on July 16th, SMIC, which has the highest market value in the mainland semiconductor industry, officially landed in science and technology innovation board, A-share. Based on the issue price of 27.46 yuan/share, its share price soared by 245.96% to 95 yuan/share, and its market value soared to 678 billion yuan.
as the "leader" of wafer foundries in mainland China, SMIC has attracted much attention since it announced its return to A shares. This time, the listing has soared, and it is precisely investors who reflect this concern on the stock price. As of the close of the day, the stock rose 21.97% on the A-share market, closing at 82.92 yuan/share.
the impact of SMIC's listing, in fact, SMIC has little impact on the market today.
the main reason for this wave of market decline is the stampede of funds in the market formed by institutional shipments. However, when the organization shipped the goods at this time, it can be understood by recalling the "cooling" signal at the weekend that the stock market rose too fast in the early stage, and now it is time to cash out the profit-making chips in the early stage, including this round of adjustment caused by the reduction of stocks by large funds. This adjustment has changed from the previous shock to a small 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 domestic chip manufacturing leader SMIC. It should have been a lively scene with gongs and drums and red flags. However, the gas field of SMIC was too full, with a turnover of 48 billion yuan and a total market value of 61 billion yuan. However, SMIC, which was listed in Hong Kong, fell by 22%, which implicated the overall decline of the A-share semiconductor sector.
It never rains but it pours. Even Maotai, the divine liquor, was named by the official media. Last night, an article was published asking: Why did Maotai become a corrupt hard currency in officialdom? Maotai, with a market value of 2 trillion yuan, shivered, with an intraday drop of 9%, which led to the collapse of liquor consumption, and went straight to the base camp of funds in the north, and collectively reduced the consumption of ETF funds, from liquor to medicine.
Before the listing of SMIC in science and technology innovation board, the stocks in this theme direction rebounded obviously. However, after the expected landing and the listing of SMIC in science and technology innovation board, such varieties showed an obvious pullback. 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 show a trend of repeated activity.
China companies can choose to list on A shares or Hong Kong stocks, and some will choose to list on both A shares and H shares. In fact, it is unfair for listed companies to list A shares and Hong Kong stocks, and A shares often have to pay higher consideration when they are listed. First listed on the A-share market, there is usually a discount when listed on the Hong Kong stock market, and then there is usually a premium when listed on the A-share market. 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 listed on the A-share market first in 218. After the application for listing in Hong Kong stocks was approved, the 2-day moving average of A-shares was 82 yuan, but the price of Hong Kong stocks was only 68 Hong Kong dollars, which was less than 7% of the average price of A-shares at that time. The shareholders of Hong Kong stocks got the shares of WuXi PharmaTech at a discount.
China Petroleum was listed on the Hong Kong stock market in 2. On June 19th, 27, it was announced that it would return to the A-share market. On August 23rd, it officially passed the A-share issuance plan. At that time, the price was only HK$ 7.4. After it was confirmed to return to A, the stock price of the company's Hong Kong stocks rose sharply. At that time, the price of Hong Kong stocks was only in 15 yuan, and the average price of Hong Kong stocks was only around 12 yuan on the 2th. However, when A shares were listed, the price was as high as 16.7 yuan, and the premium of A shares was close to 5%.
in addition to China petroleum, China ping an is also a routine. China Ping An's listing of Hong Kong stocks in 24 was only 1 yuan, but it rose to 33 yuan when A shares were listed in 27. In addition, the share price opened higher. If dividends are not counted, China Ping An won't really break through the issue price until 214, so that A-share investors can make money. Even so, the 2% yield of A-share shareholders is much lower than that of Hong Kong stock investors, which is close to 4% in the same period.
This time, SMIC announced its return to A-shares on May 5th, and then the stock rose from around 15 yuan to close to 29 yuan (HK$). If it rose a little more, it would surpass 3 yuan, with an increase of nearly double. If the issue price of SMIC A shares exceeds that of 14 yuan, the shareholders of A shares will lose a lot compared with the shareholders of Hong Kong stocks.