The science board is really coming!
On March 13th, Xinguang Optoelectronics and Qiming Medical in the listing counseling enterprise materials announced by the Securities Regulatory Bureau clearly stated that the sprinting board was established. The counseling institutions were CITIC Jiantou Securities and CICC. On the same day, Juchen Semiconductor and Shenlian According to the announcement of biomedicine, in light of the actual situation or to better promote the development of the company's business, it is proposed to change the application for the listing of the stock exchange for the board, the counseling institutions are CICC and Guosen Securities.
According to the counseling plan disclosed by CICC, the counseling period of Hangzhou Qiming Medical is roughly from March to April this year. The specific counseling time will be adjusted according to the regulatory requirements and the actual situation of Qiming Medical; Harbin Xinguang Optoelectronics will enter counseling from the end of January. In the implementation of the counseling announced on the 13th, CITIC Jiantou said that it achieved the expected coaching effect.
A senior industry insider told reporters that most of the companies that intend to land on the board have been consulted by the sponsors in accordance with the application board. There is no need to repeat the application. At present, there are only a handful of companies that are planning to land on the board. Receive counseling and disclose relevant information during the month. Is it true that the first batch of project declarations has little to do with whether or not the first batch of landings can be applied to the board, and the quality of the project is the top priority.
It is worth noting that on the afternoon of March 13, the SSE organized a board of directors to carry out a centralized test exercise for the submission and acceptance of the application for the listing of the science and technology board. Moreover, the Shanghai Stock Exchange will officially accept the application of the investment bank to the science and technology board project from March 18, which means that the science and technology board officially launched.
Four companies clearly sprinted the board
As early as January 28 this year, CITIC Jiantou and Xinguang Optoelectronics signed a listing counseling agreement, and on the 13th, disclosed the progress of counseling work, confirming that the company is about to sprint the science and technology board.
On the same day, Hangzhou Qiming Medical also publicized the basic situation in the Zhejiang Securities Regulatory Bureau, clearly clarifying the preparation of the board, and CICC has been hired as the counseling institution for the company's initial public offering of shares.
On March 13, Juchen Semiconductor said that in order to better promote the development of the company's business, it is proposed to change the application for the listing of the stock exchange for the board, and the tutoring agency is also the CICC.
On the same day, Shenlian Biomedical also announced that, in light of the actual situation, it was decided to change the proposed application section from the main board of the Shanghai Stock Exchange to the Science and Technology Board, and the counseling institution was Guoxin Securities.
A large brokerage investment banker told reporters that according to the experience of A shares, the theoretical counseling period is as short as three months, but in fact, there are many projects with long counseling period, and the science and technology board may speed up.
A senior industry insider told reporters that most of the companies that intend to land on the board have been consulted by the sponsors in accordance with the application board. There is no need to repeat the application. At present, only a very small number of companies are planning to land in the board. Receive counseling and disclose relevant information during the month.
According to the time regulations recommended by the relevant process, the acceptance review period is 3 months, which means that the first batch of time to pass the audit will appear in mid-June. If the CSRC's listing approval is issued quickly, there will be a stock of Kochuang board in the first half of the year.
The counseling agency said that it achieved the expected results
In the publicity document for the counseling and filing of Qiming Medical in Hangzhou, CICC said that the focus of counseling is on the preparation of the application for the initial public offering of the company, and the application for the initial public offering of Qiming Medical and listing on the board. file.
According to the counseling report disclosed by CITIC Jiantou, Haier Bin Xinguang Optoelectronics belongs to the industry of computer, communication and other electronic equipment manufacturing. As a high-tech enterprise integrating military and civilian, the company designs, develops, manufactures and sells high-performance, customized products around the development, design, testing, simulation and confrontation of optical guidance devices.
It is understood that the main contents of CITIC Jiantou's counseling for Xinguang Optoelectronics include the legal issues, accounting and auditing issues, fundraising investment projects, the company's issuance and listing review, the corporate governance structure of the company, and the financial internal control and institutions. Settings, etc.
The company, including company directors (including independent directors), supervisors, senior management and shareholders holding 5% (including 5%) of shares (or their legal representatives) have accepted listing counseling, mainly through discussion, interviews, and intermediary The way of the institutional coordination meeting.
In the current implementation of the counseling program, CITIC Jiantou said that it achieved the expected coaching effect.
Citic and China Gold Investment IPO projects ranked high
For the counseling work of Xinguang Optoelectronics, CITIC Jiantou sent a 6-person working group, and then added a coach who had 9 years of investment banking experience to Bao Hongxing according to the actual situation of the company.
For the counseling of Hangzhou Qiming Medical, CICC sent a counseling team of 9 people.
The investment banking business is the advantage of CICC and CITIC Construction Investment. According to the wind, as of the 13th, CITIC Construction Investment has a total of 153 IPO auditing companies, and CICC has 75 companies, ranking second and ninth in the industry. .
The data shows that CICC and CITIC Jiantou’s underwriters’ underwriting sales were ranked among the top in the industry last year. Among them, CICC’s lead underwriting revenue totaled 759 million yuan, with a market share of 10.81%, ranking second in the industry; CITIC Jiantou’s lead underwriting The total revenue is 622 million yuan, the market share is 8.87%, and the industry ranks third.
In addition, the initial income of CITIC Construction Investment and CICC ranked the top in the industry, with 744 million yuan and 392 million yuan respectively, with market share of 13.68% and 7.2% respectively, ranking second and fourth in the industry.
Investment banking pattern or change
Zhongtai Securities Research Institute said that the impact of the science and technology board on brokerages is reflected in the fact that the pilot registration system will improve the direct financing efficiency, and the overall direct financing ratio of the society will increase, which will help the traditional investment bank scale of securities firms to rebound. At the same time, the science and technology board promoted the transformation and development of modern investment banks, and reviewed the key changes and weakened the “license channel†utility. The comprehensive strengths of financial strength + research capability + compliance risk control capability + institutional service capability are expected to increase.
CITIC Jiantou's recent research report said that the company's investment banking business capability will be tested first, and then the research firm's research pricing ability, fund management capability and main broker business capability will be tested. The leading brokers with the above advantages will become the main beneficiaries.
Tianfeng Securities said that the reform of the capital market system needs to be grasped. This grasper is the market-oriented main body that can bear the core function of capital market pricing and is truly responsible for the intrinsic value of listed companies' stocks. This market-oriented body is the investment bank. The strength of investment banks is of great significance to the reform of the capital market. At present, the income and proportion of investment banking business of Chinese brokerages is limited. In the future, the business income from direct financing will increase, and brokers with first-class investment banking potential will become the beneficiaries of capital market reform.
Huatai Securities pointed out that the design of the science and technology board system guides the investment bank to play a central role in the new stock pricing and placement system. The investment bank will transform from relying solely on the license advantage to building comprehensive competitiveness such as pricing power, business capability and capital strength. Kechuang Board accelerates the creation of a “big investment bank†system with a full life cycle, and builds a “big investment bank†system with equity financing, M&A consulting, asset securitization, project financing and venture capital as the core to achieve synergy and value extension of the entire industry chain.
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