IPO freezing point is coming! The number of cancellations is frequent, and the rate will be 10 years.

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IPO freezing point is coming! The number of cancellations is frequent, and the rate will be 10 years.

2019-01-02 09:04:05 131 ℃


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rate of meetings have led many companies to suspend or terminate their censorship, and a large number of companies have withdrawn their materials on the eve of the meeting.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.