IPO Lockout This Year, Queuing Enterprises Are In A Dilemma.

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< p > Shanghai and Shenzhen Stock Markets: unrest, < /p >

< p > as a whole, the stock market is in a state of turbulence in the 1st Anniversary halt of "a href=" http://news.sjfzxm.com/news/list.aspx "Classid=101112107105" > IPO < /a >.

On the Shanghai Composite Index, though the overall trend is a slight upward trend, it has experienced a roller coaster ride.

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< p > the day before the suspension of IPO last October 10th, the Shanghai Composite Index closed at 2115.23 points, and the Shanghai Composite Index closed 2190.93 points in October 10th.

That is to say, in the past year, the Shanghai Composite Index has risen by only 3.6%.

In this process, the Shanghai Composite Index reached the 2444.8 highest point.

However, in June of this year, the Shanghai Composite Index dropped to a low of 1849.65.

Due to the impact of "money shortage", the stock market plunged all over the stock market in June, and the Shanghai composite index plunged into a new low in the past five years. It did not recover until the beginning of September, and stood on the spot before the IPO suspended.

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< p > although the market has made various conjecture on the time point of IPO gate opening, it was all cracked.

Obviously, for people in the interest chain of IPO, the time of IPO gate opening is infinite expectation.

However, the enthusiasm of the market seems not to be so high.

A senior investor in Beijing told the Beijing Commercial Daily reporter that "IPO should open the gate again when the stock market is at a high level."

Now it is still in a weak market, and the issuance of new shares will not necessarily come out. "

Yi Hai Zhou, a well-known independent financial writer, also issued a document saying, "in fact, if the major problems existing in the current IPO system can not be solved, it is not appropriate for IPO to restart at any time."

He believes that the market should not focus on the question of when IPO will restart, but how the SFC will "carry out a major reform of the past IPO approach".

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< p > < a href= "http://news.sjfzxm.com/news/list.aspx? Classid=101112107107 >" to be listed company < /a >: Dilemma "/p".

< p > due to the suspension of IPO, the listed companies that have submitted materials can only endure the torment of waiting.

According to the latest bulletin of the securities and Futures Commission, as of October 11th, the number of enterprises queuing for IPO reached 753, compared with 666 at the end of May, there was no significant increase.

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< p > however, the long suspension of IPO has made it difficult for those companies that are planning to go public.

One of Sichuan's listed companies, Dong MI, admitted to reporters that because the company was forced by PE, they are now very entangled and do not know whether they should wait for IPO or seek acquisitions.

He said, "even if we restart the IPO now, it will take at least three years to digest the enterprises that are queuing up. It's our turn to estimate five years later, and now the IPO audit is getting stricter and stricter, so I am planning to persuade my boss to choose this road to buy."

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< p > under such circumstances, backdoor listing or seeking M & A is undoubtedly the best choice.

At present, there are many such cases in the market. For example, PE's the Great Wall film and television backdoor Jiangsu Hongbao, IPO is not the home of Hai Lan's backdoor, keno technology, Chengfei integrated acquisition has been spurred by IPO's Czech technology, and the 35 Internet acquisition has been to IPO's CIC online.

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"P" reporter learned that many people believe that mergers and acquisitions will become one of the mainstream trends in the capital market. Various signs also indicate that the Commission is encouraging mergers and acquisitions.

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< p > it is worth mentioning that some enterprises are on the way of planning and listing.

According to reports, the Xiamen three Desheng Industrial Co., Ltd., China's a href= "http://news.sjfzxm.com/news/list.aspx Classid=101112107102" > outdoor goods < /a first brand, has been tried to be the Xiamen Jie Tong Da Network Technology Co., Ltd., the largest mobile phone charging company in China, and the first Xiamen research group to study the UAV's chain breaking.

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< p > Company News < /p >

< p > SUPOR zero yuan sends senior executive stock issue < /p >.

< p > investors denounce "public robbery" < /p >.

Last Friday night, SUPOR (002032) announced that it would award 5 million 800 thousand restricted shares to a company executives and staff members including the chairman, chief financial officer and secretaries at a price of 0 yuan, with a value of nearly 80 million yuan at the latest closing price.

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"P" for this part of the restricted stock, the draft of the draft of equity incentive will be 12 months after the draft, and the part of the stock will be unlocked after the lock up period.

The conditions for unlocking are the performance of the company from 2013 to 2016.

In this assessment period, the net asset yield of the company in each assessment year is not less than 13%, and at the same time, it needs to achieve the minimum preset value of the domestic sales income and the completion rate of the domestic business profit.

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< p > investors believe that first, the company directly sent tens of millions of yuan value shares to the company staff at 0 yuan price, which is equal to the rights and interests of the vast majority of shareholders. This part of the cost is equal to all shareholders' payment, which is extremely rare.

Second, the annual report shows that SUPOR's net assets yield in 2010-2012 years is 17.58%, 18.38% and 16.24%, respectively. In the first half of 2013, the weighted return on assets was 8.77%, and annualized return on assets was 17.54%.

In other words, in the past four years, the average profit of the company was 17.44%.

Compared with the assessment standard of unlocking, 13% of the company's assessment standards were 25% off of the actual performance, and obviously lost the meaning of "assessment".

Finally, the company's unlock conditions are based on domestic revenue and domestic business profits, but the interests of shareholders are reflected in net profit of the company.

Only mention income and operating profit not to mention net profit, the objective of assessment runs counter to the interests of shareholders.

It is possible for the company to sacrifice its net profit through other channels to achieve the goal of income and operating profit, so as to achieve the goal of encouraging the return of shareholders and shareholders.

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< p > the investor finally commented: "SUPOR's equity incentive plan has no significant difference from direct sending money. It has obviously encroachment on shareholders' interests and openly robbed."

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< p > in the first 10 months of this year, nearly 150 companies in A share issued < a href= "http://news.sjfzxm.com/news/list.aspx Classid=101112107108" > equity < /a > incentive plan, which has exceeded the number of annual incentive plans issued for the most years, and nearly 70% of them have declined.

At this time, when the equity incentive is launched, the executives of the company naturally have the wishful thinking: to make the year with poor performance as the base year can greatly reduce the difficulty of exercising rights.

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