As the "leader" of Chinese mainland wafer foundry, SMIC has attracted much attention since it announced its return to A shares. This time, the skyrocketing listing is precisely because investors reflect this concern on the stock price. As of the close of the day, the stock rose 20 1.97% in the A-share market to close at 82.92 yuan/share.
The impact of SMIC's listing actually has little impact on SMIC's market today.
The main reason for this wave of market decline is the trampling of market funds formed by institutional shipments. However, at this time, the organization shipped goods. Recalling the "cooling down" signal over the weekend, it can be understood that the stock market rose too fast in the early stage. Now it is time to cash in the chips that made money in the early stage, including this round of adjustment caused by the reduction of stocks by large funds. This adjustment has gone from the previous shock to a slight decline, and then to the current plunge. Obviously, it is not so fast to stop the decline in the short term.
Today was originally the first day of the listing of SMIC, a leading domestic chip manufacturer. It should have been a lively scene of gongs and drums and red flags flying. However, the SMIC gas field is too full, rising by 202% throughout the day, with a turnover of 48 billion and a total market value of 1000 billion. However, SMIC listed in Hong Kong fell by 22%, which was implicated in the overall decline of the A-share semiconductor sector.
It never rains but it pours. Even Maotai, a sacred wine, was named by the official media. Last night, I published an article asking: Why did Maotai become a hard currency of official corruption? Maotai, with a market value of 2 trillion yuan, shivered, with an intraday decline of 9%, which led to the collapse of liquor consumption and went straight to the capital base camp in the north to collectively reduce the consumption of ETF funds, from liquor to medicine.
Before SMIC, a science and technology innovation board, went public, the stocks in this theme direction rebounded obviously. However, after the expected landing and the listing of SMIC in science and technology innovation board, there was an obvious pullback of such varieties. For semiconductor and technology stocks, we believe that the logic of medium-term optimism has not changed. Under the background of technological innovation and independent control, technology stocks are expected to be active again and again.
Companies in China can choose to list on A shares or Hong Kong stocks, and some companies will choose to list on both A shares and H shares. In fact, it is unfair for listed companies to list on both A shares and Hong Kong stocks at the same time, and A shares often have to pay higher consideration. First listed in A shares, there will generally be a discount when listed in Hong Kong stocks, and then there will generally be a premium when listed in A shares. Because of this, the A-share investment yield of the same stock is much lower than that of Hong Kong stocks in the same period.
For example, WuXi PharmaTech, 20 18, went public for the first time. After applying for listing in Hong Kong, the 20-day moving average of A shares was in 82 yuan, but the price of Hong Kong stocks was only HK$ 68, which was less than 70% of the average price of A shares at that time. Hong Kong shareholders get the shares of Wuxi PharmaTech at a discount.
China Petroleum was listed in Hongkong in 2000. On June 9, 2007, Kloc-0 announced its return to the A-share market. On August 23rd, the A-share issuance plan was formally adopted. At that time, the price was only 7.4 Hong Kong dollars. After returning to A, the company's Hong Kong stock price rose sharply. At that time, the price of Hong Kong stocks was only 15 yuan, and the average price of Hong Kong stocks on the 20th was only about 12 yuan. However, when A shares went public, the price was as high as 16.7 yuan, and the premium of A shares was close to 50%.
In addition to China Petroleum, China Ping An is also this routine. China Ping An's Hong Kong stock market only 10 yuan in 2004, and its A-share market rose to 33 yuan in 2007. In addition, the stock price is very high. If dividends are not counted, China Ping An didn't really break through the issue price until 2065,438+04, allowing A-share investors to make money. Even so, the 200% return rate of A-share investors is far lower than the nearly 400% return rate of Hong Kong stock investors in the same period.
This time, SMIC announced its return to A-shares on May 5th, and then the stock rose from 15 yuan to nearly 29 yuan (HK$). A little higher will surpass 30 yuan, and the increase will nearly double. If the issue price of SMIC A shares exceeds 14 yuan, the shareholders of A shares will lose a lot compared with the shareholders of Hong Kong stocks.