Yesterday, in the many shareholders rubbing their fists, eager to try, after 10 years of GEM ushered in the registration system of the first batch of enterprises, 18 enterprises into the history of the creators.
After the reform of the GEM, in the broad category of rules, basically with the operation of more than a year in line with the science and innovation board, such as lowering the threshold for issuance, loss-making enterprises can also be listed; up and down relaxation to 20%, while the first five trading days of listing is not set up up and down limit.
In addition, such as allowing investors to buy and sell shares at the closing price after the close of bidding transactions, and allowing strategic investors to lend allocated shares and other institutional arrangements are also basically moved from the KIC.
Reference to a year ago, the opening day of the Kronos board thrilling up and down trend, for yesterday's GEM ups and downs, many people have been in advance "good shot", but the market is still crazy beyond their expectations.
A stock called Kangtai medicine, with nearly 3000% of the increase, refreshed the A shares since the birth of the highest single-day increase record.
The issue price of $ 10.16 of the stock, at the end of the plate only took less than 10 minutes, from 760% all the way up to nearly 3000%, the highest price touched $ 308, twice triggered a stop. After the frenzy, inevitably quickly cut the fate of the players to earn money have to run, the closing share price fell back to 118 yuan.
After the storm, a chicken feather, some people happy and some people sad. Luckily, if you sell a winning IPO at the highest point, you can make up to 150,000 on this one. But most people do not have this luck, after the close of the day online appeared some of the day trading charts, losses of more than 60% not a few.
If the previous stock market is a "roller coaster", then the wave of Contemporary medicine, can only be described as a "meteor", which is clearly beyond the scope of the explanation of business logic.
What kind of company is behind this latest "god" stock?
Kangtai medicine in July this year through the GEM listing audit, at that time, the GEM reform has not yet been implemented, the listing of enterprises still have a high threshold of profitability: the last two years net profit is positive, and the cumulative net profit of not less than 50 million yuan. In this case, Kangtai medicine can pass the trial, from the side of the enterprise strength is really strong enough.
As an export-oriented medical equipment enterprises, Kangtai medicine in the first half of this year is to earn a lot of money. At the beginning of the epidemic, the company quickly converted to infrared thermometers, coupled with the main product oximeter, two products sold, revenue rose sharply to 751 million yuan, an increase of 421.17% over the same period a year ago; mother profit of 364 million yuan, 18 times the same period a year ago ...
However, stuck in the epidemic at this particular node, the outbreak of the performance is difficult to say that the company's strength has an obvious relationship with the company. The strength of the company has a clear relationship. Not only Kangtai medicine, this year, the entire medical device track in full swing, up as much as 101.06% since the beginning of the year.
To a large extent, the first half of the revenue and profit situation of CONTEC belongs to a special case, is supported by the short-term drivers of the epidemic triggered performance growth, and does not have the replicability . In the prospectus, Kangtai medicine itself also emphasized that with the disappearance of the epidemic, medical supplies will show a sharp decline in the trend, the company's performance will also decline.
In addition, compared to the A-share companies in the same sector, CONTEC has no advantage in technology and R & D. There are a lot of competitors, the high-end market is occupied by Philips, General Electric and Myriad Healthcare, the low-end market has Bao Lite, Ribbon Instruments and so on, and before the listing, it is only in the midstream group.
Overall, the "miracle" of Contemporary medicine is just a manifestation of the market mood, is the result of the crazy game of funds, and the real value of the individual stock has nothing to do with .
In fact, historically, both the GEM and the KIC, at the beginning of the opening of the market have staged a similar madness.
Last July, on the first day of the opening of the market of the Science and Technology Innovation Board, in the absence of upward and downward quotas, also ushered in a large number of "new" short-term players, who bought at a high price, and then threw them out after the expectation of near-saturation. Shares then began to fall, which triggered a wave of selling, and the market was slammed down by 30%, causing the first trading halt. When the market opened again, the previously more timid watchers met their heartfelt expectations and began to buy, after which the hype returned because the buyers were unable to sell that day, and there were fewer and fewer shares available for trading in the market, and the price pulled up again until the close.
The general approach to stock valuation does not apply to the market in the first few days, and prices only return to value after a long period.
At the beginning of the new century, under the influence of NASDAQ, the Shenzhen Stock Exchange, in conjunction with high-level state agencies, began to actively plan for the Growth Enterprise Market (GEM), in the hope of keeping Internet companies in the country.
But then the bursting of the Internet bubble, so that the GEM emergency brakes, this shelving is 9 years. During this period, the BAT three giants listed one after another, A shares did not leave.
Finally, in October 2009, GEM launched, from the first batch of 28 new shares listed to the present, the number of companies has reached 851, accounting for more than 20% of the total number of A-share companies, the board's total market capitalization has reached 9.6 trillion yuan. Whether it's the number of companies, or the size of the market capitalization, the current GEM is not to be underestimated.
Only, this is supposed to be the Internet company "listed on the green channel" of the board, but the establishment of layers of profitability indicators and invisible thresholds, so that many large-scale but unprofitable companies to stay away.
The anxiety of the GEM peaked last year after the launch of the Technology Innovation Board (TIB). Many of the policies of the KTB are what the GEM wanted to do but failed to do back then, such as introducing a registration system, allowing companies that are not yet profitable to list, allowing dual shareholdings, red chips and VIE structures, and so on. The relative openness has made the SGEM the hottest market this year, absorbing many giants such as Semiconductor Manufacturing International (SMIC), Cambrian, and Ant Financial Services (AFS).
Part of the reason behind the Shenzhen Stock Exchange's push to reform the GEM is to compete with the SSE, HKEx, and even Nasdaq to attract quality listed companies.
There are precedents for this in other markets. For example, the Nasdaq exchange in the United States, which specializes in serving technology companies, the listing rules are tilted towards technology; in order to compete for new economy companies, the New York Stock Exchange changed its listing rules in 2018 to allow companies to list and trade directly on the New York Stock Exchange without raising capital. And the Hong Kong Stock Exchange, after missing Alibaba, after reflection, allowed the listing of companies with different rights on the same shares in early 2018, successfully attracting a new batch of mainland Internet companies such as Xiaomi and Meituan to land.
The pessimistic view is that the current PE of the KTB index is nearly 70 times, and the valuation of growth stocks shows a tendency to bubble, which overdraws the space for future share price increases.
The optimistic view is that the significance of the GEM reform is to inject energy into innovative enterprises. The relaxation of the limit is conducive to improving the liquidity of GEM trading, accelerating the process of eliminating companies that are "swimming naked" in the tide.
In the past year, the GEM has been invincible in the A-share market, absorbing a number of cutting-edge technology companies with growth potential, and delivering a surprising "first-year answer sheet". Now, the SSE has ushered in a new rival.
The competition between the exchanges may be able to dig out a better listing system and test a model more suitable for economic development. For the market and enterprises, there are more choices, which is certainly not a bad thing.