Head Broker, Fierce Battle, Science And Technology Board Registration System To Open Industry Changes

In the twinkling of an eye, science and technology board opened 100 days, and this year's capital market reform project is undergoing a complete process from zero to one.

At the same time, as the first real test field of registration system in the domestic capital market, the innovation of the Chuang Chuang board at the institutional level has begun to permeate other sectors of the capital market.

Among them, as the core participants of the capital market, securities companies began to pour into the wave of the reform of the science and technology board. But after a hundred days, the gap between the various brokerages was gradually opened. In addition, with the influence of multiple factors such as market capacity, audit rhythm and capital preferences, now the science and technology board has entered a more stable new normal.

However, the capital market reform led by the science and technology board has opened up a great change in the business structure and practice logic of the securities dealers. This change will not only be reflected in the business of the science and technology board, but will also continue in the process of the registration system reform of the gem and the completion of the registration system in the capital market.

"Three in one China" has obvious advantages.

"At the beginning, the advantage of the head broker was not so obvious, but as time went on, the number of enterprises reporting and listing was accumulated, and the advantage of the head broker could be seen, especially the" three middle China "has already drawn the distance from other brokerages. Beijing area a medium-sized brokerage investment banking department told reporters.

The "three middle one China" mentioned by the personage is CICC, CITIC, CITIC Securities and Huatai Securities. Currently, the four companies are firmly in the top four, reporting a total of 59 enterprises to declare the "science and Technology Innovation Board", accounting for 35% of the total number of declared enterprises.

Because of the accumulation of quantity, there are some differences in the business style between the head broker and the broker. Taking CICC as an example, the reserve resources of enterprises are very rich, covering almost all kinds of enterprises, such as the red chip structure, the same rights and fifth sets of standards, and the vast majority of unprofitable Biopharmaceutical Enterprises currently declared by fifth sets of standards are recommended by CIC.

CSC's style is in the hands of many companies that are in line with the original IPO evaluation system. Most of these companies have already started planning IPO matters.

But recently, CITIC has also been troubled by some problems. At present, the first company that the SFC does not register is CSC's sponsor of Heng An Jia Xin (Beijing) technology joint stock company. In addition, there is another Limited by Share Ltd in twenty-first Century, which is active in the registration process.

In addition to the "three middle one China" of the head, as of October 28th, there were 37 brokerages participating in the recommendation business of the company, but the remaining 37 brokerages were not significantly different in scale, and the majority of the recommended number of brokers was less than 3.

"Ke Chuang board sponsorship business pattern is actually part of the continuation of the original IPO pattern, although the science and technology board is a newly established plate, but at the beginning, enterprises still believed in the reputation of the former broker IPO. Some small and medium brokerages regarded the Ke Chuang board as a chance to overtake corners." The foregoing medium-sized brokerage investment bank department believes that.

It is worth noting that in recent months, the number of companies that reported the creation of enterprises in the securities market has seen a very significant decline. Even though the window period of the newspaper update has ended, the high tide of recommending enterprises to declare the science and technology innovation board has not yet reappeared. According to the open data of the Shanghai Stock Exchange, the number of newly declared enterprises in 8, 9 and 10 months is 3, 8 and 6 respectively.

"The number of declared enterprises has declined significantly. This is because, in addition to the high margin securities companies in the hands of CICC, most of the initial source of the securities companies are still IPO enterprises, but slowly this reserve will be exhausted, and all brokerages will also start looking for the incremental target of the Chuang Chuang board, and this process will take time." Ze Hao investment partner Cao Gang analysis said.

At the same time, some brokers also pointed out that the gem registration system reform at the end of the year also had some influence on the strategies recommended by various brokerages.

"By contrast, the market thinks that the threshold of the gem will be more relaxed, the number of eligible enterprises will be more, and the restrictions of the science and technology board are more obvious to the industry, so the strategy of some brokerages has been adjusted to reserve the resources of the gem enterprises from the Reserve Board resources. For the current industry of the GEM board, it is possible that the 10-20 brokerages will eventually form a stable business of the company, and more brokers will give up or do not invest more in the process. A head of investment banking in a medium-sized brokerage firm in Beijing told reporters.

Registration system

From the content of the foregoing interview, it is easy to see that the development of the registration system of GEM has had an impact on the preparation of the board for the establishment of the securities business. However, the impact of the registration system of the science and technology innovation board and the growth enterprise registration system on the securities business are coming down from one continuous line. From a higher level, the logic of the overall impact of the opening day on the investment banking business has emerged. With the advance of the registration system of gem, the arrival of the new era of brokerage firms is only a matter of time.

"The core is the change brought about by the reform of the registration system. In the former mode, the emphasis is on the contract, the research and sales, and the expectation that the new stock will not fail. The broker is not worried about selling new shares, but only needs to work hard at the end of the contract. However, under the reform of the distribution system, the pricing mechanism of inquiry is more important. It can be said that the future will be the era of research and sales decisions. A large brokerage firm in Shenzhen is believed to be a senior broker.

Although at present, it is still a mode of "unbeaten new shares", but with the recent increase in audit speed, the number of enterprises will gradually increase. Next day, the new stock market will soon arrive, and the reform of the IPO system will be further implemented at the practical level.

According to the reporter's understanding, although the company has not invested too much in the sales and research side, some brokerages have actually sniffed the direction of the trend change, and began recruiting for the next industry to change.

"Recent recruitment is very troublesome, and people often start interviews early in the morning. From the current interview situation, the investment banking talents who are in line with the registration requirements in China are actually very few. Most of the employees still stay in the original business philosophy. The team we are going to form needs to quickly adapt to the changing talents of the new situation. From our internal discussions, actually, the time window for the investment banks to prepare is very short. It should be 18 months later. The team building is the first step. After that, we should further improve the research and sales system. Apart from us, some brokerages have begun to attach importance to team building and future business planning, and everyone is fighting for time. The foregoing Beijing securities broker investment bank said.