IPO freezing point is coming! The number of cancellations is frequent, and the rate will be 10 years.2019-01-02 09:04:05 31 ℃
With the launch of Ogilvy Medical Products Co., Ltd. on December 25 By the way, the number of the first IPO companies in the 2018 is fixed at 111. Since there were 199 sub-enterprise meetings in 2018, it means that the IPO meeting rate is 55.78%, and the IPO meeting rate has also reached a new low in 10 years. In addition, regardless of the factors of the IPO lockout in 2013, there were only 103 new stocks that landed in the Shanghai and Shenzhen stock markets in 2018, which also hit a 10-year low since 2009.
In 2017, the number of new shares listed on the Shanghai and Shenzhen stock markets reached 438, raising 230 billion yuan, and the average company raised 525 million yuan. Although there were only 103 new shares listed in 2018, the fundraising was as high as 136.2 billion yuan, with an average of 1.322 billion yuan for each fundraising, which is 2.5 times the 2017 data. The reason is mainly due to the issuance of a number of giant companies in 2018, such as the industrial fundraising initial fundraising of 27.12 billion yuan, and the Chinese people's insurance initial fundraising of 6.012 billion yuan.
IPO's double innovation is undoubtedly closely related to the strict concept of IPO audit. Since the Dana Audit Committee’s performance in October 2017, the rate of new share issuance has fallen sharply in the context of a strict review. It is normal for the company to review “three over one” and “four over one”. In the “extreme” situation, there are also “six over one” or even “zero over”. The rigor of the IPO review not only shocked the entire market, but also made the investment of the companies and brokerages under pressure. Strict review and a significant drop in the rate of meetings have led many companies to suspend or terminate their censorship, and a large number of companies have withdrawn their materials on the eve of the meeting. It is in this context that the number of queuing companies has decreased from 484 companies at the beginning of this year to 244, and the IPO barrier lake has been greatly alleviated.
The IPO review is strict, the rate of innovation is low, and the positive effects behind it cannot be ignored. On the one hand, it is very helpful for companies that have this problem or that problem to retreat, and no longer have a lucky psychological barrier, which is of great benefit to alleviating the IPO barrier lake. On the other hand, the IPO review is strict, and it can “filter” those enterprises that have not met the IPO standards, and can block “problem” enterprises from the door of the capital market, and prevent such enterprises from harming the interests of small and medium investors after listing. Damage the credibility of the capital market. The IPO audit is strict and can also be checked from the source, which is conducive to improving the quality of listed companies and thus improving the overall investment value of the capital market.
However, the new stocks in the Shanghai and Shenzhen stock markets have low innovations, and the shortcomings are equally obvious. The reduction in the number of listed new shares will reduce the amount of funds raised, indicating that the support of the capital market for the real economy is decreasing. It is not conducive to expanding the scale of direct financing, nor is it conducive to the financing function of the capital market. Moreover, the number of listed companies is low, indicating that the fresh blood of the franchise capital market is decreasing. Although the myth of "unbeaten new stocks" has been continuously staged in recent years, and often causes criticism, but for the capital market, it is necessary to list more new shares to supplement the fresh blood of the market. If the capital market does not have new shares listed for a long time, it will be a terrible thing.
Despite the low IPO rate in 2018, the increase in the past few months has also attracted market attention. For example, the IPO meeting rate in November was as high as 85%. Since November, the “two over two”, “three over two” and “three over three” in the IPO audit have become the norm. This shows that under the joint efforts of brokerage investment banks and enterprises, most of the enterprises in the Shanghui are qualified enterprises, and the company's letter-sharing work has also made great progress. The increase in over-the-counter companies has also created conditions for more new stocks to be listed on the Shanghai and Shenzhen stock markets in the future, which is not bad news for the stock market.
With the acceleration of the establishment of the science and technology board and the pilot registration system, the registration system will appear in the A-share market. If the registration system is successfully implemented in the science and technology board, it will be possible to fully roll out the entire A-share market. The IPO of new IPOs from the approval system to the registration system is not only a major change in the new share issuance system, but also a manifestation of the new stock issuance towards marketization. The significance of this is self-evident. In the registration system, as long as the proposed IPO company fulfills its information disclosure obligations, the rest will be decided by the market or by "foot". The IPO double innovation low problem or no longer exists, China's capital market will also open a new page.
Guess you like
- 2018-12-24Will the housing prices continue to rise in 2019 when the real estate regulation policy is released?
- 2018-12-16How many people have a monthly salary of 5,000 yuan? Not as much as you think
- 2018-12-14By investing to pull the economy back and forth, where is the future reform?
- 2018-12-12Just now, Dong Mingzhu denied that it is an iron cock: Gree does not pay dividends in 2017 is more for 2018
- 2018-12-10"Double-width cycle" is coming soon! If so, the property market is likely to usher in a retaliatory rebound
- 2018-12-08Live | 2018 Sanya Finance International Forum
- 2018-12-07There are 450,000 direct sales! The second-hand housing market in this first-tier city is cooling down.
- 2018-12-07In the first half of 2018, global house prices rose by 50! Why are these 9 mainland second-tier cities on the list?
- 2018-12-06In the 2019 US stocks, Hong Kong stocks and A-shares, how should investors choose?
- 2018-12-05The Ministry of Commerce responded to the China-US economic and trade consultation: the meeting was very successful and confidence in implementation
- The country's 65 million houses are vacant? The truth behind it is even more cruel!
- The United States will investigate 244 foreign companies, including 213 Chinese companies such as Baidu and Ali. Why?
- People are not as good as days, slamming 47% in 6 days, Shanghai Lai Shi capital chain is in a hurry
- Xu Jiayin's wife made her first public appearance.
- The oil price has dropped by 30%. The picture shows the small plot behind the big drop.
- Review: The two cities fluctuated within a narrow range throughout the day, the Shanghai index rose 0.37%, the communications equipment sector led the rise
- Buy Huawei mobile phones, subsidies! Buy an apple, fine! The Shenzhen manufacturer who supports Huawei is coming to the head.
- "Double-width cycle" is coming soon! If so, the property market is likely to usher in a retaliatory rebound
- Why do multinational companies do this in China?
- Live | 2018 Sanya Finance International Forum