Financial Renewal Deadline Has Passed 160 IPO Queuing Companies.

In September 26th, "the initial public offering audit process and application for enterprises" issued by the Ministry of supervision and regulation has attracted the attention of many people in the industry because it reflects a great change in IPO's "barrier lake".

The securities and Futures Commission disclosed that as of September 25th, the SFC accepted 620 enterprises, of which 30 had already passed, and 590 had not yet passed.

In the past 430 enterprises were normally awaiting trial enterprises, and 160 enterprises were discontinued, including 67 of the main board of SSE, 30 of the SME boards and 63 of the gem.

For the 160 companies that are still in a state of censorship, an investment banker gave such an assessment: "if the problem is not solved in September (causing the suspension of censorship), it will be very difficult for IPO to succeed."

The reason why the 160 companies have attracted market attention is also the reason why a large number of quasi IPO enterprises have been labeled "suspension".

In April 4th this year, the SFC issued the "question and answer on Issuing Supervision - on the suspension of the examination of initial public offerings", and at the press conference of the SFC held in June, it further proposed that the financial information recorded in the issuer's application documents had expired. It will be examined at the central stage. The financial information recorded in the issuer's application documents has been valid and has not been updated for 3 months after the expiration date, and the examination will be terminated.

For enterprises that have made prior disclosure and have not yet met before the end of June, if their financial information is at the end of 2013, their 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.

It is precisely because of the above provisions, the original large IPO team, once more than 90% companies have been labeled "review" label, and with some enterprises in accordance with the provisions of the latest financial data supplement, the number of suspension review enterprises also continued to decrease.

In fact, the reason why the proposed IPO enterprises have been discontinued is not merely the disclosure of financial data.

According to "daily economic news" reporter, the four situation will lead enterprises to be discontinued censorship.

And so on, such as the audit procedure can not continue, such as the financial information recorded in the application document has been valid, this is also the most common case. Two, it is the case that the issuer's principal qualification is doubtful or the intermediary's practice is limited, which leads to the failure of the audit procedure to continue. For example, the sponsor or other intermediaries are restricted by the CSRC according to the law, and are ordered to suspend business for rectification. The three is that there is a serious doubt about the information disclosed by the issuer, which needs further verification. For example, the information recorded in the application documents is contradictory, or there are different statements and substantive differences before and after the same fact. The fourth case is that the issuer voluntarily requests the suspension of the examination, or other circumstances that lead to the failure of the audit work to be carried out normally. First, the application documents are not available.

According to the information disclosed by the SFC, among the 160 companies that have been discontinued, the first case accounts for the overwhelming majority, involving 153 companies. Among them, Hunan Aihua group, Shenyang Yuanda compressor, Nantong acetic acid chemical industry and Zhejiang Jinke peroxides, there are second cases in the first case, and Puyang Huicheng electronic materials also have first and fourth situations.

There are second kinds of situations, such as pro bio engineering, Yongxing special stainless steel, Shanxi Pu de pharmaceutical, Shenzhen win win technology, Zhuhai complete science and technology, Xi'an blue science and technology 6 new materials.

"According to the time, in fact, the time left to these enterprises is only two working days. Now the time has passed, but the specific circumstances need to wait for the CSRC to publish the data."

The investment bankers said that some enterprises may rush to submit materials at the final stage, but not all enterprises can catch the "last train", which means they will face the fate of being terminated.

The termination of the review means that this time the IPO application is over, and even if IPO is reapplied in the future, it will need to be re queued.

A listed company official told the "daily economic news" that in fact, the company's supplementary materials had already been submitted to the SFC, but it still belongs to the state of suspension review. He said that the regulatory authorities had not yet examined the materials of the company.

However, this person also pointed out that some enterprises may choose to give up for such reasons.

In fact, in July this year, there was a wave of IPO enterprises going out.

In the first half of July, 54 companies were terminated and almost all of them were not updated in time for financial data and pre disclosure, including Goubuli group, Pauli culture group and Dalian Wanda Commercial real estate.

This time, whether the IPO will appear again in the peak of the trial business, the answer will soon be unveiled, and the "daily economic news" will also continue to pay attention.