The intermediary behind the IPO of the first bank is also very helpless.
Recently, the IPO failure of Dafeng rural commercial bank has attracted the attention of the industry. The sponsor securities firm China Merchants Securities Co.Ltd(600999) who has been running for four years also faces the cold reality of no harvest.
“whether the IPO of Dafeng rural commercial bank is approved or not, to some extent, shows that the supervision has tightened the listing of regional small and medium-sized banks, and similar county-level regional urban commercial banks and rural commercial banks may be tightened.” A person from a city commercial bank who has participated in the bank’s IPO told the Chinese reporter of the securities firm that the intermediaries behind may also need to re-examine the banks being tutored
The Chinese reporter of securities companies noted that since the Bank IPO was “opened” again in 2016, a total of 27 banks have been successfully listed, but not all securities companies can get a share of the bank listing, but have formed an absolute dominant force dominated by a few leading securities companies such as China Securities Co.Ltd(601066) , Citic Securities Company Limited(600030) and so on.
As of April 15, according to the latest data of the CSRC, 10 banks such as Huzhou bank, Bank of Guangzhou and Chongqing Three Gorges bank are still lining up in A-Shares to guide securities companies, including Guotai Junan Securities Co.Ltd(601211) , China International Capital Corporation Limited(601995) , etc.
first case of bank failure, no return from sponsor securities companies
On April 14, the official website of the CSRC disclosed that Jiangsu Dafeng Rural Commercial Bank Co., Ltd. (initial) failed to pass.
public information shows that Dafeng rural commercial bank officially submitted IPO application materials as early as November 2017 and was accepted by the CSRC. In May 2018, Dafeng rural commercial bank completed the feedback inquiry of the CSRC and updated the pre disclosure. On April 14, 2022, Dafeng Rural Commercial Bank held its first meeting, and the final IPO failed and missed the capital market
A person from a city commercial bank who participated in the listing analyzed the Chinese reporter of the securities firm. The regulatory authorities’ attention to Dafeng rural commercial bank mainly focused on the competitiveness, asset quality and relationship with the provincial Associated Press, reflecting the regulatory authorities’ concern about the future development prospect of the bank.
He believes that the listing failure of Dafeng rural commercial bank can explain to a certain extent that the regulatory attitude towards the listing of small and medium-sized banks has been tightened, and similar County Rural Commercial Banks and urban commercial banks may be nervous.
It is worth mentioning that the failure of the IPO and the failure of the door is not only a blow to Dafeng rural commercial bank itself, but also a big blow to the China Merchants Securities Co.Ltd(600999) investment bank that has been running for more than four years and coaching in the end.
It is understood that Dafeng rural commercial bank originally planned to be listed on the Shenzhen Stock Exchange, and the number of shares to be issued is not less than 10% (including 10%) of the total share capital after issuance, and not more than 25% (including 25%) of the total share capital after issuance. However, the specific number of shares to be issued is unknown.
The Chinese reporter of securities firm noted that before Dafeng rural commercial bank was rejected, the latest bank to land A-Shares was Lanzhou bank, which landed on Shenzhen Stock Exchange on January 17 this year. In 2021, there are Bank Of Chongqing Co.Ltd(601963) , Qilu Bank Co.Ltd(601665) , Zhejiang Shaoxing Ruifeng Rural Commercial Bank Co.Ltd(601528) and Shanghai Rural Commercial Bank Co.Ltd(601825) , respectively, and the underwriting and recommendation fees of corresponding securities companies are between 20.85 million yuan and 45.8 million yuan. Among them, the underwriting and recommendation fee of Zhejiang Shaoxing Ruifeng Rural Commercial Bank Co.Ltd(601528) ipo with asset scale more than twice that of Dafeng rural commercial bank was 30.48 million yuan.
this means that Dafeng rural commercial bank failed to go public, China Merchants Securities Co.Ltd(600999) at least lost tens of millions of yuan in underwriting and recommendation fees
these investment banks IPO of Shengeng bank
In the industry, banks are different from enterprises in other industries and belong to an important part of the financial industry. Therefore, banks have higher requirements for corresponding counseling institutions.
According to the Chinese reporter of the securities firm, this wave of bank listing began in 2016, and the Bank IPO was “opened” again after Bank Of Beijing Co.Ltd(601169) , Bank Of Nanjing Co.Ltd(601009) and Bank Of Ningbo Co.Ltd(002142) realized the A-share listing in 2007. According to the statistics of Chinese reporters of securities companies, from the Bank Of Jiangsu Co.Ltd(600919) listing in August 2006 to the listing of Bank of Lanzhou in January this year, the number of bank IPOs in the A-share market has reached 27.
securities companies Chinese reporter noted that from the statistical analysis of bank listing tide since 2016, the sponsors of Bank IPO counseling also have certain characteristics, mainly a few head securities companies, and other small and medium-sized securities companies rarely involve Bank IPO counseling business
Among them, China Securities Co.Ltd(601066) took the lead in the number of listed counseling banks, counseling a total of 9, all local urban commercial banks and rural commercial banks, accounting for one third of the statistical number.
Citic Securities Company Limited(600030) , the second largest number of successful IPO of counseling banks, has coached 4 banks in total, including China Zheshang Bank Co.Ltd(601916) , Bank Of Changsha Co.Ltd(601577) , Bank Of Xi’An Co.Ltd(600928) and Bank Of Qingdao Co.Ltd(002948) .
The securities firms that assisted more than three banks to successfully list their IPOs also included China Merchants Securities Co.Ltd(600999) , China International Capital Corporation Limited(601995) , and the other securities firms that assisted one or two banks to list their IPOs included Huatai united, Guotai Junan Securities Co.Ltd(601211) , Soochow Securities Co.Ltd(601555) , Haitong Securities Company Limited(600837) and Everbright Securities Company Limited(601788) , Boc International (China) Co.Ltd(601696) and China Post securities.
It is worth noting that up to now, 10 banks including Huzhou bank, Kunshan rural commercial bank, Maanshan rural commercial bank, Dongguan bank, Nanhai rural commercial bank, Shunde rural commercial bank, Yaodu rural commercial bank, Hai’an rural commercial bank, Bank of Guangzhou and Chongqing Three Gorges bank have lined up for A-share IPO. The counseling agencies include China Securities Co.Ltd(601066) , Citic Securities Company Limited(600030) , Guotai Junan Securities Co.Ltd(601211) , etc.
