Historically, from 2006 to 20 10, there were only 16 refinancing in the new third board market in five years. Since 20 1 1, the refinancing situation of listed companies in the New Third Board has begun to improve. 20 1 1, the financing reached 10 for the first time, and the average raised funds were close to 65 million yuan. In 20 12 years, there were 24 directional financing of listed companies in the New Third Board, with an average financing scale of 35.6 million yuan and an average price-earnings ratio of 20 times. In 20 13, there were 52 private financing companies listed on the new third board, which was more than twice that in 20 12, and the growth rate was amazing.
Among them, Beijing Zhonghaiyang Energy Co., Ltd. raised the largest amount in the history of the New Third Board. After three private placements of 20 10, 20 12, 20 13 and one corporate bond of 20 12, Haiyang raised a total of 488 10/00000 yuan, which stood out among many listed companies. Beijing Lianfeixiang Technology Co., Ltd. once had a price-earnings ratio as high as 39 times. 20 13,10,000,000 At the end of 2000, modern agricultural equipment raised 324 million yuan per share at 8 1 yuan, which made people exclaim that "they have caught up with the financing level of IPO" and changed the impression that the New Third Board was "inactive in trading".
It is worth pointing out that most of the enthusiasm of institutional investors stems from the expectation of IPO, and both Zhonghaiyang and modern agricultural equipment have strong expectations of board transfer. Zhonghaiyang had previously submitted an IPO application for Growth Enterprise Market, but due to the fluctuation of photovoltaic industry, it had to withdraw its application in September 2065438+2002. Different from most new third board companies, modern agricultural equipment has always been aimed at small and medium-sized boards.
There are a large number of venture capital private placement and direct investment by brokers hidden in the ranks of institutional investors, including many well-known institutional investors. In addition to venture capital private placement showing great investment interest in the New Third Board, brokerage direct investment is also in advance.
The polarization of fund-raising is obvious.
According to official standards, the price-earnings ratio of the New Third Board is about 18 times, and the average financing amount is about 60-80 million yuan. The financing amount of excellent enterprises can reach hundreds of millions of yuan. In fact, some people are happy and others are worried, and there are not a few who rarely trade after listing. Up to now, Shanghai Electric Power Co., Ltd. and other companies have not conducted any single transaction. Even if there are trading records, there are many companies with low stock prices, such as compass and ST sheep industry. The lowest transaction prices of the two companies are 0.3 and 0.8 yuan respectively, which is a veritable "fairy share".
In 20 14, as of June 65438+ 10/7, the total turnover of the New Third Board was 3 1, and the transaction price was obviously polarized-the highest was Zhongsou Network, which was as high as 27 yuan per share, up 47.06% from the previous transaction price, totaling * * *. Baihong Software with the lowest transaction price is only 1.0 1 yuan, and the total fundraising amount of * * * is 20 1 ,000 yuan.
Of course, the phenomenon of polarization is not limited to the New Third Board. The same is true of GEM and SME board. Take GEM as an example. As of 20 14 and 17, the average P/E ratio is 59.23 times. Since the growth enterprise market index entered above 1200, the adjustment pressure of the growth enterprise market has gradually appeared, and the investment in the growth enterprise market has entered the stage of carefully selecting individual stocks. Traditional industrial chain varieties continue to be sluggish and volatile, while some growth stocks such as Huayi Brothers have hit record highs.
"No matter which capital market you choose, how much you can raise depends on whether the quality of the enterprise itself is excellent or not and whether you can tell a good enough story in the capital market." Li Xudong, executive general manager of the investment banking department of CITIC Construction Investment, said in an interview with Zheshang.