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Zhang Aoping: The comprehensive registration system has never been postponed, and all parties involved in the market must have a deep understanding of the registration system.
Zhang Aoping and Meng Zhuqing / Article
Since the beginning of this year, as of March 20, a total of 47 IPO companies on ChiNext have terminated, of which 45 IPO companies have voluntarily withdrawn and 2 companies have failed the review; A total of 28 IPO companies have completed the Sci-Tech Innovation Board. Up to 75 IPO companies in the two markets have canceled their listings. Compared to the same period last year, the number of companies that have canceled their initial public offerings has increased significantly.
In October 2020, the State Council issued the “Opinions on the further improvement of the quality of listed companies”, stating that a good barrier to entry to the market is the basis for improving the quality of listed companies. In November 2020, the chairman of the China Securities Regulatory Commission Yi Huiman emphasized at the mobilization and deployment meeting to implement the “State Council Opinions on the Further Improvement of the Quality of Listed Companies” which is It is necessary to deeply understand the original intention and mission of the registry system reform, and to improve the quality of listed companies from the source.In the context of the aforementioned policies, the market generally reflects that since last year 1twoFrom the monthIPOThe slowdown in savings and the tightening of supervision are mainly manifested in the following three aspects：
First, the number of companies that have canceled their listings has increased substantially.Wind data shows that since this year, as of March 20, a total of 47 IPO companies in the GEM have terminated, of which 45 IPO companies have voluntarily withdrawn and 2 companies have failed the review; a total of 28 IPO companies have terminated. at the Science and Technology Innovation Board. Up to 75 IPO companies in the two markets have canceled their listings. Compared to the same period last year, the number of companies that have canceled their initial public offerings has increased significantly.
Second, the supervisorConsultations on IPO projects are also strict. In the past, most IPOs experienced two rounds of inquiries, but now the number of three rounds of inquiries is increasing rapidly.As of March 3, among 71 GEM IPO projects that “have passed but have not yet been submitted for registration,” 24 companies have undergone 3 rounds of consultations, representing 34%. Especially after the Spring Festival (February 18-26), more than half of the 15 GEM projects were consulted 3 times before, and another 4 companies were consulted 4 times.
Third, IpostThe barrier lake reappears.As of March 14, there were a total of 470 companies under review for A-share IPOs, including 253 in the growth company market, 105 in the Science and Technology Innovation Board, 68 in the Main Board, and 44 in the small one. and medium company. -Size board. As of the same day, a total of 254 companies had approved the initial public offering of A shares but were not approved, including 120 in the growth company market, 81 in the Science and Technology Innovation Council, 44 in the Main Council and 9 in the SME Board. The total number of IPO queues exceeds 700.
In response to the above issues, we believe thatFirst of all,Large-scale withdrawal of IPO applicationsmaterialNot the supervisor levelDeliberatelyTo control the pace of issuance, it is the quality of the company itself and the quality of the practice of the intermediary agencies that is not good enough.The reason for the substantial increase in the number of terminated IPO companies is that the China Securities Regulatory Commission has initiated on-site inspections of IPO companies in various sectors. We believe that,The original intention of the China Securities Regulatory Commission to conduct on-site inspections of early issuers is to improveQuality of information disclosure of OPI, To consolidate the responsibilities of issuers and intermediaries, to deter violations of laws and regulations, and to improve the quality of publicly traded companies from the source, but not to demonstrate that IpostSqueeze in.
On January 29 this year, the China Securities Regulatory Commission issued the “Regulation on On-Site Inspection of Initial Issuers”. On January 31, the Securities Industry Association released the list of 20 companies that were selected for the on-site inspection. Currently, 16 of the 20 companies that have been selected for the on-site inspection The withdrawal rate is as high as 80%.IpostThere are two main reasons for the high percentage of application materials removed during on-site inspections. One reason isThe project itself is flawed,The other hand isTo catch up with progress, sponsors “catch the ducks on the shelves,” resulting in poor quality of project practice and unable to withstand inspections. SFC spokeswoman Gao Li also noted in her February 26 speech this year that since the beginning of this year, IPOs have maintained a normalized issue, neither tight nor relaxed. As of February 19, the China Securities Regulatory Commission had approved or agreed to register 66 IPOs. The number has increased significantly compared to last year, but not much has changed from the previous year. Therefore, the large-scale withdrawal of application materials is not deliberately done by the supervisory authority, but rather a “by-product” produced by the supervisory authority when it conducts its supervision of the intermediary agencies.
Second, the supervisorpostThe increase in the number of corporate inquiries is primarily aimed at controlling the “front door” of listed companies and improving the quality of listed companies.Through precise and continuous inquiries, the supervisory level urges companies to “speak clearly” and “understand”, and if they cannot respond in a timely manner or exceed the time limit, they will be canceled in strict accordance with the rules. Currently, more than 10 companies have not responded in time. The application was voluntarily withdrawn and the review was terminated.
Finally, the increase in the number of cola companies is not due to deliberate tightening of regulatorsIPOIt is caused by many factors.In her speech on February 26 this year, the spokeswoman for the China Securities Regulatory Commission, Gao Li, noted that the large number of IPOs queued for review is an objective reflection of my country’s economic transformation and development. and high-quality development results. On the other hand, it is also a direct manifestation of the effectiveness of the capital market reforms, reflecting the confidence of all parties in the capital market. Generally speaking, since the reform of the pilot registration system in the Board of Scientific and Technological Innovation and the Market for Growth Companies, the IPO meeting rate has increased and the national capital market has gradually become more attractive to companies. Business. Companies are actively requesting their listing, so the number of IPO queues has increased rapidly.
What’s more,The phenomenon of current IPO applicants waiting lines is related to the historical problem of “dammed lakes”.centerthe difference.In the past, IPOs were closed and opened, expectations were uncertain, and some queues took two or three years. After the reform of the registry system, the registry review cycle has been shortened considerably. Currently, the average review and registration cycle with the Board of Scientific and Technological Innovation and the Growing Business Market has been significantly reduced to more than 5 months. The chairman of the China Securities Regulatory Commission, Yi Huiman, mentioned when attending the China Development Forum 2021, “In order to achieve sustainable development of the capital market, we must fully consider the dynamic and positive balance of investment and financing. The secondary markets have maintained order and stability. In order to gradually form a good ecology of issuing new shares. ” At present, the supervisory authority is following the ideas of optimizing services, strengthening supervision, eliminating approximate and precise responsibilities, and consolidating responsibilities, making full use of market-based legal methods to actively create an IPO standardization that meets market expectations.
In general, the current regulatory strengthening of supervision has as a fundamental objective to strengthen the disclosure of information, consolidate the responsibilities of issuers and intermediaries, avoid “crossing the barriers of the disease” and comprehensively improve the quality of the reporting companies, rather than deliberately hardening.IPOSection.The reform of the registry system has achieved remarkable results since its implementation, which has effectively promoted the development of commodification, legalization and internationalization of China’s capital market. The chairman of the China Securities Regulatory Commission, Yi Huiman, also mentioned when he participated in the China Development Forum 2021, “The relevant institutional arrangements for the registration system have withstood the test of the market, the market has remained stable. , the vitality of the market has been further stimulated and the expected results have been achieved. In general, all parties are satisfied. “
Although after the reform of the registry system, the issuance conditions have been simplified, optimized and more inclusive, this does not mean that the listing threshold is lowered, but rather that it imposes higher requirements on the quality of listed companies; the registry system emphasizes information disclosure as the core Higher requirements are proposed for intermediary agencies, further requiring that intermediary agencies really have the ideals, organizations and capabilities that match the registry system.This round of strengthening supervision is more aimed at strengthening information disclosure, improving the quality of market companies, and consolidating the responsibilities of intermediary agencies.ThisEssentiallyand alsoIs to promote the sound development of China’s capital market.(Author Zhang Aoping is the Dean of the Incremental Research Institute, the Managing Director of Ru Capital, and Meng Zhuqing is the Principal Investigator of Capital for the Incremental Research Institute and the Director of Ru Capital Investment)
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Editor-in-Chief: Zhang Mei
