The curtain is coming to an end in 2021. In this year, the registration system on the science and innovation board has been steadily implemented, the pilot reform of the registration system on the gem has been steadily promoted, the Beijing stock exchange (hereinafter referred to as “Beijing stock exchange”) has been established and opened for operation, and the registration system has moved from part to the whole market. More than 500 new listed companies were added within one year, which also ushered in an IPO feast for sponsors.
According to the statistics of the first financial reporter, as of December 26, a total of 515 new shares of A-Shares were listed in the year, with a total fund-raising of 532.567 billion yuan, which was further expanded compared with about 430 new shares and nearly 470 billion yuan in 2020.
Of the 515 new shares, more than 70% were issued under the registration system, including 157 new enterprises on the science and innovation board, 196 on the gem and 41 on the Beijing stock exchange.
Investment banking business increment thus emerged. Data show that in terms of independent sponsorship, 19 securities companies have sponsored more than 10 enterprises so far this year. 59 sponsors of Citic Securities Company Limited(600030) ranked first, and China Securities Co.Ltd(601066) (39), Haitong Securities Company Limited(600837) (33), Minsheng securities (29) and Huatai United (26) entered the top ten.
Around the IPO, “withdrawal upon inspection” and “batch withdrawal” have also become the focus of the year. The termination and withdrawal of counseling enterprises may make some small and medium-sized securities companies and investment banks “lose money”.
The leading edge of remains the same, and the cutting-edge has broken into the top ten
515 new share sponsors, leading securities companies still occupy an absolute advantage.
59 sponsors of Citic Securities Company Limited(600030) ranked first, China Securities Co.Ltd(601066) 39 and Haitong Securities Company Limited(600837) 33, ranking the top three. The above three securities companies have a total number of 131 sponsors, accounting for 25% of the market share.
The number of sponsors followed closely: Minsheng securities (29), Huatai United (26), Anxin securities (20), China Merchants Securities Co.Ltd(600999) (18), Sinolink Securities Co.Ltd(600109) (18), China International Capital Corporation Limited(601995) (17), Changjiang underwriting sponsors (17), Guotai Junan Securities Co.Ltd(601211) (17), Guosen Securities Co.Ltd(002736) (17).
There are 10 ~ 15 IPO sponsors: Guoyuan Securities Company Limited(000728) (14), Shenwan Hongyuan Group Co.Ltd(000166) underwriting sponsors (11), Central China Securities Co.Ltd(601375) (11), Dongxing Securities Corporation Limited(601198) (11), Everbright Securities Company Limited(601788) (11), China Industrial Securities Co.Ltd(601377) (10) and Oriental Investment Bank (10).
In addition, Zheshang Securities Co.Ltd(601878) , Zhongtai Securities Co.Ltd(600918) , Western Securities Co.Ltd(002673) , Northeast Securities Co.Ltd(000686) and other sponsors are more than 5.
In terms of “large IPO orders”, the advantages of Citic Securities Company Limited(600030) and China International Capital Corporation Limited(601995) are prominent.
As of December 26, the top three in the total amount of new shares raised during the year were China Telecom Corporation Limited(601728) , China Three Gorges Renewables (Group) Co.Ltd(600905) and Baiji Shenzhou. Among them, China Telecom Corporation Limited(601728) raised a total of 47.904 billion yuan, which was jointly sponsored by China International Capital Corporation Limited(601995) and China Securities Co.Ltd(601066) ; China Three Gorges Renewables (Group) Co.Ltd(600905) sponsored by Citic Securities Company Limited(600030) ; Baiji Shenzhou is jointly sponsored by China International Capital Corporation Limited(601995) and Goldman Sachs Gaohua.
The total fund-raising amount of Shanghai Rural Commercial Bank Co.Ltd(601825) , Everdisplay Optronics (Shanghai) Co.Ltd(688538) , Zhuzhou Crrc Times Electric Co.Ltd(688187) , Xinjiang Daqo New Energy Co.Ltd(688303) also entered the top ten in the year. Overall, there are four independent sponsors of the top ten IPOs, Citic Securities Company Limited(600030) , China International Capital Corporation Limited(601995) two independent sponsors, two joint sponsors and one independent sponsor of Oriental Investment Bank. In addition, China Securities Co.Ltd(601066) , Haitong Securities Company Limited(600837) , Guotai Junan Securities Co.Ltd(601211) and Goldman Sachs Gaohua all won a joint sponsor.
From the initial underwriting income, according to the data, as of December 26, 69 securities companies with statistical data had achieved a total initial underwriting income of 26.984 billion yuan.
“Three middle schools and one China” is a big money maker. The initial underwriting revenue of Citic Securities Company Limited(600030) is 3.625 billion yuan. It is the only securities firm with such revenue of more than 3 billion yuan in the current year. China Securities Co.Ltd(601066) and China International Capital Corporation Limited(601995) recorded initial underwriting revenue of RMB 2.044 billion and RMB 2.028 billion respectively.
The initial underwriting income of Huatai united, Haitong Securities Company Limited(600837) , Minsheng securities, Guotai Junan Securities Co.Ltd(601211) , China Merchants Securities Co.Ltd(600999) , Sinolink Securities Co.Ltd(600109) is also more than 1 billion yuan.
In terms of market share, Citic Securities Company Limited(600030) won 13.43%, including which, the above nine securities companies accounted for nearly 60% of the total share.
After the above-mentioned head institutions, there are 8 initial underwriting income in the range of 500 million ~ 900 million yuan, Guosen Securities Co.Ltd(002736) (861 million yuan), Anxin securities (788 million yuan), Guoyuan Securities Company Limited(000728) (703 million yuan), etc.
It is worth mentioning that the initial underwriting income of several subsidiaries of securities companies (underwriting sponsors) ranked among the top, Shenwan Hongyuan Group Co.Ltd(000166) underwriting sponsors attracted 574 million yuan, Oriental Investment Bank 522 million yuan and Changjiang underwriting sponsors 484 million yuan.
The initial underwriting income of a number of small and medium-sized investment banks is at a disadvantage. During the above period, there were 19 securities companies whose income was less than 100 million yuan, including Galaxy Securities, The Pacific Securities Co.Ltd(601099) securities and Cinda securities. Top 10 IPOs in total A-share fundraising during the year as of December 26
medium sized securities companies borrow the registration system Dongfeng
Through the registration system, a number of medium-sized securities companies and underwriting and recommendation subsidiaries of securities companies broke out of the siege, and the number of recommendation enterprises increased significantly.
Minsheng securities won 29 IPO sponsorship qualifications, ranking fourth, ahead of Huatai united, Anxin securities, etc.
Among them, there are 14 on GEM, 11 on science and innovation board and 1 on Beijing stock exchange, a total of 26, accounting for 89% of the number of sponsors. There are also 1 main board in Shanghai and 2 main boards in Shenzhen. The total fund-raising amount of more than 1 billion yuan is Shareate Tools Ltd(688257) , Shanghai Haoyuan Chemexpress Co.Ltd(688131) and Anxi biology.
Nearly 90% of the 17 Changjiang underwriting sponsors serving as intermediaries landed in the registration system. Among them, there are 10 gem, 4 science and innovation board and 1 Beijing stock exchange. Overall, most of the 17 enterprises raised less than 600 million yuan, while Huayang variable speed, which landed on the Beijing stock exchange, raised only 143 million yuan.
For securities firms and investment banks, another major business opportunity during the year came from the Beijing stock exchange. Statistics show that up to now, there are 82 listed companies on the Beijing stock exchange, and 41 are listed within the year.
From the situation of the first batch of listed enterprises, according to the statistics of the website of the Beijing stock exchange, the first batch of 81 enterprises (including 71 from the selected layer of the new third board) were sponsored by 37 securities companies and investment banks (subsidiaries).
China Securities Co.Ltd(601066) won 12 single rows in the first place, involving Keda automatic control, Jinhao medical and other projects; Anxin securities (7), Shenwan Hongyuan Group Co.Ltd(000166) underwriting sponsors (6), Kaiyuan securities (5), Citic Securities Company Limited(600030) (4), Northeast Securities Co.Ltd(000686) (4), Changjiang Securities Company Limited(000783) underwriting sponsors (3), Zhongtai Securities Co.Ltd(600918) (3), are also large businesses.
The above eight securities companies have a total of 43 sponsors, accounting for more than 50%. In addition, Soochow Securities Co.Ltd(601555) , Tianfeng Securities Co.Ltd(601162) , Galaxy Securities, etc. participated in the sponsorship of the first batch of enterprises.
“withdraw material” into keyword
With the new share issuance moving forward to the era of registration system and engaging in investment banking, securities companies must really move towards “homing and responsibility”.
During the year, IPO withdrawal materials and “breaking through customs with illness” became the focus of supervision.
From the situation of gem registration system projects, according to the statistics on the website of Shenzhen Stock Exchange, the reporter found that 96 companies planning to IPO have terminated the review due to “withdrawal” so far this year.
What are the sponsors behind the withdrawal of materials enterprises? There are 7 orders for Citic Securities Company Limited(600030) , Minsheng securities and Guosen Securities Co.Ltd(002736) , 6 orders for Huatai united and China Merchants Securities Co.Ltd(600999) , 5 orders for Sinolink Securities Co.Ltd(600109) and China Securities Co.Ltd(601066) , and 4 orders for Dongxing Securities Corporation Limited(601198) and Soochow Securities Co.Ltd(601555) .
Wanhe securities had 5 gem registration projects and 3 withdrawal materials during the year. According to the website of Shenzhen Stock Exchange, the three proposed gem enterprises recommended by Zhenmei, ledimei and runke biology withdrew their listing applications during the year. Jiaqi technology terminated its registration in October because its IPO financial data had expired.
Three gem IPO projects sponsored by Donghai securities during the year and two withdrew materials.
Counseling enterprises to withdraw materials may also make some securities companies “lose” in their gem IPO business this year.
Statistics show that during the year, the echo of Guosheng securities, Zhong hengxincai sponsored by Hongta Securities Co.Ltd(601236) and Zhongcheng development sponsored by Huajin securities were terminated (withdrawn), and these projects were the only gem IPO projects of the above institutions during the year.
In view of the high withdrawal rate of investment banking projects, this year, the strict supervision of intermediaries was upgraded.
On July 9, the CSRC issued the guidance on urging securities companies to be responsible for investment banking business under the registration system, and said that it would carry out special inspection on securities companies with high withdrawal rate of investment banking projects, high default rate of corporate bonds, low practice quality and many problems reflected by the market; Establish a quality evaluation mechanism for business personnel by the internal control department, and prohibit the direct link between the salary of business personnel and project income.
“Expand the scope of on-site inspection and supervision, adhere to the principle of ‘responsibility upon declaration’, organize verification according to law for items withdrawn after receiving the notice of on-site inspection or supervision, and resolutely put an end to the behavior of breaking through customs with diseases.” The above guidance mentioned.
(First Finance)
