"A" A "accelerate the landing: 17 have been available on A shares 5 IPOs to submit registration

Recently, the "A" team added new members. On the evening of September 13, Chengzhi announced that it was planned to start the listing of spin -off holding subsidiaries Beijing Chengzhi Yonghua Technology Co., Ltd. to the Shenzhen Stock Exchange, which aims to further improve its professional operation level, profitability and comprehensive competitiveness.

According to the incomplete statistics of Wind Information Data and the announcement of listed companies, since the release of the "Pilot Pilot of Listing in the Subsidies of the subsidiaries of listed companies for spin -off" in December 2019, as of September 14, a total of 89 A -share listed companies have planned and split The subsidiary is listed on the domestic exchange. Among them, 17 subsidiaries have successfully logged in to A shares (8 GEM and 7 science and technology boards); and 5 other bonus subsidiaries IPOs have been submitted to registration, which is only one step away from listing.

Data combing found that private enterprises are the backbone of "A". Of the 89 companies, 41 are private enterprises, accounting for 46%. From the perspective of market value, the average market value of 41 companies reached 51.4 billion yuan.

"The listing of subsidiaries is conducive to a reasonable valuation of specific advantageous businesses of listed companies; for subsidiaries, there is more independent development space and financing channels, and they can pay more attention to their own goals." General Manager Liu Dongying analyzed the reporter of the Securities Daily.

"The diversified business of some listed companies has caused the company's overall valuation to be low. The listing of spinning subsidiaries is conducive to streaming of the company's business structure, strengthening the financing capabilities of the company's sub -sector, and maximizing the value of the company." Executive Director Fu Rao said.

In addition, "A" also shows the characteristics of state -owned enterprises and GEM companies. Data show that of the above 89 companies, 35 are state -owned enterprises, accounting for 39%; from the perspective of the sector, 8 of the 89 are GEM.

Deduction and listing are regarded as an important measure for deepening reform of state -owned enterprises. "State -owned enterprises spin -up and listing can reduce information asymmetry, can serve state -owned asset preservation and appreciation, and better achieve high -quality development. Generally speaking, spin -off and listing can improve team efficiency, focus on main business, stimulate scientific research innovation, and obtain financing support , Release market value, said Tian Lihui, Dean of the Institute of Finance Development of Nankai University.

Liu Dongying analyzed that many GEM companies were large in scale. The advantages of the subordinate subsidiaries were different from the company's main business, which was suitable for independent development. Such subsidiaries were more suitable for spin -off and listing.

From the perspective of listing, as of now, since the first spin -up listed stocks were spin -up at the end of February last year, a total of 17 split listed stocks landed on A shares, 8 from the GEM, 7 from science and technology boards, 2 From the motherboard, there are 8 new listings this year. It is worth noting that all 17 subsidiaries are from strategic emerging industries, especially the number of new generation of information technology industries (5).

In terms of market performance, the above 17 split -listing stock prices performed well. Related data show that the first day of listing of 17 stocks rose by an average of 111%, up to 548%.

Judging from the latest listing progress, the IPO projects of UFO, BYD Semiconductor, Ruijie Network, fluorite network, and Chuanning Biological IPO projects are submitted to the registration status. Among them, BYD semiconductor, Ruijie network, and Chuanning biological selection of GEM, the remaining two selected science and technology boards.

Experts interviewed generally believe that as the capital market has further strengthened the support of emerging industries and science and technology enterprises, there will be more and more cases of "A".

Tian Lihui said that spin -off and listing can bring new development opportunities to enterprises, improve the level of corporate governance, and improve the quality of letter, which will often be favored by capital and market sought after.

(Editor in charge: Wang Chenxi)

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