During the year, there were nearly 17 billion yuan IPO underwriting sponsorship income of the top ten brokerage firms to win 70 %

Reporter reporter Zhou Shang 者

The concentration of the business of brokerage investment banks is constantly increasing, and the head advantage is obvious. Since the beginning of this year, the IPO underwriting and sponsor revenue of brokerage firms has been nearly 17 billion yuan, and the top ten brokers have won 70 % of their revenue.

However, opportunities and challenges coexist. While the business has developed rapidly and achieved bright results, a series of issues such as inadequate due diligence and "cheating" in the inspection of the generations have gradually been exposed. The quality of practice still needs to be continuously improved.

Brokerage investment banking business

Concentration

According to Wind data, the IPO underwriting and sponsorship income of the brokerage firms during the year is nearly 17 billion yuan, of which CITIC Securities, CITIC Construction Investment, Haitong Securities, CICC, Huatai United, Guotai Junan, Minsheng Securities, China Merchants Securities, Everbright Securities, Dongxing Securities underwriting And sponsorship income (including joint) was 2.291 billion yuan, 2.063 billion yuan, 1.712 billion yuan, 1.699 billion yuan, 1.143 billion yuan, 1.021 billion yuan, 571 billion yuan, 511 million yuan, 444 million yuan, 385 million yuan, winning the collection, winning, winning, and 385 million yuan. 70 % of the business income of 70 %.

Data show that since the since this year, a total of 228 companies in the brokerage firms have completed the A -share IPO (calculated by the issuance date), and the total fundraising amount is 342.531 billion yuan, an increase of 2.7%year -on -year. Among them, securities firms have obtained IPO underwriting and sponsor revenue of 16.76 billion yuan, an increase of 3.7%year -on -year.

From the perspective of the number and amount of the sponsorship agency, the advantages of head securities firms have obvious advantages, and the business concentration has accelerated. CITIC Securities, CITIC Investment Investment, CICC, Haitong Securities, Huatai United, Guotai Junan and other six securities firms have all sponsors, including the total number of sponso companies, including CITIC Securities, CITIC Jianshuang, CICC and other three securities firms. The raised amount occupies half of the market.

In this regard, the chief analyst of the non -silver financial industry of open source securities said, "Since the pilot piloting of the science and technology board and the GEM registration system, the improvement of issuance efficiency directly facilitates the big investment banking business of the brokerage firm. Brokers have sufficient projects and manpower reserves in investment banking business, have strong professional strength, and benefit even more. "

KPMV said that while the brokerage investment bank business achieved bright results, it also faced three major challenges: the industry concentration accelerated and improved, the sponsors' responsibility became more and more important, and the brokerage incentives and restraint mechanisms were further adjusted.

At present, the number of people in Bao Dai has been significantly expanded to 7,518. From the perspective of comprehensive practicing information, according to the latest "Substitution Category List A" of the China Securities Association, a total of 205 people with more than 10 instead of the number of sponsorship projects have a total of 205 people. 7250 people, the overall professional characteristics are significant.

However, there are also 241 Bao Dai punished for violating the company's system, self -discipline rules, regulatory regulations, laws and regulations, etc., and 26 Bao Dai professional ability level evaluation tests failed to meet the basic requirements. On the 8th, the Jiangsu Securities Regulatory Bureau adopted a supervisory measure of a warning letter from a Bao Dai, because in the process of conducting counseling, there was an act of participating in cheating in the knowledge of the securities market.

13 securities firms declare IPO projects

The no rate of withdrawal is above 20%

Since the beginning of this year, the regulatory authorities have issued a warning letter to a number of securities firms, and the 41 Bao Dai of 17 securities firms has also been publicized by administrative regulatory measures, industry self -disciplined disciplinary sanctions or self -discipline management measures. In the illegal information involving investment banking business, it mainly involves issues such as the launch of the first listing of the relevant responsibilities, the quality of the practicing of sponsorship projects is not high, and inadequate due diligence investigations.

While the investment banking business is developing rapidly, the regulatory authorities have continued to strengthen the punishment of brokerage investment banks, and the "double penalt" cases of institutions and individuals have continued to increase. In May, the Securities Regulatory Commission issued the "Guidelines for the Internal Control of Internal Control of the Bank of Investment in the Investment of the Securities Company". The number of large numbers or large influences, underwriting corporate bonds or management asset securitization projects, high default rates, and major regulatory measures or administrative penalties for violations of investment banking business.

At this point, from the perspective of the withdrawal rate of the IPO application project, since this year, a total of 13 brokerage firms have been withdrawn more than 20%, of which the number of two brokers is 100%, and including CITIC Securities, CITIC Construction Investment, and Minsheng Livelihood The seven securities firms, including securities, have been withdrawn within 5%. Generally speaking, it is still head brokers who have obvious advantages in the investment banking business. While a large number of projects can maintain a low rate, it can maintain a low rate.

AVIC Securities Analyst Bo Xiaoxu said, "Recently, supervision has strengthened the supervision and punishment of domestic and foreign businesses of securities firms. In the short term, it will have a certain impact on the business development of the brokerage firm. Head securities firms will adapt to the new regulatory environment faster. "

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