The shock wave of suspension of IPO review caused by the investigation of three intermediaries, ShineWing certified public accountants, Beijing Jindu law firm and Sino German securities, is continuing.
According to the latest information released by the CSRC, the IPO review of Guangdong Nanhai rural commercial bank and Chongqing Three Gorges bank was suspended. Previously, the review status of both was "pre disclosure and update". According to the information, the law firm of Guangdong Nanhai Rural Commercial Bank IPO is Beijing Jindu law firm, and the accounting firm of Chongqing Three Gorges Bank IPO is ShineWing Certified Public Accountants (special general partnership).
In fact, due to the investigation of the above intermediaries, many enterprises have suspended the IPO review, and some listed companies have been implicated in fixed value-added projects and pressed the "pause key".
Wang Jiyue, a senior investment banker, told the associated press that the administrative licensing projects in charge of the intermediary institutions will be affected if they are investigated.
Referring to the suspension of IPO review, an insider said frankly that there had been a "suspension tide" in the IPO market due to the investigation of intermediaries, which generally will not have a substantive impact on the company's IPO, but it may slow down the IPO process to a certain extent.
From the IPO process of Guangdong Nanhai rural commercial bank and Chongqing Three Gorges bank, the two impact A-Shares at different times. Guangdong Nanhai Rural Commercial Bank launched an impact on A-Shares relatively early, and its initial application was accepted in June 2019; The IPO of Chongqing Three Gorges bank will be accepted on June 28, 2020. However, the previous IPO review status of both companies has been updated for pre disclosure.
For the suspension of IPO review, Wang Jiyue said that as long as the review meets the conditions for submitting the application for resumption of review, the review can be resumed, which generally takes about a month.
In fact, due to the investigation of the above intermediaries, the existing bank administrative licensing projects were once affected recently. Bank Of Chongqing Co.Ltd(601963) the proposed issuance of convertible bonds will raise no more than 13 billion yuan. On January 28, the bank announced that the law firm hired for this issuance of convertible bonds was filed for investigation by the CSRC because of the legal services provided by other companies. The bank received the notice of suspension of examination of administrative license application issued by the CSRC on January 26.
However, as of the announcement date on January 28, Bank Of Chongqing Co.Ltd(601963) said that the intermediary had performed a comprehensive review procedure on matters related to the issuance of convertible bonds and met the conditions for submitting the application for resumption of review. The bank had submitted the application document for resumption of review of the issuance of convertible bonds to the CSRC.
