IPO Audit Rhythm "Stable Word Head" Issued Trial Normalization Of Escort Deepening Reform

Judging from the scale of financing over the years, IPO is not the core financing tool of the capital market, but the importance of IPO has never been denied.

The valuation and evaluation system built around IPO is the core element of the capital market, and regulators' control of the IPO audit rhythm is also the precursor and feedback of the current capital market's policy change expectations.

Now that 2019 is drawing to a close, the change of IPO this year also fully reflects the characteristics of 2019 as the year of reform.

According to the statistics and combing of the twenty-first Century economic report reporters, the rhythm and expectation of IPO audit at the end of the fourth quarter of 2019 are once again stabilized, which is also considered to be a further push for further reform in the coming year.

IPO rhythm stabilization

In past years, the pace of IPO audits was counted annually, and even in some extreme years, the period of IPO closing or tightening has exceeded one year. But in 2019, there have been several changes in the expected pace of IPO audits. For enterprises and institutions, the IPO situation in 2019 is more complex and more difficult to predict.

First, in 2018, when the IPO barrier lake was relieved, the passing rate of IPO rose sharply to around 90%. Regulators also repeatedly expressed the need for IPO and mergers and acquisitions to relegate two legs to ease the problem of financing difficulties in the capital market. At the same time, in the process of promoting the establishment of the science and technology board, some market views predicted that IPO also entered a loose cycle. Therefore, in a short time, the organization promoted massive enterprises to declare IPO, and soon the IPO Lake problem was reappeared.

During the long saw process, regulatory authorities gradually grasped the control of the reporting rhythm. The two most important means to regulate the pace of IPO reporting is to lift the IPO veto rate and targeted on-site inspections.

This reporter understands that these two measures in 2018 created a very good effect, this year after the quake lake problem, the regulatory authorities have also adopted similar means and also received good results. From July to October, dozens of companies that took the initiative to withdraw IPO application materials appeared.

After a round of changes, the four quarter of the securities and Futures Commission announced the launch of a comprehensive deepening of the capital market reform, while the IPO trial rhythm also stabilized in the fourth quarter. At the same time, the market also expects that in the coming period, the similar trial trail will remain for a long time.

According to incomplete statistics of twenty-first Century economic report reporters, as of December 12th, there were 376 IPO enterprises in the trial stage, including the acceptance stage, the feedback stage and the pre disclosure stage, while 47 of the companies in the application stage were listed.

"From the data point of view, although the number of more than 370 houses in the four quarter is still a bit high, it still falls back to a level acceptable to regulators. In addition to maintaining the current rhythm of normalization, the overall queuing audit cycle of enterprises is not very long." A large brokerage company in Beijing area told reporters.

The data obtained from the regulatory authorities show that as of now, 120 enterprises in the main board, small and medium board and gem have been issued this year, with an average of 2.7 issued weekly, financing 3 billion 690 million yuan, a slight increase over the same period last year. Since the second half of the year, the first batch of 25 enterprises of the science and technology board has issued more concentrated time, but with the normalization of audit registration work, the issuance rhythm has gradually stabilized, with an average weekly issuance of 2-3, and the average scale of financing is about 1 billion yuan per household.

For the current audit rhythm, the securities and Futures Commission recently said that under the premise of adhering to quality first and ensuring market stability, we steadily pushed forward the normalization of IPO, and the IPO audit cycle was significantly shortened. At the same time, the difference in the progress of the audit was gradually eliminated by the enterprises accepted at the same time.

In addition, from the overall scale of IPO financing, even when calculating the new financing scale of dozens of enterprises, the overall fund-raising scale of IPO in 2019 has remained stable over the past few years.

According to WIND data, the main board, small and medium board and gem have approved 118 enterprises this year, financing 156 billion 309 million yuan, and the total registered 73 enterprises completed by the science and innovation board. The scale of financing is nearly 80 billion, and the overall scale of the capital market IPO is over 243 billion 500 million.

"The scale of IPO financing has been relatively stable in recent years, and at the same time, it is very limited compared with the scale of refinancing. In terms of the expectation of reform, we should not only control the scale of IPO, but rather strive to further enhance the efficiency of IPO in the context of promoting direct financing." The Beijing investment bank believes that.

Reporters also learned from those close to the regulators that for the future arrangements, the SFC will continue to adhere to the issue of normalization of new shares, attach importance to the balance between the two sides of the investment and financing in the light of the development of equity financing, optimize the quality of listed companies, and serve the overall needs of the real economy, make clear the market expectations, tighten the entrance to the capital market, promote the organic integration of distribution, registration and market affordability, and effectively prevent and control all kinds of risks.

Stable rhythm escort reform

For the fourth quarter of 2019, the pace of IPO audit tends to be stable. Some market views believe that this is also a way for the SFC to promote the comprehensive deepening of the reform of the capital market. The IPO audit rhythm will directly or indirectly affect many aspects of the capital market. Therefore, in promoting the overall reform stage, the stability of IPO audit rhythm is very important.

"The content of reform has many contents related to equity reform. If the pace of IPO audit is too frequent or suspended, this will interfere with the reform. The best state is to stabilize market expectations, maintain IPO normalization and steadily push forward reforms in the capital market." Ze Hao investment partner Cao Gang told reporters.

From a microcosmic perspective, maintaining IPO normalization audit has also created some space for some reforms, such as how to deal with the problem of stock queuing enterprises in the reform of gem registration system, such as preparing for the registration system reform in advance.

"If the stock market reform is bound to involve changes in the process and mode of listing declaration, acceptance and review, the corresponding qualification of the issuer, conditions and declaration points will also be adjusted accordingly," said Bao Bao, a medium-sized broker in Southern China. From the point of view of non retroactive law, the stock reform mode including the growth enterprise market will probably follow the principle of new and old delimitation, that is, the new issuers declared after the implementation of a certain time node after the implementation of the reform will be declared and audited according to the new IPO rules, while the previously declared enterprises will not be affected. In order to cooperate with the new reform, it is necessary to keep the IPO normalized and not interfere with the enterprise audit and the meeting.

For the future issuance trial rhythm arrangement, the reporter has learned that in the future, the SFC will maintain the normalization of IPO on the one hand, actively support equity financing, and will not suspend the IPO issue because of various factors. On the other hand, it will maintain a steady pace of development according to the current market situation, and do not engage in the centralized approval of the big leap forward.