The intermediary agency was dragged down by the IPO of more than a hundred companies during the investigation

Cover Journalist Xiong Yingying

The IPO market is now withdrawn, but this time is the "pot" of the intermediary agency.

On July 29, a total of 47 companies' IPO review status of 47 companies in GEM and science and technology board became "suspended". The reasons were investigated by securities service agencies, mainly involving Zhongshui Zhiyuan Asset Asset Evaluation Co., Ltd. and Beijing BOC Law Firm.

In this regard, some brokers told reporters that the biggest impact of intermediary agencies for investigation on the investigation is to delay the IPO process. "After the suspension of the subsequent processing, it is determined by the supervision, and the enterprise can only wait passively in addition to the withdrawal application."

The reporter sorted out and found that since this year, there have been many cases such as such intermediaries that drag out the IPO of the enterprise, involving hundreds of enterprises.

IPO process of some enterprises in science and technology board stopping

Two intermediary agencies were investigated for investigation

47 companies per day to stop the IPO

According to the GEM issuance listing audit information, of the 32 companies that suspended the audit this time, 31 were suspended for the reason that "the asset assessment agency Zhong Shui Zhiyuan Asset Asset Evaluation Co., Ltd. was investigated by the China Securities Regulatory Commission", and another one was hired by a lawyer for Beijing BOC. The firm was investigated and suspended for review.

Although 15 companies that suspended the review were not disclosed which securities service agencies were not disclosed, the reporter noticed that the assessment agencies hired by 14 companies were also far from Zhongshui.

The official website shows that Zhongshui Zhiyuan Asset Evaluation Co., Ltd. is merged by Zhongshui Assets Evaluation Co., Ltd. and Anhui Zhiyuan Asset Asset Evaluation Co., Ltd. The predecessor of Zhongshui Assets Evaluation Co., Ltd. -Zhongshui Asset Evaluation Office, established in 1996, is a public institution directly under the Ministry of Water Resources of the People's Republic of China. After years of practice, the company has accumulated rich asset evaluation business experience in listing, reorganization, investment, financing, joint venture cooperation, asset reorganization, and property trading of enterprises. Its main customers include China Power Power, State Grid Corporation, Sinopec, China Mobile, etc.

BOC Law Firm was established in January 1993. It is one of the earliest partnership law firms approved by the judicial department and is headquartered in Beijing. At present, there are 6 projects in the science and technology board and GEM of the law, one of which has been registered in effect, one has been suspended from the audit, and 4 has terminated the review.

It is worth noting that on July 26, the Beijing Stock Exchange also had an IPO of the company that was suspended for review, and the law firm hired was also Beijing BOC.

It is unknown why the two intermediaries were investigated for investigation for the reason. On August 1, the reporter also called the two company's official website to contact the phone number, but no one answered.

During the year, many companies IPOs were dragged down

Plumb or choose to wait?

There are not a few who are forced to suspend the review for being implicated by intermediary agencies.

On January 26 this year, three intermediaries of Sino -German Securities, Xinyong Zhonghe Accountants, and Jin Du Law Firm were investigated by the Securities Regulatory Commission. About 60 companies IPOs were forced to suspend. In addition There are also nearly 30 re -financing projects and mergers and acquisitions and reorganizations of listed companies.

The investigation of these three institutions is related to LeTV. According to the announcement of Shanxi Securities on January 19, its holding subsidiary Sino -German Securities Sino -German Securities was suspected of violating the law in the non -public issuance stock project of LeTV Information Technology Co., Ltd. in 2016, and the CSRC decided to file a case.

In addition, on July 22, because the issuer's sponsor Jiang Hai Securities was investigated by the Securities Regulatory Commission, the GEM IPO application was suspended by the Shenzhen Stock Exchange.

"The survey of the intermediary agency will directly lead to the suspension of the audit, that is, the listing process of the enterprise is interrupted. As for whether the audit is terminated, it generally depends on the final investigation results." Some securities firms analyzed that in the face of this situation, the enterprise either chooses to choose Wait, either take the initiative to withdraw from listing. "In fact, it is a common practice when an enterprise thinks that it is not successful to the market for various reasons. The withdrawal application is more common. Of course, the application will not be accepted immediately after the application for withdrawal, which will delay a certain time."

According to previous cases, the IPO suspend the company will organize intermediaries to review and submit a review application to the exchange or the Securities Regulatory Commission. If there is no problem with the company, the IPO process can continue. As for how long it takes to wait, there is no fixed period.

The reporter noticed that the joint chemistry and Huada nine days that were suspended on January 26 this year were restored to the listing on February 18 and March 3. A few days ago, the joint chemical IPO registration was approved, and Huada Jiu Tian has successfully landed on the GEM.

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