In the first week after the Spring Festival holiday, the audit of A-share IPO was in full swing.
Statistics show that from February 7 to February 11, 25 IPO companies under review have updated the review progress, and the listing guidance and filing of another 9 companies have been accepted. In the same period, the investment banking department of securities companies also opened the national business trip mode.
Behind it is the strong direct financing demand of the real economy under the background of the steady progress of the registration system. According to data statistics, excluding the application projects of terminating examination and registration, 867 enterprises are lining up for IPO of a shares, and 2149 enterprises are in the state of IPO counseling.
Update progress of 25 enterprises under review
“As soon as the regulators started work after the festival, they have ‘riveted enough strength’, and the review work such as acceptance of application, feedback and listing review is progressing steadily.” An investment banker from a securities firm in South China told reporters.
On February 7, Fujian Qiaolong emergency equipment Co., Ltd. (hereinafter referred to as “Qiaolong emergency”) accepted its IPO application on the gem, becoming the first enterprise to accept its IPO application in the year of the tiger.
On February 9, Beijing Tongmei Crystal Technology Co., Ltd. (hereinafter referred to as “Beijing Tongmei”), an IPO applicant on the science and innovation board, received the first round of inquiries from the audit center of Shanghai Stock Exchange. Beijing Tongmei is a semiconductor material technology enterprise. Its products can be used to produce RF devices, optical modules, LEDs, lasers, detectors, sensors, space Cecep Solar Energy Co.Ltd(000591) batteries and other devices. Its application materials were accepted on January 10.
On February 9, the Shanghai Stock Exchange issued the announcement of the first review meeting of the municipal Party Committee on the science and innovation board in the year of the tiger, announcing the time of the first meeting of the municipal Party committee in the year of the tiger. The initial application of lingyunguang Technology Co., Ltd. and Beijing Innotech Biotechnology Co., Ltd. will be reviewed on the morning of February 16, thus becoming the first batch of IPO enterprises in the year of the tiger.
As of February 11, Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing stock exchange have all made arrangements for the “first instance” of the IPO in the year of the tiger. Among them, three municipal Party committee meetings have been arranged on the science and innovation board, and one has been arranged by Shenzhen Stock Exchange and Beijing stock exchange respectively. This week, there will be a total of 10 enterprises under the registration system, including 9 for IPO and 1 for refinancing.
Investment banks are busy “flying”
investment banks are also busy.
“Although the office building is still filled with a strong spring festival atmosphere, most of the stations in the office are empty, and colleagues have been on business all over the country.” The general manager of the investment banking department of a small and medium-sized securities firm in Shanghai told reporters.
Another investment banker told reporters that in fact, from the beginning of the new year, he has been conducting remote interviews with IPO shareholders. “During the whole Spring Festival, I worked overtime and wrote dozens of pages of materials to record the time, source and authenticity of the capital contribution of more than a dozen shareholders. Supervision requires intermediaries to be effective and diligent, and we need to be more cautious in practice than in the past.”
An investment banker from another securities firm in Shenzhen said that he was also working overtime to prepare inquiry and reply materials during the Spring Festival. “Now the questions asked by the exchange are very detailed and highly professional, which can be called the ‘soul torture’ of the enterprise.”
Bao Dai, a medium-sized investment bank in Shenzhen, said that under the background of tightening the responsibilities of intermediaries, investment bank personnel are comprehensively checking the quality of companies to be listed. “In the past, there were only 5 members in our project team, but later it increased to more than 10. In the IPO inspection, we will not only strictly check the prospectus materials, whether the enterprise is legal and compliant, financial authenticity, etc., but also conduct in-depth analysis on the customer’s industry valuation level and the enterprise’s own business highlights, and conduct independent modeling and analysis if necessary.”
It is understood that in order to improve the ability to perform their duties and improve the project passing rate, intermediaries have also strengthened the advance prediction of project selection and issuance difficulty, and will conduct in-depth research on the specific business of customers when undertaking the project, so as to improve the implementation efficiency and sales feasibility of the project. “Only by selecting the right project can the investment bank ensure the success rate of the project in the audit.” Li Xinggang, managing director of the investment bank, told reporters.
more than 800 companies lined up for IPO
According to statistics, among the 867 IPO companies under review, the gem accounted for nearly half, and the number reached 411. In addition, there are more than 100 enterprises under review on Shanghai Stock Exchange main board, Shenzhen Stock Exchange main board and science and innovation board, and 72 enterprises under review by Beijing Jiaotong.
Among them, 633 enterprises are listed under the registration system, accounting for more than 70%. In terms of industries, the fund-raising amount of electronic equipment, biomedicine, software and other industries ranks first.
From the perspective of securities companies, “three middle schools and one China” occupies an absolute advantage. Among them, the sponsor of more than 100 enterprises is Citic Securities Company Limited(600030) , followed by China Securities Co.Ltd(601066) , China International Capital Corporation Limited(601995) , Huatai Securities Co.Ltd(601688) .
The general manager of an investment bank in Shanghai predicts that the number of IPOs and financing amount of Shanghai Stock Exchange and Shenzhen Stock Exchange will rise steadily this year, the Beijing stock exchange will also continue to expand, and the market scale and liquidity will increase significantly, which will open space for incremental business of securities companies.
