Looking Back At The 2013 IPO Of Chinese Enterprises Lurking Along

< p > in the first 11 months of 2013, the number and scale of IPO enterprises in Chinese enterprises continued to decline. Only 80 Chinese enterprises completed IPO in various global capital markets, totaling 77 billion 681 million yuan, accounting for 35.6% and 46.2% of the total IPO in 2012 respectively.

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< p > strong > IPO has been suspended for more than a year. This year's January or a href= "http://www.91se91.com/news/list.aspx Classid=101112107" > Restart < /a > /strong > /p >

< p > since the Zhejiang world treasure listing in November 2, 2012, IPO has been suspended for more than 1 years, becoming the longest A IPO suspension in the history of A shares.

A shares IPO gate closed for a long time, forcing venture capital / private equity (VC/PE) agencies to change their investment and exit strategies.

On the one hand, under the current situation that IPO exit is blocked, the significance of the M & a market to exit is becoming more and more obvious. The exit of mergers and acquisitions has become the mainstream. On the other hand, in the past few years, VC/PE institutions have gone crazy in pursuit of pre listing enterprises, and some institutions even have listed as the only standard of screening projects, making use of the difference between the one or two markets to carry out short-term arbitrage.

Influenced by IPO's long lockout and IPO withdrawal, the mode of pre investment enterprises (Pre-IPO) is difficult to continue. VC/PE agencies gradually shift the investment stage to the early stage and return to the essence of value investment.

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< p > < strong > system construction is becoming more and more perfect, < a href= "http://www.91se91.com/news/list.aspx Classid=101112108" > new third board market < /a > prosperity can be less than /strong > /p >

Since P, since 2013, with the advance of capital market innovation and the acceleration of the expansion of new three boards, the number of new three board listed companies has increased significantly.

As of December 10, 2013, the new three board stock listing companies were 350, with a total capital stock of 9 billion 497 million shares.

The new three boards will help SMEs complete the initialization work of finance, information disclosure, governance and operation standards, so as to make the operation of enterprises more standardized, and make adequate preparations for the future pfer of listed companies. At the same time, it also opens up a new exit channel and investment platform for VC/PE institutions.

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< p > January 2013, the national share pfer system of small and medium-sized enterprises was unveiled and became a landmark event in the construction of the OTC market in China.

The national share pfer system for small and medium enterprises is a national stock exchange established by the State Council. Its operation and management body is established in the form of a limited liability company to provide services for the public pfer, financing, acquisition and other related businesses of the shares of the unlisted company.

In February, the implementation of the National SME share pfer system and its supporting documents meant that the new three board businesses were on the right track.

In November, the Central Committee's decision on a number of major issues in deepening the reform issued a clear proposal for a sound multi-level capital market system, which mainly refers to speeding up the development of the new three board market beyond the development of the main board market.

With the acceleration of the expansion of the new three boards and the improvement of relevant systems, the liquidity problem of the new three board market is expected to be effectively solved, and the financing function has also been strengthened.

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< p > < strong > the most stringent financial verification in history, 284 enterprises dream broken road listing < /strong > /p >

< p > December 28, 2012, the China Securities Regulatory Commission issued the notice on doing a good job in the special inspection of the initial public offering stock company's financial report in 2012.

The notice requires all intermediaries to strictly abide by the existing practice standards and information disclosure standards in carrying out the supplementary and information disclosure work of the 2012 financial institutions in the year of the year, diligently and conscientiously and conscientiously practising, and conduct a comprehensive self-examination of the authenticity, accuracy and completeness of the financial accounting information during the first reporting period of the company, and request that the sponsor institutions and the accounting firms should submit the report on self-examination to the CSRC by March 31, 2013.

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< p > January 29, 2013, the CSRC issued a reply to the issues related to the special inspection of the first public issuing stock company's financial report for the year 2012. It said that if it did not submit the self-examination report before March 31st, the issuer and the sponsor organization could put forward the application for discontinuation of the review according to the review process of the SFC. After the submission of the self-examination report and the audit, the SFC will still organize the proportion of the enterprises in proportion.

The basic information table of IPO declaration enterprises disclosed by the CSRC in December 5th showed that 284 enterprises in the year of 2013 stopped censorship, including 146 main board and medium and small board, and 138 gem enterprises.

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< p > < strong > Shen Wan and Hongyuan merge. The consolidation of securities brokers will start < /strong > < /p >.

< p > November 20, 2013, < a href= "http://www.91se91.com/news/list.aspx Classid=101112105" > Hongyuan securities < /a > announcement that the company signed the letter of intent of Hongyuan securities Limited by Share Ltd and Shenyang Wanguo Securities Limited by Share Ltd assets restructuring with the Shenyang and Wanguo Securities. The two sides agreed on the obligation of confidentiality and agreed to jointly promote the major asset reorganization, marking the substantial progress in the restructuring of Shenyin and Hongyuan securities.

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< p > at present, the concentration ratio of China's securities industry is relatively low.

According to the Securities Industry Association, as of the end of 2012, there were 114 securities companies in China. The top ten brokerages accounted for 42.8% of the total revenue, while the US index was close to 90%.

Since 2013, the news of mergers and acquisitions has continued.

In July 31st, CITIC Securities announced the completion of the acquisition of CLSA, through the network of CLSA, CITIC Securities's business will cover the major markets of the United States, Britain, Japan, China and Hongkong, and become the first mainland securities company with branches all over the world.

In addition, the acquisition of Guangdong securities, Founder Securities, the acquisition of national securities and other pactions are also in progress.

Therefore, if the merger of Shenyin Wanguo and Hongyuan securities is finally successfully implemented, it will open up the curtain of consolidation of the entire brokerage industry.

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