Selected Layer Of Public Offering Intermediary Fee Survey: Risk Compensation Underwriting Rate Is Higher Than A Shares.

In the short period of policy vacuum of the new three board, the market preparatory work has not stopped. It is expected that next year, the first few batches of enterprises attacking the selection layer and those who want to quickly enter the selection business will be busy.

But recently, reporters and a number of enterprises and brokers to understand that in the process of promoting the business, there is not a unified industry standard to allow enterprises and brokerages to prepare for the process has slowed down, that is, how to charge the public offering of selected enterprises?

Although the public offering of the A share market has been running for many years, the industry practice has been formed for what volume of enterprises to adopt. However, the issue of public offerings in the new third board market is a new thing. At the same time, the evaluation criteria for enterprises are more unified than the IPO audit system. The valuation of the new three board enterprises will be more complicated. Therefore, there are some differences between the securities companies and enterprises in the fee link, and both sides in the market need to have a unified understanding of the charging standards.

In this regard, the twenty-first Century economic news reporter also conducted research and interviews, trying to understand the current securities dealers in the new third board selection level of public offering level of fees and the reasons for the formation of such fees.

Underwriting rates are higher than A shares.

There is no uniform standard or no A share standard in the early stage of the public offering. It is a seemingly trivial thing in many new three board reforms. However, it reflects that the new three board market is different from the A shares and the science and technology board. The new three board enterprises will enter the selection layer, sponsor, valuate and underwrite, or will form a set of value evaluation systems different from A shares in the future.

"We have made clear that the plan of going to the gem has changed to a shock selection layer, but now the progress of the selection of securities companies has been slow, because many policies have not been landed and promulgated. With the existing open information, we can not reach a consensus with all brokers to sign the agreement, and we hope that the policy will soon come down, and we can negotiate with the securities companies about the charging standards to promote the selection of the selected layers." Southern China area, an innovative layer of listed companies, told reporters.

As the secretaries have said, the charging standard can not be determined, which seriously hinders the further promotion of the business of the securities firms and the selected enterprises.

Recently, journalists have also received inquiries about the underwriting rates of the securities companies.

In fact, according to the reporter's investigation, some brokerages have set a certain standard in order to promote the business rapidly. Generally speaking, most brokerages set the underwriting rate of the new three board enterprises to more than 8%, and some brokerages also set a fixed demand for total charges.

For example, a medium-sized broker in North China proposed that the underwriting rate should be set at 8%, and the sponsor fee would be 150-200 yuan, but the total cost of the former two should be no less than 6 million yuan.

Cui Yanjun, the founder of the new three board listed company and the founder of the dongma family, said: "according to my communication with more than a dozen head brokers and large clubs and law firms who are interested in participating in the selected layers, the sponsorship fee of the investment bank is 200-500 and the underwriting rate is about 8%. Due to the small scale of selective collection, the underwriting rate will be higher than that of the main board. The audit fee will be 1 million -200 and the lawyer fee 1 million (A IPO audit and lawyer fees are several million, and the new three board enterprises should be unable to bear). If calculated by public offering 100 million, the composite rate is basically normal in 12-15%. According to the size of the financing, the rate will increase or decrease. "

Judging from the current situation, it is clear that the standard of fees issued by the brokers in the new third board selection layer is higher than that of A shares.

Of course, there is a strong correlation between the underwriting rate and the issuing scale. But according to the twenty-first Century economic report reporter, the average premium rate of the Underwriters in gem in 2018 is 7.65%, the SME board is 5.56%, and the average underwriting rate of the motherboard is 6.30%.

The average 25 underwriting rates of the first batch of listed companies were 7.76%.

It is generally believed that even though the new three board underwriting rates are slightly higher, A shares are normal. "There are various factors that affect the underwriting rate, such as the heavy workload of the sponsor underwriting section, and the quality of the new three board enterprises generally needs to spend more energy in roadshows and promotion sessions, which will lead to higher underwriting rates." Beijing area a medium-sized brokerage investment bank people believe.

In addition, the reporter learned that through the survey visits, the new three board enterprises selected layers of the public offering process, the securities companies also passed the risk of raising the underwriting rate.

Risk compensation is a normal market behavior. In fact, the final underwriting rate is the result of the final consensus between the two sides. The investment bankers told reporters.

Enterprise game

As for the fact that the underwriting rate is high, the enterprise expresses its understanding on the one hand, but on the other hand, it also cries out whether the SMEs can bear the difficulties.

"A company in Beijing is planning to attack the selection layer," he told reporters. "There is no denying that the new three Board companies will have greater risks in the process of public offering, and even the possibility of issuing failures. In this case, it is impossible for a broker to lose money, and the underwriting rate is higher than that of the A share market. But it is another matter for SMEs to accept the high cost of underwriting. How to collect the premium rate of the new three boards is answered by time.

However, the reporter understands that the public offering is not mandatory for all enterprises to adopt inquiry, but provides three ways of issuing.

Therefore, if there is no agreement with the broker on the underwriting rate, consider changing a distribution method or a solution.

As to what type of distribution should be issued, Liu Jing, director of the new three board research at Shen Wan Hongyuan, suggests: "small scale distribution is suitable for fixed pricing, and large market value star projects are applicable to inquiry, and bidding has certain special advantages. First of all, from the cost point of view, the "mini issue" is suitable for fixed pricing. Secondly, the star project is suitable for the mature inquiry mode. This is due to the high cost affordability of the issuer, and the motivation of the broker to balance the interests of all parties with the star project. Third, when the broker and the issuer can not reach agreement on the issue price, and the customers of the securities firm do not accumulate enough, the bidding method has certain advantages.

In fact, the micro charging problem also reflects the uniqueness of the new three board market. In the future, sponsors, valuations and distributions will be different from other open market sectors. There will also be institutions and enterprises that have grown up under this system.

In the recent public speech, Sui Qiang, the national stock transfer system, also set the tone, saying that the new three board is not a simple repetition of a single market, but a completely new practice on the fertile soil of China's capital market. Because of the legal status of the national securities trading venues, it has broad institutional space. Because of the multi-level and differentiated market structure design, it has a stronger risk tolerance. The combination of the two makes the new three board have natural advantages in the exploration and innovation of the capital market, and is also suitable for the "experimental field" of the capital market in the new concept and new mechanism, and is the forerunner of the reform.

(author: WeChat: tyronelove, editor: Li Xinjiang)