The on -site inspection showed power, with an withdrawal rate of 30%, mostly from the motherboard!IPO terminates the reproduction, involving these head sponsor agencies

On -site inspections reveal the deterrent again.

Since August, a total of six IPO companies who have been drawn on -site inspections have chosen to withdraw, with a withdrawal rate of 30%. Because 70 % of the companies that have been drawn this time are from the Shanghai and Shenzhen motherboards, as of now, the IPOs that apply for withdrawal materials are mostly the main board companies, and the profit scale is relatively high. Three net profit after deducting non -recurring gains and losses exceeds 90 million after deducting non -recurring profit or loss and losses of more than 90 million after deducting non -recurring profit or loss and losses. Yuan.

Looking back at the previous on -site inspections, the phenomenon of retracement as soon as possible. More than 40 % of the enterprises were withdrawn in the first round of on -site inspections this year; and at the beginning of last year, the withdrawal rate was as high as 80 %. Some people in the industry have analyzed that some projects are not ruled out that some projects have "break through the level", and there may be some investment banks' quality of practice, and there are omissions in work.

In addition to the on -site inspection pressure, a new round of terminating waves have appeared since July. As of August 10, 38 IPO companies in the Shanghai and Shenzhen motherboards, GEM, science and technology boards, and Bei Stock Exchange were terminated.

The third round of on -site inspection withdrawal rate 30%

On July 15 this year, the China Securities Industry Association disclosed the third batch of launch of the list of on -site inspections of the enterprise. Specifically, there are 14 companies in the Shanghai and Shenzhen Main Board IPOs, 4 GEM companies, and 2 science and technology board companies.

However, since August, a number of enterprises that have been drawn have taken the initiative to choose to withdraw. So far, 6 IPO companies have withdrawn the listing materials, and the withdrawal rate has reached 30%. Among these withdrawals, the five original plans planned to log in to the motherboard, and one planned to get on the GEM.

The card point is withdrawn or to avoid on -site inspections. According to the "Regulations on the Inspection of the First Enterprise" issued by the Securities Regulatory Commission last year, for the withdrawal of the applicant enterprise, the supervision said that the enterprise that withdrew the application within 10 working days will not implement on -site inspections as the principle provisions to make full use of supervision resources and improve inspection efficiency and effectiveness. Essence However, if there is a clear clue situation such as suspected false records, misleading statements, or major omissions, on -site inspections will still be implemented and handled in accordance with laws and regulations.

For example, the GEM IPO Enterprise Yingli submitted the withdrawal application on July 29, and the Shenzhen Communications Institute disclosed the termination of the review decision on August 3.

Because the IPO companies that have been withdrawn are mostly from the motherboard, the profit scale is relatively high. Among them, the developed Holdings Group Co., Ltd. of the Shanghai Stockboard Main Board in 2021 was 173 million yuan, and from 2019 to 2020, there were 99.4939 million yuan and 139 million yuan, respectively; Yu Environmental Technology Co., Ltd. two companies in 2021 have a non -net profit of more than 90 million yuan.

The smallest profit of the withdrawal of the enterprise is British Chuangong, the above IPO enterprise. In 2021, non -net profit reached 66.585 million yuan. Only Zhejiang Junhe Technology Co., Ltd. has continued to decline in performance. From 2019 to 2021, non-net profit was 99.1813 million yuan, 75.1056 million yuan, and 70.5468 million yuan.

In terms of industry classification, two of the enterprises are "computers, communications and other electronic equipment manufacturing industries", and some belong to the automobile manufacturing industry, housing construction, rubber and plastic products.

Looking back on the on -site inspection of the first two rounds of IPO this year, the first nine companies in the first round have 4 withdrawal materials, all of which are registered new shares, with a withdrawal rate of 44%. The second round of the two IPO companies did not withdraw. At the beginning of last year, 16 of the 20 companies were withdrawn, and the withdrawal ratio was as high as 80%.

Some investment banks analyzed that they did not rule out that some enterprises were not fully prepared to declare IPOs. There are still problems with the company's internal governance and compliance internal control; it may also be due to the lack of the quality of the relevant intermediary agencies and the omissions of work.

A new round of ending

From July to the present, a new round of tide has appeared in the IPO market, and it has attracted the attention of the market again.

There are 3 IPO companies ended on August 9-10, which means that 24 IPO companies have been terminated since July since July.

According to the statistics of the data of the Chinese reporters on the listing boards, as of August 10, except for the GEM, 9 IPO companies have been terminated since July, 4 have 4 IPO companies. The total of 38 companies in Shanghai GEM have terminated the listing process.

Taking the GEM as an example, 16 of the 24 enterprises have queued for more than one year. Four of them have been accepted to termination review, and the queue lasted more than 500 days. Luo Zhenyu's thinking creation queuing 676 natural days. After three rounds of inquiries, he was asked about 67 questions. The three degrees were suspended and mainly supplemented financial data. As of the end of June this year, the company updated the 7 version of the prospectus.

In addition, Bauhinia and Xinyuan shares lined up for 552 days and 585 days respectively; Wanxiang Technology lined up for more than 500 days, but the company was eventually rejected by the listed committee.

Judging from the distribution of sponsor agencies:

Since July, there are 7 IPO companies who have been sponsored by Guotai Junan. Four of them are the main board IPOs, accounting for 44%of the number of homeboards, and 3 other GEM.

The IPO sponsored by CICC terminals ranked second, including 5, including the above -mentioned thinking creation, and another well -known Internet company -Tuba Rabbit.

Haitong Securities and CITIC Securities have 4 and 3 IPO companies to terminate their listing.In addition, 2 IPO companies have been terminated by CITIC Investment Capital, China Merchants Securities, Changjiang Securities, and Guojin Securities, and Minsheng Securities.Responsible editor: Gui Yanmin

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