Reporter of the Economic Business: Zhu Wanping Editor of the Economic Business Business: Liang Xiao
Registration system Under the general trend, more companies have opportunities to enter the capital market and share development opportunities with investors. For many companies, the journey of A shares IPO is not smooth. The reporter of " Daily Economic News " sorted out the companies that passed the IPO meeting, rejected and newly accepted IPOs last week, analyzed the value of the company, and also observed the pace of the IPO market, policy trends, etc. for readers.
Last week (June 20-June 26, 2022, the same below), a total of 5 companies in in A-share market were arranged to be held for the first time, of which 4 passed the meeting, with a pass rate of 80%. Another company intends to log in to science and technology innovation board , Wuhan Changyingtong Optoelectronics Technology Co., Ltd. (hereinafter referred to as Changyingtong), has been suspended from deliberation.
In terms of new IPO acceptance, a total of 96 new IPO companies were accepted last week, with a significant increase from 24 in the previous week. Among them, the largest number of companies intending to enter the GEM, reaching 41, followed by 25 companies intending to enter the Science and Technology Innovation Board.
In terms of new stock performance, there was no new stock breaking the issue price last week. However, the listing performance of , the new stocks on the , is still average. The two new stocks of the Beijing Stock Exchange listed last week, Ted Shares (BJ831278, with a share price of 4.03 yuan, with a market value of 577 million yuan) and Youji Shares (BJ833943, with a share price of 7.29 yuan, with a market value of 559 million yuan), which were listed last week, had a rise in and 6.29% respectively.
There are 9 stocks available for subscription this week. Among them, there are 3 companies on the Beijing Stock Exchange and GEM each, there are 2 companies on the Science and Technology Innovation Board and one company on the main board. Judging from the current conference and issuance speed, the current IPO speed remains normalized. Wind information shows that as of June 26, 167 companies have IPOed in A-shares this year, with financing amounts of 304.537 billion yuan. In contrast, the amount of A-share IPO financing last year was 542.675 billion yuan.
Red List: 4 companies passed the review, Shengke Communications' net profit after deducting non-operating items for three consecutive years was negative
Last week, 11 companies in A-shares ushered in the meeting, and 10 of them successfully passed the meeting. Among them, Suzhou Shengke Communications Co., Ltd. (hereinafter referred to as Shengke Communications) is worth paying attention to. Shengke Communications is a domestic Ethernet switch chip design company. Its main business is the research, development, design and sales of Ethernet switch chips and supporting products.
According to the latest financial data disclosed by Shengke Communications, the company's net profit after deducting non-operating items has been in a loss since 2019 to 2021, with losses in three years of 34.85 million yuan, 40.7334 million yuan and 42.3384 million yuan respectively.
In recent years, while Shengke Communications' non-net profit has maintained a relatively stable loss, the company's revenue has increased year by year. Especially in 2021, Shengke Communications' revenue reached about 459 million yuan, compared with only 264 million yuan in 2020, increased by nearly 74% year-on-year.
However, behind the explosion of Shengke Communications' revenue scale in 2021, the company has received "help" from its major shareholder-related companies. From the perspective of merger, from 2019 to 2021, Shenzhen Zhongdian Port Technology Co., Ltd., a holding company under the company's largest shareholder, and its affiliates (hereinafter referred to as Zhongdian Port) and MaiPublic Signal Technology Co., Ltd., firmly occupying the ranks of Shengke Communication's largest customer.
In 2021, China Power Port, which originally contributed only more than 30 million yuan to Shengke Communications' revenue in the previous year, suddenly increased its purchases of Shengke Communications significantly, reaching 131 million yuan in one fell swoop, a surge of more than 330%.
yellow list: 6 companies are on the list, Changyingtong is suspended for voting
Last week, there were 6 companies that were listed on the "IPO yellow list" due to the termination of review and voting suspended. They are Yefeng Pharmaceutical, Changyingtong, Huahui Energy, Baikang Optics, Rongxin Huike and Tianan Technology.
Among them, Changyingtong, which was held on June 23, was finally suspended from deliberation, is worth mentioning. Changyingtong was founded in 2010 and is a fiber ring manufacturer. The growth and development of this company are closely related to Changfei Optical Fiber (SH601869, stock price of 29.37 yuan and market value of 22.26 billion yuan), which is also in Wuhan. According to Changyingtong's prospectus (draft application), the company's actual controller Pi Yabin and many directors, supervisors, senior managers and core technical personnel of the company all have work backgrounds related to Changfei Optical Fiber.
On the other hand, in the past three years, Changfei Optical Fiber has been Changyingtong's largest supplier; in the past three years, Changyingtong's procurement of Changfei Optical Fiber accounts for 63.72%, 50.14% and 47.67% of the total procurement amount, respectively. The "subtle" relationship between Changyingtong and Changfei Optical Fiber has also attracted the attention of the Science and Technology Innovation Board Listing Committee.
On June 23, the Listing Committee asked whether Changyingtong has business dependence on Changfei Optical Fiber, whether Changyingtong's cooperation with Changfei Optical Fiber is stable; whether Changyingtong has the risk of losing major customers or market share to Changfei Optical Fiber, and whether Changyingtong has the risk of direct competition with Changfei Optical Fiber and thus affecting the company's continued operation.
8 companies will attend the meeting this week, and Cinda Securities was punished repeatedly for violations
8 companies including Tongdahai, Future Electric, Koris, Yangxiang Co., Ltd., Cinda Securities, Zhongjixin, Langhong Technology, Youyan Silicon, etc. will attend the meeting this week. Among them, whether Cinda Securities, which has been subject to regulatory penalties for many violations of regulations is worth paying attention to whether it can pass the meeting.
Cinda Securities is controlled by China Cinda Asset Management Co., Ltd. (hereinafter referred to as China Cinda), one of the four major AMCs (asset management companies). If listed successfully, Cinda Securities is expected to become the second AMC-based listed brokerage firm after Dongxing Securities (SH601198, stock price 8.89 yuan, market value of 28.74 billion yuan). On August 5, 2020, China Cinda announced that it plans to split Cinda Securities and list on the A-share market. On December 28 of that year, Cinda Securities submitted an IPO application for Shanghai Main Board.
In 2021, Cinda Securities achieved operating income of 3.803 billion yuan, a year-on-year increase of 20.27%; and achieved net profit attributable to shareholders of 1.172 billion yuan, a year-on-year increase of 42.95%, and its performance hit a new high in the past three years. Brokerage business is Cinda Securities' largest business. In 2021, the business achieved operating income of 1.685 billion yuan, a year-on-year increase of 2.75%. In addition, the revenue of financing business was 710 million yuan, an increase of 12.2% year-on-year. As of the end of 2021, Cinda Securities had 16 branches and 87 securities branches.
Securities Association data shows that Cinda Securities' total assets reached 57.3 billion yuan last year, ranking 39th in the industry; net capital was only 9.336 billion yuan, ranking 52nd. In terms of ranking, Cinda Securities is located in the middle of the industry and its ranking among AMC-based securities companies is not as good as Dongxing Securities. After receiving Class A rating for two consecutive years in 2019 and 2020, Cinda Securities fell to BBB rating in 2021. In the "white list" of securities companies just released on June 22, Cinda Securities failed to be included in the white list.
It is worth mentioning that the prospectus (draft for filing) shows that Cinda Securities had 10 unsettled lawsuits with an amount of more than 10 million yuan during the reporting period. According to type classification, 9 cases are stock pledge repurchase lawsuits. Taking Shanghai Yingfang Microelectronics Technology Co., Ltd. as an example, Cinda Securities filed a lawsuit with the court for compensation of 29.986 million yuan and won the case. However, as of April 2021, the company received 12.72 million yuan in court execution funds, and the company had no other property available for execution.
accepted 96 new IPOs from companies last week. Can Tiandi No. 1 sprint " apple cider vinegar first stock" succeed?
While IPOs remained normalized, 96 companies' IPOs were accepted last week, reaching the highest level in recent weeks. Among the many new IPO companies last week, Tiandi No. 1 Beverage Co., Ltd. (hereinafter referred to as Tiandi No. 1) was established in 1997 and mainly engages in the research, development, production and sales of apple cider vinegar beverages and other beverages. In 2021, the revenue of apple cider vinegar beverages will account for about 95%.
In terms of performance, from 2019 to 2021, Tiandi No. 1's revenue was RMB 2.585 billion, RMB 1.899 billion and RMB 1.817 billion, RMB 1.817 billion, RMB 1.817 billion, RMB 400 million, RMB 260 million and RMB 255 million, respectively. The epidemic has caused a blow to the catering industry and has directly had a negative impact on Tiandi No. 1. Compared with 2019, Tiandi No. 1's revenue in 2021 dropped significantly by more than 700 million yuan.
Tiandi No. 1 revenue has declined in the past two years, and the company's gross profit margin has also dropped by about 6 percentage points. Its products may lose market competitiveness. In addition, the net operating cash flow of Tiandi No. 1 fell from 489 million yuan in 2018 to ﹣09 million yuan in 2021, and the company's cash flow deteriorated.
may be due to poor performance in the past two years, Tiandi No. 1 has begun to "save food and waste", and one of the measures is layoffs.From the end of 2019 to the end of 2021, the number of employees of Tiandi No. 1 plummeted from 6,446 to 4,137, which means that in just two years, the number of employees of Tiandi No. 1 Company has decreased by 2,309, and the layoffs have reached 35.82%.
As of June 26, the Science and Technology Innovation Board reviewed information disclosure. Among all 768 companies, 468 were registered and effective (registration results), followed by 157 companies "terminated", 32 companies "had inquired", 13 companies suspended and updated financial report, 49 companies submitted registration, and 39 companies have accepted.
As of June 26, the GEM reviewed information disclosure, and 358 companies were in the process of registration and effective (registration results), followed by 193 companies "terminated", 181 companies "had inquired", 37 companies suspended, 28 companies passed the listing committee meeting, 72 companies submitted for registration, and 67 companies accepted.
As of June 26, according to the official website of the Beijing Stock Exchange, 108 companies on the Beijing Stock Exchange have been registered, 69 companies have terminated the review, 6 companies have suspended the review, 1 company has submitted it to the China Securities Regulatory Commission, 5 companies have been suspended, 34 companies have been inquired, 32 companies have accepted it, and 2 companies have passed the listing committee meeting.
This week, nine companies including Yi Technology welcomed subscription to
Last week, 10 new stocks in A-shares were listed, and these 10 new stocks performed well overall. Only Ted shares broke the issue price on the first day of listing, with the lowest amplitude reaching 1.23%.
Among them, the largest increase in the first day of listing was C Loongson (SH688047, stock price 100.72 yuan, market value 40.39 billion yuan). As of the closing of the day, the company's stock price rose 48.30%, and the profit of winning one sign was close to about 14,700 yuan.
This week, there are many new shares available for subscription in A-shares, reaching 9, including Tianxin Pharmaceutical, Huifeng Diamond, Cisco Rui, Kerun Intelligent Control, Yuandao Communications, Zhongke Environmental Protection, Aubi Zhongguang, Chenguang Cable and Zhongyi Technology.
Oriental Fortune data shows that as of June 26, many of the 9 new stocks have disclosed their issuance price-earnings ratio this week, and from the perspective of issuance pricing, the overall pricing is relatively reasonable. Among them, Zhongyi Technology (SZ301208) has an issuance P/E ratio of 26.53 times, while the industry's dynamic P/E ratio in the past month is 44.41 times.
Zhongyi Technology is a professional comprehensive provider of IT architecture "service + product", with its business scope covering IT operation and maintenance services, original software and hardware products, independent intelligent operation and maintenance products and operation data analysis services. The company has deeply participated in the IT architecture construction and operation and maintenance services of headquarter data centers of large state-owned commercial banks such as the Bank of China Headquarters, Agricultural Bank of China Headquarters, Construction Bank Headquarters, and Bank of Communications Headquarters, and has accumulated rich customer resources in the fields of finance, Telecom , transportation, government, etc.
According to iResearch Consulting data, from 2014 to 2023, the overall scale of my country's third-party operation and maintenance services market will show a growth trend, but the growth rate will slow down. It is expected that the market size will grow from less than 50 billion yuan in 2014 to more than 170 billion yuan in 2023.
Zhongyi Technology mainly focuses on large and medium-sized enterprises and institutions in the finance, telecommunications, transportation and other industries, as well as government agencies. From 2014 to 2019, the market size of third-party operation and maintenance services of IT infrastructure in my country's financial industry increased from 8.33 billion yuan to 19.29 billion yuan, with an average annual compound growth rate of 18.29%; the market size of third-party operation and maintenance services of IT infrastructure in the telecommunications industry increased from 10.86 billion yuan to 22.93 billion yuan, with an average annual compound growth rate of 16.12%; the market size of third-party operation and maintenance services of IT infrastructure in the transportation industry increased from 3.04 billion yuan to 6.53 billion yuan, with an average annual compound growth rate of 16.52%.
Vice Chairman of the China Securities Regulatory Commission Li Chao: Create a standardized, transparent, open, dynamic and resilient capital market
Last week, there were many major events related to the capital market. On June 23, a series of themed press conferences on "The Ten Years of China" were held. Li Chao, Vice Chairman of the China Securities Regulatory Commission, attended the press conference to introduce the relevant situation of the capital market and answered reporters' questions.
Li Chao said that over the past ten years, by strengthening the construction of basic systems, the capital market is undergoing profound structural changes, the inclusiveness of the market system has been greatly improved, the investment and financing functions have been significantly enhanced, and a benign market ecology has gradually formed. Over the past decade, the stock market size has grown by 238.9%, and the bond market size has grown by 444.3%, both markets rank second in the world.There are more than 200 million investors in the stock market, making important contributions to serving the high-quality development of .
Li Chao also said that in the past decade, the breadth and depth of serving the real economy have been significantly expanded. Vigorously improve the multi-level market system, launch the New Third Board and Science and Technology Innovation Board, and establish the Beijing Stock Exchange. The adaptability of the capital market to the real economy has been greatly enhanced, and the cumulative stock and bond financing has reached 55 trillion yuan. Smooth the high-level circulation of science and technology, capital and the real economy, and the "hard technology" industrial agglomeration effect of the Science and Technology Innovation Board has been initially formed.
Li Chao also said that in the next step, the CSRC will continue to adhere to the establishment of systems, non-intervention, and zero tolerance, and strive to create a standardized, transparent, open, dynamic and resilient capital market
June 24, according to the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed in the China Securities Regulatory Commission and the Zhejiang Provincial Commission for Discipline Inspection and Supervision: Recently, the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed in the China Securities Regulatory Commission and the Zhejiang Provincial Supervision Organs filed a case for review and investigation on the 16th Main Board Issuance and Review Committee of the China Securities Regulatory Commission and the former Director of the Accounting Supervision Department of the China Securities Regulatory Commission Lin Yongfeng who voluntarily surrendered.
After investigation, Lin Yongfeng's ideals and beliefs were shaken, his sense of discipline and law was indifferent, he seriously violated the spirit of the Central Eight Regulations, and accepted banquets from the regulatory targets many times; he deviated from the original mission of securities futures supervision work, so he sought improper benefits for others and accepted property in the review of corporate issuance and listing.
Lin Yongfeng was born in September 1970 in Zhangzhou, Fujian Province. He graduated from the Department of Accounting at Xiamen University in his early years with a doctorate degree. In 1997, he joined , Shanghai Stock Exchange , and is a professional cadre. From January 2013 to March 2022, he served as director of the Second Department of Supervision of Listed Companies on the Shanghai Stock Exchange, the Circuit Trial Cooperation Department, and the Accounting Supervision Department. During this period, he also served as a master's supervisor at many universities such as Shanghai University of Finance and Economics, and has also written books with others.
According to the website of the Central Commission for Discipline Inspection and the National Supervisory Commission, Lin Yongfeng violated the Party’s discipline of integrity and constituted a violation of duty, with a serious nature and a bad impact, and should be dealt with seriously. Given that Lin Yongfeng was able to surrender voluntarily and voluntarily return the property he received before being arrested, and truthfully confessed his violations of discipline and law after being arrested, he can be mitigated according to the principles of punishing the past and preventing the future and curing diseases and saving people. According to the " Regulations on Disciplinary Punishment of the Communist Party of China " and the "Administrative Punishment Law of Public Officials of the People's Republic of China" and other relevant regulations, the Party Committee of the Shanghai Stock Exchange will be handed over to make a decision, expelling Lin Yongfeng from the Party and expelling him; confiscating his illegal gains.
Daily Economic News
Daily Economic News
