2023 officially ended, the first year of the implementation of the full registration system, what is the performance of equity underwriting of securities firms?
From the perspective of the whole market environment, the pricing of the A** market under the comprehensive registration system has been further scientifically rationalized, but due to the impact of the secondary market, the number and amount of equity financing in 2023 will decline compared with 2022.
In terms of brokerage rankings, on the whole, "Three Chinas and One China" still leads the equity financing market, and the annual equity underwriting scale in 2023 will exceed 100 billion yuan. In terms of IPOs, CITIC** still maintained the first place but its market share declined, while Haitong** counterattacked to second.
"Three Chinas and One China" is still leading.
On the whole, compared with the high base brought about by the hot equity financing market in the previous two years, the number and amount of equity financing events in the A** field in 2023 have declined.
According to wind statistics, according to the listing date, there will be a total of 818 full-caliber equity financing events in the A** market in 2023, including IPOs, additional issuances and share allotments, a year-on-year decrease of nearly 17% compared with 2022, and a total amount of 11,3443 billion yuan, a year-on-year decrease of 328%。
Among them, the number of IPOs issued in 2023 will be 313, a year-on-year decrease of about 27%;The IPO financing scale was 35653.9 billion yuan, a year-on-year decrease of about 39%. The total scale of additional financing was 57895.1 billion yuan, a year-on-year decrease of about 20%;The number of additional issuers was 331, a year-on-year decrease of 676%。
Data**: wind
On the whole, "Three Chinas and One China" still leads the equity financing market, with the annual equity underwriting scale exceeding 100 billion yuan in 2023. Haitong ** and Guotai Junan are the second echelon, and the annual equity underwriting scale also exceeds 50 billion yuanIt was followed by Minsheng**, China Merchants**, Guoxin**, and GF**, with an annual equity underwriting scale of more than 20 billion yuan.
Specifically, wind data shows that according to the statistics of the listing date, CITIC ** is 2774The scale of equity underwriting of 5.4 billion yuan ranked first, and the number of equity underwriters reached 140CICC won 1233The amount of funds raised of 9.7 billion yuan ranked second, and the number of equity underwriters reached 57. China Securities Construction Investment and Huatai United ** also maintained a scale of more than 100 billion, with 1123 respectively0.8 billion yuan, 10331.1 billion yuan.
Haitong** and Guotai Junan, two Shanghai-based brokerages, are in the second echelon, with an equity underwriting scale of 714 in 20234.3 billion yuan, 6293.4 billion yuan. Minsheng ** to 315The scale of equity underwriting of 9.5 billion yuan ranked seventh, followed by China Merchants**, Guoxin**, GF**, Zhongtai**, Guojin**, and Shenwan Hongyuan underwriting sponsorship.
The IPO seat has undergone secondary changes, and the market share of Haitong and Minsheng has increased greatly.
From the perspective of IPOs alone, the overall IPO in 2023 will decline in terms of both the scale and number of funds raised. According to the statistics of the listing date of Wind, there will be a total of 313 IPO issuances in 2023, a decrease of 115 from 2022, and the scale of funds raised will be 3,5653.9 billion yuan, a year-on-year decrease of about 39%.
A total of 7 brokerages will have an IPO underwriting scale of more than 10 billion yuan in 2023. CITIC** to 500The IPO underwriting amount of 3.3 billion yuan ranked first, but in terms of market share, it has dropped sharply, and CITIC's IPO underwriting in 2022 will be as high as 150 billion yuan, and the market share will increase from 25 in 20226% to 14. in 202303%。Haitong ** is 4661.5 billion yuan ranked second, and the IPO underwriting scale increased by 17% year-on-year against the trend, and the market share increased to 1307%, and the ranking also rose from fourth to second.
China Securities Construction Investment, CICC, and Guotai Junan ranked third to fifth, with IPO underwriting scale of 394 respectively0.2 billion yuan, 3224.5 billion yuan, 317$1.4 billion. In 2023, it will be auctioned for 9.1 billion yuan by Guolian GroupMinsheng**, an "Internet celebrity brokerage" with 3% equity, has a rapid increase in market share in the IPO field, and the IPO underwriting scale will reach 200 in 20236.7 billion yuan, an increase of 59% compared with 2022, and the ranking has also risen from ninth to sixth. Huatai United** with 170The IPO underwriting scale of 2.1 billion yuan ranked seventh.
In addition, the top 10 also include Zhongtai**, Guoxin**, and Shenwan Hongyuan underwriting sponsors, with IPO underwriting scales of more than 8 billion yuan.
In terms of the number of IPO underwriters, the largest number are CITIC ** and China Securities Construction Investment, with 34 and 33 respectively, and the competition is fierce. The third to fifth places are 3 investment banks headquartered in Shanghai, namely Haitong** (22), Guotai Junan (22), and Minsheng** (20).
In addition, there are 7 investment banks with more than 10 IPO underwriters, namely Huatai United**, CICC, Shenwan Hongyuan Underwriting Sponsor, Guoxin**, Guojin**, Zhongtai**, and Soochow**. It is worth mentioning that in 2023, a total of 62 brokerages will have IPO projects, while 23 investment banks will have no IPO projects throughout the year.
Shenwan and Kaiyuan lead the number of IPOs on the Beijing Stock Exchange.
In terms of listed sectors, the highest IPO underwriting amount on the Science and Technology Innovation Board is Haitong**, with a maximum of 38 billion yuanIn second and third place were CICC and CITIC**, with underwriting amounts of 21.5 billion yuan and 19.7 billion yuan, respectively. There are three brokerages with an IPO underwriting amount of more than 10 billion yuan on the GEM, namely China Securities Construction Investment, CITIC **, and Minsheng**.
The Beijing Stock Exchange will also bring greater opportunities for brokerages in 2023, in terms of the number of underwriting projects, Shenwan Hongyuan underwriting sponsorship and Kaiyuan** tied for first place with 6 underwriters, and CITIC**, Soochow** and China Securities Construction Investment tied for third with 5 underwritings. In terms of underwriting amount, CITIC**, Soochow**, and China Securities Construction Investment ranked among the top three, with an underwriting amount of more than 1 billion yuan.
In 2023, the highest IPO financing scale is Huahong Company, with a raised amount of 2120.3 billion yuan, the sponsors are Guotai Junan and Haitong**;The second highest IPO financing scale is Xinlian Integration-U, sponsored by Haitong**, with a raised capital of 1107.2 billion yuan;The third is crystal integration, with a fundraising amount of 99600 million yuan, sponsored by CICC. Among the top 10 projects in terms of fundraising scale, the Science and Technology Innovation Board occupies 6 seats.
Editor-in-charge: Liu Anqi |Review: Li Zhen |Supervisor: Wan Junwei.
*: Brokerage China).