"New Shares Unbeaten" IPO Second Waves Were Stir Fried

< p > > the world's < a href= "http://www.91se91.com/" target= "_blank" > clothing < /a > a href= "http://www.91se91.com/" target= "http://www.91se91.com/" > shoes < < hat net "Xiaobian introduced to you is the IPO second wave: 40 enterprises bitter" road ". < /p >
Yesterday, on the Shanghai stock exchange, the "new invincible" was staged again - the top price opened again, and the first day rose 44%. At present, the first batch of 10 enterprises that have issued approval documents, in addition to North special technology, need to announce the risk of investment announcement because the factors are still waiting to start online purchase, and the remaining 9 are listed on the market. < /p >
< p > this is temporary and impossible for the 40 passing companies who are not yet close to the capital market. A brokerage investment bank executive told reporters that they had passed the trial meeting 2 months ago and have not yet received the approval. < /p >
< p > < strong > release rhythm slower than expected < /strong > < /p >
< p > judging from the speed of recent audit, the speed of the first trial meeting and the speed of issuance issued are slower than expected. < /p >
< p > before the trial meeting, the SFC explicitly examined the rhythm as "motherboard (including small and medium board) trial conference", and the gem trial meeting was held once a week, each meeting arranged about 2 enterprises. As of yesterday, the Shanghai and Shenzhen two cities have passed the trial committee, a total of 40 enterprises, including 14 main board, 7 small and medium board, 21 gem. Because of the "6. 30 deadline", most of the enterprises have been discontinued and will not be resumed in the short term. Only 8 enterprises are waiting for the trial to be reviewed. Moreover, the 8 enterprises that have been accepted or have pre disclosure need to go through feedback, pre disclosure and updating procedures to meet the requirements of the upper level audit. < /p >
< p > issuance of approval issued before, there are also clear expectations. In May this year, Xiaogang once said: "we must do well in the current issue of" a href= "http://www.91se91.com/news/index_cj.asp" new shares, < /a > issuance, stabilize market expectations, and plan to issue about 100 new listings from June to the end of the year, and publish them on a monthly basis. " The industry therefore expects that in the 40 enterprises that have already passed, there will be 10 to 20 enterprises in July to get second approved approvals. < /p >
< p > the first batch of enterprises to get approval is already coming to an end. In June 9th, the SFC focused on issuing approval to 10 enterprises. Although the validity period of the issue was extended in the current round of IPO reform, the 10 companies were still "competing" to launch the issue. Coupled with yesterday's just listing of the current edge, 9 companies have successfully listed. < /p >
< p > the remaining one unlisted north science and technology has made a risk warning for three consecutive weeks due to the issue of price earnings ratio higher than the industry average. After the company's inquiry, the issue price was 7.01 yuan / share, corresponding to the diluted earnings after 2013 ratio of 19.47 times, higher than the average static price earnings ratio (13.50 times) of the C36 automobile manufacturing industry released by China Securities Index Co in the latest month. In July 2nd, the company made its last risk warning, saying that "this issue price earnings ratio is higher than the industry average price earnings ratio. There is a risk that the future valuation level will return to the industry average price earnings ratio, and the stock price will fall to new investors." it is expected to initiate online purchase in July 10th. < /p >
< p > < strong > 25 brokerages, etc. < /strong > < /p >
< p > the IPO suspension over the past year has not only greatly extended the listing cycle of queuing companies, but also changed the income structure and ranking of brokerages. < /p >
< p > from the recent project situation, 40 enterprises that have passed the trial committee belong to 25 different brokerages sponsor and are relatively dispersed. Among them, the largest project is Ping An Securities, there are 5 IPO projects will be. There are only 1 projects in CITIC Securities, Galaxy Securities and so on. < /p >
"P > CITIC Securities has been in the forefront of the industry for many years. Last year, the company's operating income was 8 billion 179 million yuan, and it was 7 billion 883 million yuan in 2012. Although revenue is growing, its investment banking business has declined considerably over the same period last year. Judging from the number of sponsorship projects, CITIC Securities recommended 14.5 projects last year, a decrease of half compared to 29 in 2012. From the perspective of sponsor underwriting income, the company's net income last year was 1 billion 59 million yuan, down nearly 40% from 1 billion 704 million yuan in 2012. Judging from the IPO projects currently under consideration, only the Xi'an Tian He defense technology project will be approved in the near future. < /p >
< p > contrast with Ping An Securities. Due to the suspension of IPO and the limited practice of the administrative penalty of the SFC, the company had almost no investment banking last year. The company's ranking also dropped sharply, falling from fifteenth in 2012 to twentieth in 2013. However, judging from the items currently under review, there are 5 projects that the company may get approval in the near future, ranking among the top 25 brokerages. < /p >
< p > with the reform of the IPO system, the position of the securities firms in investment banking is also changing. Ping An securities insider told the first financial daily that the company is adjusting its business to increase the type of business that can create stable and long-term revenue. < /p >
< p > from this perspective, the a href= "http://www.91se91.com/news/index_c.asp" > IPO < /a > pause over the past year has positive significance for promoting the return of investment banks to their original functions. "Now the IPO project is becoming more and more difficult to do," a source of securities investment banking department, who is waiting for the approval of the project approval, told our reporter that since the issuance of new shares has increased the responsibility of the sponsor, the project personnel need to spend more time and cost to item company research and work. < /p >