Dark disk price drops more than 10% at most
According to the market of Yao Cai Securities's dark trading market, Xiaomi's dark price was reported at HK$16, and it has been nearby. The highest intraday price was HK$16.58, which closed at HK$16.2, down 4.7% from the offer price of HK$17. The trading price of the trading market was also reported at HK$16, which was 6.25% lower than the IPO price and closed at HK$16.1, which was 5.3% lower than the IPO price.
According to some sources, the price of the off-market dark disk is lower than the price of the dark disk. Some institutional investors have offered a low bid of HK$15.4 in the Xiaomi dark trading, which is 9.4% discount to the offer price of HK$17. The family took over.
Zhang Zhiwei, co-director of Xincheng Securities, expects that the stock price will be repeated downwards after the listing of Xiaomi, but in fact, the safety of the doctors, Yi Xin, Zhong An and other stocks are also very general, but the rebound of the market may also have its share price. Helped.
Yao Yaohui, director of Yaocai Securities Research Department, said that he has not been optimistic about the prospects of Xiaomi's business, so regardless of the short-term performance of the stock price, he will not consider buying, because the volume of dark trading is not active, even if there is an uptrend on the first day of listing. , investors are advised not to chase.
Some market participants said that from the perspective of Xiaomi's dark price, the possibility of breaking the first day of Xiaomi's listing is very high, and many institutional investors will still use traditional hardware companies to understand Xiaomi, so Xiaomi's estimate The value is indeed very high, it is not worthwhile for investors to start at the time of listing, it is better to wait for the stock price to fall to a certain extent, and then lower the absorption.
According to the placement document released by Xiaomi on July 6, the public offering for retail investors is only slightly oversubscribed, and the subscription of a total of 1.035 billion shares is equivalent to 8.5 times oversubscription, as the public offering for retail investors is only slightly Oversubscription, there is no need to trigger a redistribution mechanism.
The final number of the Offer Shares allocated to the International Offering Placees is approximately 2.398 billion shares, representing approximately 110% of the total number of initial Offer Shares available for subscription under the Global Offering. .
Hong Kong's new shares are relatively bleak
Compared with other new economic companies, Xiaomi's subscription situation is very bleak. In fact, many new economic companies in the past are more optimistic than Xiaomi in the process of listing in Hong Kong. In the first half of this year, Ping An Good Doctor ( 01833.HK) At the time of listing, the over-subscription of the public offering for retail investors' subscriptions reached 653 times, and the frozen funds reached 376.8 billion Hong Kong dollars, which is the 11th place in Hong Kong's new stock 'Frozen King'.
And Yi Xin (02858.HK), which was listed in November last year, had 300,000 people to subscribe. Retail investors need to subscribe for 50 hands to get 1 lot, like Zhongan Online (06060.HK), which is available for retail investors in Hong Kong at the time of listing. The public offering part recorded an oversubscription of 392 times, but the share price has plummeted since then, and the current share price is 22% lower than the listed price.
At the same time, the Hong Kong market has been weak recently, and the performance of new stocks has been poor. Except for the poor performance of Xiaomi's dark price, Jiujiang Bank (06190.HK), which recently announced the results of the IPO, only subscribed for 0.28 times for the public offering of retail investors. A total of 72% of the shares that have not been subscribed have been reassigned to the International Offering.
The isotope and irradiation technology supplier China Tongfu (01763.HK) H shares was listed on the first day of last Friday, but it is difficult to escape the fate. The stock finally closed at HK$20.1, down 6.94% from the listed price.
In the case of poor market conditions, Qiqi Technology (01739.HK), which specializes in Internet home improvement platforms, said that after consulting the joint bookrunner and considering the current market conditions, it announced that the new share issue price will be lowered to HK$4.85, and the original offer price. The range is 6.8 to 9 Hong Kong dollars. The latest offer price is 29% lower than the lower limit price. If the calculation is based on the upper limit price of HK$9, the price cut will reach 46%, and the offer will be postponed until July 12.
According to market news, Zhejiang Cangnan Instrument (01743.HK) may also delay listing. Due to the temporary cancellation of subscription by large investors, the international placement part for institutional investors subscribed for insufficient subscription, so it is necessary to delay the listing plan. Listed on July 13, it plans to raise 640 million to 900 million Hong Kong dollars.
Although many people are worried about the prospects of Xiaomi's listing, in fact, it can be seen from the latest details on the market that the stability of Xiaomi's share price may be strengthening.
According to the announcement of the Hong Kong Stock Exchange on the evening of July 4, Xiaomi will be listed on the approved short-selling designated securities at the same time as Xiaomi's listing on July 9. Xiaomi's futures and options will also be launched. Secondly, Xiaomi IPO has enabled 'green' The shoe mechanism', that is, the over-allotment option mechanism, and issued about 200 million new shares through Green Shoes, is almost twice the Hong Kong public offering, which is also conducive to enhancing stability and certainty.