Securities Dealers Registered Project Reserve "Power List": The Head Broker Is Fighting Hard, CITIC Is The First Small And Medium Sized Securities Firm To Choose The Best Level To Overtake.

Since April 27th, the reform plan of GEM has been launched for half a month, and all work is accelerating.

The gem registration system and the new third board selection layer, the science innovation board complement each other, the dislocation competition, is constructing the Chinese capital market three dimensional registration experimental field. Domestic enterprises, especially innovative enterprises, are also ushering in the most abundant era in the history of listing.

At the same time, brokerage investment banks also ushered in a historic opportunity. In 2019, the impact of the establishment of the science and technology board on the investment banking business was immediate. In 2019 alone, 70 companies listed on the science and technology board, with a total financing amount of 82 billion 400 million yuan, accounting for 32% of the total A IPO financing.

Against this background, the market expects that this year's new third board selection layer, the gem reform and the continuous operation of the science and Technology Board will further enhance the scale of IPO financing in 2020, and the investment banking business will directly benefit.

Unlike the science and technology board, this year's reform of gem and selected layer is all stock enterprises. Therefore, the current stock reserve will undoubtedly directly determine the profits of securities companies. From the ranking of reserve projects, the head broker still occupies a big advantage.

Head broker "eat meat"

"Judging from the current rhythm, there are 200 enterprises waiting for trial in the gem, and the new three boards are all innovative and basic level enterprises. That is to say, the work of these enterprises has already been completed, and the ability of the securities companies to undertake and underwrite is tested." A large brokerage firm in Shanghai told reporters.

In twenty-first Century, the economic report reporters compiled data from the official website of the SFC, the official website of the Shanghai Stock Exchange and the Wind information terminal.

According to the latest data from the SFC and the Shanghai Stock Exchange, the number of enterprises waiting for trial on GEM and the number of enterprises to be issued by CIC are 206 and 154 respectively.

Among them, the top 10 brokerage firms in the gem reserve account for 106 projects, accounting for 51% of the total number of enterprises, and the top 10 brokerages of the company have 96 projects, accounting for 62% of the total number of enterprises.

"The resources of the listed reserve items are concentrated to the head broker companies. Among them, the concentration of science and technology board is higher than that of the gem. Apart from the top ranking brokerages, the number of remaining reserves is usually below 3-4. If the head broker is eating meat, the rest of the broker is going to eat soup. The Shanghai Securities Brokers believed that.

According to the data of CB and gem, CITIC Securities and CITIC are the top leaders. The total number of CITIC Securities reserve projects ranked first, and the number of reserve projects of the Chuang Chuang board and the Growth Enterprise Board reached 20 and 14 respectively, with the top second of gem and gem. As for the gem, CITIC has 17 of its project reserves, ranking first among all brokerages, but its project reserves of the science and technology innovation board are slightly inferior, but it has also reached 7.

The seating capacity of some other brokerage projects is also basically the same as expected by the market. Huatai joint, Haitong Securities and investment bank's strong livelihood securities occupy a good share of project reserves.

However, there are variables in the project reserve of CICC.

CICC has been listed in the first tier company, but as of now, CICC has lagging behind in the stock of CB and gem.

Statistics show that CICC currently has 7 and 6 companies in the CB and gem, ranking sixth and thirteenth respectively in the CB and GEM companies.

"In the first quarter of this year, some companies in the China gold reserve project have successfully completed the listing. Some other projects have not been sent to the exchange for reasons of the epidemic, and the reserve items seem to be a little lower under the" one plus one reduction ". An insider of CICC said.

The main battlefield of small and medium brokerages

If gem and Ke Chuang plate are the opportunities for the head broker, then the new third board selection layer is a small outlet for the small and medium brokerages in the IPO project.

From the selected level data, the head brokerage company in addition to CITIC construction group outside the collective absence, CICC, CITIC Securities, Haitong Securities and so on in the selected level of project reserves are below 3.

In the top ten of the project reserves, Shen Wan Hongyuan won the first place with 18 project reserves. CITIC construction, Anxin securities, Zhongtai securities and open source securities ranked 2-5 respectively. The number of reserve items was 11, 7, 5 and 4 respectively.

"Shen Wan Hongyuan is the longest time broker who has ploughed new three boards, and CITIC, China and Thailand securities and open source securities also attach great importance to the investment in the new three board business. Even in the most sluggish time of the new three boards, these brokerages have not cut off the new three board sector, and now the selection layer is coming, naturally these are also the harvest time for these brokerages. Beijing area a medium-sized brokers new three board business person in charge told reporters.

In twenty-first Century, the economic news reporter learned that, as the Sino Thai securities and open source securities, the new three board business is regarded as one of the core businesses of the company.

According to another data, unlike the science innovation board and the gem project, the distribution of the new three board selected layer reserves is even more dispersed. According to the agency estimates, more than 70% of the projects are distributed in the hands of small and medium-sized brokerages.

At the same time, there is a provision which is also considered as an important reason for small and medium brokerages to grasp the selected projects. The regulation stipulates that in the past 3 years, as a project co sponsor in the listed company public offering project, to meet the qualification requirements of the sponsor representative, it can apply to the China Securities Association for the purpose of registering as a sponsor representative.

This provision has greatly enhanced the enthusiasm of small and medium brokerages to undertake the selection of new three boards. "IPO projects are not necessarily in the hands of small and medium-sized brokerages, not to mention the hands of the insured generation, and the IPO project cycle is longer. In this case, the selective public offering is a very good choice. " The foregoing brokers believe that the three board business leaders.

Pattern evolution under registration system

The above project reserve data, or the weathervane of the future competition of IPO business in the securities business.

In twenty-first Century, the economic news reporter found that under the registration system, the trend of project contracting to head broker was becoming more and more obvious. The science and technology board has been running for one year, and its reserve project concentration is obviously higher than that of the gem. With the passage of time, the concentration degree of gem projects has also increased rapidly, and gradually converged with the Chuang Chuang board.

In fact, even in the new third board market, the level of project concentration has begun to appear. According to the reporter's statistics, the top ten stockbrokers in the selected level project reserve account for 48% of the total number of selected reserve items.

For this change, Tianfeng securities analyst Luo Zuanhui said that from a long-term perspective, the gem IPO concentration degree is a major trend. Because the registration system of gem is the stock reform, and the main factors affecting the performance of investment banks in the next 2 years are the current stage of project reserves. In the future, the IPO underwriting of gem is expected to be similar to that of the science and technology board, and the share of the head brokerage will further improve.

In addition, compared with the past IPO pattern, there is a competition between Shanghai and Shenzhen three. Enterprises can choose between multiple sectors and markets. The market issuing rhythm will no longer be subject to strong regulation by regulators. It is expected that in the future, a large number of IPO projects will be listed on a shorter date. Under such circumstances, how this batch of stock projects will be done and the outcome of the project will determine the future competition pattern of the securities companies.

"Registration system will profoundly affect the competition pattern of investment banks, and investment banks will return from the channel to the origin of pricing and sales, and investment banking will also be diversified. The real market-oriented reform in the future requires investment banks to have a deep understanding of and views on the nature of the company's business, especially at the strategic level. A senior broker from a large brokerage firm in Southern China said.

"Registration reform will also impact the research and sales system of the two tier market. At present, some emerging brokers have begun to consciously establish research and sales systems that are consistent with Chinese characteristics and conform to China's future registration system, but there are few such institutions. The above insured generation further said.

However, in the process, some new powers are not excluded from overtaking.

A small and medium-sized brokerage investment bank business leader said: "from the perspective of small and medium brokerages, the full implementation of the registration system, and even can not be said to overtake the curve, but to change the track to compete. But even so, you need to take advantage of what you already have. These two years are important window periods. We must seize opportunities and grow rapidly in business volume, and more importantly, we should have representative work. The number of small and medium brokerages is smaller than that of traditional head brokerages, but they do not have a certain volume of business and have no market influence.

In addition to reserve projects, talents are equally important.

"The ultimate impact of registration reform is at the level of talent. We are recruiting people recently, but it is not easy to recruit talents that meet the requirements of the new era. At present, investment bankers in China are not very well educated in terms of investment value judgment and so on. We want to reserve talents with these standards: relatively young, focus on the new economy, willing to try new ideas and businesses, instead of blindly running the investment business according to traditional contractors. At the same time, we need to understand customers, understand customers and accompany customers to grow for a long time. Such talents will become more valuable in the future.

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