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Two "new third board"-listed premium-tier firms announce stock offering prices

June 30, 2020


Abstract : Two firms listed on China's "new third board' - National Equities Exchange and Quotations (NEEQ) announced the offering prices of their stocks to be listed on NEEQ's premium tier on Monday, reported Securities Daily.

BEIJING, June 30 (Xinhua) -- Two firms listed on China's "new third board", the National Equities Exchange and Quotations (NEEQ) announced the offering prices of their stocks to be listed on NEEQ's premium tier on Monday, reported Securities Daily.

Previously on April 27, NEEQ started receiving applications for public listing of stocks on its premium tier by qualified firms already listed on its innovation tier, a key move for China's reform of the "new third board" as by setting up the NEEQ premium tier and trans-board listing rules, quality NEEQ-listed firms can gain "green channel" to list on China's A-share market.

Statistics with NEEQ showed that the two companies, namely Nutrichem (NEEQ: 833819) and Shanghai i2Finance Technology Co., Ltd. (NEEQ: 830799) set their stock public offering prices at 5.45 yuan per share and 25.18 yuan per share, with respective price earnings ratios (P/E ratio) at 24.77 and 49.31.

Nutrichem planned to issue no more than 100 million shares to raise at most 545 million yuan and Shanghai i2Finance Technology intended to offer up to 8.80 million shares to raise no more than 220 million yuan.

Generally speaking, their stock offering prices were basically in line with market anticipations despite their not low P/E ratios and were acceptable to investors, Zhou Yunnan, founder of Beijing Nanshan investment told the newspaper.

As Zhou noted, the completed setting of the two stocks' offering prices would provide effective reference for price inquiries, inject confidence into the market hoping for successful formal debut of the premium tier of NEEQ, and likely to attract more funds to participate in online and offline stagging of the premium tier. 

Once the stock offering prices of the two companies are released, stagging of ordinary qualified investors was about to begin, said Xie Cai, chief industry analyst with the new third board research institute jointly founded by Beijing Huacai Accounting Co., Ltd. and the Business School of Beijing Technology and Business University.

On July 1, Nutrichem and Shanghai i2Finance Technology Co., Ltd. will kick off online subscription of their stocks to be listed on premium tier of NEEQ.

Xie suggested that investors should obtain thorough knowledge of the industry prospects, corporate fundamentals, management staff and risks of new listings.   

In early June, China Securities Regulatory Commission (CSRC), the sector watchdog, promulgated rules allowing NEEQ premium tier-listed enterprises with their stocks quoted for trading for at least one year to apply for trans-board listing on Shanghai Stock Exchange sci-tech innovation board, China's Nasdaq-style tech board and the ChiNext market on Shenzhen Stock Exchange. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)

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Keyword: NEEQ new third board premium tier offering prices

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