For stocks, look at the research report of Golden Unicorn analysts, authoritative, professional, timely and comprehensive, to help you tap potential thematic opportunities!
The original title of the number of IPOs and the amount of funds raised hits a record high, A shares will fully move towards the registration system
Reporter Cheng Dan
The countdown will begin in 2021. Looking at the IPO market throughout the year, under the background of the pilot reform of the new share issuance registration system, my country’s capital market has continued to increase its direct financing capabilities. The number of IPO companies and the total amount of funds raised during the year set new historical records, as of December 23 During the year, more than 500 new stocks were listed on A-shares, and the total amount of IPO funds raised exceeded 520 billion yuan. Among them, more than 70% of the registered shares were issued.
Looking forward to 2022, the market-wide reform of the registration system is on the line,Orient SecuritiesChief economist Shao Yu believes that after years of pilot reforms, the registration system has been relatively mature across the market. The basic system of the capital market driven by the registration system will take a new step, and IPO issuance will continue to be normalized. Support the high-quality development of the real economy.
Number of IPO companies
And the total amount of funds raised to a record high
according toStraight flush(300033) According to statistics from iFinD, as of December 23, there have been more than 500 new A-shares listed this year, and the total amount of initial funds raised reached 522.9 billion yuan, both the number and amount of which hit a record high. The number of IPO companies increased by 16% from the 437 in 2020; the total amount of funds raised was 522.9 billion yuan, an increase of 8.8% from the total amount of 480.6 billion yuan raised in the whole year of last year.
Specifically, more than 70% of IPOs are issued through registration, and the number of IPOs and the amount of funds raised account for 75% and 66%, respectively. The proportion of small and medium IPOs has further increased. The number of IPOs below 1 billion yuan accounted for 77%, which is 4% more than in 2020. In terms of quantity, the number of GEM IPOs topped the list. In terms of different industries, the technology, media, and telecommunications industries ranked first in terms of number and amount of funds raised. Biotechnology and health IPOs and amount of funds raised both entered the top five.
Liu Qihong, National Lead Partner of Deloitte’s China Capital Market Services Department, pointed out that the A-share market in 2021 will show the characteristics of faster issuance of new shares, a substantial increase in the number of issuances, and a decline in the average financing amount of individual stocks. There are three main reasons. One is registration. System reform is good for the A-share market. Second, the speed of issuance on the Sci-tech Innovation Board and ChiNext Board has steadily increased, and the third is the opening of the Beijing Stock Exchange to increase its vitality. The high proportion of IPO financing on the Science and Technology Innovation Board and the Growth Enterprise Market indicates that at this stage, my country has accelerated the reform of the registration system to enable more start-up new economy companies to list and raise funds on the A-share market as soon as possible to help companies grow rapidly.
While the number of new shares issuance hits a record high, the ecology of the capital market is also undergoing changes. Since the beginning of this year, the capital market has made great efforts in promoting the promotion of the registration system in the whole market and promoting the formation of innovative capital. On the one hand, strengthen the responsibility of intermediary agencies, strictly control the “entry gate” of the capital market, adhere to the “hard technology” positioning of the Sci-tech Innovation Board, standardize the positioning of the Growth Enterprise Market in serving growth innovative entrepreneurial enterprises, and prevent sector arbitrage; on the other hand, establish Beijing Securities Exchange Therefore, we will build the main position of service-innovative small and medium-sized enterprises, strengthen the organic linkage with the innovation layer and basic layer of the new third board, deepen the coordinated development of the Shanghai and Shenzhen stock exchanges and the regional equity market, and jointly create a good ecosystem for the development of multi-level capital markets.
Industrial SecuritiesChief economist Wang Han believes that the capital market has unique advantages in promoting the formation of innovative capital, stimulating entrepreneurship, and improving incentive and restraint mechanisms. The capital market serves technological innovation to breed new financing opportunities, and a multi-level capital market system can Provide a full range of investment and financing services for technology enterprises of different types and different life cycles.
He Zhaofeng, EY’s Greater China Listing Service Lead Partner, said that the amendments to the Securities Law and the introduction of the ChiNext registration system, the optimization of the sci-tech innovation board system, the establishment of the Beijing Stock Exchange, the return of pilot red chips and the transfer of selected tiers to the NEEQ, mean China’s capital The market is opening a new era.
With the continuous advancement of the deepening reform of the capital market, the return of many Chinese concept stocks to A has become a bright spot in the new stock market.The one that has received the most attention from the market recently isChina Mobile(600941) Return to A shares. As the first listed company to return to A with a red chip, China Mobile’s effective subscription of new shares in its IPO is 805.68 times. A-shares have responded positively and enthusiastically to China Mobile’s return. This will become the largest A-share IPO in the past 10 years.
Market-wide registration system
The market ecology continues to improve
The regulatory authorities have made it clear that the entire market will implement a registration system and continue to optimize the innovation environment for the formation of innovation capital. Looking forward to 2022, the path of capital market reform will follow the route of “creating conditions for the comprehensive implementation of the registration system reform”.
At present, the conditions for the full implementation of the registration system have gradually been met. On the whole, a series of basic system reforms such as issuance and underwriting, listing, trading, continuous supervision, delisting, and investor protection have achieved remarkable results. The high-standard three-dimensional punishment system that connects responsibilities with each other is becoming more and more complete. Three breakthroughs have been achieved in the pilot registration system of the Sci-tech Innovation Board and ChiNext: optimizing the conditions for issuance and listing, transforming the substantive threshold as much as possible into strict information disclosure requirements, and improving the inclusiveness of enterprises, especially science and technology enterprises; review and registration standards , Procedures, content, process, and results are disclosed to enhance predictability; there are no administrative restrictions on the price and scale of new stock issuance, and unnecessary intervention is eliminated.
In terms of tightening the responsibilities of intermediary agencies, in July this year, the China Securities Regulatory Commission issued the “Guiding Opinions on Supervising Securities Companies to Engage in Investment Banking Business under the Registration System” to urge securities companies to engage in investment banking businesses such as sponsorship underwriting and financial consulting. Responsible at all times, give full play to the role of intermediary agencies, especially securities companies, as “gatekeepers” in the capital market, and promote the healthy and stable development of the capital market. In terms of investor protection, the country’s first special representative lawsuit for securities disputes (the first securities class action) has landed civil compensation, the Kangmei Pharmaceutical case ushered in the first-instance judgment, and the Kangmei Pharmaceutical case investor compensation has been paid one after another. According to industry insiders, the implementation of the first civil compensation litigation for special representatives in securities disputes has solved the difficulties of small and medium investors in litigation and the plight of expensive rights protection, and has greatly reduced the cost of rights protection.
Shao Yu believes that the reform of the registration system is the next important task for the capital market. It is a foregone conclusion that the registration system will cover the entire market in 2022. It will serve as a guide to improve the quality of listed companies, improve the delisting mechanism, build a multi-level market, and strengthen The responsibility of intermediary institutions, reform of the investment side, and improvement of the judicial system and mechanisms for securities law enforcement are the main focus of key reforms. The basic system of the capital market will continue to be improved, and the capital market will continue to increase support for key areas such as science and technology, manufacturing, and small and medium-sized enterprises. big.
Liu Qihong predicts that the Beijing Stock Exchange provides a new domestic listing channel for innovative small and medium-sized enterprises. In 2022, the A-share IPO market will continue to grow under the support of the rising number of new shares on the Science and Technology Innovation Board, ChiNext and Beijing Stock Exchange. Small and medium-sized manufacturing And technology companies will be the main source of new shares.
Sina statement: This news is reprinted from Sina’s cooperative media. The publication of this article on Sina.com for the purpose of transmitting more information does not mean that it agrees with its views or confirms its description. Article content is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.
Massive information, accurate interpretation, all in Sina Finance APP
Editor in charge: Wang Han
.