The Second Enterprise To Be Transferred To The Board Comes One After Another. Hanbo Hi Tech Plans To Rush To The Gem

After Guandian defense (832317), the second selected enterprise announced its intention to transfer to the board.

On August 13, Hanbo hi tech (833994), a selective listing company, issued a notice on its plan to transfer its shares to the gem of Shenzhen Stock Exchange. It said that the board meeting held by the company on the same day deliberated and passed the proposal on the company's application for listing on the gem of Shenzhen Stock Exchange, and planned to apply for the termination of listing of the company's shares in the national small and medium-sized enterprise stock transfer system, However, the termination of listing still needs to obtain the approval of listing on the transfer board as the effective condition.

In this regard, Zhu Haibin, chief analyst of Anxin securities's new third board, believes that it is of great significance for Guandian defense and Hanbo hi tech to apply for the demonstration of science and technology innovation board and growth enterprise market respectively. The implementation of the transfer board policy may activate the positive cycle of the ecological structure of the new third board, and the investment strategy of the transfer board will go through a complete process, It also provides substantial help for "special fine specialized new" enterprises to better finance and boost the growth of private small and medium-sized enterprises.

The second case of enterprise to be transferred

According to the public information, Hanbo hi tech is a one-stop integrated solution provider for backlight display module, an important component of semiconductor display panel. The company's industrial layout covers the optical design, light guide plate design and precision mold design of backlight display module, and integrates the overall structure design to provide customers with one-stop backlight display module solutions.

In fact, before the announcement of the plan to transfer the board, Hanbo high tech has already received high attention from investors.

According to the first quarter report of Hanbo hi tech in 2021, its top ten shareholders include Changjiang wealth asset management, Hubei Dingfeng Changjiang Investment Management Co., Ltd., Shanghai Xiangdui Asset Management Co., Ltd., Hangzhou Huixing vision equity investment partnership (limited partnership).

Among them, huitianfu innovation growth, a public offering fund product approved to participate in the selective market investment for one year, the number of shares held by huitianfu hybrid securities investment fund increased to 1154800 shares in the first quarter, with the shareholding ratio of 1.67%, ranking the 10th largest shareholder of the company.

In addition, Hanbo hi tech also attracted a large number of institutions to investigate this year. According to the information disclosed by the company, in 2021, Hanbo hi tech has received a total of 18 research institutions in two batches, including 7 securities companies including Kaiyuan securities, Zhongtai securities, Western securities and Guohai Securities, and 11 other investment institutions, including Chenming asset management, Changjiang pension insurance, Panshin capital, China CITIC bank, PICC assets and Hengsheng Qianhai.

"The new third board has not been any institutions to investigate, this year some of the selected layer stocks began to attract institutional attention." From the perspective of the new third board business personnel of a small and medium-sized securities firm in China, intensive institutional research means that individual stocks have a good investment attraction, and market makers have a high enthusiasm for research. "Market makers actually have the most profound understanding of the market, and intensive research is also to seek opportunities to provide income for the company in the process of market making."

In terms of the fundamentals of Hanbo hi tech, the net profits of the company in the past two years were 104 million yuan and 136 million yuan respectively, totaling 240 million yuan, which met the first set of criteria for listing on the gem. From 2018 to 2020, the R & D investment of the company is 104 million yuan, 112 million yuan and 112 million yuan respectively. In addition, by the end of 2020, the company has obtained 213 patents, including 14 invention patents. All these have become the support of Hanbo high tech's rush to the gem.

However, compared with the previous market performance after the defense announcement, Hanbo hi tech's latest stock price is limited by the expected impact of the board listing.

On the first trading day of the company's announcement of its plan to transfer to the gem, Hanbo hi tech's stock price opened high and went low. The stock price rose by more than 20% at the beginning of the trading, and the turnover exceeded 50 million yuan half an hour after the opening. But then the company's share price showed a volatile downward trend. As of August 16, the company's stock price closed at 37.28 yuan / share, up 6.79%. In contrast, in the first trading day after the announcement of the planned board transfer plan, Guandian defense rose more than 24% in a single day.

"I feel that Hanbo hi tech's share price is still disturbed by the company's shareholder reduction plan. Investors may wonder why the company's shareholders want to reduce their holdings before this kind of good news is released." There are investment in the new third board market private sector said.

As the private placement personage said, at the end of July this year, Hanbo hi tech released the announcement of lifting the restrictions on sales of the company's shares. Hefei Xiejie investment partnership (limited partnership), the fourth largest shareholder of the company, and Wang Lijing, the seventh largest shareholder, jointly held more than 10 million restricted shares.

On August 9, 2021, Hanbo hi tech once again released the share reduction plan of the above two shareholders. Among them, the cooperative investment plan will reduce the shareholding by no more than 1.21 million shares at the market price, and Wang Lijing plans to reduce the shareholding by no more than 3.45 million shares. It is worth mentioning that the cooperative investment is the subsidiary of Wang Zhaozhong, the largest shareholder, chairman and general manager of Hanbo hi tech, and Wang Lijing is Wang Zhaozhong's person acting in concert. The reduction of the company's "top leaders" naturally adds to the market doubts.

Four dimensions "capture" potential companies

However, in addition to the stock price reaction of Hanbo hi-tech stocks, the market has high expectations for the selected companies to apply for listing on the board.

Zhu Weiyi, general manager of Guangdong power Equity Investment Fund Management Co., Ltd., said that the transfer conforms to the development law of the new third board market and the spirit of the state on establishing a multi-level capital market.

In his opinion, the landing of the new third board will not affect the position of the new third board market, but will strengthen the position of the new third board market. After the implementation of the transfer board, the new third board market will grasp the flow entrance, which will attract a continuous stream of "specialized and special new" enterprises to list“ This kind of path arrangement of first financing for one year and then listing on the stock market is especially suitable for the "specialized, special and new" technology-based and growth enterprises in urgent need of financing. Listing on the second board also provides another way for enterprises to go public, opening a new listing path for companies listed on the new third board. "

It is worth mentioning that although the two companies that intend to apply for the transfer to the gem have respectively chosen the science and technology innovation board and the GEM market, according to the insiders, in the future, the selected companies will still choose gem as the listing target.

"Taking advantage of the current heat of the transfer board listing, once the company has the strength to list on the gem, it will declare, and there is no need to wait for the scientific and technological innovation board." According to the director of a company listed on the new third board in Beijing, compared with the science and technology innovation board, the gem has relatively loose requirements on the listing threshold and the attribute of scientific and technological innovation. However, the actual effect gap between the two sectors in terms of enterprise financing and development boost after listing is small. Starting from the primary goal of ensuring the success of listing, it is undoubtedly a more secure choice to choose gem to gem.

"In addition to the basic conditions for listing, the market value threshold of gem enterprises is also lower than that of the science and technology innovation board. At present, the total market value of one third of the companies listed in the selection layer is less than 1 billion yuan, which is the situation after the overall rise of the selection layer market this year. This is also enough to make some select layer enterprises choose gem for transfer. " The new third board staff said. According to wind data, as of August 16, a total of 62 enterprises have completed the listing of the selected layer, only 37 enterprises with a total market value of more than 1 billion, and the remaining 25 enterprises can not temporarily meet the minimum market value requirements for listing on the science and technology innovation board.

However, for investors, no matter which sector of the selected layer companies are listed, it means good investment opportunities. According to the calculation of Anxin securities, if it invests in the enterprises which have been delisted from the new third board and listed again, the overall yield of the stocks held after the lifting of the ban is as high as 578%.

However, investors are now entering the selection layer "scavenging", and the investment risk brought by the early surge is also emerging“ In the near future, some selected companies have gained a lot, and their valuations may have included higher expectations of the board Therefore, Zhu Haibin thinks that investors should not only pay attention to whether the enterprise is "transferred", but also need to analyze the matching relationship of the company's growth through the valuation level of the benchmarking company. If the profit growth cannot match the existing valuation, there may be pressure on valuation adjustment in the short term.

Zhu Haibin believes that in addition to paying attention to the indicators required in the conditions for transfer, investors should continue to track the profitability, scientific and innovative attributes, growth, performance, moat and other aspects of the enterprise. With the implementation of the board transfer policy, it is suggested to pay attention to the enterprises in the selection layer whose listing time has not yet met one year, meet the financial indicators of the board transfer, have significant "special precision, specialty and new" attributes, and have advantages over comparable companies in valuation. In addition, we can also pay attention to some companies which are still in the innovation level and have the potential and willingness to declare the selection level.

"The current select layer market is a bit like the pre IPO market, and there are many companies to focus on in the future." Zhu Haibin expects that before the end of the year, it may see the first batch of companies with real significance to realize seamless transformation.