589 IPO Press The Pause Key: Investment Bank Has Doubts.

< p > > a href= "http://? www.91se91.com/news/index_cj.asp" > IPO < /a > and "closing the gate"?

An investment bank person said in an interview that IPO would not stop. However, as a result of the suspension of censorship, enterprises need to replenish their earnings reports.

Moreover, in accordance with the auditing and updating procedures of financial data, it is expected that the new trial will usher in a "light period" in the next month or so.

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< p > however, there are also some investment bankers asking questions: "can a discontinued enterprise complete its semi annual report before the end of September, can it be properly audited? If there is no listing in the validity period of half a year, it is necessary to update the information and when to supplement the earnings report"? < /p >

< p > < strong > earnings expired collective stop < /strong > < /p >

< p > yesterday, < a href= "http:// www.91se91.com/news/index_cj.asp" > the SFC < /a > issued the unauthorized issuance of the examination and approval process of the initial public offering of the supervision department and the application for business as of June 30th.

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< p > data show that as of July 1st, the SFC has accepted and disclosed 637 enterprises in advance, including 40 enterprises and 597 enterprises.

In the unattended enterprises, the "suspend censorship" enterprises reached 589, and only 8 enterprises were in normal audit status.

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< p > so many enterprises were stopped censorship overnight, mostly because of the validity of the financial data, and there were 568 enterprises in this part.

A small number of enterprises are due to changes in intermediaries and related signatories, or are involved in the limited practice of intermediary agencies.

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< p > last Friday, the SFC announced the requirement for the enterprise's financial data that has been completed and has not yet been announced. "If the deadline for its financial information is at the end of 2013, its financial information has been valid and will be suspended for review. The enterprises should update their financial information before the end of September, otherwise they will terminate the examination."

As a result, such enterprises need to update their financial information and submit applications for review to the SFC before resuming the review.

When the enterprises that are discontinued by the intermediaries are examined, the time to resume the audit depends on the lifting of the intermediary's limited issues.

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< p > "generally speaking, the validity period of IPO financial data is half a year. If an enterprise uses the data of last year's annual report, it will expire in June 30th."

According to the analysis of this newspaper, a Southern China securities brokerage investment bank department said that according to the requirements of the SFC, this part of the enterprises that will suspend the review will need to pay close attention to the semi annual report, and audit speed according to the normal financial data. It usually takes a month to a month and a half to complete the audit.

If we start auditing now, it is expected that there will be centrally updated materials from the end of 7 to the middle of August.

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< p >, however, the investment bank also said, "do not exclude any special circumstances".

On the one hand, due to the impact of the semi annual report of centralized audit, the increase in the workload of accounting firms may lead to a longer audit cycle. However, there is another possibility that some enterprises have started the audit of financial data for half a year in advance, so that the audit will be resumed earlier than expected.

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< p > "June 30th is the time of" closing accounts ", but it does not mean that enterprises must start auditing in July.

For example, first audit the situation from January to May, and then supplement the June data in the near future.

This person believes that only 8 enterprises normal audit is still a bit strange, which shows that it is very likely that only 8 of the newly declared enterprises in the near future are quarterly reports.

However, even if there is a special case, it is estimated that a month or so from now on will still be the "light period" held by the trial conference.

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Besides, P also announced a "farewell list" of 129 companies last night.

Among them, 97 enterprises voluntarily withdrew, while the remaining 32 enterprises did not submit and disclose materials as required, and the financial data exceeded the validity period for 3 months.

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< p > there is early evidence for the suspension of the review due to the overdue earnings.

In April 4th this year, the CSRC clarified the four factors that triggered the termination of the IPO review in the form of regulatory questions and answers. The first one was "incomplete application documents", which included the "financial data has passed the validity period".

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< p > but in the face of the huge "stop review" lineup, there are still many doubts in the industry.

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< p > a broker from East China's securities and investment department told reporters that he was helpless. His helplessness was revealed in a series of rhetorical questions. Why did he suspend the review? Because no half year report was added, and the validity of the financial information was over 6 months.

Why didn't you supplement the semi annual report? Because it was too late in June.

But why do businesses keep queuing until the earnings date is valid? < /p >

One of the questions behind P is: who is the outdated financial data? < /p >

< p > objectively, the long-term backlog of listed companies is a key factor.

Since the beginning of this year, the SFC has repeatedly revealed the attitude of guiding the diversion and "squeezing water" in the face of six hundred or seven hundred queuing enterprises and the enthusiasm to declare their new shares.

In March this year, the SFC put forward a diversion proposal for the new reporting enterprises in the form of regulatory questions and answers, and acknowledged that the queuing enterprises were more and the audit cycle may be longer. Enterprises and sponsor institutions may shoulder heavier information disclosure costs and other burdens.

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< p > now, the cost is emerging.

"Phase one trial may cost millions of enterprises.

But the most important problem now is the inefficiency of the market.

In the face of the cost calculation put forward by reporters, the above investment bankers in eastern China again asked a question: even if the enterprise has updated its financial data, will it be able to complete the issue before the end of the next financial reporting period? < /p >