If the price is suitable, there will be funds to enter the market for trading. The threshold of 500000 yuan has stopped some retail investors from investing directly, but it has also prevented these retail investors from being cut into leeks at high positions. As for the enthusiasm of going to the science and technology innovation board, liquidity is not the primary consideration of the issuers, and the attribute of scientific and technological innovation is more an obstacle than the issue of liquidity. "

A partner of a large international accounting firm also told the reporter of the 21st century economic report: "the deepening of the reform of the registration system in the domestic capital market will further promote the development of other sectors of the domestic financial market. The domestic capital market will still be the hot spot for enterprises to go public in 2021, At present, the phenomenon of "barrier lake" has been formed due to the large number of declaration enterprises and the strengthening of audit, which slows down the speed of domestic listing. "

Pan Helin also believes that "at present, the liquidity problem will not have a great impact on the enthusiasm of enterprises to go to the science and technology innovation board, especially for those enterprises that do not want to do high value, but really do business for financing. The registration system of the science and technology innovation board reduces the listing threshold, and financing is a good market. Liquidity is also fair in the end. It should be a normal market law that good enterprises get liquidity rewards and poor enterprises lose liquidity. "

However, some professionals believe that although there is no near-term concern about the liquidity of the science and technology innovation board, there is still a long-term concern. Therefore, they call for attention to the liquidity problem of the science and technology innovation board, and propose to "activate" the vitality of the science and Technology Innovation Board Market by various means. In March this year, fan Yun, deputy to the National People's Congress and vice chairman of the Shanghai Federation of industry and commerce, pointed out that the current situation of the liquidity of the science and technology innovation board was not ideal. He suggested that the entry threshold of the science and technology innovation board should be adjusted to enhance the inclusiveness of the return of China's capital stocks. At the same time, he also hoped that the guidance on the evaluation of science and technology innovation attributes could be improved as soon as possible.