The data show that up to now, 33 of the 36 IPO projects submitted for approval since 2022 have successfully passed the meeting, the passing rate has increased slightly compared with the same period last year, and the total fund-raising has increased by nearly 230%. Meanwhile, in the case of a sharp decline in the number of projects submitted for approval, the number of IPO companies terminated in January remained the same as that in the same period last year. Insiders believe that with the expected warming of the implementation of the comprehensive registration system, the IPO scale will be further expanded, and the investment banking revenue of securities companies is expected to increase significantly in 2022.
the number of projects submitted for approval fell sharply
According to the data, as of February 8, 36 IPO projects have been submitted for approval since 2022, of which 33 projects have passed the review, accounting for 91.67%, and the approval rate has increased by 0.1 percentage points compared with the same period last year.
Specifically, among the audited projects, 4 enterprises plan to be listed on the main board of Shanghai Stock Exchange and 8 enterprises plan to be listed on the science and innovation board; 3 to be listed on the main board of Shenzhen Stock Exchange and 15 to be listed on GEM; Three companies intend to be listed on the Beijing stock exchange.
From the perspective of sponsors, Citic Securities Company Limited(600030) has five successful IPO projects, with the largest number; The second is Haitong Securities Company Limited(600837) , with 4 IPO projects passing the meeting; Guosen Securities Co.Ltd(002736) , China Securities Co.Ltd(601066) securities and Sinolink Securities Co.Ltd(600109) all had three IPO projects at the meeting, and the number ranked third.
It should be noted that in the same period of 2021, 83 IPO projects were submitted for approval, of which 76 were approved. Compared with the same period in 2021, although the approval rate has increased slightly this year, the number of projects submitted for approval and the number of projects held at the meeting have decreased significantly.
The total number of items that failed to pass the audit due to the Spring Festival (excluding the total number of items that failed to pass the audit in the same period) remained flat with the total number of items that failed to pass the audit due to the active withdrawal of the audit in the same period last year.
fund raising increased significantly year-on-year
From the perspective of IPO fund-raising scale (according to the statistics of listing date), the data show that as of February 8, the total IPO fund-raising since 2022 has been 113.256 billion yuan, an increase of 229.26% over the same period last year (34.397 billion yuan). From the perspective of IPO underwriting amount of sponsors, Citic Securities Company Limited(600030) since this year, the underwriting scale has reached 34.863 billion yuan, ranking first; Followed by China International Capital Corporation Limited(601995) , with an underwriting amount of 27.619 billion yuan; The third place is Haitong Securities Company Limited(600837) , with an underwriting amount of 15.94 billion yuan.
With the expected warming of the main board landing registration system in 2022, Anxin Securities believes that the IPO scale will be further expanded after the full implementation of the registration system, and its impact will be reflected in: on the one hand, it will drive the steady growth of investment banking business of securities companies and bring opportunities for direct investment and follow-up investment business of securities companies; On the other hand, it will drive the expansion of the asset side of the capital market. Anxin securities expects that the investment banking revenue of securities companies will increase by 15% year-on-year in 2022.
In addition, since the pilot of the registration system, most incremental projects come from small and medium-sized technology enterprises with low average fund-raising scale, and such projects are usually dominated by small and medium-sized securities companies with regional characteristics. The reform of registration system gives small and medium-sized securities companies an opportunity for differentiated development of investment banking business, and may reshape the competition pattern of securities companies and investment banks in the future.
AVIC Securities believes that the gradual improvement of the pilot registration system of the science and innovation board and the gem, as well as the opening of the Beijing stock exchange, will bring a large number of project reserves to securities investment banks. At the same time, based on the value discovery ability of investment banks, the following investment business of securities companies has become a new profit growth point for investment banks.
From the perspective of the whole industry, Guotai Junan Securities Co.Ltd(601211) Securities believes that the high growth of institutional business brought by wealth management business is gradually recognized by the market, and the wealth management industry chain will provide power for the growth of securities business performance in the future.
In addition, new markets bred by innovative businesses will also contribute to performance increment. China Post Securities believes that the expansion of securities lending scale, the strong demand for derivatives business inside and outside the market, the exploration of securities settlement model funds and the popularity of the “investment bank + investment” two wheel driven business model will raise the performance level of securities companies.
