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中大户打新首次突破50万户，申购资金屡超5000亿元！北交所新股申购为何“卷”出历史新高？
Mei Ri Jing Ji Xin Wen·2025-06-20 08:20

Core Insights - The recent surge in the Beijing Stock Exchange (BSE) IPO market is marked by record-breaking frozen funds and participation, with over 5525.49 billion yuan frozen for the recent IPO of Guangxin Technology and more than 517,200 investors participating, indicating a significant interest in new stock offerings [2][3] - The average allocation rate for online subscriptions has drastically decreased, with a mere 0.0308% allocation rate for the latest IPO, highlighting the increasing difficulty of obtaining shares [2][3] Group 1: Market Dynamics - The BSE has seen a consistent increase in frozen funds for IPO subscriptions, with an average of 4953.51 billion yuan in 2023, compared to only 245.16 billion yuan in 2022, while the average allocation rate has plummeted from 3.42% in 2022 to just 0.06% in 2023 [3][4] - New third board companies are actively participating in the BSE IPO market, with companies like Huajian Intelligent announcing plans to invest up to 100 million yuan in BSE IPOs [3][4] Group 2: Investment Appeal - The attractiveness of BSE IPOs is driven by lower valuations and higher potential returns, with an average issuance price-earnings ratio of 14.6 for BSE IPOs in 2024, compared to 22.3 for main board IPOs, creating an arbitrage opportunity [5][6] - The first-day average price increase for BSE IPOs has significantly risen, with averages of 8%, 58.51%, and 229.96% from 2022 to 2024, and a staggering 267.63% for the four IPOs in 2025, indicating a strong market sentiment [5][6] Group 3: Economic Environment - The current low-interest-rate environment has heightened the appeal of BSE IPOs, as institutional and high-net-worth investors seek higher-yielding assets, with BSE's cash subscription and proportional allocation rules favoring larger investors [6][7] - The annualized return from BSE IPOs has been calculated at approximately 8.71%, significantly surpassing the interest rates of major banks and money market funds, further attracting capital to the BSE [7]