The IPO Of New Generation Companies Will Be Launched Smoothly At The End Of 2020

With the stable operation of the science and technology innovation board, the registration system reform of the gem has been successfully implemented, and 2020 will become the year of equity financing.

As of November 9, since 2020, the number of listed and listed new shares (including the new third board) has exceeded 349, and the total financing scale has exceeded 383.056 billion yuan, exceeding the expectations of many market participants.

Previously, PricewaterhouseCoopers China market executive partner Liang Weijian once predicted to reporters: "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 RMB."

Last week, another 26 IPO companies completed the stock issuance through the issuance and examination committee and six enterprises. Judging from the current IPO rhythm, the number of IPO enterprises is expected to exceed 400, and the total financing scale is about to exceed 400 billion, of which more than seven will become new economy enterprises.

"The U.S. stock market was a period of rapid expansion in the 1980s and 1990s. In the late 1980s and early 1990s, the annual number of IPOs in the United States was about 800 to 900. The number of our companies in a year is only more than 300. Compared with the peak expansion in the 1980s and 1990s in the United States, we are still far behind. " 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.

In Dong Dengxin's view, the expansion of new shares in the A-share market is at a normal speed, which is an important embodiment of the market inclusiveness brought about by the registration system reform. At present, China's economic transformation and industrial upgrading need A-share market, especially the science and technology innovation board and the growth enterprise market to play a leading role.

With the stable operation of the science and technology innovation board, the registration system reform of the gem has been successfully implemented, and 2020 will become the year of equity financing. Information map

IPO Financing reaches a new high

With the implementation of the registration system in the A-share market, the amount of initial financing in the A-share market has reached a new high since this year. As of November 9, the number of Listed Companies in A-share market has exceeded 4067. Among them, 315 enterprises have been listed since this year, with a total initial financing amount of 374.275 billion yuan. In 2017, 2018 and 2019, the initial financing amount of A-share market was 230.109 billion yuan, 137.815 billion yuan and 253.248 billion yuan respectively.

In terms of sectors, the registration system provides strong direct financing support for science and technology innovation enterprises. 116 and 86 enterprises were listed on the science and technology innovation board and the growth enterprise market respectively, providing financing of 192.180 billion yuan and 75.668 billion yuan for small and medium-sized enterprises, accounting for 51.35% and 20.21% of the total financing amount of a shares respectively.

Sun Jin, partner of PwC's China comprehensive business services department, said: "from the reform of the registration system of the gem, to the innovation of the relevant arrangements for the pilot red chip enterprises to be listed in China, and then to the guidance on the transfer of selected layers of the new third board, The reform of a shares has been steadily advancing, which confirms China's determination to promote the reform of the capital market, and the pattern in which each sector of the multi-level capital market performs its duties is gradually clear. The gem has officially opened the door to qualified red chip enterprises. China will continue to encourage the development of the "innovation, creation and creativity" industry represented by "innovation, creation and creativity", and the listing activities of innovative small and medium-sized enterprises will be more active. "

From a regional perspective, the Pearl River Delta, Yangtze River Delta and other regions are still strong IPO provinces. The number of IPO enterprises in Jiangsu Province exceeded 53 this year, ranking first. Guangdong Province and Zhejiang Province ranked second and third with 48 and 47 respectively. Beijing and Shanghai followed closely, with 40 and 31 listed respectively.

In terms of industries, technological innovation enterprises are the main force of IPO this year. In the A-share market, there are 50, 40, 37, 36 and 26 enterprises of mechanical equipment, electronics, chemical industry, medical biology and computer, all of which are high-tech industry companies, with financing scales of 36.643 billion yuan, 90.966 billion yuan, 33.792 billion yuan, 48.447 billion yuan and 27.357 billion yuan respectively.

Specifically, due to the suspension of the listing of ant group, so far this year, the listed company with the highest financing scale is still SMIC international. On June 1, SMIC international obtained the registration approval in 29 days after it submitted its IPO application on the science and technology innovation board, setting a new speed record of IPO audit on the science and technology innovation board. This time, SMIC international raised 53.230 billion yuan of initial funds.

However, despite the large scale of financing, the institutions still actively subscribe, and the number of shares issued by the initial strategic placement is 842.81 million, accounting for 50% of the initial issuance. A total of 29 strategic placements were targeted, with a total of 24.261 billion yuan in total. Among them, about 3.5 billion yuan was allocated to the second phase of the national integrated circuit industry investment fund, and about 3.3 billion yuan was allocated to Singapore Government Investment Co., Ltd. (GIC). The overall offline subscription multiple is 164.78 times.

Second only to SMIC in terms of financing scale, this year's gem "king of financing" goldfish, with a total financing scale of 13.933 billion yuan.

IPO enters a new stage of rapid expansion

Although it is less than two months from the end of this year, it is an indisputable fact that the IPO Financing scale reached a new high in the year.

It is worth mentioning that, with the smooth implementation of the registration system on the gem, in the view of many industry insiders, the future registration system is expected to spread out in the whole A-share market, and the financing amount of A-share IPO will reach a new high.

”It is estimated that the full coverage of the whole A-share market registration system will be basically completed next year or the latest year. The implementation of the registration system has improved the inclusiveness, openness and resilience of the market. It is reasonable that new shares will be expanded faster because of easier listing, lower cost and higher efficiency. We can see that the developed markets in Europe and the United States have experienced a stage of rapid market expansion, and a shares have also entered a new stage of rapid expansion. " Mr Tung said.

However, recently, due to the suspension of the listing of ant group, the giant that once refreshed the financing peak of the science and technology innovation board may have a certain impact on the IPO market. In the view of some market participants, at least this year, the total amount of IPO Financing is difficult to grow rapidly.

"After all, it is more difficult to select the registration system, including the whole process, which is relatively fast. It's almost the end of the year, so it may not be realistic to sprint at the end of the year, but the progress of several major (companies) releases may be adjusted in the early stage, especially after the ant incident Shao Yu, chief economist of Orient Securities, pointed out in an interview.

In Shao Yu's view, (the incident) involves a systematic understanding of the entire Internet financial industry, including financial technology and other fields, which may cause some hesitation of the corresponding companies. "The whole financing scale of these relatively large financial branches of Internet giants will be compressed."

However, some market participants believe that the ant incident is only a case in point.

Dong Dengxin pointed out: "the suspension of listing of ant group is a special case, an accidental event. This incident will not affect the IPO of other companies, because ant group is a very large company with a large brand. Therefore, it is understandable that the regulatory authorities are more cautious in its IPO. But the vast majority of other IPOs, relatively small, basically will not have any impact. "

"Next year, I believe the number of IPOs will increase significantly," Dong said. The science and technology innovation board and the growth enterprise market will still be the main force of IPO expansion in the future. In the future, the A-share market will give more support to new economy companies and science and technology innovation companies. As a result, more high-tech IPO companies may be concentrated in the future. They will be the biggest beneficiaries. "

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