After the heavy snow season, there are still 4 weekends to spend in 2023. On the occasion of saying goodbye to the old and welcoming the new, it is time to take stock of the old and the new. Today, let's first focus on the primary market and briefly review the IPO dynamics from 2023 to the present.
The number of IPOs is decreasing, and the financing is decreasing
In the first half of 2023, the hottest issue in the IPO market is the launch of the comprehensive registration system, with the launch of the main board registration system, the review system has become a thing of the past, the listing mechanism focusing on information disclosure is constantly improving, and the A-share capital market is constantly improving
In the second half of 2023, due to changes in the domestic and foreign environment, the overall pace of IPOs has slowed down, and the "19 deep reforms" of the Beijing Stock Exchange appeared in September, making the Beijing Stock Exchange the hottest sector in the market since the fourth quarter.
Taking the Shanghai and Shenzhen stock markets (Main Board, ChiNext and Science and Technology Innovation Board) that have attracted the most attention and raised more funds as an example, on the whole, in the first 11 months of 2023, Shanghai and Shenzhen IPOs have been subject to the regulator's regulation of the pace of issuance and review, and both the number of listings and the scale of financing have declined significantly compared with the same period last year.
According to the data, as of November 30, 2023, a total of 211 companies have completed the IPO listing of Shanghai and Shenzhen A-shares since 2023, including 66 on the Science and Technology Innovation Board, 103 on the Growth Enterprise Market, and 31 on the main boards of Shanghai and Shenzhen. On the other hand, in the same period of 2022, the number of companies listed on the Shanghai and Shenzhen stock exchanges was 316, and in the first 11 months of 2023, the number of A-share listings in Shanghai and Shenzhen decreased by 33 year-on-year23%。
In terms of sectors, compared with the same period in 2022, the number of listings on the main board of the Shanghai Stock Exchange increased slightly (31 vs. 29), and the number of listings in the other three major sectors was not as high, among which the number of successful listings on the Science and Technology Innovation Board declined the most, with 111 companies listed on the Science and Technology Innovation Board in the same period last year, and a decrease of 45 companies in 2023.
In addition, in terms of the overall financing scale, the 221 companies listed in the first 11 months of this year raised a total of 3,2569.3 billion yuan, as high as 5246 in the same period in 2022Compared with the total fundraising scale of 7.9 billion, the decline was as high as 379%。
In addition to the total amount, in terms of the average financing amount of a single project, it is difficult for the listed projects in 2023 to match the same period last year. According to the data, in the first 11 months of 2023, the average single financing amount of Shanghai and Shenzhen IPOs is about 1473.7 billion yuan, the average financing scale of Shanghai and Shenzhen listed companies that completed IPO listing transactions in the same period last year reached 16600 million yuan.
The pass rate of the main board is leadingSince October, the upper meeting has plummeted
On the day of publication, 3 companies were under review by the Listing Committee, and 1 company had cancelled the review in advance. As a result, the data on the results of the review (review) are as of the end of November.
There are a total of 328 records of the meeting, including the types of cancellation and suspension of voting, including: 8 cancellation of review, 24 suspension of voting, 11 failure and 285 passing.
According to the statistics of the sector, among the 11 companies that did not pass, 5 sprinted to the Growth Enterprise Market, 2 sprinted to the Science and Technology Innovation Board, 2 sprinted to the Beijing Stock Exchange, 1 sprinted to the Shanghai Main Board, and 1 sprinted to the Shenzhen Main Board. From this point of view, the probability of "sacrificing to the sky" of enterprises on the GEM is slightly higher.
Among the 285 companies that passed the review, 106 were on the GEM, 65 were on the Beijing Stock Exchange, 53 were on the Shanghai Main Board, 32 were on the Shenzhen Main Board, and 29 were on the Science and Technology Innovation Board. Looking at it this way, in 2023, companies that sprint to the GEM will become the "biggest winners".
Just looking at the pass rate of companies that have passed and failed, it can be found that so far in 2023, the overall approval rate of IPOs is 9628%。According to the number of passes from high to low, they are: the GEM pass rate is 9550%；The pass rate of the Beijing Stock Exchange is 9701%；The pass rate of the Shanghai main board is 9815%；The pass rate of the deep motherboard is 9697%；The pass rate of the Science and Technology Innovation Board is 9355%。
The Shanghai Main Board and the Beijing Stock Exchange have the highest pass rates, while the STAR Market and ChiNext have the lowest pass rates.
In terms of monthly data, the overall number of meetings in the first half of the year is: 36-14-58-22-32-55;February became the "small month", March and June became the "big month", and at the same time became the "swan song" of the year, and the number of meetings since the second half of the year is: 26-32-34-5-15. The number has plummeted since October and has not recovered.
In terms of non-approval, from January to July, except for February, there are "unlucky eggs" every month, and since August, no new IPO review has not been approved. In terms of passes, in line with the overall data, the number has plummeted since October.
In terms of brokerages, CITIC has a clear lead, and the open source focuses on the characteristics of the Beijing Stock Exchange
In the intermediary institutions, the brokerage occupies the absolute "C position", the brokerage is responsible for coordinating and integrating the work of all intermediaries, and at the same time, in the stage of issuing new shares after the meeting, the brokerage also assumes the irreplaceable role of other intermediary structures.
Let's take a look at the sponsoring brokerages of the enterprises that have passed and failed to pass the review status, and the top five brokerages in terms of the number of sponsors are: CITIC **35, Minsheng **20, Haitong **18, and China Securities Construction Investment 16;Guotai Junan and Huatai are tied for 14.
A total of 111 projects from these 6 brokerages will be listed, accounting for 375%, of which 6 projects have not passed, accounting for 5455%, to a certain extent, "do more and take more measures". Among them, Haitong ** did not "step on thunder", Minsheng** "connected two yuan", and the rest each had one.
As the current "popular fried chicken", let's continue to take a look at the sponsorship of the Beijing Stock Exchange: among the 67 companies that have passed the meeting (65 have passed the meeting and 2 have not passed), 5 of them are open source ** and China Securities Construction Investment, which won the first place;Soochow ** and Minsheng ** are in second place with 4 households;Haitong**, Shenwan Hongyuan, CICC and Zhongtai** entered the top three with 3.
It can be seen that the sponsor brokers in the Beijing Stock Exchange market do not have the general giants of the whole market;Secondly, the differentiated competition strategies of brokerages such as Kaiyuan and Soochow have been effective, and their market share has a leading advantage.
Data inventory allows us to understand the past in order to better predict the future. Next week, we will continue to review with you the 2023 A** field inventory, which is not to be missed.