China News Service, August 26 (Ma Jing) On the 25th, Science and Technology Innovation Board added an IPO-terminated company. Shanghai Stock Exchange stated that because Ningbo Hengpu Vacuum Technology Co., Ltd. withdrew its application for issuance and listing, the sponsor Founder Securities revoked the sponsor.
data shows that as of August 26, 192 companies in Shanghai and Shenzhen have pressed the "termination button" this year, and seven of them have actively withdrawn the application materials. If the number is measured, the top brokers such as Guotai Junan have the most projects terminated; if the withdrawal rate is measured, Guodu Securities and Sino-German Securities are equivalent to "more than half a year of simplicity".
192 IPO projects have been terminated, and 7 became the voluntary withdrawal of
Wind. It shows that 101 companies have planned to enter the GEM , 38 companies have planned to enter the main board, 23 are the Science and Technology Innovation Board, and 30 are the North Exchange . Among the more than a thousand companies that have applied for IPOs this year, the GEM accounts for half of the market, so the number of terminations is the largest. Judging from the time of the IPO termination announcement, the number of IPO projects suspended by the defendants each month is almost the same, and there is no "IPO termination wave from July to August" mentioned by some market views. However, it is worth noting that is that 137 companies voluntarily withdraw IPO application materials for related companies, accounting for about 71.35%.
combined with the review status before termination found that among the 137 companies that voluntarily withdraw IPO application materials, 61 companies that have been inquired and changed to termination (withdrawal). Each of them has voluntarily withdrawn after the second or third round of inquiries. Jiahe 4, Guangdong Huiqun Traditional Chinese Medicine Decoction Co., Ltd. and Jiangsu Pucao Technology Co., Ltd. chose to withdraw after the fourth round of inquiries. In addition, 20 companies withdrew their IPO application materials after they have responded.
is sorted by the first announcement day, and there are many companies that have been voluntarily withdrawing it for several years. 8 companies made their first announcement of their IPOs before 2019, but without exception, they all voluntarily withdrew their IPO application after inquiring and suspending the review. The most "long-lasting" one is Shanghai Wenhua Finance Information Co., Ltd. . The first submitted materials in November 2015 are planned to be listed on the GEM, and the review is terminated in April 2018; in June 2021, Wenhua Finance The prospectus was submitted for the second time, and entered the regulatory inquiry stage in August of the same year. The application materials were updated in May 2022, but in June of the same year, it voluntarily applied for the withdrawal of IPO application materials, and its sponsor was Huatai Securities.
Nankai University Financial Development Research Institute Dean Tian Lihui said in an interview with China News Service that "withdrawal" means that the gatekeepers of the market are not strictly guarding the application materials, and there are problems such as incomplete, inaccurate or untrue. Trying to pass the level or get away with it, but can be in awe, worrying about being checked on-site inspection, being warned by supervision, administrative punishment or even criminal punishment, , issuers or sponsors who have problems "withdraw as soon as they are investigated" and hope "Removed it" .
Senior investment banker Wang Jiyue told China News Service that there are many situations in withdrawing materials, some of which are because the sponsorship work is not done solidly; some may be because there are some problems with the company. The sponsor believes that it is not important but the supervision feels it is very important, which is a judgment Problems; Some may be due to the decline in corporate performance or other problems that no longer meet the conditions.
major brokers have large number of projects terminated, and the withdrawal rate of small brokers is high
For enterprises, termination means the dream of IPO is broken, and for securities companies, the termination of sponsored projects first means that "money flowing into the pocket" is gone. Wang Jiyue told China News Service that the main charges of securities investment banks are the underwriting fees collected at the time of issuance. The money collected in the early stage can basically be ignored. Once the project is terminated, it also means that no money will be received.
sorted out these 192 IPO termination companies and found that the sponsors with the most terminated projects were Guotai Junan, with 13 companies, followed by Haitong Securities , Huatai Securities, Western Securities and CITIC Securities , all of which are more than 10 companies.
Because the investment banking business department of the securities company charges underwriting expenses based on the total amount of funds raised, the larger the scale of funds raised, the higher the underwriting expenses. Statistics show that among these rejected projects, there are many large investors with fundraising amounts of more than billion yuan.Among them, Guangxi Yangxiang Co., Ltd. plans to log on to the Shenzhen Stock Exchange main board, and lists the first with a planned fundraising amount of 10.403 billion yuan. It was accepted by the China Securities Regulatory Commission on June 16, 2021, but on July 1, 2022, it has been The pre-disclosure update has been changed to termination of review, and the sponsor is Guotai Junan.
Sichuan Langjiu Co., Ltd. and Minshi Group Co., Ltd. also plan to raise a lot of funds, 7.454 billion yuan and 6.5 billion yuan respectively. The former intends to log on to the Shenzhen Stock Exchange main board, but the review has been terminated. The sponsor is GF Securities . The latter intends to log on to the Science and Technology Innovation Board, and after replies to the inquiry, he chose to withdraw it voluntarily. The sponsor is Huatai Securities.
However, it should be noted that although there are many projects terminated by the top brokers in , their "ammunition compartment" is sufficient. CITIC Securities has a total of 228 sponsored projects this year (including joint sponsorship, the same below), ranking first. Behind it is CICC , with a total of 174 companies. The number of sponsored projects such as Haitong Securities, Guotai Junan, Huatai United Securities , Minsheng Securities , etc., which rank behind, is quite different from that of CITIC Securities and CITIC Construction Investment, but they are all over 100.
If calculated based on the withdrawal rate, small and medium-sized securities companies are among the top ones. This year, Sino-German Securities and Guodu Securities currently have only one sponsored project, but they all ended up taking the initiative to withdraw. Huaxing Securities, Huafu Securities , and Xinda Securities all ranked behind with a 50% withdrawal rate. The number of sponsored projects of these three brokerages is 4, 4 and 2 respectively. In addition, Zhongtian Guofu has 11 sponsored projects this year, but the withdrawal rate is as high as 45.45%.
"Regulators, issuers and markets will question the professionalism and prudence of securities companies related to the IPO withdrawal, which will in turn affect their reputation." Tian Lihui said.
Wang Jiyue also mentioned that for sponsoring brokers, the termination of IPO projects is mainly due to reputation impact. If the withdrawal rate of is relatively high, it will affect the contracting of new businesses. In addition, if the quality of the application materials is found to be low or there are problems with due diligence and performance during the review process, the regulatory authorities will impose sanctions or punishments.
" registration system is not left alone. Regulators should be committed to ensuring the authenticity, accuracy and comprehensiveness of the disclosure of listed materials and information." Tian Lihui said that in the context of the gradual implementation of the registration system, solves the problem of "sickness" in the context of the gradual implementation of the registration system. "To overcome the barriers, we need to strengthen prior specifications, during-process inspections and post-process punishments, so as to strengthen the responsibility for sponsorship and improve the quality of sponsorship.
"Pre-standards should be further stricter for application materials, such as audit draft 's specifications and reporting, so that the symptoms can be more clearly highlighted and relevant institutions can increase the cost of fraud. In-process inspections should be achieved to increase the frequency of on-site inspections. Even the normalization of on-site inspections can increase the probability of symptoms and detection. Post-event punishment should be further increased for serious problems such as fraud, and at the same time, it should be avoided by trying to evade punishment by means of "retrieving it as soon as you check". The institutions punished them to clearly understand the cost of passing the mark or getting away with illness. "Tian Lihui said. (For more clues about reporting, please contact Ma Jing, the author of this article, email: [email protected]) (China News Service APP)
(The views in the article are for reference only and do not constitute investment advice. Investment is risky, so be cautious when entering the market. )
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