Since this year, the capital market has made remarkable achievements in increasing the proportion of direct financing, and the number of IPOs and fund-raising scale have increased. According to the statistics of the reporter of Securities Daily, as of December 8, 461 companies (including 11 newly listed companies on the Beijing stock exchange) in the A-share market had been listed for the first time, an increase of 29% over the same period last year; The actual funds raised from the initial public offering reached 463.4 billion yuan, a year-on-year increase of 5.6%.
In terms of the listing sector, this year, there are 150 newly listed companies on the science and innovation board, 183 newly listed companies on the gem and 11 newly listed companies on the Beijing stock exchange under the registration system, a total of 344, accounting for 74.6%.
"This year's IPOs are mainly concentrated on the gem and the science and innovation board. While the number of IPOs has increased significantly, the average fund-raising amount has decreased significantly." Chen Li, chief economist of Chuancai securities and director of the Research Institute, said in an interview with the Securities Daily that this is mainly because the enterprises listed on the gem and the science and innovation board are small in scale and the total amount of funds raised is small.
As for the double increase in the number of IPOs and fund-raising scale this year, Chen Li believes that, on the one hand, with the implementation of the registration system on the science and innovation board and the gem, it can meet the IPO needs of more and more enterprises, resulting in a rapid growth in the number of A-share IPOs and fund-raising scale this year; On the other hand, the implementation of the 14th five year plan has brought new opportunities for the development of some industries. Enterprises' willingness to invest in new projects or maintain stable cash flow through IPO Financing has been increasing.
By industry, enterprises in emerging industries have accelerated their landing in the capital market. According to statistics, among the 461 newly added listed companies during the year, biomedicine (49), mechanical equipment (73) and electronics (47) ranked first, with fund-raising amounts of 55.3 billion yuan, 50 billion yuan and 49.4 billion yuan respectively. The number of corresponding enterprises totaled 169, accounting for 37%.
Zhou Maohua, a macro researcher of the financial market department, told the Securities Daily that the reform of the registration system has achieved remarkable results, and China's capital market has been increasingly serving scientific and technological innovation. Biomedicine, mechanical equipment, electronics and other industries have high scientific and technological content, which is in line with China's scientific and technological innovation and development strategy, and the industry boom is high.
Chen Li further said that during the "14th five year plan" period, new energy related industrial chains, digital economy related industries, communication technology, medicine and biology will usher in new opportunities for development. Affected by the epidemic situation and other factors, the performance of the pharmaceutical industry led by medical devices increased rapidly. This also urges enterprises in relevant fields to expand their scale or develop new businesses through IPO Financing.
Zhou Maohua said that since the implementation of the registration system reform, A-Shares have introduced a large number of high-quality scientific and technological innovation enterprises, expanded the team of listed companies, added scientific and technological innovation elements to the A-share market, and gradually weakened the market characteristics dominated by traditional cycle industries in the past. From the perspective of the scientific and technological innovation enterprises introduced in the past two years, there are many leading enterprises in the field of new economy, which are in the stage of rapid growth. The introduction of high growth scientific and technological innovation enterprises will help the A-share market form a mechanism of survival of the fittest.
What trends will A-share IPOs show in the future? Chen Li said that the future A-share IPO will focus on scientific and technological innovation enterprises. With the continuous promotion of the opening of the securities market and the deepening of the registration system, China's financial market funds may tend to choose high-quality enterprises with strong core competitiveness and great development potential, and the phenomena of insufficient IPO fund-raising and breaking on the first day will tend to be normalized.
"China's capital market still has great development space and potential. With the accelerated development of Beijing stock exchange and the continuous deepening of capital market reform, the number of IPOs and fund-raising scale in the A-share market will continue to expand in the future." Zhou Maohua said.
(Securities Daily)
