according to panoramic data monitoring, as of February 25, there were 841 IPO information disclosure enterprises under review, including 225 A-share main boards (main boards of Shanghai Stock Exchange and Shenzhen Stock Exchange), 550 science and innovation board and Shenzhen Stock Exchange gem, and 66 Beijing stock exchange
this week (February 19-february 25), 15 enterprises passed the meeting, and 13 enterprises including Yongsi electronics, Jianke Co., Ltd., Xichi test, KUKE electronics, CNOOC, Dongguan securities, Sunshine Dairy, Yongxin Zhicheng, AVIC UAV, Jiahuan technology, Tianli lithium energy and Yuanxiang new material passed the meeting, with a passing rate of 86.67%. Whether the current IPO has been approved for two consecutive days, Huanyang Xincai and Hengmao high tech “broken dreams” A shares
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two consecutive days of IPO rejected
On February 24, the CSRC announced the audit results of the 20th meeting of the 18th development and Examination Commission in 2022. China National Offshore Oil Co., Ltd. (initial) was approved, while Ningbo Huanyang new materials Co., Ltd. (initial) was not approved.
On February 25, according to the information disclosed on the official website of Shenzhen Stock Exchange, the gem IPO of Hunan Hengmao High Tech Co., Ltd. (hereinafter referred to as “Hengmao high tech”) failed to pass.
The two companies have different reasons for whether the IPO is approved or not for two consecutive days. Ningbo Huanyang New Material Co., Ltd. (hereinafter referred to as “Huanyang new material”) is a high-tech enterprise specializing in the R & D, production and sales of epichlorohydrin. Its main products are epichlorohydrin. Except for epichlorohydrin, the company’s other main business income is mainly the income from the external sales of calcium oxide and by-product calcium chloride.
Huanyang new material launched an impact on the main board of Shanghai stock exchange more than one month after withdrawing the application for science and innovation board. Previously, the CSRC mentioned in its feedback that during the reporting period, the issuer had related sales, related procurement and inter-bank lending of related parties. It is required to explain whether there are customers or suppliers jointly owned by related parties and the issuer, and whether there is cardiopulmonary bypass or fictitious business.
According to the announcement of the audit results of the development and Examination Commission, the on-site members of the meeting mainly discussed the relationship between Huanyang Co., Ltd. and Wanhua chlor alkali and Wanhua Chemical Group Co.Ltd(600309) the company’s core raw material glycerol mainly depends on import, and the company’s income mainly comes from the sales of epichlorohydrin.
According to the prospectus of Hengmao high tech, the company is a professional manufacturer of network communication equipment, and its business includes the R & D, design, production and sales of related products. The company’s products mainly include switches, routers, wireless WiFi access devices, network cards, etc., mainly switch products.
At the municipal Party committee meeting, Hengmao high tech mainly raised three questions. The controlling shareholder and actual controller of Hengmao hi tech is Guo min, and Jiang Hanbai is the person acting in concert. They directly and indirectly control 73.87% of the shares of the company. The municipal Party committee asked Hengmao high tech to explain whether the company’s employees hold the equity of the company through Zhaohe Weigong and whether the equity of the company held by Jiang Hanbai is held by Guo min on behalf, and whether the ownership of the company’s shares held by the controlling shareholder, actual controller and persons acting in concert is clear. In addition, the listing committee also required Hengmao high tech to explain the rationality that the gross profit margin of products during the reporting period was significantly higher than that of comparable companies in the same industry in combination with business model, cost control level, customer bargaining power and other factors.
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this year’s first listed securities company successfully held the meeting
On February 24, Dongguan securities held its first meeting. If the listing is successful, Dongguan securities will be the first listed brokerage in 2022 and will become the 49th brokerage share of a shares.
In terms of equity structure, the listed company Guangdong Golden Dragon Development Inc(000712) holds 40% equity of the securities firm. The three enterprises controlled by Dongguan SASAC hold 55.4% of the shares of Dongguan securities.
In fact, it was revealed that the IPO of Dongguan securities was suspended by the shareholders’ meeting in June, 2015. In fact, the IPO of Dongguan securities was suspended as early as June, 2022.
It was not until February 5, 2021 that the CSRC resumed the examination of Dongguan securities’ application for IPO. At that time, Guangdong Golden Dragon Development Inc(000712) announced the resumption of IPO review by the Securities Regulatory Commission of Dongguan securities.
Guangdong Golden Dragon Development Inc(000712) said that after receiving the notice of China Securities Regulatory Commission on the resumption of examination of administrative license application (No. 151665) from the participating company Dongguan securities, the China Securities Regulatory Commission examined the application for resumption of examination of application documents for initial public offering and listing of Dongguan Securities Co., Ltd. submitted by Dongguan securities in accordance with the law, Considering that the application meets the conditions for resuming the examination, it is decided to resume the examination of the administrative license application in accordance with the relevant provisions.
According to the unaudited performance of Dongguan securities in 2021 announced by Guangdong Golden Dragon Development Inc(000712) announcement, the securities firm’s revenue in 2021 was 2.729 billion yuan, with a net profit of 942 million yuan. From the perspective of business, the brokerage business has the largest revenue, which is 1.291 billion yuan, accounting for nearly 50% of the overall revenue. It can be seen that Dongguan securities relies heavily on brokerage business.
At present, a number of securities companies are in the stage of queuing for listing. Wind data shows that, including Dongguan securities, there are capital securities, Cinda securities, Wanlian securities and Bohai Securities. A total of five securities companies are in the application stage of IPO. In addition, Caixin securities, Huabao securities, Huajin securities, Guokai securities, Hualong securities and Donghai securities are in the filing guidance stage.
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LETV’s aftermath is still blocked in the IPO process of dozens of companies
Not long ago, the CSRC officially punished LETV for financial fraud, and Zhongde securities, Jindu law firm (hereinafter referred to as Jindu Office) and ShineWing Certified Public Accountants (hereinafter referred to as ShineWing) have also been filed for investigation. It is reported that at that time, Zhongde securities served as the sponsor and lead underwriter of LETV’s fixed growth event, Jindu office was a lawyer, and ShineWing served as the audit institution.
Affected by this matter, the IPO process of over 90 enterprises has been suspended. Among them, there are 15 industrial chain enterprises such as semiconductor and new energy, and there are many star projects, such as Alipay supplier Obi China light, small and medium-sized display panel manufacturers from Visionox Technology Inc(002387) , Qing tech, semi conductor equipment company, Tang Tang stock company, foundry enterprise crystal integration, Electronic special gas supplier Qiaoyuan gas, EDA enterprise Huada Jiutian, Foxconn & Huawei supplier Kaige precision machine, mobile & Huawei supplier Yuandao communication, etc.
Among them, Obi Zhongguang, Yitang Co., Ltd., Qiaoyuan gas, Yuandao communication, xianglou Xincai, Kaige Jingji and Huada Jiutian have reached the stage of submission for registration. Qingyue technology, Yuanjie technology, Beijing Tongmei, Jinghe electronics and Shengke communication have just submitted their prospectus. Hehong Co., Ltd. has completed the third round of inquiry reply, and Jinghe integration has completed the second round of inquiry reply, Xinghe shares were suspended on the eve of the meeting.
From the past cases, if the IPO process of an enterprise is suspended due to the filing and investigation of an intermediary, the impact on the enterprise may be limited. As long as the enterprise organizes the intermediary to conduct a review, issues a review report and opinions, and then submits a review application to the exchange or the CSRC, the normal review process can be resumed after the review application is reviewed by the supervisor.
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ipo Market Overview
(I) A-share main board
According to the public data of the CSRC, as of February 25, a total of 225 enterprises have applied for the initial listing of A-share main board, including 140 pre disclosure and update, 48 have been fed back, 18 have passed the development and Examination Commission and 19 have been accepted.
Figure 1: distribution of trial status of enterprises applying for IPO on the A-share main board
(II) scientific innovation board and gem
According to the public data on the websites of Shanghai Stock Exchange and Shenzhen Stock Exchange, as of February 25, a total of 550 enterprises have applied for initial listing on the science and innovation board or gem, including 321 enterprises that have been inquired, 100 have submitted registration, 41 have been suspended, 40 have taken effect, 26 have been approved by the municipal Party committee meeting, 9 have been accepted, 7 have been suspended (other matters) and 4 have been suspended (financial report update), At the last municipal Party committee meeting, the deliberation of one company was suspended, and the deliberation of one company was suspended.
Figure 2: distribution of acceptance status of enterprises applying for initial listing on the science and innovation board and the Shenzhen Stock Exchange gem
(III) Beijing stock exchange
According to the public data on the website of the Beijing stock exchange, as of February 25, a total of 66 enterprises have applied for the initial listing of the Beijing stock exchange, including 39 have been inquired, 20 have been suspended, 4 have been registered, 2 have been approved at the municipal Party committee meeting, and 1 has been accepted.
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latest IPO queue
