736 Ipos Present The New Driving Force List Of Top 100 Cities?

On July 13 and 15, gem will officially hold the first and second listing committee review meetings.

Up to now, 261 enterprises have been registered on the gem.

This is just a microcosm of the enterprise registration system.

The science and technology innovation board has been operating smoothly for more than a year, and the number of listed enterprises has exceeded 123, with a total market value of 2.46 trillion yuan. There are 227 enterprises under examination (excluding the enterprises that have issued and received the approval documents), and about 10 enterprises are listed every week.

Since the same period of last year, the IPO amount increased by RMB 13.96-84% compared with that in the same period in 2020, with a total amount of RMB 13.96-84.0% respectively.

However, with the continuous deepening of the registration system reform of A-share market, there is no lack of "voice of anxiety" about high-quality enterprises in the market.

Many investment bankers have complained to the 21st century economic reporter: "good projects are less and less", "either they have been listed, or they will be taken away by big securities companies." "now it is more difficult for good enterprises to cultivate enterprises with better quality when they grow up"

In fact, the layout and deep cultivation of urban resources have become the key of investment bank contractors; from the perspective of macro-economic development, behind the urban IPO reserve project is the most critical indicator of future development momentum.

Under the background of registration system, the pace of listing is getting faster and faster. What is the qualification, scale and distribution of IPO reserve forces?

Jiangsu and Hangzhou are strong

In terms of opportunities, there is an urgent need for SMEs to innovate in 2020.

Since the beginning of this year, the pace of IPO audit has been significantly accelerated.

According to the research data of the 21st Century Capital Research Institute, up to now, 172 enterprises have been listed on the meeting for the first time, 161 enterprises have passed the examination, and the approval rate is 93.60%. Only one company has not passed, and there are 5 suspension and cancellation of the audit.

In the same period of last year, the total number of first-time enterprises on the meeting was 94 times, and the approval rate was 88.30%.

Although the number of IPOs and the number of IPO companies increased significantly in the same period of last year, the number of IPO companies still maintained a strong momentum compared with that of the same period of last year.

Since this year, the number of new shares listed has also reached a new high of 136, with a total financing amount of 147.047 billion yuan, with an average financing amount of 1.081 billion yuan, compared with about 900 million yuan in the same period last year.

With the opening of the registration system reform of gem, this listing rhythm is expected to continue.

Liang Weijian, managing partner of China market of PWC, once predicted to 21st century economic reporter: "in the second half of the year, A-share IPO will continue to maintain a good momentum of development. It is expected that the number of IPO enterprises in the multi-level capital market of A-share will exceed 300, and the financing scale will exceed 300 billion yuan."

In its view, the science and technology innovation board has a good start and is generally in line with expectations. The pilot registration system has achieved phased success. At the same time, the introduction of the new securities law and the orderly promotion of the gem reform are conducive to the listing activities of Chinese enterprises.

It is worth mentioning that, with the intensive release of favorable policies in the A-share market, the enthusiasm for listing of domestic real economy enterprises is also unprecedented.

According to the research statistics of the 21st Century Capital Research Institute, as of the evening of July 9, excluding the enterprises that have issued and obtained approval, the number of IPO queuing enterprises is still as high as 736, which are the main force of listing in the second half of 2020.

Among them, there are 240 queuing enterprises under the approval system, including 157 enterprises applying for listing on the main board and 83 enterprises applying for listing on the small and medium-sized board; the number of queuing enterprises under the registration system has far exceeded that of the approval system, of which 261 are under the gem registration system, and 227 are listed on the science and technology innovation board. (Note: eight enterprises under the gem approval system have not yet disclosed their application materials in the Shenzhen Stock Exchange, and it is uncertain whether they have submitted the application materials to the gem under the registration system.)

"From the approval system to the registration system is a change in the concept and method of IPO audit. The reform from the approval system to the registration system is the general trend. In the future, it will be favored by more high-tech enterprises and new economic concept companies. These enterprises will choose the gem and sci-tech innovation board which have already implemented the registration system, and gradually stay away from the main board and small and medium-sized board of the approval system. The reform of the registration system is affirmed by the market and welcomed by enterprises and investors. It will also accelerate the promotion of the registration system to the main board and small and medium-sized boards, and the process of full coverage will be accelerated. " Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, told reporters of the 21st century economic report.

"The gem has officially opened the door to qualified red chip enterprises. China will continue to encourage the development of three innovation industries represented by" innovation, creation and creativity ", and the listing activities of innovative small and medium-sized enterprises will be more active." According to Sun Jin, partner of PWC China integrated business services.

On the other side of the growing enthusiasm for capital, the discussion of regional competitiveness is also rampant.

As an important indicator to measure the level of regional economic development and capital activity, the number of listed enterprises is closely related to economic development. There are different opinions on "where is the fifth city" in China. The cultivation effect of listed enterprises is interpreted in another dimension.

From the perspective of regional distribution, beishangshen and other first tier cities are still the main birthplace of the reserve forces for listing. Among them, Shanghai and Shenzhen are densely populated with old-fashioned listed enterprises. 73 and 65 are respectively in the IPO queue, and Beijing ranks third with 58 reserve enterprises.

However, in recent years, Jiangsu and Hangzhou have shown obvious advantages of backwardness, surpassing the fourth and fifth regions of Guangzhou in reserve projects, with 37 and 29 enterprises respectively impacting the capital market.

Among the 3889 A-share listed companies, the traditional distribution of the number of listed companies is mainly in Beijing, Shenzhen, Shanghai, Hangzhou and Guangzhou, with 360, 310, 307, 147 and 113 listed companies respectively.

Suzhou, however, is not in the top five, ranking eighth, with 74 listed companies in stock.

"In terms of stock, the economy of Shanghai, Guangzhou, Jiangsu and other places has been very strong. However, Zhejiang, especially Hangzhou, has witnessed faster growth in recent years, especially in terms of concepts related to the Internet." Industrial Bank chief economist Lu Zhengwei said.

Overall, the growth rate of enterprises in coastal cities is still ahead of that in inland cities.

According to the statistics of the 21st Century Capital Research Institute, as of July 9, there were 15 cities with more than 10 IPO projects in reserve, most of which were in the Pearl River Delta and Yangtze River Delta region. In terms of provinces, there are 136, 117 and 108 reserve projects in Guangdong, Zhejiang and Jiangsu respectively.

With the continuous promotion of the registration system, the number of listed companies among regions is increasingly fierce, and the pursuit among cities is becoming more and more complicated, especially between Shanghai and Shenzhen. The new first tier cities in Zhejiang and Jiangsu, such as Suzhou and Hangzhou, have gradually transferred their influence to the capital market.

Shanghai, Beijing and Hangzhou rank first in the authorized reserve army

According to the statistics of the 21st Century Institute of capital, among the 736 enterprises whose stocks are under examination, they have their own characteristics according to the different application sectors. There are obvious differences between the application enterprises under the approval system and the registration system in terms of industry classification, enterprise nature, financial data, scale and volume, business model, etc.

As of the evening of July 9, there were 240 IPO reserve enterprises under the approval system, including 157 on the main board and 83 on the medium and small board.

It is worth noting that with the continuous promotion of the registration system reform, the number of IPO reserve enterprises under the registration system has far exceeded the approval system. As of July 9, the total number of IPO reserve forces on the main board and gem under the approval system was 240, which was less than 269 on the gem and slightly more than 227 on the science and technology innovation board.

Among them, the largest number of chemical products are from the chemical industry.

Next, there are 14 money and financial services, 14 computer, communication and other electronic equipment manufacturing industries, 11 special equipment manufacturing industries, 10 power and heat production and supply industries, and 10 food manufacturing enterprises.

Dong Dengxin told reporters that the main beneficiaries of the registration system are high-tech enterprises, because the positioning of the science and technology innovation board and the growth enterprise market is very clear, which is mainly the place for equity financing of innovative enterprises. The scientific and technological innovation board and the growth enterprise board clearly state that they do not welcome enterprises in traditional industries. Most of the traditional enterprises will be listed on the main board and the small and medium-sized board, but the main board and the small and medium-sized board also need the registration system to promote them To expand their development space is a major direction of reform.

"Even if the registration system reform is implemented in the future main board and small and medium-sized board, enterprises in traditional industries will still be included, and will be more inclusive than the approval system, so that more promising and good-growing enterprises can enter the main board and the small and medium-sized board smoothly. Therefore, the registration system reform actually weakens the administrative control and intervention, so that more excellent enterprises can get equity financing opportunities, whether it is high-tech Enterprises are still traditional enterprises. " He added.

From the perspective of regional distribution, there are 15 military enterprises from Guangzhou and 103 from Shenzhen, among which there are 15 enterprises from Guangzhou and 103 from Shenzhen. After that, Chengdu, Dongguan, Foshan, Xiamen, Shaoxing, Taizhou and Tianjin were all 5.

On the other side of the data, cities are concentrated in the head cities.

Among the 103 cities, there are 101 reserve army enterprises from the top 12 cities, accounting for 42.08%.

This is similar to the trend that listed companies are mainly distributed in the north, Shanghai, Guangzhou, Shenzhen and the East and south. It is worth noting that the performance of the new first tier cities is excellent.

For example, there are 13 small and medium-sized enterprises applying for shuangjun and Xianjun in Zhejiang Province, and there are 13 small and medium-sized enterprises applying for shuangjun and Xianjun in Hangzhou.

Chengdu has taken over two main board IPO enterprises of Chengdu Lihang Technology Co., Ltd. and Haitian Water Group Co., Ltd., and three medium and small board IPO enterprises of Sichuan Dingdian Food Development Co., Ltd., Chengdu Rainbow Electric Appliance (Group) Co., Ltd. and Sichuan Jule Food Co., Ltd.

Science and technology innovation board reserve forces catch up with and surpass in Suzhou

In the past year, the registration system reform of the science and technology innovation board has made rapid progress.

As of July 10, 123 enterprises have been listed on the science and technology innovation board, achieving a leap from 0 to 100 in less than a year.

IPO reserve force enterprises are also rapidly expanding.

As of July, there were 227 enterprises in the approved cities, which were more concentrated in science and technology enterprises than in the approved cities.

The top five enterprises are 35 in Shanghai, 21 in Beijing, 20 in Shenzhen, 19 in Suzhou and 12 in Hangzhou. These cities have a total of 107 enterprises, accounting for nearly half of the total number of science and technology enterprises. Chengdu City, Dongguan City, Guangzhou City, Hefei city are all 7, Foshan City, Wuhan city are 5.

In contrast to the overall distribution of the listed companies in Suzhou, A-share listed companies are slightly distributed in the region.

It is quite a subsidiary of Suzhou Electronics Co., Ltd., Sinochem Electronics Co., Ltd., Suzhou Suntech Electronics Co., Ltd., and Suzhou Longteng Electronics Co., Ltd limited company.

Compared with Suzhou, Hangzhou has a more dispersed industry distribution, with the largest number of special equipment manufacturing industries, including Hangzhou Aike Technology Co., Ltd., Hangzhou anjes Medical Technology Co., Ltd., and Hangzhou Honghua Digital Technology Co., Ltd. Then came the software and information technology services industry, and the pharmaceutical manufacturing industry, respectively.

"The main reason why the reserve army enterprises of the science and technology innovation board are concentrated in these cities is that the preparation work of these cities is relatively early, and they have done a lot of similar scientific and technological innovation guidance. In the early stage of the science and technology innovation board, we can see the relevant incentive policies issued by these cities, and they may have started to prepare from then on." Pan Helin, executive director of the Digital Economy Research Institute of Central South University of Finance and law, told reporters.

According to its logic, another core reason is that the innovation forces in these places are relatively strong. For example, Shanghai, Beijing, Shenzhen, Suzhou are better together in the manufacturing industry, and Dongguan has a better industrial structure and pays more attention to the power of innovation. Electronic manufacturing equipment and computer industry in Kunshan and other places developed relatively early, forming an industrial cluster, but also has technical advantages.

"Hangzhou is good in terms of Internet innovation and (other) aspects. The atmosphere of entrepreneurship and technology in the whole city has always been relatively good, plus the empowerment of some digital technologies, such as software and information services. In fact, Hangzhou has done well in other industries. The whole industry of Zhejiang has a foundation. As a provincial capital city, Hangzhou still has great advantages. The current entrepreneurial atmosphere and business environment of Hangzhou are good. The relatively large layout of science and technology in Zhejiang Province also includes a large amount of money. " Pan told reporters.

"In addition, cities with more characteristics, such as Chengdu, Dongguan, Guangzhou, Hefei, Wuhan, Foshan, etc., have good scientific and technological strength. It is worth mentioning that Wuhan Optical Valley is still relatively strong in scientific and technological innovation. The science and technology innovation board mainly emphasizes technology. We can see that in places like Dongguan, Foshan and Wuhan where industrial technology is relatively good, scientific research technology is market-oriented, and science and technology innovation board welcomes market-oriented technology. " He added.

Wuhan "fall behind" of "reserve" enterprises on GEM

The reform of the pilot registration system on the gem has slowly opened, which has also significantly expanded the number of IPO queuing enterprises.

As of the evening of July 9, the Shenzhen Stock Exchange has accepted 261 enterprises applying for gem, including 176 stock enterprises transferred from CSRC and 85 newly declared enterprises.

Up to now, there are still 8 enterprises that have submitted GEM Listing materials to the CSRC and have not publicly accepted them on the website of Shenzhen Stock Exchange.

According to the rules for examination and approval of issuance and listing on GEM, the Shenzhen Stock Exchange will accept the translation of enterprises under examination from June 15 to 29. The Shenzhen stock exchange needs to make a decision on whether to accept or not within 5 working days after the enterprises submit the application materials. However, if the application documents for issuance and listing do not meet the requirements of the CSRC and the exchange, they shall be supplemented and corrected, and the longest time limit for correction shall not exceed 30 working days.

The 21st century economic reporter learned from public channels that among the eight companies that have not yet disclosed the acceptance materials, Huaqiang Fangte and Zhongzhi software have postponed the IPO of gem.

On June 25, huaqiangfang announced that it would suspend its application to Shenzhen stock exchange for listing on the gem, pointing out that "since this year, the culture, tourism and film and television industry in which the company is located has been greatly affected by the new epidemic situation. The company's business performance has declined, and the epidemic has not yet ended, and the annual performance is uncertain. After careful study, the company decided to terminate the IPO application of this round, and temporarily not to apply to the Shenzhen Stock Exchange, and to re apply for listing after the epidemic situation stabilized. "

On June 15, Zhongzhi software also received the notice on examination of termination of administrative license application of China Securities Regulatory Commission (CSRC), pointing out that "due to strategic adjustment, the board of directors has carefully studied and decided to apply to CSRC for termination of the initial public offering of RMB common stock (A-share) and listing on the gem, and withdraw the application documents."

It is worth mentioning that the annual report of Zhongzhi software in 2019 is not good. According to the annual report of the company in 2019, the net profit attributable to the owners of the parent company in 2019 was 15.0583 million yuan, a year-on-year decrease of 68.11%; the operating income was 97.0688 million yuan, a year-on-year decrease of 35.77%; the basic earnings per share was 0.42 yuan, a year-on-year decrease of 68.89%.

After excluding the above eight companies, the remaining 261 enterprises under the gem registration system raised a total of 175.921 billion yuan, with an average of 674 million yuan per enterprise. YIHAI KERRY still ranked first with the amount of fund-raising of 13.87 billion yuan, and 28 companies raised more than 1 billion yuan in IPO.

From the financial data, although the GEM Listing threshold has decreased significantly, the performance scale of the enterprises under examination is still at a high level, and the revenue scale in the latest year is more than 100 million yuan, which is in a profitable State. At present, the disclosed initial companies all adopt the index of "the net profit in the last two years is positive, and the accumulated net profit is no less than 50 million yuan".

According to an interview with a senior investment bank sponsor representative in China, the important reason for the high overall financial level is that most of the newly declared enterprises should be those that have already prepared to apply for the gem, and "all of them are waiting for declaration there".

From the perspective of regional distribution, there are some differences between the newly added enterprises applying for gem under the registration system and the existing gem enterprises.

According to the reporter's statistics, Guangdong Province has always been the main area to transport enterprises to gem. Among the 825 listed companies, Guangdong Province accounts for 191, accounting for 23.15%.

Followed by Jiangsu Province, where private economy is more active, a total of 110 enterprises are listed on the gem; Beijing, where all kinds of resources are gathered, is also the main source of gem enterprises, with a total of 108; Zhejiang Province, which ranks fourth, also has a strong new economic atmosphere, with a total of 95 gem enterprises.

Among the 261 IPO companies that have been accepted at present, the number of enterprises registered in Guangdong is still the first, and a total of 64 IPO companies have been accepted.

However, the second place was occupied by Zhejiang Province, with 40 enterprises in total reserved, with full potential. Jiangsu Province fell to the third place, but there was not a big gap with Zhejiang Province. A total of 37 enterprises queued up. Beijing fell out of the top three and ranked fourth. A total of 20 enterprises applied for gem IPO and were accepted.

In terms of cities, Shenzhen is far ahead of 37 enterprises in the queue, followed by Beijing with 20.

In the second tier cities, the number of reserve enterprises in Wuhan and Dongguan may lag behind. Among the existing GEM listed companies, there are 17 and 15 enterprises in Wuhan and Dongguan respectively, which are in the forefront of the second tier cities. However, among the gem enterprises accepted at present, Dongguan has only 3 reserve enterprises, while Wuhan has only 1, which is left behind by other second tier and third tier cities such as Xiamen and Changzhou 。

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