理性看待明星科技股IPO的弃购现象

证券日报 00:11

■邢萌　　宇树科技日前公布的科创板IPO发行结果显示，其发行的8734股被网上投资者放弃认购，网下投资者放弃认购则为0股。相比之下，此前上市的另一只明星科技股长鑫科技IPO发行也遭遇了百万股量级的弃购，且弃购的同样主要为网上投资者。　　上述两只明星科技股遭遇投资者弃购引起了广泛关注，缘于今年以来，A股市场新股上市无一破发，且首日股价涨幅平均超过了200%，加之明星科技股普遍市场热度颇高，中签率...

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stocks","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09834":0.6,"07261":0.6,"03086":1.5,"03034":0.6,"TTTN":1.5,"09086":0.6,"KCE":1.5,"XLK":1.5,"VGT":1.5,"03455":0.6,"07266":0.6,"IPOS":1.5,"REDS":1.5,"FRHC":1.5,"07568":0.6,"02834":0.6,"07522":0.6},"content_text":"■邢萌\n　　宇树科技日前公布的科创板IPO发行结果显示，其发行的8734股被网上投资者放弃认购，网下投资者放弃认购则为0股。相比之下，此前上市的另一只明星科技股长鑫科技IPO发行也遭遇了百万股量级的弃购，且弃购的同样主要为网上投资者。\n　　上述两只明星科技股遭遇投资者弃购引起了广泛关注，缘于今年以来，A股市场新股上市无一破发，且首日股价涨幅平均超过了200%，加之明星科技股普遍市场热度颇高，中签率较低，本该“一签难求”的场面与部分投资者选择弃购形成了极大反差。\n　　笔者认为，弃购不过是市场分歧的正常映射，既不宜被解读为“看空”，也谈不上作为评判新股成色的依据。\n　　事实上，明星科技股IPO遭遇弃购并不鲜见。纵观过往案例，选择弃购明星科技股IPO发行股份的，大多为网上投资者（以个人投资者为主），网下投资者（以机构投资者为主）则相对较少。一个值得注意的细节是，大多数个人投资者并非主动选择弃购。\n　　具体来看，个人投资者弃购主要包括以下两种情形：一是投资者未及时关注中签信息，错过缴款期限；二是投资者中签后账户资金不足。\n　　可见，这些原因与投资者对公司基本面的判断无关，换言之，弃购无法被解读为投资者“看空”。\n　　明星科技股的市场关注度更高，新股申购人群更为庞大，其中不乏对缴款等规则不熟悉的个人投资者，这客观上放大了弃购数量。也正因为此，弃购的绝对值并不能准确反映个股的质量。以长鑫科技为例，其网上弃购数量超600万股，绝对值不低，但整体弃购率却不足千分之一。\n　　当然，也不排除一小部分投资者主动弃购，是出于对新股发行定价及行业不确定性的风险考量。主动弃购，可能源于投资者对发行定价合理性的疑虑，或出于对技术商业化前景及行业周期波动的担忧。\n　　这种分歧的存在，恰恰是注册制下市场定价机制走向成熟的体现。注册制改革的核心要义，在于将新股定价权交还市场，让价格真正反映买卖双方的博弈。既然定价源于博弈，部分投资者基于自身判断选择“用脚投票”，本身就是市场化机制运转的正常一环。热度再高的科技新股，同样需要经历价格发现的过程——高热度不等于安全垫，明星光环也不等同于投资保障。能够在发行阶段展现分歧，说明市场在发挥作用，市场定价并未被单边情绪裹挟。\n　　弃购也是投资者结构分化与定价效率提升的自然反映。市场化定价不是一次性博弈，而是买卖双方反复博弈、逐步收敛的过程。明星科技股因技术先进、商业模式新，往往缺乏估值参照。由此，弃购的出现，也体现了价格发现过程中不同参与者基于各自判断做出的差异化选择，这种调节，有助于约束定价虚高倾向，推动新股估值趋于理性。\n　　可以说，弃购分歧正是注册制下市场自我纠偏的外在体现。而个股定价是一个持续修正的过程，明星科技股的价值，应主要在长期经营中逐步兑现，这也是A股市场走向成熟的重要体现。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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