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Since the beginning of the new year, securities firms have made a new floating profit of 4.5 million yuan

Zhou Shang off
February 20, 2019 08:21 | Source: Securities Daily
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Original title: Securities companies have made a new floating profit of 4.5 million yuan since the beginning of the year

Since the beginning of this year, A-share IPO has gradually improved, and the enthusiasm of securities companies for innovation has increased. The near cost free earnings are still attractive to securities companies. However, due to the fact that the securities companies are Class C investors, and their allocation quantity and income are not as good as those of other financial institutions, many securities companies continue to withdraw from the new team.

According to the statistics of 13 new shares that have announced the inquiry of offline institutions since this year, a total of 40 securities companies engaged in the opening of new accounts on their own, with an average of 1800 shares allocated and a floating profit of 4.4991 million yuan. In addition, since this year, from the average number of days of connected trading after the IPO, the average number of connected trading days is only 5.44 days, which is significantly lower than that of 2018, and the performance is flat.

1800 shares allocated by securities companies

Among the 13 new shares that have announced the inquiry of offline institutions since this year, a total of 40 securities companies engaged in opening new accounts on their own in this round. Compared with the fourth quarter of last year, another 6 securities companies withdrew from opening new accounts on their own. On average, 1800 shares were allocated to the securities dealers in this round of IPO, with a floating profit of 4.4991 million yuan. Among them, Changjiang Securities only participated in offline subscription of one new share.

In addition, since this year, securities companies have participated in offline subscription, and the number of new shares allocated is less than 500, including Hengmingda, Suzhou Longjie, and Ulan Bio. The number of shares allocated to other securities companies participating in offline listing in this round was more than 500, which was mainly caused by the increase in the number of shares allocated for offline subscription of Mingyang Intelligent and Hualin Securities. Among them, 26 securities companies have been allocated 4300 shares of Mingyang Smart to open new accounts on their own, bringing a total floating profit of 935800 yuan, accounting for 20.82% of the total floating profit; All 29 securities companies have been allocated 3600 shares of Hualin Securities to open new accounts on their own, bringing a floating profit of 733900 yuan, accounting for 16.31% of the total floating profit.

The data shows that the annualized rate of return on subscription of Class A (public offering, social security, pension), Class B (insurance, annuity), and Class C (other placement objects such as securities companies) under the average market value cost of the two cities in January was 14.52%, 7.56%, and 2.2%, respectively, and the month on month ratio was significantly higher.

New scenery offline no longer

According to the statistics of 9 offline subscription new shares market since the beginning of the year based on the iFinD data of Flush, the reporter found that as of February 19, the trading days of New Dairy and Blue Biological were 9 days, 7 days for Hualin Securities, 6 days for Suzhou Longjie, 5 days for Mingyang Intelligent, 4 days for Ningbo Water Meter and Qingdao Port, 3 days for Huazhi Liquor, and only 2 days for Bank of Qingdao. So far, the average number of connected trading days after the IPO of this round is only 5.44 days, which is significantly lower than that of last year (data shows that the average number of up and down trading boards before the IPO opening in 2018 reached 8), and the performance is flat.

Everbright Securities said that the revenue from offline innovation has seriously shrunk, and offline innovation is no longer popular. In 2018, the revenue of offline investors was only 18.6 billion yuan. The number of different types of subscription objects has shrunk, and the income of three types of accounts has shrunk significantly. The return rate of category A/B shrank significantly, down nearly 10 percentage points year on year, while the return rate of category C capital of 120 million yuan in 2018 was only 1.03%. Based on the proportion of new shares that lowered the threshold of Class A market value in January 2019 and various new data in 2018, it is estimated that in 2019, Class A investors: the return rate range of accounts of 60 million yuan to 80 million yuan is 5%~6%, and the return rate range of accounts of 120 million yuan to 200 million yuan is 2%~4%; The return rate range of Class B investors is 2%~3%; The return rate of Class C investors is expected to be less than 1%.

What will happen to the A-share market in 2019? Wang Zhengzhi, an analyst with Guotai Jun'an, said that the pilot of the registration system of the science and technology innovation board will bring new challenges to the opening of a new market in 2019: it is estimated that the overall issuance pace will remain relatively low in 2019, with the overall issuance scale of 100 billion yuan - 150 billion yuan. However, considering the incremental reform of the science and technology innovation board, the annual fundraising is expected to reach 200 billion yuan. As the Science and Technology Innovation Board will pilot the reform of the registration system, the probability rate will adopt market-oriented pricing. It is not ruled out that there will be a break, and it is difficult to predict the impact on the new revenue. If market-based pricing is implemented, there will be higher requirements on the pricing ability of each company, and the allocation scale will be significantly improved compared with the current one. It is estimated that the volatility of the innovation of the science and technology innovation board will be further improved.

(Editor in charge: Li Yue, Tong Zongli)

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