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2025年北交所新股申购9月报:后备项目优质丰富,常态化发行有望维持-20251009
Financing & Review - In September 2025, the Beijing Stock Exchange (BSE) issued 4 new stocks, raising a total of CNY 1.089 billion; from January to September 2025, a total of 16 new stocks were issued, raising CNY 5.027 billion[5] - As of the end of September, there are 9 companies that have passed the review but not yet registered, with a proposed fundraising of CNY 2.588 billion; 6 companies have been registered but not yet issued, with a proposed fundraising of CNY 1.210 billion[5] Subscription & Issuance - The median first-day increase for the 3 new stocks listed in September was +304.65%, with individual increases of +736.78%, +304.65%, and +120.34% for Sanxie Electric, Shichang Co., and Jinhua New Materials respectively[3] - The theoretical subscription yield for the new stocks Sanxie Electric, Shichang Co., and Jinhua New Materials was +0.165%, +0.076%, and +0.080% respectively[3] Market Trends & Predictions - The cumulative yield for new stock subscriptions in 2024 is +4.01% (23 new stocks issued), while the cumulative theoretical yield for new stock subscriptions from January to September 2025 is +1.75% (14 new stocks issued)[3] - The average top subscription amount in September 2025 was CNY 12.93 million, with a median capital freeze range of CNY 649.59 billion to CNY 851.19 billion[5] Investment Analysis - The BSE is expected to maintain a regular issuance pace, with 7 companies registered and 4 approved in September; the outlook suggests a weekly issuance rhythm is likely to continue[6] - There are currently 15 companies that have passed the review and are awaiting issuance, indicating a rich pipeline of quality projects[6] Risk Factors - Potential risks include slower-than-expected issuance speed, lower-than-expected stock price increases, macroeconomic downturns, and rapid growth in new stock subscription accounts[6]
丹娜生物前瞻,卷到可能没有正股
Xin Lang Cai Jing· 2025-09-20 12:36
来源:市场资讯 丹娜生物拟向不特定合格投资者公开发行股票不超过800万股。并不是所有800万股都会进行网上申购, 还必须考虑两个条件,战配和超额配售。最近几只战略配售都是20%,丹娜生物没有大的变化也会是 20%,那么800万股要减掉20%(大概160万股)那么还剩下640万股。其次考虑超额配售选择权15%(即 不超过120万股),那么640万股加上120万股。可以用于网上申购的股数大约是760万股。 关于顶格,发行价还没有确定,根据招股书公司拟募集资金约1.37亿元,因此可以大概预测拟发行价 17.1元(会有变化)来计算,计算公式是:顶格申购资金 = 网上初始发行量× 5% ×发行价(按100股整 数倍调整)那么代入目前的拟发行情况:760万× 5%×17.1元=649.8万元,顶格大概649.8万元。 丹娜生物用于网上申购的股数大约是760万股,非常少,而且顶格649.8万元,仅仅高于能之光的506.1 万,大大限制大资金的发挥。本次申购非常特殊,如果假定申购资金4938.5亿 那么代入公式: 正股门槛(100股最低资金)=申购资金÷网上发行量×100股。 (来源:一声梧叶知深秋) 奥美森下周发行,主流预 ...
2025年北交所新股申购8月报:步入常态化发行期,申购收益率可观-20250904
证 券 研 究 报 告 步入常态化发行期,申购收益率可观 ——2025年北交所新股申购8月报 证券分析师:刘靖 A0230512070005 王雨晴 A0230522010003 研究支持: 吕靖华 A0230124070002 2025.09.04 主要内容 ◼ 2025年新股申购收益及收益率预测 www.swsresearch.com 证券研究报告 2 (1) 2025年8月北交所发行新股5只,募资金额12.20亿;2025年1-8月累计发行新股12只,合计募资金额37.39亿。 (2) 8月5家企业上会通过、环比+1家;5家企业终止、环比+3家;4家企业注册、环比-2家;无新增受理企业。 (3) 截止至8月末,已过会未注册企业13家,拟募资26.10亿元;已注册未发行企业3家,拟募资9.29亿元。 (1) 8月共5只直接定价新股申购。首发PEttm中值11X,环比上月-12.06%;平均顶格申购金额1160万元。 (2) 单批新股冻结资金区间为5645.43-7408.33亿元,中值7315.54亿元、环比上月+17.67%;网上中签率中值0.04%。 ◼ 融资&审核 ◼ 申购&发行 ◼ 上市&收益 ( ...
2025年北交所新股申购7月报:新股发行节奏提速,申购热度超预期-20250806
Group 1: New Stock Issuance and Performance - In July 2025, the North Exchange issued 2 new stocks, raising a total of 492 million yuan, with a cumulative issuance of 7 stocks and a total fundraising of 2.485 billion yuan from January to July 2025[5] - The first-day price increase for Dingjia Precision was 459.51%, with a theoretical subscription yield of +0.138%[3] - The cumulative yield for new stock subscriptions in 2024 was +3.99%, while for January to July 2025, it was +0.86%[3] Group 2: Subscription Trends and Market Dynamics - The median first-day price-to-earnings ratio (PEttm) for new stocks in July 2025 was 12x, up 90% from the previous month[5] - The median amount of frozen funds for new stock subscriptions was 621.68 billion yuan, an increase of 12.51% month-on-month, with a median online winning rate of 0.04%[5] - The number of effective subscription accounts for Dingjia Precision reached 659,600, a 14.24% increase from the previous issuance[5] Group 3: Future Projections and Risks - The forecast for new stock issuance in 2025 is set at 30 stocks, assuming a steady pace of one issuance per week[5] - The expected first-day price increase for new stocks is projected at 300%, with a neutral expectation for the online winning rate at 0.038%[5] - Risks include slower-than-expected issuance speed, lower-than-expected price increases, and potential macroeconomic downturns[5]
新股申购热情高涨发行节奏提速,北交所新股呈现供需两旺态势
Xin Jing Bao· 2025-07-26 01:52
Group 1 - The IPO market of the Beijing Stock Exchange (BSE) has shown significant activity, with a notable increase in the number of new companies applying for listing, reaching 97 in June alone, including many high-quality firms with net profits exceeding 50 million yuan [1][5] - The enthusiasm for new stock subscriptions continues to rise, with the "unbeaten myth" of A-share market subscription strategies lasting for 15 months, indicating strong investor confidence in the BSE [1][2] - The subscription for Suzhou Dingjia Precision Technology Co., Ltd. saw 80,300 accounts participating, with a subscription multiple of 2965.66 times and a total frozen capital of approximately 628.84 billion yuan, marking a breakthrough of 600 billion yuan [2][3] Group 2 - The pace of new stock issuance on the BSE has accelerated since June, with two new stocks listed in June alone, compared to only six in the first half of 2025 [3][4] - The current review process for companies applying to list is approximately one company per week, which could lead to around 50 new listings annually if maintained, or 100 if the pace is doubled [3][4] - The quality of companies applying for listing has improved, with 44 out of 133 new applicants being recognized as "specialized and innovative" enterprises, accounting for 33.08% [5][6] Group 3 - The new companies accepted for listing are primarily engaged in key sectors such as semiconductors, biomedicine, and artificial intelligence, aligning with national strategic priorities [5][6] - The average revenue of new applicants in 2024 is expected to be between 200 million and 1 billion yuan, with a significant portion of companies falling within this range [5][6] - The average operating income of companies in the new third board's innovation layer has reached 569 million yuan, with a notable increase in profitability and R&D investment [6]
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
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]
北交所再现0.03%中签率,交大铁发网上冻资额北证全市场第二
Xin Jing Bao· 2025-05-29 14:21
Core Viewpoint - The recent issuance results of Jiao Da Tie Fa (Sichuan Southwest Jiaotong Railway Development Co., Ltd.) show a significant oversubscription with an online effective subscription multiple of 3234.41 times, leading to a very low allocation rate of only 0.03%, marking a historical low for the North Exchange market in 2025 [1][2][5]. Group 1: Issuance and Subscription Details - Jiao Da Tie Fa's online effective subscription reached 586.58 billion shares, with 486,024 investors participating in the online issuance [2][3]. - The issuance price was set at 8.81 yuan per share, resulting in a total frozen capital of approximately 516.77 billion yuan [3][5]. - The low allocation rate of 0.03% is consistent with other recent listings, such as Honghai Technology, which also had the same allocation rate [1][2]. Group 2: Market Context and Trends - The average first-day increase for new stocks listed on the North Exchange in 2025 has reached 303.91%, a significant increase from 217.69% in 2024 [5]. - The trend of low allocation rates and high frozen capital indicates strong investor enthusiasm, which has become a norm in the North Exchange market [5][6]. - Analysts from Kaiyuan Securities and Guohai Securities express optimism about the investment value of the North Exchange in 2025, citing improved quality of listed companies and attractive initial price-earnings ratios [5][6].
2025年北交所新股申购4月报:战配家数和比例放宽,下调全年发行数量预测-20250508
Financing & Review - In April 2025, the Beijing Stock Exchange (BSE) issued 1 new stock, raising 236 million yuan; from January to April 2025, a total of 3 new stocks were issued, raising a total of 1.534 billion yuan[5] - As of the end of April, there were 10 companies that had passed the review but not yet registered, with a planned fundraising amount of 2.043 billion yuan[5] - The median price-to-earnings ratio (P/E) for new stock issuances in April was 15x, an increase of 113.99% month-on-month[5] Subscription & Issuance - The total number of new stock subscriptions in 2024 yielded a cumulative return of +3.99% from 23 new stocks; for January to April 2025, the cumulative return was +0.32%[3] - The average top subscription amount for new stocks was 1,005,000 yuan, with a median of 906,000 yuan[41] - The online subscription rate for new stocks was 0.04%[5] Market Trends & Predictions - The annual issuance forecast for 2025 has been adjusted to a neutral expectation of 30 new stocks, with a total fundraising amount of 7.5 billion yuan[5] - The new stock first-day price increase is expected to be 200%, with scenarios considering 100%/200%/300% increases[5] - The revised rules for strategic placement have increased the number of participants and the proportion allowed, potentially enhancing market interest in new stocks[40] Risk Factors - Risks include slower-than-expected issuance speed, lower-than-expected price increases for new stocks, and potential macroeconomic downturns[5]