Group 1: Financing & Review - In May 2025, the Beijing Stock Exchange (BSE) issued 1 new stock, raising 168 million yuan; a total of 4 new stocks were issued from January to May 2025, raising a cumulative 1.702 billion yuan[5] - As of the end of May, there were 11 companies that had passed the review but not yet registered, with a proposed fundraising amount of 2.511 billion yuan; 1 company was registered but not yet issued, with a proposed fundraising of 200 million yuan[5] - The average proposed fundraising amount for companies under review is approximately 250 million yuan, with a total expected fundraising of 7.5 billion yuan for the year based on historical data[5] Group 2: Subscription & Issuance - In May 2025, 10 new companies were accepted for review, with 3 passing and 3 terminating; the acceptance rate shows a month-on-month increase[5] - The average first-day increase for new stocks in May was 441.68%, with a theoretical subscription return of 0.177%[3] - The cumulative return for new stock subscriptions from January to May 2025 was 0.50%, while the cumulative return for 2024 was 3.99%[3] Group 3: Market Trends & Predictions - The expected first-day increase for new stocks is set at 200%, with scenarios considering increases of 100%, 200%, and 300%[5] - The average online subscription amount in May was 7.99 million yuan, with a minimum investment threshold of 2.85 million yuan[34] - The online subscription rate is projected to be 0.056%, with variations based on different levels of frozen funds[5] Group 4: Investment Analysis & Risks - The high enthusiasm for new stock subscriptions is suppressing the subscription rate, which was only 0.03% in May due to the low fundraising amounts[5] - Risks include slower-than-expected issuance speed, lower-than-expected stock price increases, and potential macroeconomic downturns[5]
2025年北交所新股申购5月报：审核端加速明显，5月新受理10家企业-20250604
Shenwan Hongyuan Securities·2025-06-04 10:13