2021 is the second year of gem reform and pilot registration system, and it is also the first complete year.
This year, the Shenzhen stock exchange accepted 291 new IPO applications, which were widely distributed in computer, communication and other electronic equipment manufacturing, special equipment manufacturing, software and information technology services.
In the whole year, 199 companies listed and rang the bell, the largest number since the opening of the gem, which is equivalent to one company ringing the bell every 1.26 days in 250 working days. The bell in the Shenzhen stock exchange can be described as “continuous”.
two peaks
First financial statistics show that in 2021, the Shenzhen Stock Exchange gem accepted 291 new IPO applications. After June, the gem ushered in the second acceptance peak in December. According to the statistics of first finance and economics, in December 2021, Shenzhen Stock Exchange has accepted 72 applications for listing on the gem, more than the sum of July to November.
In June 2021, the gem ushered in the first acceptance peak. That month, Shenzhen stock exchange accepted the IPO applications of 135 companies on the gem. It can be found that June and December are the two acceptance peaks of the whole year.
In this regard, Wang Jiyue, a senior investment banker, said in an interview with China first finance that it was mainly because of the validity period of the financial report. “For example, if the declaration could not be completed before the end of June, the annual report of last year would expire, and the declaration could only be made after additional review, which delayed the review time and increased the cost”.
According to Article 57 of Shenzhen Stock Exchange gem stock issuance and listing examination rules: the validity period of the prospectus is six months, counting from the date of the last signing before the public development bank. The financial statements quoted in the prospectus shall be valid within six months after the closing date of the latest period. Under special circumstances, the issuer may apply for an appropriate extension, which shall not exceed three months at most. The closing date of financial statements shall be the end of the year, the end of the half year or the end of the quarter.
However, the extension only applies to the projects under review, and the projects not accepted are not suitable.
In terms of industry, the 291 enterprises are mainly distributed in computer, communication and other electronic equipment manufacturing, special equipment manufacturing, software and information technology services, chemical raw materials and chemicals manufacturing, electrical machinery and equipment manufacturing, general equipment manufacturing, pharmaceutical manufacturing Professional and technical services and rubber and plastic products.
Computer, communication and other electronic equipment manufacturing industry is the industry with the largest number of application enterprises, reaching 68. Almost one of every four application enterprises belongs to this industry.
In terms of geographical distribution, it is obvious that the gem with “close access to water and platform” is the first choice for Guangdong enterprises. Among the 291 newly declared enterprises, 72 are Guangdong enterprises, accounting for 25%. Followed by Jiangsu and Zhejiang, the number of declared enterprises was 47 and 42 respectively.
From the perspective of sponsors, Citic Securities Company Limited(600030) and China Securities Co.Ltd(601066) won grand slams on the gem, leading the industry with 30 and 25 gem IPO projects respectively. In addition, Huatai united, Haitong Securities Company Limited(600837) , Minsheng securities, Guotai Junan Securities Co.Ltd(601211) , Sinolink Securities Co.Ltd(600109) , Changjiang underwriting, Guosen Securities Co.Ltd(002736) , China International Capital Corporation Limited(601995) also had more than 10 sponsors.
Among the newly accepted IPOs in 2021, 70% are in the inquiry state and 10% are in the new acceptance state. Only three companies are fast and have progressed to the stage of submitting for registration, namely Beijing Huada Jiutian Technology Co., Ltd., Shenzhen Han’s CNC Technology Co., Ltd. and softcom power information technology (group) Co., Ltd.
In addition, among the newly accepted IPOs in 2021, 12 companies withdrew their IPO declarations during the year.
who is fast and who is slow
From June 15, 2020, Shenzhen Stock Exchange began to accept the applications for IPO, refinancing, M & A and reorganization of enterprises under review on the gem, which officially kicked off the registration system on the gem. Before June 29, the Shenzhen Stock Exchange only received the stock translation declaration enterprises on the gem. In addition to terminating the audit, these enterprises have basically been listed successfully.
However, there is still one enterprise in the inquiry stage. Jiangsu Xiechang Electronic Technology Co., Ltd. (hereinafter referred to as “Xiechang technology”) accepted the inquiry on June 28, 2020 and made an inquiry on December 17, 2020. At present, it has been one and a half years and updated the four versions of the prospectus. At present, it is still stuck in the inquiry stage.
According to the prospectus, the financing amount of Xiechang technology is expected to be 4205.1 million yuan, and the sponsor is Sinolink Securities Co.Ltd(600109) . This is also one of the two companies with the slowest IPO progress after the gem registration system.
In addition, Kunshan Yaxiang flavor Co., Ltd. (hereinafter referred to as “Yaxiang shares”), yidiantianxia Network Technology Co., Ltd. and Beijing digger Information Technology Co., Ltd. are also stock translation enterprises, which are currently in the stage of submitting for registration.
Among them, Yaxiang updated five rounds of prospectus. After three rounds of inquiries, it finally successfully held the meeting on February 22, 2021.
In addition to stock translation enterprises, Wuhan mucang Technology Co., Ltd. is also another company with the slowest IPO progress. It was accepted on December 30, 2020. One year later, it is still in the acceptance stage and has not started inquiry. The company is the operator of Baodian app for driving test and has failed to seek listing twice.
In addition, since the gem registration system, a total of 134 companies have terminated the audit, including 10 companies that failed to break through customs, 123 companies that voluntarily withdrew, and 1 company that failed to reply within the specified time limit, all of which were accepted last year.
Among them, Citic Securities Company Limited(600030) , China Securities Co.Ltd(601066) , Minsheng securities, Huatai united, Guosen Securities Co.Ltd(002736) , Sinolink Securities Co.Ltd(600109) 6 securities companies have more than 6 Termination cases.
In particular, the number of terminated audits of Guosen Securities Co.Ltd(002736) has reached 9, including 1 case of whether it will be approved or not. So far, Guosen Securities Co.Ltd(002736) has recommended 41 corporate IPOs, accounting for 22%.
In 2021, 205 GEM companies were registered and effective. Similarly, these registered and effective enterprises were IPO applications accepted last year.
share price differentiation
In 2021, 199 companies listed on the gem rang the bell, the largest number since the opening of the gem, which is equivalent to one company ringing the bell every 1.26 days in 250 working days.
Among them, Dook Media Group Limited(301025) (301025. SZ), which was listed on July 19, 2021, dominates the “Jianghu” with its 19.43 times increase on the first day of listing. The initial price of the company is only 1.55 yuan, which is the lowest new share price since the opening of the gem in 2009. At present, the latest closing price is 21.8 yuan.
Artificially cultivated diamond manufacturer Henan Liliang Diamond Co.Ltd(301071) (301071. SZ) rose or fell 11.12 times on the first day of listing, followed by the latest closing price of 286.7 yuan.
On the 5th day after listing, Sichuan Hezong Medicine Easy-To-Buy Pharmaceutical Co.Ltd(300937) (300937. SZ) had the highest increase and decrease, with an increase and decrease of 131.52% on the 5th. Among the 199 companies, 158 had a negative increase and decrease on the 5th day after listing. Among them, Shen Zhen Australis Electronic Technology Co.Ltd(300940) (300940. SZ) increased by 7.3 times on the first day after listing, while decreased by 52.49% on the 5th day after listing, ranking first in the decline. The issuance price of the company was 12.76 yuan, and the latest price was 35.53 yuan.
Under the gem registration system, the rise and fall of new shares are liberalized in the first five trading days of the initial listing, and the long and short sides play a full game, so the stock price of listed companies tends to be more reasonable.
Among the 199 listed companies, 6 companies broke on the first day, namely Rumere Co.Ltd(301088) , oni electronics, Jiangsu Hualan New Pharmaceutical Material Co.Ltd(301093) , Shenzhen Urban Transport Planning Center Co.Ltd(301091) , Cofoe Medical Technology Co.Ltd(301087) , Zhejiang Zhengguang Industrial Co.Ltd(301092) . Among the 6 companies, 5 companies were listed in the breaking tide at the end of October and early November.
Once it breaks, it will greatly affect the follow-up stock price and investor confidence. The six breaking companies on the first day also performed poorly five days after listing. As of the latest closing day, only Zhejiang Zhengguang Industrial Co.Ltd(301092) got out of the breaking shadow, and the other five companies are still in the breaking state. Among the 199 listed companies listed in 2021, the latest share prices of 17 companies fell below the issue price.
(First Finance)
