Investment Banking "IPO Money Effect" Diminishing

< p > data show that 28 domestic brokerages get a share in the issue of IPO. In the first half of this year, they raised a total of 35 billion 300 million yuan and received 2 billion 190 million yuan of underwriting sponsorship.

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< p > Guoxin Securities took 8 IPO < a href= "http:// www.91se91.com/news/index_cj.asp" > underwriting sponsorship cost of /a > family number and 290 million yuan to win the "double champion" of brokerage business in the first half of the year.

CITIC Securities, China Merchants Securities, CITIC construction investment, GF Securities, Haitong Securities, Minsheng securities and Huatai joint 7 brokerages in the interim IPO underwriting sponsor income is also more than 100 million yuan.

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< p > < strong > > how much is the purse of the investment bank? < /strong > /p >

< p > according to the investment bankers, the standard of underwriting rates for domestic investment banks is about 4% to 6% for medium and small projects, and 2% to 3% for large projects. Some large and medium-sized investment banks have set up initial underwriting expenses, which is roughly 50 million yuan.

In the past wave of "over raising", many brokerages charge part 5% to 8% of the underwriting fee for the IPO project.

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< p > statistics show that from 2010 to 2012, < a href= "http:// www.91se91.com/news/index_cj.asp" > listed company < /a > the first total raised amount was 198 billion yuan, 121 billion 900 million yuan and 31 billion 520 million yuan respectively.

In the case of 5%, only 9 billion 900 million yuan, 6 billion 100 million yuan and 1 billion 600 million yuan were obtained from the securities companies, and the underwriting expenses of the over subscription amount accounted for 60%, 47% and 29% respectively.

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< p > but generally speaking, the IPO underwriting rate in the first half of this year has slightly increased compared with the previous years.

Reporters estimated that the IPO underwriting rate was about 6.2% in the first half of this year, while the rates in 2011 and 2012 were 4.9% and 5.5% respectively.

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< p > < strong > < a > href= > http:// > www.91se91.com/news/index_cj.asp > IPO < /a > is no longer the most shining star > /strong > /p >

< p > "most of the current distribution is mainly small and medium sized projects, so there will be an upward trend in rates, which does not mean that investment banks have a tendency to raise prices on charges."

A sponsor representative said.

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< p > Tang Zhehui, partner of Audit Department of Ernst & young, said that in the first half of this year, the A share market was dominated by small and medium enterprises, and more than 80% IPO had disclosed the expected amount of financing in the trial enterprises, of which 66% of the financing scale was less than 500 million yuan.

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< p > according to the latest global IPO Market Research Report released by Ernst & young, in the first half of this year, the top ten IPO of A shares also showed the characteristics of small financing scale. In addition to the top one or two Shaanxi coal industry and Haitian flavor industry, they raised 4 billion yuan and 3 billion 836 million yuan respectively, and the remaining 8 were over 1 billion 500 million yuan.

In the Hongkong IPO market, the top three IPO were HK Electric Power Investment (HK $24 billion 100 million), China north car (HK $10 billion) and Harbin Bank (HK $8 billion 800 million).

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< p > "at present, compared with the time and manpower cost of refinancing and merger and reorganization projects, the price performance of a single IPO is too low."

A large brokerage firm's investment bankers told reporters that its investment bank in the first quarter of this year made a refinancing project for a single large company, so the company's revenue nearly 200 million yuan, and he did a single waiting for two years are still lining up, the expected income of 70 million yuan IPO project is less than the same.

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< p > data show that in the first half of this year, the investment sponsorship fees of the investment banks in the first round, the issuance, the rights issue and the convertible bonds amounted to 4 billion 437 million yuan, while the IPO income accounted for only half of the total.

Haitong Securities, CITIC investment and Guoxin Securities respectively collected 440 million yuan, 360 million yuan and 340 million yuan, while the investment bank's outstanding bond underwriting and merger and reorganization business has not been included.

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< p > from the ranking of the securities business data of the Securities Association in 2013, the investment income of the brokerage firm remained strong in the absence of IPO.

The net income of CITIC Securities last year's underwriting and sponsorship business was 1 billion 60 million yuan, and CITIC construction and Guoxin Securities followed closely, and won 760 million yuan and 710 million yuan of lucrative income respectively.

The financial advisory business income of listed brokerages increased by 24.4% in 2013.

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< p > in the eyes of some investment bankers, this year's IPO resumption of deterministic income will add color to the investment banking business. But there is no doubt that IPO income is not the only star that has been sparking in investment banking in the past few years. This also reflects the balance and diversification of investment banking structure, and the unhealthy phenomenon of over reliance on IPO has improved.

In addition, the introduction of preferred stock will also improve the structure of investment banking business of brokerages.

The arrival of registration system will benefit some large securities firms with strong comprehensive strength.

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