About 90 % of the 156 companies' IPOs terminated active withdrawal

Since the beginning of this year, the regulatory authorities have strengthened the launch of the listing supervision, compacting the responsibilities of the intermediary agency, and strictly put the IPO "entry level". According to reporters, in the first seven months of this year, IPO terminated 156 companies, a decrease of 3 compared with the same period last year. Among them, 139 were proactively withdrawn, accounting for 89.1%.

Recently, the China Securities Regulatory Commission's mid -year supervision work conference proposed to strengthen the overall planning of the full chain of the issuance supervision, to maintain normalization of new shares issuance scientifically and reasonably, and maintain a good order of issuance.

In an interview with the Vice President of the Open Source Securities and Director of the Institute of Research, Sun Jinzheng said in an interview with the Securities Daily that since this year, in the context of steadily promoting the reform of the registration system, the regulatory layer has further compacted the issuer's letter responsibility and intermediary agencies The responsibility of the control, strictly put the "entry level", continuously improve the effectiveness of supervision work, and improve the overall quality of listed companies from the source.

Whether the IPO is being an enterprise during the year

There are five major problems behind

According to the reporter's sorting out the website of the Securities Regulatory Commission and the Shanghai -Shenzhen Exchange, in the first seven months of this year, the CSRC issued a meeting of 74 companies in the Shanghai and Shenzhen motherboard IPOs, an increase of 43.14%year -on -year, of which 59 were passed and 7 were canceled. The eight unprepared, over -meeting rate was 79.73%, a decrease of 5.18 percentage points from the same period last year; the science and technology board and the GEM Municipal Party Committee reviewed 196 enterprises IPO applications, 186 passed, and 2 were suspended for review. The rate rate was 94.9%, an increase of 2.81 percentage points from the same period last year.

Talking about the reasons for the 16 IPOs during the year, Chen Li, chief economist of Chuancai Securities and director of the Institute, told reporters from the Securities Daily that from the veto opinion, whether the IPO is mainly involved in three aspects. One is a letter -in -law. The authenticity of the enterprise, for the abnormal exchanges and affiliate transactions of the enterprise, and other circumstances, determine whether the performance of the corporate performance is true and reliable; the second is the continuous profitability of the enterprise. Third, internal problems of the enterprise, mainly involved equity structure and interest transportation, such as the same competition with the same controlling shareholder.

Sun Jinxun said that the reason for whether the IPO company is planning to be roughly summarized as four points: performance fluctuations and continuous operating capabilities; doubt about the authenticity of performance; inadequate information disclosure; incomplete internal control.

In addition, in terms of sections, the topic inquiries of the Shanghai -Shenzhen Main Board and the GEM and the focus of the cause are slightly different. "In the motherboard's IPO project, the continuous profitability and revenue authenticity, and the independence of business development are the focus of regulatory attention. Four of the eight companies that are not questioned are questioned. Trading problems; in the GEM whether the IPO project is not well controlled in 5 projects, "Sun Jinzheng further said.

According to reporters, it is one of the reasons why the positioning of the sector is not in line with the positioning of the sector. For example, in the Asian fishing port, in the reasons for veto, the GEM meeting mentioned that "the issuer failed to fully explain its 'three innovations, four news' features, and whether it meets the GEM positioning requirements of growth innovation and entrepreneurship enterprises."

In addition, this year, it is rare to appear whether the issuer will be caused by multiple bribes. For example, Wanxiang Technology has many bribery behaviors due to actual controllers, then executives, and core personnel. condition.

In summary, there are five main reasons behind the IPO: that is, the continuous profitability is doubtful; the authenticity of the performance is doubtful; the letter is inadequate and unreasonable; the internal control is incomplete; the positioning of the sector is not conforming to.

From the perspective of the 245 companies in the meeting, computers, communications and other electronic equipment manufacturing and dedicated equipment manufacturing software, as well as the three industries of the information technology service industry, are large, with 61, 28 and 23 respectively.

Correct the responsibility of the intermediary agency "see the door"

The annual IPO is still expected to continue normalization

Since the beginning of this year, in the context of maintaining the normalization of IPO issuance, the regulatory authorities have continued to strictly put the "entrance" and normalize on -site inspections and on -site supervision. Recently, the China Securities Association released the list of the third batch of 20 first -issuance companies in 2022. In addition, the Shanghai and Shenzhen Exchange also supervised on -site supervision of the sponsor to further compact the responsibility of the intermediary agency.

In the first seven months of this year, the IPO took the initiative to withdraw 139, and there were 34, 25 and 80 in the Shanghai and Shenzhen motherboards, science and technology boards and GEM respectively. From the perspective of the withdrawal stage, most of them withdraw the IPO application during the review inquiry stage, but 12 are to terminate the registration, that is, the IPO application is withdrawn after referring to the registration application.

The regulatory authorities continue to improve the rules and urge sponsor to improve the quality of practice. In May, the CSRC issued a number of rules such as the "Guidelines for the Working Guidelines for Substitutions to Disciplinary Investigation" and "Guidelines for Securities Issuance Listing and Sample Sumulating Business Works". In terms of supervision, urging the sponsor to continuously improve the quality of practice.

Chen Li said that since the beginning of this year, the regulatory authorities have further strengthened the inspection of investment banks. This is an important measure to implement the responsibility of "checking" as an intermediary agency in the context of the reform of the comprehensive registration system. In order to improve the quality of listed companies, simplify the listing process of the company, and help promote the implementation of a comprehensive registration system reform under the premise of ensuring quality. In addition, the reporter combed according to the website of the Securities Regulatory Commission and the Shanghai -Shenzhen Exchange. As of the end of July, 887 IPO queuing companies. If they have passed the review meeting but have not obtained the IPO approval and submitted the registered enterprise, a total of 764 companies queue up, of which 274, 130 and 360 of the Shanghai -Shenzhen Main Board, Science and Technology Board and GEM, respectively.

"At present, the IPO reserve project is relatively sufficient, and it is expected to continue the normalized distribution rhythm in 2022." Sun Jinxun said that from the perspective of the type of distribution, in the second half of the year, in the background of the Chineseization replacement acceleration, innovative hard technology companies such as semiconductors and biopharmaceuticals are listed on the market. The proportion will still be high; from the perspective of regulatory dimensions, it is expected that in 2022, it will continue to focus on compacting the responsibility of the intermediary agency, strengthen the publisher information disclosure supervision, strengthen the "hard technology" attribute of the science and technology board, and the GEM "three innovation and four new" " Comprehensive research and judgment and improvement of the quality of listed companies to further strengthen supervision requirements.

(Editor in charge: Wang Chenxi)

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