The meeting rate is 87.69 %, and 260 IPO companies will meet!The issuance of new shares is normalized, and the approval rate in the first half of the year has decreased slightly

In the context of the steady progress of the registration system in 2022, more companies have the opportunity to enter the capital market. In the first half of the year, a total of 260 A -shares had to meet with IPO companies with 228 conferences. The over -meeting rate was 87.69%, a decrease from 89.75%in the same period in 2021.

From the perspective of the cause of the enterprise, it is mainly due to financial authenticity, internal control effectiveness, and continuous profitability. Sun Jin, a partner of Pwa Yongdao China Comprehensive Business Services Department, pointed out that in the first half of the year, the A -share issuance review was more fine. Some high -quality enterprises with hard technology entered the A -share market. Strategic emerging industry companies accounted for A -share IPO over 90 %. It is expected that there will be a large number of heavyweight IPOs in the second half of the year, encouraging the return of Chinese stocks and red chip stocks, and a series of policies for the development of the capital market, which will help improve market liquidity and enhance investor confidence.

Turn a reduction rate to reduce some enterprises withdrawing materials

According to Wind, from January to June this year, a total of 260 A shares had to meet with IPO companies, with 228 conferences. The overall overall meeting rate was 87.69%, a slight decrease from 89.75%in the first half of 2021.

From the month of January to June, there were 31, 31, 26, 24, 18 and 25 of them. If you look closer, in June just passed, a total of 42 A shares have a total of 42 IPO companies, of which 35 will have 83.33%, which is slightly decreased from 85.71%in May, which set this year, which has set this year. New lows within the year.

It is worth noting that the situation of enterprises' initiative to "withdraw orders" has increased. As of July 4, a total of 127 companies intending IPO have withdrawn from the launching application. One day on June 29th, eight companies terminated IPOs, of which 6 IPOs were withdrawn, one was terminated, and one of them was canceled on the eve of the meeting.

From the perspective of the listing sector, the phenomenon of "withdrawal" of GEM is the most concentrated. During the year, 67 companies planned IPO companies withdrew listing applications, accounting for about 52.76%. In addition, there are 21, 26, and 13 "withdrawals" of science and technology boards, motherboards, and Bei Stock Exchange. Even some companies had already been in the meeting, but finally withdrew the listing application during the registration stage.

The reason for the withdrawal of the IPO enterprise is diversified. Some companies are worried that the fundamentals will not be able to support the listing at this stage; some companies are afraid that they can't afford to check on the spot and have been rejected. Reporting major matters. A brokerage investment banker said that behind the IPO company's initiative to withdraw the order, there may be a case of insufficient preparation for the recovery work. It took too much time during the "answer" process, so it was reluctant to withdraw.

Some companies are listed on the market as scheduled. From the perspective of financing scale, in the first half of the year, there were 171 new shares in the A -share market, and the financing amount reached 311.9 billion yuan. However, the financing amount increased by 48%compared with the 21.9 billion yuan in the same period last year, with an average financing of 1.8 billion yuan. In the first half of 2022, both the number of new shares and the amount of financing exceeded other major capital markets in the world.

The reason why the A -share IPO fundraising can grow against the trend is that in the first half of the year, China Mobile, China Oil, Jingke Energy and other large companies were listed; the second was that the number of over -fundraising companies accounted for nearly 60 %. Sun Jin told reporters that in the first half of the year, the A -share IPO market increased against the trend under multiple pressures and became the highlight of the global IPO market. Thanks to the country's support for scientific and technological innovation companies and emerging industries, the data showed that the strategic emerging industry companies in the first half of the year It has accounted for over 90 % of the A -share IPO.

Whether the company has a bad injury

In the first half of this year, 15 companies in A shares were directly from the motherboard, and 7 were from the GEM. Neither the Science and Technology Board and the Bei Stock Exchange were not directly enterprises. From the perspective of whether the reason is, it is mainly doubts about financial authenticity, internal control effectiveness, and continuous profitability.

Among them, eight companies were directly asked about the authenticity of the financial, accounting for 53%; 6 were asked about the effectiveness of internal control, accounting for 40%; 5 were asked for continuous operation or continuous profitability, It accounted for 33.33%; five companies were asked for abnormal gross profit margin, accounting for one -third of them; 4 were asked with affiliated transactions, accounting for 26.67%.

Two companies that have been in June, China Health Bridge Pharmaceutical Group Co., Ltd. and Sichuan Heshan Electric Co., Ltd. as an example. The original research drug sales of magnesium pylin (Ⅱ) are small, the market share is low, and the company's performance is high. The main reasons for the major promotion service providers. Some promotional service providers have cooperated with the issuer to cooperate with the issuer shortly after the establishment of it, and whether it is related to the issuer; during the reporting period The reasons and reasonableness, the reasons for subsequent reduction of cooperation; whether the internal control of promotional service providers and related costs is complete and effective, and whether the relevant risks are fully disclosed.

For the question of Hushan Co., Ltd., the first is the reasonableness of the company's controlling shareholder during the reporting period. Whether the company and the original controlling shareholder have the same competition or hidden connection transaction; the second is that Hushan shares are due to the existence of "bidding documents to provide false materials" In the past, there are major defects and sustainability of future operations.

The above -mentioned investment banks said that under the normalized regulatory environment of new shares, the entry -end audits are further strict, and the effective play of the audit inquiry mechanism can ensure the normalization of new shares.The market also allows some companies that are not prepared by listed companies to leave the A -share market.As of now, 856 companies are applying for listing in A shares, which are mainly concentrated on the science and technology board and GEM audit channel.Looking forward to the second half of the year, the deepening of the red -chip return and the reform of the registration system continues to benefit the A -share market, and the issuance of new A -share IPO shares is expected to speed up.Sun Jin predicts that the new shares will continue to be issued in the second half of the year. There will be a large number of heavyweight IPOs in A shares. It is expected that the number of new A -share shares in 2022 will reach 330 to 380., Reached 560 billion yuan to 635 billion yuan.

Responsible editor: Yang Zhiying | Audit: Li Zhen | Director: Wan Junwei

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